[s. 4]
[Heading amended: No. 19 of 2010 s. 4.]
AGREEMENT made the 25th day of February One thousand nine hundred and ninety
four between —
THE COMMONWEALTH OF AUSTRALIA of the first part;
THE STATE OF NEW SOUTH WALES of the second part;
THE STATE OF VICTORIA of the third part;
THE STATE OF QUEENSLAND of the fourth part;
THE STATE OF WESTERN AUSTRALIA of the fifth part;
THE STATE OF SOUTH AUSTRALIA of the sixth part;
THE STATE OF TASMANIA of the seventh part;
THE AUSTRALIAN CAPITAL TERRITORY of the eighth part; and
THE NORTHERN TERRITORY OF AUSTRALIA of the ninth part
(each of the parties of the second, third, fourth, fifth, sixth and seventh
parts and, in relation to clause 4, the Australian Capital Territory and the
Northern Territory of Australia in respect of which for the time being the
Agreement is in force being in this Agreement referred to as a
“State” and all of those parties as the context so permits or
requires being in this Agreement referred to as “the States”).
WHEREAS:
(A) an Agreement (in this Agreement called
“the Original Agreement”) was made the 12th December 1927 between
the parties to this Agreement with respect to the public debts of the States;
(B) the provisions of the Original Agreement
(which, as varied by the Supplemental Agreements, is in this Agreement called
the “Principal Agreement”) have been varied by the following
agreements made in pursuance of section 105A of the Constitution of the
Commonwealth of Australia —
(i) Agreement made the 1st July 1928, a copy of
which is set out in the Schedule to the Tasmania Sinking Fund Agreement Act
1928 ;
(ii) Agreement made the 21st July 1931, a copy of
which is set out in the Schedule to the Debt Conversion Agreement Act 1931 ;
(iii) Agreement made the 22nd October 1931, a copy
of which is set out in the Schedule to the Debt Conversion Agreement Act (No.
2) 1931 ;
(iv) Agreement made the 3rd July 1934, a copy of
which is set out in the Schedule to the Soldier Settlement Loans (Financial
Agreement) Act 193 5;
(v) Agreement made the 15th November 1944, a copy
of which is set out in the Schedule to the Financial Agreement Act 1944 ;
(vi) Agreement made the 11th February 1966, a copy
of which is set out in the Schedule to the Financial Agreement Act 1966 ; and
(vii) Agreement made the 5th February 1976, a copy
of which is set out in the Schedule to the Financial Agreement Act 1976 ,
(which Agreements are in this Agreement referred
to as “the Supplemental Agreements”);
(C) the parties, other than those of the eighth
and ninth parts, have agreed that in pursuance of section 105A of the
Constitution provision as specified in this Agreement different from that in
the Principal Agreement should be made as to;
(i) the powers of the Loan Council;
(ii) the restriction on a State from borrowing by
the issue of securities in its own name in domestic and overseas markets;
(iii) the requirement on the Commonwealth and on a
State for approval of borrowings; and
(iv) the power of the Commonwealth to borrow on
behalf of the States; and
(D) all the parties agree that
(i) the Australian Capital Territory and the
Northern Territory be represented on the Loan Council;
(ii) the Loan Council have a power to make
resolutions only; and
(iii) the Northern Territory and the Commonwealth
make into the Debt Retirement Reserve Trust Account the payments that they
would otherwise have made under the 1986 Arrangements;
NOW IT IS HEREBY AGREED as follows:
1 (1) This Agreement,
other than this clause, shall have no force or effect and shall not be binding
upon any party until, in respect of each party, either —
(a) it is signed with the prior authority of the
Parliament or, in the case of each Territory, the Legislative Assembly, of
that party; or
(b) after having been signed, it is approved by
the Parliament or, in the case of each Territory, the Legislative Assembly, of
that party.
