(1)  Each Relevant Corporation is liable to pay guarantee fees determined pursuant to subsection (2) .

(2)  If a Relevant Corporation borrows money in accordance with section 29  –

(a) Division 1 of Part 11 of the Government Business Enterprises Act 1995 (other than section 78(1) ) and, unless the Relevant Corporation has received a notice from the Treasurer to the contrary, each GBE Treasurer's Instruction given in relation to any matter the subject of that Division, applies by virtue of this Act in relation to that Relevant Corporation as if –

(i) the Relevant Corporation were a Government Business Enterprise specified in Schedule 3 to the Government Business Enterprises Act 1995 ; and

(ii) each reference to financial accommodation in that Division of the Government Business Enterprises Act 1995 were a reference to money borrowed from the Tasmanian Public Finance Corporation in accordance with section 29 ; and

(iii) each reference to the Consolidated Fund in the Government Business Enterprises Act 1995 were a reference to a council; and

(b) the Relevant Corporation is to pay the aggregate guarantee fee determined by the Treasurer pursuant to the application of paragraph (a) to councils in the amount and in the manner determined under section 35 .