(1)  A council is to prepare a long-term strategic asset management plan for the municipal area.

(2)  A long-term strategic asset management plan is to relate to all assets that are within a class of assets specified in an order under section 70F(3) to be major assets.

(3)  A long-term strategic asset management plan is to be in respect of at least a 10 year period.

(4)  A long-term strategic asset management plan for a municipal area is to –

(a) be consistent with the strategic plan for the municipal area; and

(b) refer to the long-term financial management plan for the municipal area; and

(c) contain at least the matters that are specified in an order made under section 70F as required to be included in a long-term strategic asset management plan.