Document ID: chunk:federal_register_of_legislation:C2014C00538:section:8:p3
Version: federal_register_of_legislation:C2014C00538
Segment Type: section
Provision Reference: s 8 (pt 3/15)
Character Range: 8819–11619

from the National Debt Sinking Fund or, in the case of the Northern Territory, the Northern Territory Debt Sinking Fund, into the Debt Retirement Reserve Trust Account, but so that the payment is made to the credit of the accounts established in respect of the relevant States or the Northern Territory, as the case may be, of the moneys then standing to the credit of the accounts in the National Debt Sinking Fund or the Northern Territory Debt Sinking Fund, respectively, including any later amounts which, but for the abolition of the National Debt Sinking Fund or the Northern Territory Debt Sinking Fund, would, when received, have been paid into the National Debt Sinking Fund or the Northern Territory Debt Sinking Fund.
     2(1) This Agreement, as varied from time to time, shall be known as "the 1994 Financial Agreement".
     (2) Upon its coming into force, clauses 7, 8, 10, 11 and 13 of this Agreement shall be deemed to have commenced to operate on and from 1 July 1990.
     3(1) In this Agreement, unless the contrary intention appears—

    "bondholder" means holder of any securities but does not include the Commonwealth;

    "face value" means—
      (a) in relation to securities repayable in Australian currency, the principal amount, excluding any amount payable by way of premium, remaining to be repaid in respect of the securities;
      (b) in relation to securities repayable in an overseas currency, the equivalent in Australian currency of the principal amount, excluding any amount payable by way of premium, remaining to be repaid in respect of the securities, converted at the Reserve Bank of Australia selling rate to the Commonwealth Government at the time of conversion or at such rate as is agreed between the Commonwealth and the States;

    "gross cost", in relation to the purchase of securities, means the amount actually paid for the securities, including interest, brokerage and commission;

    "holder", in relation to securities, means owner of the securities according to the manner in which ownership of the securities is determined;

       "net public debt", means:
      (a) in relation to a State, the public debt of the State less an amount equal to the sum of the balance standing to the credit of the State—
         (A) in relation to the period until the establishment of the Debt Retirement Reserve Trust Account, in the Sinking Fund; and
         (B) thereafter, in the Debt Retirement Reserve Trust Account; and
      (b) in relation to the Northern Territory, the public debt of that Territory less an amount equal to the sum of the balance standing to the credit of the Territory—
         (C) in relation to the period until the establishment of the Debt Retirement Reserve Trust Account, in the Northern Territory Debt Sinking Fund;