Peninsula Community Access Edition 237
News Phone 4325 7369 Fax 4339 2307
12 April 2010
Grants for oval, foreshore and pool The Federal Government will provide Gosford Council with $365,000 in funding grants for three Peninsula projects as part of the second round of its Regional and Local Community Infrastructure Program.
Local map released by EnergyAustralia showing where the proposed underwater cable will be located between Booker Bay and Wagstaffe
Electricity to go under Ettalong channel A 500-metre high voltage electricity cable is planned to be buried 30 metres below the seabed of the Ettalong Channel between Booker Bay and Wagstaffe. The five million dollar project will be “one of the biggest ever” drilling operations across the national electricity network, according to Energy Australia Central Coast area manager Mr Tom Wilcox. Mr Wilcox said the project would improve power supply for more than 1500 homes and businesses in Wagstaffe, Pretty Beach, Hardy’s Bay and Killcare. Work on the project is expected to start at the end of this month. “Specialist drilling equipment will be used to create a deep tunnel under the sea bed,” Mr Wilcox said.
“A pre-welded cable conduit will then be pulled through the tunnel, ready to be fitted with the final 11,000 volt cable. “Demand for power across this area of Brisbane Water area will grow by as much as 36 per cent over the next five years. “This five million dollar upgrade will help boost supply to the area to make sure we continue to deliver a reliable supply of electricity.” Mr Wilcox said a detailed environmental assessment had been completed for the project. “Our environmental assessments found that the drilling is best undertaken at a depth of 30 metres beneath the sea floor,” Mr Wilcox said. “These comprehensive noise, geotechnical and environmental studies recommended safeguards to help protect the environment
and minimise disruption to local residents. “We will install barriers around the work site to reduce noise from the drilling equipment and closely monitor the waterway from a boat during the work. “Our drilling will not affect water traffic or activities, but there will be some unavoidable disruption to residents near the work site and we thank them for their understanding. “We need to establish the drilling site at the corner of Petit St and Booker Bay Rd, which will be in place for up to nine weeks. “To complete the conduit and cable work, we may also need to bring specialist equipment to the bottom end of Bulkara St, Wagstaffe.” Press release, 1 Apr 2010 Allyn Hamonet, EnergyAustralia
The three projects will help upgrade beach recreation areas in Umina, Ettalong and Pearl Beach, according to council’s coordinator of parks, playgrounds and foreshores Ms Kim Radford. Ms Radford said the extra funding received meant that several infrastructure projects could be delivered to the community sooner than expected. “The projects listed for consideration had to meet the funding guidelines for consideration,” Ms Radford said. “Some were rejected by the Federal Government (due to not meeting funding guidelines) and new ones submitted.” The refurbishment of Pearl Beach Rock Pool is expected to go ahead later this year after the Federal Government dedicated $120,000 under the recent funding announcement. The project is estimated to cost more than $200,000 with the remainder of funds coming from the Pearl Beach Progress Association’s $80,000 fundraising efforts over the past year. Funds have also been confirmed to construct two viewing platforms at Ettalong Beach Foreshore. Ms Radford said council had applied for numerous grants to complete the works planned for the area but had been unsuccessful to date. She said work on the two platforms would be completed by the end of the year. “The Plan of Management for
Ettalong calls for substantial and costly works,” Ms Radford said. “It is impossible to apply for enough funds to complete all works. “Council officers are currently working through the high priority actions list in the Plan of Management.” The Peninsula Recreation Precinct has secured another $95,000 funding to complete the project which is currently out to tender. The precinct development is anticipated to commence construction in June and completed by December, according to Ms Radford. “The $95,000 is going towards some additional items that have resulted as part of community feedback and DAand environmental requirements and were not funded through other funds,” Ms Radford said. “The works include dune fencing for Endangered Ecological Community, half court basketball court and tennis court fencing.” Member for Robertson Ms Belinda Neal said the projects were put forward by council and were expected to support several jobs during construction. “The funding will keep more people working in our community. “It will support our local economy, and importantly, it will build local infrastructure for the future,” Ms Neal said. The funding announcement also included grants for the upgrade of several Saratoga community buildings and construction of a skate park in Gosford. Media statement, 8 Apr 2010 Kim Radford, Gosford Council Press release, 24 Mar 2010 Belinda Neal, Member for Robertson
Council may sue on investment losses Gosford Council will await the advice of legal advisors before making a decision on whether it will seek damages for the loss of around $2.5 million in its failed Lehman Brothers investment. Council’s current position comes after the High Court’s decision to dismiss two appeals against the Federal Court judgement which found that a deed of company arrangement approved by Lehman Brothers Australia’s creditors in
June last year was void and of no effect. Under the High Court decision against Lehman Brothers Australia, local councils, charities and other investors who suffered a loss after the biggest US bankruptcy in history can sue to recover losses. “At this point, council’s advisors will be examining the findings of the High Court decision once a written judgement is handed down, along with any offer that PPB, the liquidators of Lehman Brothers
THIS ISSUE contains 64 articles
Australia, may put forward and will provide advice to council on the best course of action when all of the information becomes available for consideration,” council’s director of corporate services Mr Nic Pasternatsky said. Meanwhile, listed litigation funder IMF told Australian Associated Press that its 70 clients, including local councils, were likely to get back more money than they were entitled to under the proposed deed and deliver a better outcome
to councils and other investors in collateralised debt obligations sold by Lehman Australia. Lehman’s liquidators PPB will now work out how much is available to creditors and said the court’s decision meant contingent creditors were barred from accessing a $43.2 million compensation fund which would now form part of the assets available to all creditors. PPB’s negotiations with New York-based Lehman Brothers’ entities over the unwinding of
Lehman-originated CDOs and distribution of the underlying collateral are continuing. If the negotiations are successful, contingent creditors should receive a significant proportion of their initial investment in the CDOs in their capacity as note holders, PPB said. Media statement, 8 Apr 2010 Nic Pasternatsky, Gosford Council Website, 30 Mar 2010 Alison Bell, Daily Telegraph
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