(2) The Commonwealth
will take, as soon as possible, all practicable steps to seek the enactment of
legislation relating to:
(a) the cessation of the National Debt Sinking
Fund created by the National Debt Sinking Fund Act 1966 ;
(b) the establishment of the Debt Retirement
Reserve Trust Account; and
(c) thereupon, the payment from the National Debt
Sinking Fund or, in the case of the Northern Territory, the Northern Territory
Debt Sinking Fund, into the Debt Retirement Reserve Trust Account, but so that
the payment is made to the credit of the accounts established in respect of
the relevant States or the Northern Territory, as the case may be, of the
moneys then standing to the credit of the accounts in the National Debt
Sinking Fund or the Northern Territory Debt Sinking Fund, respectively,
including any later amounts which, but for the abolition of the National Debt
Sinking Fund or the Northern Territory Debt Sinking Fund, would, when
received, have been paid into the National Debt Sinking Fund or the Northern
Territory Debt Sinking Fund.
2 (1) This Agreement,
as varied from time to time, shall be known as “the 1994 Financial
Agreement”.
(2) Upon its coming
into force, clauses 7, 8, 10, 11 and 13 of this Agreement shall be deemed to
have commenced to operate on and from 1 July 1990.
3 (1) In this
Agreement, unless the contrary intention appears —
“bondholder” means holder of any securities but does not include
the Commonwealth;
“face value” means —
(a) in relation to securities repayable in
Australian currency, the principal amount, excluding any amount payable by way
of premium, remaining to be repaid in respect of the securities;
(b) in relation to securities repayable in an
overseas currency, the equivalent in Australian currency of the principal
amount, excluding any amount payable by way of premium, remaining to be repaid
in respect of the securities, converted at the Reserve Bank of Australia
selling rate to the Commonwealth Government at the time of conversion or at
such rate as is agreed between the Commonwealth and the States;
“gross cost”, in relation to the purchase of securities, means the
amount actually paid for the securities, including interest, brokerage and
commission;
“holder”, in relation to securities, means owner of the securities
according to the manner in which ownership of the securities is determined;
“net public debt”, means:
(a) in relation to a State, the public debt of the
State less an amount equal to the sum of the balance standing to the credit of
the State —
(A) in relation to the period until the
establishment of the Debt Retirement Reserve Trust Account, in the Sinking
Fund; and
(B) thereafter, in the Debt Retirement Reserve
Trust Account; and
(b) in relation to the Northern Territory, the
public debt of that Territory less an amount equal to the sum of the balance
standing to the credit of the Territory —
(C) in relation to the period until the
establishment of the Debt Retirement Reserve Trust Account, in the Northern
Territory Debt Sinking Fund; and
(D) thereafter, in the Debt Retirement Reserve
Trust Account;
“Premier” includes, in relation to clause 4, the Chief Minister of
—
(a) the Australian Capital Territory; and
(b) the Northern Territory of Australia,
as the case may be;
“public debt” means
(a) in relation to a State, the aggregate of the
face value of the securities issued or created by the State or issued or
created in respect of the State in accordance with the Principal Agreement
that have not been purchased, redeemed or otherwise repaid or in respect of
which the State has not otherwise been freed and discharged from liability;
and
(b) in relation to the Northern Territory, the
aggregate of the face value of the securities issued or created in respect of
the Northern Territory in accordance with the 1986 Arrangements that have not
been purchased, redeemed or otherwise repaid or in respect of which the
Northern Territory has not otherwise been freed and discharged from liability;
“securities” means —
(a) where the context involves a State;
Inscribed Stock and Bonds
Instalment Stock
Registered Stock
Funded Stock
Stock payable to bearer
Special Bonds
Australian Savings Bonds
which were issued or created by a State and taken
over by the Commonwealth under the Principal Agreement or issued or created in
respect of a State; and
(b) where the context involves the Northern
Territory;
Inscribed Stock and Bonds
Registered Stock
Stock payable to bearer
Australian Savings Bonds
which were issued or created in respect of the Northern Territory under the
1986 Arrangements;
“the Commission” means the National Debt Commission continued in
existence by the National Debt Sinking Fund Act 1966 ;
“the Loan Council” means the Australian Loan Council continued in
existence pursuant to this Agreement;
“the Sinking Fund” means the National Debt Sinking Fund created by
the National Debt Sinking Fund Act 1966 ; and
“the 1986 Arrangements” means the Arrangements entered into
between the Commonwealth of Australia and the Northern Territory dated the
26th May 1986 under which, among other things, there was created the Northern
Territory Debt Sinking Fund within the Commonwealth Trust Fund.
