Commonwealth must lend to the Authority an amount equal to the amount owing
15 Commonwealth must lend to the Authority an amount equal to the amount owing
If a declaration is made under section 14, the Finance Minister must, at or before the repayment time, lend to the Authority, on behalf of the Commonwealth, an amount equal to the total amount set out in the declaration.
The loan is to be subject to such terms and conditions as to payment of interest and repayment of principal as are notified in writing by the Finance Minister to the Authority at or before the repayment time.
The terms and conditions to be notified are to be those agreed between the Commonwealth, New South Wales and Victoria.
The amount to be lent under subsection (2) is to be used to pay the amount that became due and payable under section 14.
To avoid doubt, the payment referred to in subsection (4) operates to extinguish the loans referred to in subsection 14(1).
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