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House of Assembly - Fifty-First Parliament, Second Session (51-2)
2008-02-28 Daily Xml
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NETBALL STADIUM

In reply to Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (20 November 2007).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been advised that on 12 December 1996, the Minister for Recreation, Sport and Racing, the South Australian Netball Association Incorporated (SANA) and the Treasurer entered into a development and funding deed for the construction of a netball stadium at Mile End known as ETSA Park stadium.

The development and funding deed included a bill facility of $3.5 million from National Australia Bank Limited (NAB) to SANA to be applied, along with government funding, toward the stadium's construction.

The Treasurer also entered into a deed of guarantee with the NAB for the loan it provided to SANA (i.e. the loan to SANA by NAB is underwritten by the government).

The Treasurer's guarantee to NAB is a limited guarantee, limited to all moneys payable or remaining unpaid by SANA to the NAB, including accrued interest, default interest, costs, fees, charges, expenses and the bank's costs and expenses of enforcing the loan contract.

SANA's loan balance to the NAB as at 30 September 2007 was $1,775,047.

Under the development and funding deed, SANA has certain responsibilities such as maintaining a bank account with the NAB for the exclusive purpose of depositing facility income and paying authorised expenses and applying any moneys collected as facility income exclusively for the purpose of the payment of the loan.

The government has control over the facility income of SANA by way of a charge over the money, from time to time deposited or credited to the facility account maintained by SANA with the NAB (including all present and future legal or beneficial rights or interests of SANA in respect of that bank account).

As at the end of November 2007, there was no indication that the government would have to pay all or part of the balance outstanding by SANA to NAB and all appeared to be in order in relation to the Treasurer's guarantee.

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