Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Section 3
AN AGREEMENT made this twenty-sixth day of February, One
thousand nine hundred and seventy between THE COMMONWEALTH OF AUSTRALIA (in
this Agreement
called "the Commonwealth") of the first part, THE STATE OF NEW SOUTH WALES,
THE STATE OF VICTORIA and THE STATE OF SOUTH AUSTRALIA (in this Agreement
referred
to as "the States") of the second, third and fourth parts, respectively.
WHEREAS by an Agreement made on the ninth day of September One thousand nine
hundred and fourteen between the Commonwealth and the States and referred to
in the River Murray Waters Act 1915 of the Commonwealth and the collateral
legislation of the States, as amended by Amending Agreements respectively
dated the tenth day of August One thousand nine hundred and twenty-three, the
twenty-third day of July One thousand nine hundred and thirty-four, the
twenty-sixth day of November One thousand nine hundred and forty-eight, the
second day of November One thousand nine hundred and fifty-four, the eleventh
day of September One thousand nine hundred and fifty-eight and the eighth day
of October, One thousand nine hundred and sixty-three and by a further
Amending Agreement made the twenty-sixth day of February, One thousand nine
hundred and
seventy, (which Agreement as so amended is in this agreement called "the River
Murray Waters Agreement") it has been agreed that the works to be provided
under the River Murray Waters Agreement, as set out in clause 20 of that
Agreement, will include the provision of a water storage (in this Agreement
called "the Dartmouth Reservoir") on the Mitta Mitta River upstream of
Dartmouth with an active capacity of approximately three million acre-feet of
water at an estimated cost of Fifty seven million dollars:
AND WHEREAS,
pursuant to clause 32 of the River Murray Waters Agreement, the cost of
carrying out the works mentioned in clause 20 of that Agreement is to be
borne by the Commonwealth and the States in equal shares:
AND WHEREAS the
States have sought financial assistance from the Commonwealth towards meeting
their shares of the cost of the construction of the Dartmouth reservoir:
AND
WHEREAS the Government of the Commonwealth has agreed to submit to its
Parliament legislation providing under section 96 of the Constitution for
a grant of financial assistance to the States in the manner, to the extent,
and
on the terms and conditions provided by this Agreement:
AND WHEREAS the
Commonwealth and the States have agreed that if a revised estimated cost of
the Dartmouth Reservoir rises above Sixty-two million seven hundred thousand
dollars arrangements under this Agreement will be reviewed.
NOW IT IS HEREBY
AGREED as follows:—
Approval of Agreement
1.—(1.) The Governments
of the Commonwealth and of the States will, as soon as practicable after the
date of this Agreement, submit to their respective Parliaments legislation
approving this Agreement.
(2.) The Government of the Commonwealth will
include in the legislation submitted to its Parliament for the approval of
this Agreement provisions for the grant under section 96 of the
Commonwealth of Australia Constitution of financial assistance to the States
in the manner, to the extent, and on the terms and conditions provided by this
Agreement.
2.—(1.) Except as provided in clause 1 of this
Agreement, this Agreement shall, subject to clause 3 hereof, come into
force in respect of a State upon its approval by the Parliament of the
Commonwealth and by the Parliament of the State.
(2.) Notwithstanding that
all three of the States are named as parties to this Agreement, this Agreement
shall operate as an agreement between the Commonwealth and each State in
respect of which it has come into force as fully and effectually as if that
State were the only State named as a party to the Agreement.
(3.) In this Agreement the expression "the State" means the relevant State in
respect of which this Agreement has come into force.
Condition of Operation
3. Notwithstanding anything hereinbefore provided, the succeeding provisions of this Agreement shall not have any operation or effect as between the Commonwealth and a State unless the further Amending Agreement of the River Murray Waters Agreement as hereinbefore recited has come into effect.
Financial Assistance
4. Subject to compliance by the State with the provisions of this Agreement, the Commonwealth will, in accordance with and subject to the provisions of this Agreement, provide to the State financial assistance not exceeding an amount of Seven million eight hundred and thirty-seven thousand five hundred dollars ($7,837,500) towards meeting the State's obligations under clause 32 of the River Murray Waters Agreement in respect of the cost of the construction of the Dartmouth Reservoir.