(2) In this Agreement
—
(a) a reference to a year is, unless the contrary
intention appears, a reference to a financial year commencing on a 1st July;
(b) the expression “in writing”
includes any mode of representing or reproducing words and figures in a
written form; and
(c) except where inconsistent with the context,
words in the singular include the plural and words in the plural include the
singular.
4 (1) The Australian
Loan Council created under the Principal Agreement is continued in existence
hereunder but so that it shall consist of one representative of the
Commonwealth who shall be —
(a) the Prime Minister of the Commonwealth; or
(b) a Minister or other person nominated in
writing by the Prime Minister,
and one representative
of each State who shall be —
(c) the Premier of that State; or
(d) a Minister or other person nominated in
writing by the Premier of that State,
provided that the
nomination of the Minister shall be deemed to include another Minister of the
Commonwealth or of the State, as the case may be, who is for the time being
acting for the Minister nominated and references in this clause to a
representative shall be read so as to include a Minister who is so acting.
(2) Any nomination of
a substitute representative of the Commonwealth or of a State shall be tabled
at the meeting of the Loan Council next succeeding the nomination.
(3) The representative
of the Commonwealth on the Loan Council shall hold office during the pleasure
of the Prime Minister of the Commonwealth and a representative of a State
shall hold office during the pleasure of his or her Premier.
(4) The representative
of the Commonwealth shall be the Chairman of the Loan Council.
(5) A decision in
which all the representatives for the time being of the Loan Council concur
shall be not affected by any vacancy then existing among the representatives.
(6) A meeting of the
Loan Council may at any time be convened by the representative of the
Commonwealth, and shall be so convened upon the request of at least four State
representatives.
(7) A majority of the
representatives of the Loan Council shall constitute a quorum of the Loan
Council for the exercise of its powers at any meeting, provided that —
(a) a representative may at any time appoint in
writing a deputy to act in his absence, and any deputy so appointed may in the
absence of the representative exercise all the powers and functions of the
representative and his or her presence shall be deemed the presence of the
representative; and
(b) an absent representative who has not appointed
a deputy may vote by letter, telegram, or by facsimile and in such case that
representative shall be counted as being present in relation only to the
questions on which he or she has voted.
(8) The Loan Council
may make rules of procedure including rules relating to places, times, and
notices of meetings, and conduct of business at meetings, including voting on
a resolution and from time to time may alter such rules.
(9) The Loan Council
may make resolutions, which are not to operate as they would have operated had
clause 3(15) of the original Agreement not been rescinded, in relation to
—
(a) borrowings;
(b) raisings; and
(c) other financial arrangements
by the Commonwealth, a
State, a local governing body or any entity owned or controlled wholly or as
to a major part by any of them, save for any of the foregoing excepted from
time to time by the Loan Council.
(10) In this clause
the expressions “Prime Minister” and “Premier” include
the persons for the time being respectively acting as such.
5 (1) Subject to this
clause the Commonwealth will continue to pay to bondholders from time to time
interest payable on the Public Debts of the States taken over by the
Commonwealth under the Principal Agreement other than debts due by the States
to the Commonwealth.
(2) Each State shall
continue to pay in each year to the Commonwealth, as it falls due, the whole
of the interest on any debt included in the public debt of that State taken
over by the Commonwealth under the Principal Agreement, and on any moneys
borrowed by the Commonwealth under the Principal Agreement on behalf of that
State, then unpaid.
