Document ID: chunk:federal_register_of_legislation:C1929A00004:section:2:p11
Version: federal_register_of_legislation:C1929A00004
Segment Type: section
Provision Reference: s 2 (pt 11/22)
Character Range: 29363–32568

per annum compounded.

PART  II
1. This part of this Agreement shall be in force only during and in respect of the period of two years, commencing on 1st July, 1927, and ending on 30th June, 1929.

2.  CONTRIBUTION  BY  COMMONWEALTH  TO  INTEREST
The Commonwealth will in each of the said two years pay to each State by equal monthly instalments the amount set out opposite to the name of that State as shown hereunder:-

 New South Wales…………………..……………£2,917,411
 Victoria……………………………………………2,127,159
 Queensland………………….…….………………1,096,235
 South Australia………………….…………………..703,816
 Western Australia………………….………………..473,432
 Tasmania………………….…………………………266,859
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                                                                                 £7,584,912
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Each State shall apply the amount so paid to it towards payment of interest due by that State on the Public Debt of that State. All amounts paid by the Commonwealth to a State in pursuance of Section 6 of the States Grants Act 1927, of the Commonwealth shall be deemed to be payments to that State under this clause.

3.  TRANSFERRED  PROPERTIES
The Commonwealth will in each of the said two years pay to each State interest at the rate of 5 per centum per annum on the agreed value of transferred properties in the State, such value being in the case of each State as follows:-

 New South Wales………………………….£4,788,005
 Victoria………………………………………2,302,862
 Queensland……………………….………….1,560,639
 South Australia………………………………1,035,631
 Western Australia……………………………...736,432
 Tasmania……………………………………….500,754
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                Total……………………….……£10,924,323
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4.  SINKING  FUNDS
(a) In each of the said two years the Commonwealth will pay from revenue a sinking fund contribution at the rate of 2s. 6d. per annum for each £100 of the net Public Debts of the States existing on 30th June, 1927, and each State (other than the State of New South Wales) will pay from revenue a sinking fund contribution at the rate of 5s. per annum for each £100 of the net public debt of that State existing on 30th June, 1927. The State of New South Wales will in the financial year commencing 1st July, 1928, pay from revenue a sinking fund contribution at the rate of 5s. for each £100 of the net public debt of that State existing on 30th June, 1927.
(b) Where in respect of any debt included in the gross public debt of a State existing on 30th June, 1927, there is under laws or contracts existing at that date an obligation to provide a sinking fund at a rate in excess of 7s. 6d. per annum for each £100, any amount to be so provided in excess of the rate of 7s. 6d. per annum for each £100 shall be provided out of the National Debt Sinking Fund established under the laws of the Commonwealth. Provided that if any law imposing such an obligation is repealed or is amended so as to reduce the rate of sinking fund to