New South Wales Consolidated Acts

FARM WATER SUPPLIES ACT 1946 - SECT 16A

16A Loan to Board

(1) In this section:
"Board" means a private irrigation board within the meaning of the Water Management Act 2000 .
"conveying works" and "supply work" have the meanings respectively ascribed thereto in that Act.

(2) A Board may apply to the Rural Assistance Authority in a form approved by the Rural Assistance Authority for a loan for the purposes of:

(a) constructing, supplying or installing structures, meters or appliances forming part of a supply work or conveying works, or

(b) enlarging, modifying, repairing, operating, maintaining or renewing the supply work or conveying works.

(3) Subject to subsection (4), the Rural Assistance Authority may grant or refuse an application for a loan.

(4) A loan shall not be granted where the sum of the principal amounts owing in respect of loans made to a Board under this section and the principal amount of a proposed loan under this section would exceed $10,000.

(5) Loan moneys shall not be paid to a Board unless the Board is, at the time of payment of the loan moneys, the holder of a water supply work approval under the Water Management Act 2000 .

(6) A loan:

(a) shall be made by the Rural Assistance Authority,

(b) shall bear interest from the day of payment to the Board of the loan moneys at the rate it would bear if it were an advance referred to in section 5 (1), and

(c) with the interest thereon, shall be payable by consecutive half-yearly instalments within such period not exceeding fifteen years as is determined by the Rural Assistance Authority.