The contractors will start work on the Water leak in Peter Isola promenade tomorrow morning. As from that moment there will be no water or possibility of us providing water to the Marina until the job is finished. On a daily basis we will keep you all informed of progress. The Contractor feels that, unless there are any unknown problems, they will have the job finished over a three day period. THE COMMITTEE

Fourth report for membership to have sight of prior to the EGM where it will be discussed. This report will be presented by the Treasurer, Graham Olivero. It will require members to decide on the extra monies that the MHSBM Association will put into an interest bearing account to have the £2m that the committee feel would be required pending report by MARINETEK.

4. 2041 FUND…At present the Sinking fund which the Marina is required to have by law, has £650,000. In the estimation of the Committee, the fund will need some £2 million by 2041. The Committee believe that this amount of money would be sufficient to cater for the repair and restructuring of any Marina infrastructure required by the legislation. Notwithstanding, the Committee has contacted Marinetek to establish the state of the Marina and the overall financial requirements to meet any eventuality. Membership will be updated accordingly if there is a major change in the monies required whether upward or downward.

The money required will be held in Government debentures (or similar) and only used in the case of Marina infrastructure works. In order to meet the targets set by the Committee the Committee of £2m, the monies obtained from the existing debenture (i.e. the interest which is some £40,000 this year), will set aside and reinvested the following year. This together with new monies that will be put aside (Committee recommending £2000 per month i.e. £24000 per annum), will be invested in new Government debenture (or similar). This amount will be checked every year as the interest fluctuates in order to get to the target of £2m. (or the new target after the report by Marinetek). Reports will be obtained annually from the Marina Treasurer to reflect the Debenture and the growth of this to 2041. Any changes will be made in the AGM of successive years taking into account interest rates etc.