Document ID: chunk:federal_register_of_legislation:C2005C00099:section:8:p7
Version: federal_register_of_legislation:C2005C00099
Segment Type: section
Provision Reference: s 8 (pt 7/10)
Character Range: 17209–19801

in accordance with clause 16 shall be payable by the State Government as provided in that clause.

(4) The rate at which interest accrues under this clause shall be the rate that is equivalent to the rate of yield to maturity of the long term loan of the last loan raising by the Australian Government in Australia for public subscription prior to the date on which the relevant advance or payment was made.

(5) For the purposes of this clause the expression "the rate of yield to maturity" means the rate per annum, as determined by the Treasurer to the nearest cent in accordance with sound actuarial practice, that the yield of the interest payable by the Australian Government in respect of the relevant loan represents having regard to the issue price and the period of maturity of the loan.

Repayments by the State with Interest

16. (1) Subject to the provisions of this clause, a State Government shall repay to the Australian Government each of the payments made under clause 13 and of the advances made to the State Government and not refunded under clause 12, together with the interest referred to in sub-clause (3) of clause 15, by sixty (or alternatively eighty, if a State so elects) equal consecutive half-yearly payments, the first payment in each case to be made on the fifteenth day of January or of July that next occurs after the expiration of twelve months from the date on which the payment or advance was made to the State Government and subsequent payments to be made on each succeeding fifteenth day of July and of January.

(2) The amount of a half-yearly payment by the State Government provided for by the last preceding sub-clause shall not be reduced except by virtue of the succeeding provisions of this clause.

(3) In addition to making half-yearly payments in accordance with sub-clause (1) of this clause, the State Government may on the fifteenth day of January or of July in any year, after having given the Treasurer notice in writing of at least one month of its intention to do so, pay to the Australian Government an amount of One hundred thousand dollars ($100,000) or a multiple thereof.

(4) Interest shall accrue on an amount paid by the State Government under the last preceding sub-clause at the rate that is applicable in accordance with sub-clause (4) of clause 15 to the payment or advance to the State Government under this agreement with respect to which the amount is paid by the State, the interest to be calculated from the date of payment and compounded with half-yearly rests on each fifteenth day of January and of July.

(5) When