Document ID: chunk:federal_register_of_legislation:C2014C00538:section:8:p8
Version: federal_register_of_legislation:C2014C00538
Segment Type: section
Provision Reference: s 8 (pt 8/15)
Character Range: 21520–24266

credit of the account established in respect of the Northern Territory in the Debt Retirement Reserve Trust Account shall be applied by the Commonwealth in connection with the purchase, redemption, including redemption on conversion, and repayment of securities of the Northern Territory. The gross cost, in the case of purchase, or the cost at face value, in the case of redemption or repayment, shall be charged to the account established in respect of that Territory in the Debt Retirement Reserve Trust Account.
     (8) Moneys standing to the credit of an account established in respect of a State in the Debt Retirement Reserve Trust Account will be held within the Commonwealth Public Account established pursuant to paragraph 21(1)(a) of the Audit Act 1901 or that provision as amended, modified or re‑enacted from time to time. An amount equal to interest earned on that part of the balances in the Commonwealth Public Account attributable to the credit balance in the account established in respect of a State within the Debt Retirement Reserve Trust Account shall be added to the moneys standing to the credit of that account.
     (9) Moneys standing to the credit of the account established in respect of the Northern Territory in the Debt Retirement Reserve Trust Account will be held within the Commonwealth Public Account established pursuant to paragraph 21(1)(a) of the Audit Act 1901 or that provision as amended, modified or re‑enacted from time to time. An amount equal to interest earned on that part of the balances in the Commonwealth Public Account attributable to the credit balance in the account established in respect of the Northern Territory within the Debt Retirement Reserve Trust Account shall be added to the moneys standing to the credit of that account.
     (10) When securities of a State or of the Northern Territory are purchased, redeemed or repaid, the securities shall be deemed to have been cancelled on the date of the purchase, redemption or repayment.
     7(1) Each State shall, in respect of the public debt of the State, pay by equal monthly instalments during each year commencing on 1 July 1990 or in such other amounts as are determined by agreement between the Commonwealth and the relevant State a contribution calculated in respect of that year as provided in this clause.
     (2) Each State shall pay the contribution in respect of each year—
      (a) in respect of the period from 1 July 1990 until the establishment of the Debt Retirement Reserve Trust Account, to the Commission for credit to the account of the State in the Sinking Fund, and
      (b) thereafter, to the Commonwealth for credit to the account established in respect of the State in the Debt Retirement Reserve Trust