Document ID: chunk:federal_register_of_legislation:C1929A00004:section:2:p5
Version: federal_register_of_legislation:C1929A00004
Segment Type: section
Provision Reference: s 2 (pt 5/22)
Character Range: 15114–17675

loans or temporary purposes. Each programme shall state the estimated total amount of such loan expenditure for the year, and the estimated amount of repayments which will be available towards meeting that expenditure. Any revenue deficit to be funded shall be included in such loan programme, and the amount of such deficit shall be set out. Loans for Defence purposes approved by the Parliament of the Commonwealth shall not be included in the Commonwealth's loan programme or be otherwise subject to this Agreement.
(h) If the Loan Council decides that the total amount of the loan programme for the year cannot be borrowed at reasonable rates and conditions it shall decide the amount to be borrowed for the year, and may by unanimous decision allocate such amount between the Commonwealth and the States.
(i)  If the members of the Loan Council fail to arrive at a unanimous decision under the last preceding sub-clause allocating the amount to be borrowed for any year, the amount to be borrowed for that year shall be allocated as follows:-
(i) The Commonwealth shall, if it so desires, be entitled to have  one-fifth or any less proportion of such amount allocated to the Commonwealth;  and
(ii) Each State shall be entitled to have allocated to it a sum (being a  portion of the balance of such amount) bearing to the balance of such amount the  same proportion which the net loan expenditure of that State in the preceding  five years bears to the net loan expenditure of all the States during the same period. Provided that any State may, if it so desires, have allocated to it a sum less than the sum to which it is entitled under this sub-clause or no sum,  and that when a less sum or no sum has been allocated to any State or States in  manner aforesaid the amount then remaining available for allocation shall be  allocated to the other States in the proportion which the net loan expenditure  of each of such other States in the preceding five years bears to the net loan  expenditure of all such other States during the same period. For the purposes of  this sub-clause net loan expenditure does not include expenditure for the  conversion, renewal, or redemption of loans, but means the gross other loan  expenditure of a State less any amounts of such expenditure repaid to the State other than moneys repaid to the State in manner stated in Part II, clause 4 (e),  or Part III clause 3 (i), of this Agreement.
(j) If the total amount to be borrowed as aforesaid for any year is to be borrowed by means of more than one loan the Loan Council