(3) The Northern
Territory shall continue to pay in each year to the Commonwealth, as it falls
due, the whole of the interest on any moneys borrowed by the Commonwealth on
behalf of the Northern Territory under the 1986 Arrangements then unpaid.
(4) The method by
which payments shall be made by a State under sub-clause (2) or the Northern
Territory under sub-clause (3) of this clause shall be arranged from time to
time between the Commonwealth and, respectively, that State or the Northern
Territory.
(5) The rate of
interest payable under sub-clause (2) of this clause in respect of moneys
borrowed by the Commonwealth on behalf of a State shall be the full rate of
interest payable by the Commonwealth in respect of the loan by which such
moneys were borrowed or such other rate of interest as may be payable by the
State to the Commonwealth under any agreement made or to be made between the
Commonwealth and that State in respect of such moneys and such interest shall
be payable by that State for the full term of that loan.
(6) The rate of
interest payable under sub-clause (3) of this clause in respect of moneys
borrowed by the Commonwealth on behalf of the Northern Territory shall be the
full rate of interest payable by the Commonwealth in respect of the loan by
which such moneys were borrowed or such other rate of interest as may be
payable by the Northern Territory to the Commonwealth under any agreement made
or to be made between the Commonwealth and the Northern Territory in respect
of such moneys and such interest shall be payable by the Northern Territory
for the full term of that loan.
6 (1) There shall be a
trust account to be called the “Debt Retirement Reserve Trust
Account”.
(2) The Commonwealth
shall establish and maintain a separate account in the Debt Retirement Reserve
Trust Account in respect of each State.
(3) The Commonwealth
shall establish and maintain a separate account in the Debt Retirement Reserve
Trust Account in respect of the Northern Territory.
(4) There shall be
paid by the Commonwealth into each of those accounts in the Debt Retirement
Reserve Trust Account established under sub-clause 6(2):
(a) amounts equal to the amounts received from the
State under sub-clause 7(2); and
(b) amounts being the contributions by the
Commonwealth under clause 8.
(5) There shall be
paid by the Commonwealth into the accounts in the Debt Retirement Reserve
Trust Account established under sub-clause 6(3):
(a) amounts equal to the amounts received from the
Northern Territory under sub-clause 7(3); and
(b) amounts being the contributions by the
Commonwealth under clause 8.
(6) Moneys standing to
the credit of an account established in respect of a State in the Debt
Retirement Reserve Trust Account shall be applied by the Commonwealth in
connection with the purchase, redemption, including redemption on conversion,
and repayment of securities of that State. The gross cost, in the case of
purchase, or the cost at face value, in the case of redemption or repayment,
shall be charged to the account established in respect of that State in the
Debt Retirement Reserve Trust Account.
(7) Moneys standing to
the credit of the account established in respect of the Northern Territory in
the Debt Retirement Reserve Trust Account shall be applied by the Commonwealth
in connection with the purchase, redemption, including redemption on
conversion, and repayment of securities of the Northern Territory. The gross
cost, in the case of purchase, or the cost at face value, in the case of
redemption or repayment, shall be charged to the account established in
respect of that Territory in the Debt Retirement Reserve Trust Account.
(8) Moneys standing to
the credit of an account established in respect of a State in the Debt
Retirement Reserve Trust Account will be held within the Commonwealth Public
Account established pursuant to paragraph 21(1)(a) of the Audit Act 1901 or
that provision as amended, modified or re-enacted from time to time. An amount
equal to interest earned on that part of the balances in the Commonwealth
Public Account attributable to the credit balance in the account established
in respect of a State within the Debt Retirement Reserve Trust Account shall
be added to the moneys standing to the credit of that account.
(9) Moneys standing to
the credit of the account established in respect of the Northern Territory in
the Debt Retirement Reserve Trust Account will be held within the Commonwealth
Public Account established pursuant to paragraph 21(1)(a) of the
Audit Act 1901 or that provision as amended, modified or re-enacted from time
to time. An amount equal to interest earned on that part of the balances in
the Commonwealth Public Account attributable to the credit balance in the
account established in respect of the Northern Territory within the Debt
Retirement Reserve Trust Account shall be added to the moneys standing to the
credit of that account.
