South Australian Consolidated Acts South Australian Consolidated Acts7—Periods over which payment to be made
(1) The period for
which payments are required under sections 4 and 5 conclude—
(a) in
the case of payments that relate to an allotment in the Binalong area—at
the time when an amount equal to the Binalong debt has been paid by the
Council to the Crown under sections 5 and 6;
(b) in
the case of payments that relate to an allotment outside the
Binalong area—at the time when an amount equal to the Debt under the
Tripartite Deed (including the Binalong debt) has been paid by the Council to
the Crown under sections 5 and 6,
(and in any event no payment need be made in respect of a period falling after
the 20th anniversary of the date of practical completion of the Works).
(2) For the purposes
of subsection (1)—
(a) in
respect of the operation of subsection (1)(a)—the Binalong debt is
an amount equal to the Debt under the Tripartite Deed, compounded pursuant to
clause 7 of the Tripartite Deed but—
(i)
assuming construction costs of $5 040 350; and
(ii)
assuming accrual of the construction costs on a uniform
basis (beginning from zero) over the prescribed period; and
(iii)
assuming for the purposes of variable "n" in clause 7.2
of the Tripartite Deed that the first quarter is the quarter commencing on
1 January 1999; and
(iv)
assuming the non-application of clauses 7.3.3 and 7.3.5
of the Tripartite Deed;
(b) in
respect of the operation of subsection (1)(b)—the Debt under the
Tripartite Deed will be calculated—
(i)
by compounding the Debt pursuant to clause 7 of the
Tripartite Deed; and
(ii)
assuming accrual of the construction costs within the
meaning of the Tripartite Deed on a uniform basis (beginning from zero) over
the prescribed period; and
(iii)
assuming for the purposes of variable "n" in clause 7.2
of the Tripartite Deed that the first quarter is the quarter commencing on
1 January 1999; and
(iv)
assuming the non-application of clauses 7.3.3 and 7.3.5
of the Tripartite Deed,
(and the Tripartite Deed will be taken to have been varied accordingly).
(3) For the purposes
of subsection (2), the prescribed period is a period beginning on a date
determined by the Minister by notice in the Gazette to be the date on which
work on the construction of the Hindmarsh Island bridge is to be taken to have
commenced (being a date preceding the date of the notice) and ending on the
date of practical completion of the Works.