Common use of KEY DETAILS Clause in Contracts

KEY DETAILS. 1 Parties The Sovereign in right of New Zealand, acting by and through the [Deputy Chief Executive] of the Department of Internal Affairs (DIA) [NAME OF RECIPIENT] (Recipient) Crown Infrastructure Partners Limited (Monitor) 2 Background The New Zealand Government is undertaking a reform programme for “Three Waters” (drinking water, wastewater and stormwater) service delivery for communities (Three Waters Reform Programme). The Crown entered into a Heads of Agreement with New Zealand Local Government Association Incorporated ▇▇ ▇▇▇▇▇ Kaunihera ō Aotearoa (LGNZ) under which, amongst other things, the Crown proposed that a Three Waters Reform financial support package be provided to local authorities, comprising: 1. a “no worse off” package which will seek to ensure that financially, no local authority is in a materially worse off position to provide services to its community directly because of the Three Waters Reform Programme and associated transfer of responsibility for the provision of water services (including the transfer of assets and liabilities) to the Water Services Entities; and 2. a “better off” package of $2 billion which supports the goals of the Three Waters Reform Programme by supporting local government to invest in the wellbeing of their communities in a manner that meets the priorities of both the central and local government, and is consistent with the agreed criteria for such investment set out in the Heads of Agreement, to be given effect in agreements between each local authority and the Crown (through DIA). The better off package will comprise: 1. $1 billion of Crown funding, $500 million of which is intended to be provided to local authorities from 1 July 2022 to enable early investment (“Tranche 1 Funding”); and 2. the remaining $1 billion to be funded by the new Water Services Entities. This Agreement relates to the provision of funding to the Recipient from the Tranche 1 Funding of $500 million. The Crown’s objectives with the better off package are, acknowledging the Reform Objectives, to demonstrate central government confidence in the future for local government by providing the sector with additional funds to support local wellbeing outcomes in a way that aligns with the priorities of central and local government, including through meeting some or all of the following criteria: 1. supporting communities to transition to a sustainable and low- emissions economy, including by building resilience to climate change and natural hazards; 2. delivery of infrastructure and/or services that: a. enable housing development and growth, with a focus on ▇▇▇▇▇▇▇▇▇▇ and infill development opportunities where those are available; b. support local place-making and improvements in community well-being. The Recipient is a [territorial authority with statutory responsibility for delivering Three Waters services within its own district or city]. The Recipient will work collaboratively with the New Zealand Government in connection with the Three Waters Reform Programme. Crown Infrastructure Partners Limited is party to this Agreement to undertake a review and monitoring role on behalf of the DIA, as further described in this Agreement. DIA has agreed to contribute funding to the Recipient on the terms and conditions of this Agreement (Agreement). This funding is being provided to enable the Recipient to undertake the activities described in Schedule 1. Key details of this Agreement are set out in this Part 1. The full terms and conditions are set out in Part 2. Defined terms and rules of interpretation are set out in Part 3.