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Urban and Regional Development (Financial Assistance) Act 1974

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URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974
URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - LONG TITLE
URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135 of 1974 An Act to provide Financial Assistance to the States for Purposes connected with Urban and Regional Development. BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:- URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 1. Short title.
1. This Act may be cited as the Urban and Regional Development (Financial Assistance) Act 1974.* URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 2. Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.* URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 3. Interpretation.
3. In this Act, unless the contrary intention appears- "appropriate Minister", in relation to a State, means a Minister of that State having functions relating to urban and regional development, and includes any other Minister of that State for the time being acting for and on behalf of such a Minister; "approved body" means- (a) the Albury-Wodonga Development Corporation; or (b) a body approved by the Minister for the purposes of this Act, being- (i) an authority of a State; (ii) a local governing body; or (iii) any body corporate constituted for purposes other than the acquisition of gain by its individual members; "urban and regional development" includes any matter specified in an item in the Schedule. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 4. Approved programs.
4. The Minister may, in consultation with an appropriate Minister of a State, approve programs relating to matters specified in the Schedule. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 5. Financial assistance.
5. (1) Australia may agree with a State upon financial assistance by way of loan or otherwise to be provided by Australia to the State under this Act in respect of expenditure by that State, or by an approved body, in accordance with a program approved under section 4, and financial assistance may be provided to the State accordingly. (2) An agreement under sub-section (1) shall be in writing. (3) An agreement under sub-section (1) may include provision for- (a) the review of the operation of the agreement; and (b) the amendment of the agreement by a further agreement in consequence of such a review, and the agreement as so amended may vary any conditions provided for by section 7. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 6. Conditions.
6. (1) Financial assistance to a State under this Act is subject to- (a) such of the conditions provided for by this Act as are applicable; and (b) such other conditions as are specified in the agreement. (2) For the purposes of paragraph (1) (a), such of the provisions of this Act as are applicable to a State shall be regarded as conditions. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 7. Financial assistance by way of loan.
7. (1) Subject to this Act, where financial assistance under this Act is provided to a State by way of loan, the State shall- (a) repay the loan in such manner, and within such period, not exceeding- (i) in the case of a loan in respect of expenditure in accordance with a program relating to the matter specified in item 3 in the Schedule-40 years
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after the date on which the loan was made; or (ii) in any other case-30 years after the date on which the loan was made, as are specified in the agreement in accordance with which the financial assistance is provided; and (b) pay interest in respect of the loan at the long-term bond rate in such manner, and at such times within that period, as are so specified. (2) For the purposes of sub-section (1), a reference to the long-term bond rate, in relation to any interest, is a reference to the rate that is equivalent to the rate of yield to maturity of the long-term loan of the last loan-raising by the Australian Government in Australia for public subscription before a date specified in, or ascertained in accordance with, the agreement. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 8. Agreements to be tabled in Parliament.
8. The Minister shall cause a copy of every agreement made under this Act, including every amending agreement, to be laid before each House of the Parliament within 15 sitting days of that House after the date on which the agreement was made. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 9. Financial assistance during 1974-75.
9. (1) Financial assistance provided to the States under this Act in respect of expenditure incurred during the financial year ending on 30 June 1975 in accordance with programs relating to a matter specified in an item in the Schedule shall not exceed in the aggregate the amount specified in that item. (2) Financial assistance to which sub-section (1) applies shall be provided out of the Consolidated Revenue Fund or the Loan Fund. (3) The Treasurer may, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973 or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate $258,398,000. (4) Moneys borrowed under sub-section (3) shall be issued and applied only for the expenses of borrowing, for the purpose of providing financial assistance to the States in accordance with this section and for the purposes of making payments to the Consolidated Revenue Fund in accordance with sub-section (5). (5) Where an amount has been paid out of the Consolidated Revenue Fund under this section, the Treasurer may authorize the payment to that Fund, out of the Loan Fund, of an amount not exceeding the amount so paid. (6) In any statement of the receipts and expenditure, or of the expenditure, of the Consolidated Revenue Fund prepared by the Treasurer under section 49 or 50 of the Audit Act 1901-1973, amounts paid to the Consolidated Revenue Fund under sub-section (5) of this section shall not be shown as receipts of that Fund but shall be shown as having reduced the total of the amounts expended from that Fund under this Act. (7) Where there has been a payment from the Loan Fund to the Consolidated Revenue Fund under sub-section (5) in respect of an amount paid out of the Consolidated Revenue Fund under this section, the amount so paid out of the Consolidated Revenue Fund shall, for the purposes of sections 9 and 10 of the National Debt Sinking Fund Act 1966-1967, be deemed to have been paid out of the Loan Fund. (8) The Consolidated Revenue Fund and the Loan Fund are appropriated as necessary for the purposes of this section. URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SECT. 10. Financial assistance during subsequent financial years.
10. Financial assistance provided to the States under this Act in respect of expenditure incurred during financial years subsequent to the year referred to in section 9 shall be made out of moneys appropriated from time to time by the Parliament for the purposes of this Act. ----------- URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - SCHEDULE
SCHEDULE Sections 3, 4 and 9 $ 1. Urban expansion and re-development (which may include sewerage and water supply) . . . . . . . . . . . . . . . . . . . 124,750,000 2. Area improvement, being urban and regional improvement and rehabilitation . . . . . . . . . . . . . . . . . . . . . . . 13,500,000 3. Sewerage . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000,000 4. Water supply . . . . . . . . . . . . . . . . . . . . . . . . 4,400,000 5. Restoration, preservation and improvement of landscapes and buildings of special significance . . . . . . . . . . . . . 5,748,000 ---------- 258,398,000 ---------- -------------------------------------------------------------------------------- URBAN AND REGIONAL DEVELOPMENT (FINANCIAL ASSISTANCE) ACT 1974 No. 135, 1974 - NOTE
NOTE 1. Act No. 135, 1974; assented to 9 December 1974.