Document ID: chunk:federal_register_of_legislation:C2005C00099:section:8:p6
Version: federal_register_of_legislation:C2005C00099
Segment Type: section
Provision Reference: s 8 (pt 6/10)
Character Range: 14922–17425

from the date on which the advance or payment was made on so much of the advance or payment as for the time being has not been repaid by the State Government under the last preceding clause or, in the case of an advance, refunded to the Australian Government under sub-clause (2) of clause 12.

(2) The State Government shall pay the interest for the time being accrued under this clause on the fifteenth day of January and of July in each year.

(3) The rate at which interest is payable under this clause shall be the rate that is equivalent to the rate of yield to maturity of the long term loan of the last loan raising by the Australian Government in Australia for public subscription prior to the date on which the relevant advance or payment was made.

(4) For the purposes of this clause the expression "the rate of yield to maturity" means the rate per annum, as determined by the Treasurer to the nearest cent in accordance with sound actuarial practice, that the yield from the interest payable by the Australian Government in respect of the relevant loan represents having regard to the issue price and the period of maturity of the loan.

  (Alternative clauses 15 and 16 which may be adopted if a State so elects)

Interest

15. (1) Interest at the rate provided in this clause shall accrue in respect of each advance or payment made to a State Government under clause 12 or clause 13 calculated from the date on which the advance or payment was made on so much of the advance or payment as for the time being has not been repaid by the State Government under the next succeeding clause or, in the case of an advance, refunded to the Australian Government under sub-clause (2) of clause 12.

(2) Interest that accrues under this clause in respect of an advance or a payment shall be calculated as at, and shall be payable by the State Government on, each fifteenth day of January and of July up to and including the fifteenth day of January or of July immediately preceding the date on which repayments commence in respect of that advance or payment in accordance with clause 16.

(3) Interest that accrues under this clause after the fifteenth day of January or of July immediately preceding the date on which repayments commence in respect of an advance or of a payment in accordance with clause 16 shall be payable by the State Government as provided in that clause.

(4) The rate at which interest accrues under this clause shall be the rate that is equivalent to the rate of yield to