Victorian Consolidated Legislation

Mildura Irrigation and Water Trusts Act 1969 - SECT 10

New section 46A inserted in Principal Act

10. New section 46A inserted in Principal Act

After section 46 of the Principal Act there shall be inserted the following
section:

"46A. Treasurer may subsidize payment of interest on loans

(1) Where the Trust has borrowed moneys (whether before or after the
commencement of this Act) from any person by mortgage of its general fund or
by the issue of debentures for purposes other than the exercise of the powers
conferred on the Trust by section 90B sums of money at a rate of interest
exceeding Three per centum per annum the Treasurer of Victoria shall pay to
the Trust in every financial year a sum which the Auditor-General (having
regard to the terms and conditions of any mortgages granted or debentures
issued by the Trust) in that year certifies is equivalent to the difference
between-

   (a)  the amount payable in respect of that year on the money so borrowed;
        and

   (b)  the amount which would have been so payable in that financial year by
        equal half-yearly payments which (as nearly as the Auditor-General
        thinks practicable) would provide for interest at the rate of Three
        per centum per annum and for repayment of the same total amount of
        principal as is required under the terms and conditions under which
        the money was borrowed but with the same final payment of principal as
        is so required.

(2) Any moneys so required to be paid by the Treasurer shall be paid out of
moneys provided by Parliament for the purpose.".