A Bill to protect the New Plymouth District Council Perpetual Investment Fund for the benefit of current and future New Plymouth residents has passed its final reading in Parliament, says MP for New Plymouth Glen Bennett.

“The Bill, put forward by the New Plymouth District Council requires that the Council use its Perpetual Investment Fund for the exclusive benefit of our community, and sets out the principles for managing and applying the fund,” says Glen Bennett.

“The fund, currently valued at $346 million, is a significant financial asset for the New Plymouth District, enabling financial benefits to accrue to the Council and its communities,

“The Bill safeguards the fund by ensuring that independent financial managers make best-practice investment decisions to maintain or increase the value of the fund over time and means that the Council can only reduce the real value of the capital of the fund where circumstances arise that warrant doing so,” says Glen Bennett.

Note: Local authorities may put forward a local bill to deal with specific issues in their area.

A copy of the Bill can be found at:

https://legislation.govt.nz/bill/local/2022/0200/latest/LMS786540.html

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