(10) When securities
of a State or of the Northern Territory are purchased, redeemed or repaid, the
securities shall be deemed to have been cancelled on the date of the purchase,
redemption or repayment.
7 (1) Each State
shall, in respect of the public debt of the State, pay by equal monthly
instalments during each year commencing on 1 July 1990 or in such other
amounts as are determined by agreement between the Commonwealth and the
relevant State a contribution calculated in respect of that year as provided
in this clause.
(2) Each State shall
pay the contribution in respect of each year -
(a) in respect of the period from 1 July 1990
until the establishment of the Debt Retirement Reserve Trust Account, to the
Commission for credit to the account of the State in the Sinking Fund, and
(b) thereafter, to the Commonwealth for credit to
the account established in respect of the State in the Debt Retirement Reserve
Trust Account
such that the contribution, together with —
(c) in the case of the period referred to in
paragraph (a),
(i) amounts of interest referred to in sub-clause
12A(7) of the Principal Agreement, preserved by sub-clause 16(2), in respect
of the relevant year or, where the Debt Retirement Reserve Trust Account has
operated for only part of the year, the other part of that year;
(ii) contributions by the Commonwealth pursuant to
clause 8 as it relates to the State in respect of the relevant year or, where
the Debt Retirement Reserve Trust Account has operated for only part of the
year, the other part of that year; and
(iii) the moneys standing to the credit of an
account in respect of the State in the Sinking Fund as at the commencement of
that year including where the Debt Retirement Reserve Trust Account has
operated for only part of the year; and
(d) in the case of the period referred to in
paragraph (b),
(i) amounts equal to interest referred to in
sub-clause 6(8) in respect of the relevant year, or where the Debt Retirement
Reserve Trust Account has operated for only part of the year, the interest
referred to in sub-clause 6(8) for that part of that year;
(ii) contributions by the Commonwealth pursuant to
clause 8 in respect of the relevant year or where the Debt Retirement Reserve
Trust Account has operated for only part of the year, the contribution made
into the Debt Retirement Reserve Trust Account for that part of the year; and
(iii) the moneys standing at the commencement of
the relevant year to the credit of an account in respect of the State in the
Debt Retirement Reserve Trust Account,
is equal to the total
of those parts of its public debt which falls to be redeemed or is repaid or
purchased in that year, or any greater amount which the State elects to have
redeemed, repaid or purchased in that year, but so that in any event that
contribution shall not be less than an amount equal to 0.85 per centum of the
net public debt of the State as at the 30th June immediately preceding the
year in which the contribution is payable.
(3) The Northern
Territory shall pay a contribution in respect of each year —
(a) in respect of the period from 1 July 1990
until the establishment of the Debt Retirement Reserve Trust Account, to the
Commonwealth for credit to the Northern Territory Debt Sinking Fund; and
(b) thereafter, to the Commonwealth for credit to
the account established in respect of the Northern Territory in the Debt
Retirement Reserve Trust Account
such that the
contribution, together with —
(c) in the case of the period referred to in
paragraph (a),
(i) amounts of interest which would have been
payable under the 1986 Arrangements in respect of the relevant year or, where
the Debt Retirement Reserve Trust Account has operated for only part of the
year, the other part of that year;
(ii) contributions by the Commonwealth pursuant to
clause 8 as it relates to the Territory in respect of the relevant year or,
where the Debt Retirement Reserve Trust Account has operated for only part of
the year, the other part of that year; and
(iii) the moneys standing to the credit of the
Northern Territory Debt Sinking Fund as at the commencement of that year
including where the Debt Retirement Reserve Trust Account has operated for
only part of the year; and
(d) in the case of the period referred to in
paragraph (b),
(i) amounts equal to interest referred to in
sub-clause 6(9) in respect of the relevant year or, where the Debt Retirement
Reserve Trust Account has operated for only part of the year, the interest
referred to in sub-clause 6(9) for that part of that year;
(ii) contributions by the Commonwealth pursuant to
clause 8 in respect of the relevant year or, where the Debt Retirement Reserve
Trust Account has operated for only part of the year, the contribution made
into the Debt Retirement Reserve Trust Account for that part of the year; and
(iii) the moneys standing at the commencement of
the relevant year to the credit of the account in respect of the Northern
Territory in the Debt Retirement Reserve Trust Account,
is equal to the total
of those parts of its public debt which falls to be redeemed or is repaid or
purchased in that year or any greater amount which the Northern Territory
elects to have redeemed, repaid or purchased in that year, but so that in any
event that contribution shall not be less than an amount equal to 0.85 per
centum of the net public debt of the Northern Territory as at the 30th June
immediately preceding the year in which the contribution is payable.
