Introduced on Nov 22. The bill requires the New Plymouth District Council to use its Perpetual Investment Fund for purposes that primarily benefit current and future New Plymouth communities. The fund was set up in 2004 from the sale of the council’s shareholding in PowerCo for $259m. First reading on Dec 7 with all parties in favour and sent to the governance and administration committee. Reported back on May 5 with minor changes. Second reading on May 10 with all parties in favour. Committee stage on June 7 and third reading June 28 with all parties in favour.

New Plymouth District Council (Perpetual Investment Fund) Bill