At a recent Sydney Ports community meeting a briefing on the 99 lease of Port Botany was provided by a NSW Treasury official.  According to the official the tourist drive and lookout at Molineux Point is likely to be included in the lease.  This area was a small piece of compensation for loss of shoreline and recreational amenity when the Port was built in the 1970s and it is the final leg of the Randwick City Council Eastern Surburbs Coastal Walk which begins at Clovelly. (See Map left) LOGOThe Treasury Officer overseeing the 99 year lease of Port Botany (and Port Kembla, Enfield, Cooks River Terminal) is Tim Spencer, Deputy Secretary, Commercial Policy and Financing.  Mr Spencer was previously Under Treasurer of the Queensland Treasury Department and in this role  he oversaw the sale of Port Brisbane. Mr Spencer(Bsc(Econ)(Hons)) has previously held other senior management and executive positions in the public sector in Queensland, South Australia and the Australian Capital Territory, where his responsibilities have spanned economic policy research and development, establishment of market arrangements and the long-term leases of electricity assets, restructuring of government- owned electricity businesses, investment and borrowing activities, and the implementation of National Competition Policy.

(Photograph of the Molineux lookout is from the website of the architect(Tim Williams)who designed works to celebrate a sister city relationship with Yokkhaichi Port)

NOTE:  Sydney Ports Corporation Annual Report SPC 2010/11 Annual Report note 14 NSW TCorp borrowings $603,826 599 (a) Borrowings consist of NSW TCorp fixed rate loans. NSW TCorp loans are based upon payments of coupon interest only and repayment or rollover of principal at maturity. The maturity dates of the loans are between 1 August 2013 and 15 April 2039. All borrowings are secured by NSW Government Guarantee. No assets have been pledged as security for interestbearing loans and borrowings. (b) Fair value Details regarding fair value, interest rate and liquidity risks are disclosed in note 17. (c) Financial facilities available The Corporation had the following financing facilities in place at 30 June 2011:

  •  A total loan facility of $1 billion with NSW TCorp approved on 1 March 2011 of which $614.246 million (2010: $614.248 million) has been drawn down.
  •  A bank guarantee facility for $6.200 million with the Commonwealth Bank of Australia.
  • A credit card facility for $0.060 million with the Commonwealth Bank of Australia.
  • A purchasing card facility of $0.500 million with the Commonwealth Bank of Australia.
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