1States Grants (Debt Charges Assistance) Act 1970

States Grants (Debt Charges Assistance)

No. 110 of 1970

An Act to grant Financial Assistance to the States in connexion with certain Interest and Sinking Fund Contributions Payable by the States in pursuance of the Financial Agreement.

[Assented to 11 November 1970]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the States Grants (Debt Charges Assistance) Act 1970.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation.

3. In this Act, unless the contrary intention appears—

(a) a reference to a year in relation to which this Act applies is a reference to the year ending on the thirtieth day of June, One thousand nine hundred and seventy-one, or any of the next four succeeding years;

(b) a reference to the Financial Agreement is a reference to the Agreement a copy of which is set out in the Schedule to the Financial Agreement Act 1928 as subsequently varied; and

(c) a reference to the First Schedule or to the Second Schedule is a reference to the First Schedule to this Act or to the Second Schedule to this Act, as the case may be.

Grants to States in connexion with payment of interest.

4. There is payable to each State, for the purpose of financial assistance in connexion with the payment of the interest that is required to be paid by that State in pursuance of the Financial Agreement on the debts specified in the First Schedule or on debts into which any of those debts may be converted—

(a) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-one—one-fifth of the amount specified in the second column of the Second Schedule in relation to that State;

(b) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-two—two-fifths of the amount so specified;

(c) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-three—three-fifths of the amount so specified;

(d) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-four—four-fifths of the amount so specified; and

(e) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-five—the amount so specified.

Grants to States in connexion with payment of sinking fund contributions.