8 (1) The Commonwealth
shall, in respect of the public debt of each State and of the Northern
Territory, pay for credit to the account of the State in the National Debt
Sinking Fund and that Territory in the Northern Territory Debt Sinking Fund by
equal monthly instalments during each year commencing 1 July 1990 or in such
other amounts as are determined by agreement between the Commonwealth and the
relevant State or the Commonwealth and the Northern Territory, as the case may
be, a contribution calculated in respect of that year as provided in this
clause.
(2) The Commonwealth
shall pay a contribution in respect of each of those years in relation to the
public debt of a State and in relation to the public debt of the Northern
Territory that is equivalent to 0.28 per centum of the net public debt of the
State or the Northern Territory, as the case may be, at the 30th June
immediately preceding the year in which the contribution is payable.
(3) On and from the
establishment of the Debt Retirement Reserve Trust Account the contribution
payable by the Commonwealth under this clause in respect of the States and the
Northern Territory shall be paid into that Account.
9 The contributions
payable after the establishment of the Debt Retirement Reserve Trust Account
by the Northern Territory under sub-clause 7(3) shall be:
(a) in respect of so much of the year ending on 30
June next following the establishment of the Debt Retirement Reserve Trust
Account; and
(b) in respect of each succeeding year,
of equal monthly
instalments during the period referred to in paragraph (a) or during the year
referred to in paragraph (b) or of such other amounts as are determined by
agreement between the Commonwealth and the Northern Territory.
10 The Commonwealth shall reimburse, in such
amounts and at such times as agreed between the Commonwealth and the State,
each State for the excess, as assessed by agreement between the Commonwealth
and the State, of the amount of the costs to the State incurred from 1 July
1990 in respect of the redemption, repayment and purchase, by the Commonwealth
of the securities from that date over the amount of the costs that would have
been so incurred under the Principal Agreement.
11 The Commonwealth shall reimburse, in such
amounts and at such times as agreed between the Commonwealth and the Northern
Territory, that Territory for the excess, as assessed by agreement between the
Commonwealth and that Territory, of the amount of the costs to that Territory
incurred from 1 July 1990 in respect of the redemption, repayment and
purchase, by the Commonwealth of the securities from that date over the amount
of the costs that would have been so incurred under the 1986 Arrangements.
12 (1) Each State and
the Northern Territory shall repay to the Commonwealth all expenses incurred
or payments made by the Commonwealth in the performance of this Agreement in
relation to the State and the Northern Territory, including the following
expenses and payments: —
(a) Loan floatation charges;
(b) Management charges;
(c) Stamp duties on transfer of securities;
(d) Commission on payment of interest;
(e) Expenses incurred in the conversion, renewal,
redemption or consolidation of loans; and
(f) Exchange on transference of moneys.
(2) Unless it is
otherwise agreed between the Commonwealth and a State, the Commonwealth will
not do anything in connection with a loan of that State existing on the 30th
June, 1927, or raised thereafter pursuant to the Principal Agreement, which,
if done by that State, would be a breach of any now existing agreement by that
State with any Bank.
