Commonwealth Numbered Acts

STATUTE LAW (MISCELLANEOUS PROVISIONS) ACT (No. 1) 1986 No. 76, 1986 - SCHEDULE 3

SCHEDULE 3 SCHEDULE TO BE INSERTED IN THE
STATES AND NORTHERN TERRITORY GRANTS (RURAL
ADJUSTMENT) ACT 1985
                                  "SCHEDULE 2                        Section 4A

AN AGREEMENT made the      day of      One thousand nine hundred and
eighty-six between- THE COMMONWEALTH OF AUSTRALIA of the first part (in this
agreement called 'the Commonwealth'), THE STATE OF NEW SOUTH WALES of the
second part, THE STATE OF VICTORIA of the third part, THE STATE OF QUEENSLAND
of the fourth part, THE STATE OF WESTERN AUSTRALIA of the fifth part, THE
STATE OF SOUTH AUSTRALIA of the sixth part, THE STATE OF TASMANIA of the
seventh part, and THE NORTHERN TERRITORY OF AUSTRALIA of the eighth part (in
this agreement called 'the States' and 'the Northern Territory' respectively).
WHEREAS- (A) the Commonwealth, the States and the Northern Territory entered
into an agreement dated 26 September 1985 (in this agreement called 'the
Principal Agreement') for the provision of assistance to persons engaged in
rural industries throughout Australia in the interest of those industries and
of Australia generally; (B) the Commonwealth, the States and the Northern
Territory have agreed that the Principal Agreement should be amended as
provided by this agreement.
NOW IT IS HEREBY AGREED as follows: 1. This agreement shall be deemed to have
commenced operation on the date the Principal Agreement came into force. 2.
Upon coming into force, this agreement shall be incorporated into and read as
part of the Principal Agreement. 3. Sub-clause 3 (1) of the Principal
Agreement is amended by deleting the definition of 'average outstanding loans'
and inserting the following definition in its place: ' "average outstanding
loans" means half the total indebtedness arising from the operation of the
Scheme in a State, whether borrowings by the State or otherwise than by the
State, as is within the amount determined by the Commonwealth which should be
subsidised under sub-clauses 13 (1) and 13 (3) for each year up to 7 years.'
4. Sub-clause 4 (2) of the Principal Agreement is deleted and the following
sub-clause is inserted in its place: '(2) The interest subsidy referred to in
sub-paragraphs (a) and (b) of clause 6 shall not exceed 50% of the rate or
rates of interest and of associated costs set by a lender or lenders nominated
from time to time for the purpose by the Minister and agreed to by State
Ministers.' 5. Clause 4 of the Principal Agreement is amended by adding a new
sub-clause (5) as follows: '(5) Borrowings referred to in sub-paragraphs (a)
(i) and (ii) and (b) (i) and (ii) of clause 6 are the total borrowings which
the Commonwealth determines under sub-clauses 13 (1) and 13 (3) will be
subsidised.' 6. Sub-paragraph (a) of clause 10 of the Principal Agreement is
deleted and the following sub-paragraph inserted in its place: '(a) Under
Parts A and B an amount equal to 1 per cent of so much of the amount of
average outstanding loans as relates to borrowings which the Minister
determines should be subsidised by the Commonwealth under those Parts.' 7.
Sub-clause 13 (1) of the Principal Agreement is amended by deleting the words
'borrowing which the Commonwealth considers feasible to subsidise' in the
first sentence of the sub-clause and inserting in their place the words
'borrowings which the Commonwealth determines should be subsidised.'.".