Pledge seems empty

Regarding council agenda item FS.061 on May 6, this solemn promise/pledge seems empty to me.

Fast Ships Pty Ltd as a limited entity can't give a promise to provide that which it may not have, can it? Isn't that precisely why it's a limited company?

I understand if it has no money, that's it.

A director's guarantee is different as it shows a real commitment when directors put up personal wealth, but it would need to be far more than what's offered.

There is a definite lack of confidence when promoters won't back their judgement, and any way - $100,000 here, a $100,000 there - we regularly see cost overruns that are far more than that.

Surely these quotes factored in contingencies like weather and such when they were made.

"The construction costs are being met by the government," say council.

That is a fixed amount. The government has no obligation, and should not go overboard writing open cheques with taxpayers' money.

Will the lease that Fast Ships Pty Ltd already has give them an unrestricted right to sublet to operators for activity other than a ferry service?

What are our councillors letting us in for?

Edward James, Umina