(3) A certificate by
the Auditor-General of the Commonwealth stating the amount to be repaid by a
State to the Commonwealth and the matter in respect of which the repayment is
to be made shall, in the event of a dispute, be conclusive as to the amount
and matter stated.
13 Each State agrees with the Commonwealth that it
will by the faithful performance of its obligations under this Agreement
indemnify the Commonwealth against all liabilities whatsoever in respect of
the public debt of that State (other than the liabilities of the Commonwealth
under this Agreement to pay interest and to make sinking fund contributions
or, after its establishment, contributions to the Debt Retirement Reserve
Trust Account), not falling payable under the Principal Agreement prior to the
1 July 1990 in respect of which this Agreement provides that sinking fund
contributions or, after its establishment, contributions to the Debt
Retirement Reserve Trust Account shall be made.
14 The Northern Territory agrees with the
Commonwealth that it will by the faithful performance of its obligations under
this Agreement indemnify the Commonwealth against all liabilities whatsoever
in respect of all loans of that Territory for which this Agreement provides
that, after its establishment, contributions to the Debt Retirement Reserve
Trust Account shall be made.
15 Separate accounts shall be kept by the
Commonwealth for each State and, so far as relevant, for the Northern
Territory in respect of Debt, Interest, and Sinking Funds or, after its
establishment, contributions for the purposes of the Debt Retirement Reserve
Trust Account.
16 (1) This Agreement
rescinds the Principal Agreement, except as provided by this clause, but with
effect from the date on which this Agreement, other than Clauses 7, 8, 10, 11
and 13, comes into effect.
(2) Sub-clauses
12A(1), (2) and (4) to (12), inclusive, of the Principal Agreement continue to
operate until the date on which the Debt Retirement Reserve Trust Account is
established and, for the purposes of their continued operation, references in
sub-clause 12A(9) of the Principal Agreement to clauses 12B and 12C are taken
to be references to clauses 7 and 8, respectively, of this Agreement.
(3) This Agreement
rescinds, with effect from the date referred to in subclause (1), the
provisions of the 1986 Arrangements in relation to debt outstanding as at 1
July 1990, being debt arising from securities the subject of those
Arrangements issued or created in respect of the Northern Territory by the
Commonwealth.
IN WITNESS WHEREOF this agreement has been signed for and on behalf of the
parties respectively as at the day and year first above written.
SIGNED by the Honourable PAUL JOHN KEATING, Prime Minister of the Commonwealth
of Australia, in the presence of Dr. Michael Keating
|
Paul J. Keating |
SIGNED by the Honourable JOHN JOSEPH FAHEY, Premier of the State of New South
Wales, in the presence of Mr. Roger Wilkins |
John Fahey ............................................................ |
SIGNED by the Honourable JEFFREY GIBB KENNETT, Premier of the State of
Victoria, in the presence of Mr. Ken Baxter |
J. G. Kennett |
SIGNED by the Honourable WAYNE KEITH GOSS, Premier of the State of Queensland,
in the presence of Mr. Kevin Rudd |
W. K. Goss |
SIGNED by the Honourable RICHARD FAIRFAX COURT, Premier of the State of
Western Australia, in the presence of Mr. Don Saunders |
Richard Court |
SIGNED by the Honourable DEAN CRAIG BROWN, Premier of the State of South
Australia, in the presence of Mr. Michael Schilling
|
Dean Brown |
SIGNED by the Honourable RAYMOND JOHN GROOM, Premier of the State of Tasmania,
in the presence of Dr. Dan Norton |
R. J. Groom |
SIGNED by ROSEMARY FOLLETT, Chief Minister of the Australian Capital
Territory, in the presence of Dr. David Rosalky |
Rosemary Follett |
SIGNED by the Honourable MARSHALL BRUCE PERRON, Chief Minister of the Northern
Territory, in the presence of Dr. Neil Conn |
M. B. Perron |