Issue link: https://maltatoday.uberflip.com/i/655581
maltatoday, SUNDAY, 20 MARCH 2016 10 News MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP TO THE DAY OF RE-SALE OF STOCK SECURITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) (The value of the investment may go up or down during the tenor of the Stock) Treasury Department, The Mall Building, The Mall - Floriana, Malta. Secure Investment Issue of €50,000,000 in Fixed Rate Malta Government Stocks (subject to the over-allotment option up to a maximum of €30,000,000) MALTA GOVERNMENT STOCKS TAL-GVERN TAL TAL TAL GVERN GVERN GVERN GVERN STOCK _______ (i) 1.5% MGS (Fourth Issue) – Fungibility Issue Maturing in 2022, and _______ (ii) 2.5 MGS (First Issue) – Fungibility Issue Maturing in 2036, or (iii) Any combination of the above two Stocks which in the aggregate shall be € 50,000,000 Fixed Rate Malta Government Stocks Applications in the form of sealed bids (auction) for a minimum of €500,000 and multiples of €100,000 each open on Wednesday 30 th March, 2016 at 8.30a.m. and close at noon of the same day or earlier at the discretion of the Accountant General. Bids on the prescribed forms are to be transmitted by fax on 2596 7210 or by e-mail at the e-mail addresses indicated on the application form or deposited in the Treasury Tender Box in Floriana. Application forms may be obtained from all Members of the Malta Stock Exchange and other authorized Investment Service Providers or downloaded from the Treasury's website at www.treasury.gov.mt. The Treasury will be issuing €50,000,000 Fixed Rate Malta Government Stocks subject to an over-allotment option up to a maximum of €30,000,000 as follows: Qajjenza promenade to encroach on shoreline JAMES DEBONO THE new Qajjenza prom- enade in Birzebbugia will be encroaching on the fore- shore after original plans to construct a timber walkway supported by a steel struc- ture were deemed to require a "high degree of mainte- nance" because of "ever ris- ing sea levels". According to the propos- al approved by the Malta Environment and Planning Au- thority on Wednesday the new promenade will be supported by a retaining wall, which will be built on a concrete base on the coastline. Both the Environment Protec- tion Directorate (EPD) and the Natural Heritage Advisory Com- mittee (NHAC) objected to the latest changes to the project ap- proved last year. According to the NHAC the project will take up a significant area of the fore- shore and at certain parts the promenade will even encroach on the seabed. The EPD insisted that the pro- ject as revised would contribute to the take up of the coast, which should be kept open and undevel- oped. The proposal approved in 2014 had envisaged a timber prom- enade supported by a steel struc- ture, which would not have en- croached on the coastline. But the Works Division archi- tect insisted that the support for such a structure would still have had to be fixed with bolts to the ground, something which would have required the levelling of parts of the coastline. The case officer assessing the project on behalf of MEPA agreed with the architect, concluding that "the amended project would ensure minimum maintenance, particularly in view of the ever rising sea levels." New law regularizes illegal building in Natura 2000 site JAMES DEBONO MEPA'S Environment and Plan- ning Commission has regular- ized an illegal 76 square metre building in an 'Area of Ecological Importance and High landscape value' in Wied Musa in Mellieha, near a watercourse. The site lies within a Natura 2000 site and the building, sup- posed to be an agricultural store, has been described as more of a residential unit. Elisabeth Ellul, chairwoman of the Environment Planning Commission, voted against the regularization of the development proposed by applicant James Bar- tolo, but three other board mem- bers accepted it. The abusive development was subject to an enforcement notice in 2007, and two previous appli- cations, one for the replacement of a slab in the building and one for the replacement of the dilapi- dated roof had been rejected by MEPA in 2009 and 2010. Both decisions were confirmed on ap- peal in 2014. Sanctioning the building was only possible because of changes to the law: the structure could not be regularized after 2010 due to a prohibition on the regularization of illegal buildings in protected areas, but this part of the law was removed after 2013. Although the newly approved building is eligible for sanctioning because the illegality dates back to before 1978, the case officer had recommended the refusal of the application in view of changes made to the building after that date. According to the case officer report the development consists of five rooms. The report claimed that the building is "more akin to a residential unit" than to an agri- cultural store. "This is confirmed by the presence of a WC restroom and multiple apertures." There is also a concrete passage- way around the building, and this was also considered excessive for the needs of a store. The building was approved only after the architect, Labour MP and chairman of the Build- ing Industry Consultative Council Charles Buhagiar, proposed the demolition of part of the building to ensure that the building has the same footprint as that appearing in 1978 aerial photos. The reason given by the board for regularizing the structure was that "fresh drawings were submit- ted to address the recommended reason for refusal" and ensure that it conforms with the rural policy approved in 2015. Plans submitted to MEPA two days before the meeting indicate that 54 square metres of the illegal building have been retained. The new promenade will be supported by a retaining wall