Payments by Commonwealth
5.—(1.) The Commonwealth will, at the request
of the State from time to time and subject to the provisions of this
Agreement, make payments to the State in pursuance of the last preceding
clause of amounts equal to one half of the amounts that the State is required
from time to time to provide to The River Murray Commission established under
the River Murray Waters Agreement, under clause 32 of that agreement in
respect of the cost of the construction of the Dartmouth Reservoir.
(2.) If a
revised estimated cost of the Dartmouth Reservoir rises above Sixty-two
million seven hundred thousand dollars ($62,700,000) the Commonwealth and the
State shall review the arrangements under this Agreement and, except as agreed
upon such review, the Commonwealth shall not be obliged to make payments under
sub-clause (1) of this clause in respect of any costs of constructing the
Dartmouth Reservoir in excess of that sum.
(3.) The State will furnish to the
Treasurer of the Commonwealth (in this
Agreement called "the Treasurer") such documents and other evidence in support
of each request by the State for a payment to it by the Commonwealth under
sub-clause (1) of this clause as the Treasurer may from time to time
reasonably request, whether the request by the Treasurer is made before or
after the Commonwealth has made a payment pursuant to the request by the
State.
Use of Payments
6. The State will not use or apply any payment made to it by the Commonwealth under this Agreement except for the purpose of meeting its obligations under clause 32 of the River Murray Waters Agreement in respect of the costs of the construction of the Dartmouth Reservoir.
Interest
7.—(1.) The State will pay to the Commonwealth
interest on so much of a payment made to the State by the Commonwealth as is
for the time being not repaid calculated from the date on which the payment
was made at the rate provided in this clause.
(2.) The State shall pay the
interest for the time being accrued under this clause on the fifteenth day of
January and the fifteenth day of July in each year.
(3.) The rate at which
interest is payable by the State under this clause in respect of each
Commonwealth payment shall be the rate equal to the rate of yield to maturity
on the long term Commonwealth securities that last became available for public
subscription in Australia before the date of the relevant payment to the
State.
(4.) In this clause, the words "long term Commonwealth securities" mean such
of the securities issued for the purposes of a Commonwealth loan as have the
latest maturity date, being a date not less than ten years from the closing
date for subscriptions to the loan and the words "the rate of yield to
maturity" mean the rate per annum determined by the Treasurer to be the
equivalent of the yield to maturity from the securities to a holder of the
securities, having regard to the issue price, the interest rate, the
redemption price and the period to maturity.
Repayments by the State
8.—(1.) Subject to sub-clause (2) of this clause, the State will repay to
the Commonwealth each payment made by the Commonwealth under this Agreement by
thirty equal repayments, the first repayment to be made on the fifteenth day
of January or July next following the expiry of ten years from the date on
which the Commonwealth payment was made and subsequent repayments to be made
at half-yearly intervals thereafter until the final repayment has been made.
(2.) The State may at any time after giving to the Treasurer at least one
month's notice of its intention so to do repay to the Commonwealth the whole
or any part not being less than One hundred thousand dollars of the unrepaid
balance of a Commonwealth payment together with interest accrued thereon to
the date of repayment by the State.
Audit
9.—(1.) The accounts, books,
vouchers, documents and other records of the State relating to the expenditure
of moneys received by the State under this Agreement shall be subject to audit
by the Auditor-General of the State.
(2.) Until such time as the total amount
of the financial assistance to be provided to the State under this Agreement
has been provided by the Commonwealth and supporting evidence to the
satisfaction of the Treasurer in relation to all amounts paid is furnished by
the State, a report on the audits in respect of each financial year shall be
furnished by the Auditor-General of the State to the Treasurer as soon as
possible after the completion of the financial year, indicating, whether the
expenditure of moneys is in accordance with this Agreement and including
reference to such other matters arising out of the audits as the
Auditor-General of the State considers should be reported to the Treasurer.
Supply of Information
10. The State will from time to time at the request of the Treasurer furnish to him such information as he may reasonably require for the purposes of or in relation to this Agreement.
Notices
11. Any notice,
request or other communication to be given or made under this Agreement by the
Commonwealth or the Treasurer to the State shall be deemed to have been
sufficiently given or made if it is in writing signed by the Treasurer or by
any person thereunto authorized in writing by him, and any notice, application
or other communication to be given or made by the State or the Treasurer of
the State of the Commonwealth or to the Treasurer shall be deemed to have been
sufficiently given or made if it is in writing signed by the Treasurer of the
State or any person thereunto authorized in writing by the Treasurer of the
State.
IN WITNESS WHEREOF this Agreement has been executed on the day and
year first above written.
