Money held by Territory as financial assurance
91 Money held by Territory as financial assurance
If an amount of money is held by the Territory as a financial assurance or part of a financial assurance, the following provisions apply:
interest accrues on so much of that original amount as from time to time remains unclaimed by the authority under section 89;
for the purposes of any claim the authority may make under section 89, the financial assurance is taken to include any accrued interest other than interest to which the holder of the authorisation is entitled to be paid under paragraph (c);
during the period the financial assurance is required, on each anniversary of the payment of the original amount, the holder of the authorisation is entitled to be paid by the Territory so much of the interest that accrued during the year that ended on the day before that anniversary as remains unclaimed by the authority under section 89;
when—
the financial assurance is no longer required by the authority; or
the environmental authorisation is cancelled under section 55 or section 63 or is surrendered under section 66;
so much of the original amount and accrued interest as remains unclaimed by the authority under section 89 must be paid by the Territory to the holder of the authorisation.
A rate of interest may be determined under s 165 for par (a).
Division 9.5 Assessment and remediation
This Act’s bill:Explanatory statement
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