Document ID: chunk:federal_register_of_legislation:C2014C00538:section:8:p11
Version: federal_register_of_legislation:C2014C00538
Segment Type: section
Provision Reference: s 8 (pt 11/15)
Character Range: 28872–31574

the net public debt of the Northern Territory as at the 30th June immediately preceding the year in which the contribution is payable.
     8(1) The Commonwealth shall, in respect of the public debt of each State and of the Northern Territory, pay for credit to the account of the State in the National Debt Sinking Fund and that Territory in the Northern Territory Debt Sinking Fund by equal monthly instalments during each year commencing 1 July 1990 or in such other amounts as are determined by agreement between the Commonwealth and the relevant State or the Commonwealth and the Northern Territory, as the case may be, a contribution calculated in respect of that year as provided in this clause.
     (2) The Commonwealth shall pay a contribution in respect of each of those years in relation to the public debt of a State and in relation to the public debt of the Northern Territory that is equivalent to 0.28 per centum of the net public debt of the State or the Northern Territory, as the case may be, at the 30th June immediately preceding the year in which the contribution is payable.
     (3) On and from the establishment of the Debt Retirement Reserve Trust Account the contribution payable by the Commonwealth under this clause in respect of the States and the Northern Territory shall be paid into that Account.
     9 The contributions payable after the establishment of the Debt Retirement Reserve Trust Account by the Northern Territory under sub‑clause 7(3) shall be:
      (a) in respect of so much of the year ending on 30 June next following the establishment of the Debt Retirement Reserve Trust Account; and
      (b) in respect of each succeeding year,
    of equal monthly instalments during the period referred to in paragraph (a) or during the year referred to in paragraph (b) or of such other amounts as are determined by agreement between the Commonwealth and the Northern Territory.
     10  The Commonwealth shall reimburse, in such amounts and at such times as agreed between the Commonwealth and the State, each State for the excess, as assessed by agreement between the Commonwealth and the State, of the amount of the costs to the State incurred from1 July 1990 in respect of the redemption, repayment and purchase, by the Commonwealth of the securities from that date over the amount of the costs that would have been so incurred under the Principal Agreement.
     11 The Commonwealth shall reimburse, in such amounts and at such times as agreed between the Commonwealth and the Northern Territory, that Territory for the excess, as assessed by agreement between the Commonwealth and that Territory, of the amount of the costs to that Territory incurred from 1