Document ID: chunk:federal_register_of_legislation:C2008A00139:schedule:1:p124
Version: federal_register_of_legislation:C2008A00139
Segment Type: schedule
Provision Reference: sch 1 (pt 124/128)
Character Range: 412470–415434

South Wales, Victoria and the Authority must ensure that:

(a) the Translation Factors are determined in a manner consistent with the principles used to determine exchange rates in the relevant Water Market at the time of each transfer under sub‑clause 18(2) of this Schedule; and

(b) the use of Translation Factors to transfer Water Savings and Water Entitlements to a Snowy‑Murray Development (River Murray) Environmental Entitlement will not have a significant adverse impact on:

(i) the level of Reliability of entitlements to water diverted from the River Murray System, the Murrumbidgee River System and the Goulburn River System;
(ii) the environmental benefits related to the quantity and timing of water flows for environmental purposes in the River Murray System, the Murrumbidgee River System and the Goulburn River System;
(iii) the Seasonal Availability of the entitlement to be received during that Water Year by South Australia under this Agreement; and
(iv) water quality in the River Murray in South Australia.

    16. Apportionment Of Environmental Entitlements

New South Wales and Victoria must notify the Authority of how each Environmental Entitlement has been apportioned between:

       (1) the Snowy River Apportioned Entitlement; and

       (2) the River Murray Apportioned Entitlement.

    17. Valley Accounts

If:

       (1) New South Wales or Victoria transfers either or both of Water Savings and Water Entitlements to an Environmental Entitlement; and

       (2) the source of that water is from a valley for which the Authority maintains a valley account,

New South Wales or Victoria (as the case may be) must notify the Authority of the volume and reliability of the entitlement required to be added to the relevant valley account to generate the Environmental Entitlement.

    18. Long Term Diversion Caps

       (1) Prior to New South Wales or Victoria transferring either or both of Water Savings and Water Entitlements to an Environmental Entitlement, the relevant State must calculate the equivalent volume by which its Long Term Diversion Cap must be reduced.

       (2) If New South Wales or Victoria transfers either or both of Water Savings and Water Entitlements to an Environmental Entitlement, at the same time the relevant State must advise the Authority and the Committee of its calculation as to the volume by which its Long Term Diversion Cap must be reduced.

       (3) If the Committee is satisfied with the appropriateness of a calculation advised under sub‑clause 18(2), it must recommend to the Ministerial Council that the relevant Long Term Diversion Cap be amended in accordance with the calculation.

       (4) If the Committee is not satisfied with the appropriateness of a calculation advised under sub‑clause 18(2), the Authority must arrange for the relevant volume referred to in sub‑clause 18(1) to be re‑calculated in consultation with the relevant State.

       (5) If a