"financial year" means a period of twelve calendar months ending on the thirtieth day of June;

"Schedule" means Schedule to this agreement.

"the State Treasurer" means the Treasurer of the State and includes such other Minister of the Crown as is for the time being acting for and on behalf of the Treasurer of the State;

"the Treasurer" means the Treasurer of the Commonwealth and includes such other Minister of State of the Commonwealth or member of the Federal Executive Council as is for the time being acting for and on behalf of the Treasurer; and

"the works" means the works described in the Second Schedule or, if that Schedule is varied in accordance with clause 10 of this agreement, the works described in the Schedule as so varied.

Approval of agreement
2. The Government of the Commonwealth will, as soon as practicable after the date of this agreement, submit to its Parliament legislation approving this agreement and providing under section 96 of the Constitution of the Commonwealth for a grant of financial assistance to the State on the terms and conditions contained in this agreement.
Commencement of agreement
3. Except as hereinbefore provided, this agreement shall have no force or effect and shall not be binding on the parties unless and until the legislation of the Parliament of the Commonwealth referred to in the last preceding clause is passed, whereupon it shall commence and come into full force and effect.
Financial assistance
4. (1) 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 financial assistance to the State in an amount which is the equivalent for the time being of one half of the total of expenditure on the works.
(2) The financial assistance to be provided by the Commonwealth under this clause shall not exceed in the aggregate the sum of Five million two hundred and fifty thousand pounds (£5,250,000).
(3) For the purposes of this agreement expenditure on the works means expenditure by the State on or in connexion with the works during the period of eight years that commences on the first day of July, 1965, and includes planning and administrative expenses directly related to carrying out the works but does not include expenses that would have been or would be incurred whether or not the works were carried out.
Payments by the 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 expenditure on the works.
(2) The State will furnish to 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 is made by the Treasurer before or after the Commonwealth has made a payment pursuant to the request by the State.
(3) Any statement of expenditure by the State forwarded to the Commonwealth in connexion with a request for payment under sub-clause (1) of this clause shall be certified as to its correctness by the Auditor-General of the State.
Advances by the Commonwealth
6. (1) The Treasurer may, at such times and in such amounts as he thinks fit, make advances to the State on account of an amount that may become payable to the State under clause 5 of this agreement.
(2) An amount or part of an amount advanced by the Treasurer under this clause may be deducted by the Commonwealth from amounts to be paid subsequently under sub-clause (1) of clause 5 of this agreement, or if there are no further amounts to be paid under that sub-clause, shall be refunded by the State to the Treasurer at his request.
Use of payments and advances
7. The State shall ensure that an amount, or any part of an amount, paid or advanced to the State under this agreement is not used or applied except for the purpose of meeting or of reimbursing to the State expenditure on the works.
Repayments by the State
8. (1) Subject to sub-clause (2) of this clause, the State shall from a source other than its Consolidated Revenue repay to the Commonwealth each payment made by the Commonwealth under this agreement, including any amount or amounts deducted from the payment pursuant to sub-clause (2) of clause 6 of this agreement, by thirty equal consecutive half-yearly repayments, the first repayment in respect of the Commonwealth payment to be made on 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 so much of an amount that is repayable by the State under this clause as remains unrepaid, together with the interest on the amount repaid accrued to the date of repayment under the next succeeding clause.
Interest
9. (1) The State shall from its Consolidated Revenue pay to the Commonwealth interest on so much of each amount paid or advanced to the State by the Commonwealth under this agreement as has not for the time being been repaid or refunded to the Commonwealth, calculated from the date upon which the amount was paid or advanced by the Commonwealth, 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 June and the fifteenth day of December in each year.
(3) The rate at which interest is payable by the State under this clause in respect of an amount paid or advanced by the Commonwealth shall be the rate of yield to maturity of the long term loan last raised by the Commonwealth in Australia for public subscription prior to the date upon which the amount was paid or advanced.
(4) 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 penny (or, upon the coming into operation of Part II of the Currency Act 1963, to the nearest cent) in accordance with sound actuarial practice, that the yield from the interest payable by the Commonwealth in respect of the relevant loan represents having regard to the issue price and the period of maturity of the loan.
Execution of the works
10. (1) The State shall ensure that the works are carried out efficiently and in conformity with sound engineering and financial practices.
(2) To the extent that it is necessary for the more efficient fulfilment of the objectives of this agreement, the Second Schedule may be varied in such manner and to such extent as the State proposes and the Treasurer approves.
Annual estimates
11. The State shall prepare and furnish to the Treasurer not later than the thirtieth day of April in each year a statement or statements showing the estimated expenditure on the works during the next succeeding financial year and estimates of the amounts that the State will request the Commonwealth to pay to the State under this agreement during that financial year.
Supply of information
12. The State shall from time to time at the request of the Treasurer furnish to him such information as he may reasonably require for the purpose of or in relation to this agreement.
Audit
13. (1) The accounts, books, vouchers, documents and other records of the State relating to the carrying out of the works 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 or advanced is furnished by the State, a report on the audits and on the financial statements 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, inter alia —
(a) whether the financial statements are based on proper accounts and records and are in agreement with those accounts and records; and
(b) whether the expenditure of moneys is in accordance with this agreement,
and including reference to such other matters arising out of the audits and financial statements as the Auditor-General of the State considers should be reported to the Treasurer.
Notices, &c.
14. 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 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, request or other communication to be given or made by the State to the Commonwealth or the Treasurer shall be deemed sufficiently given or made if it is in writing signed by the State Treasurer or any person thereunto authorized in writing by him.