Payment of claims for reimbursement
17 Payment of claims for reimbursement
If the Minister is satisfied that a claim for reimbursement under section 16(2) or (4) of the amount of a rebate is validly made, the Minister is to reimburse the amount.
If the Minister is satisfied that a claim or claims made in a financial year by a local government under section 16(3) for financial assistance is or are validly made then, at the end of the financial year, interest calculated in accordance with subsection (2) is to be paid, subject to subsection (1b), to the local government on the aggregate of the amounts allowed by the local government to be deferred in that financial year.
If an amount —
to be reimbursed to a local government under subsection (1); or
to be paid to a local government under subsection (1a),
relates to the emergency services levy, the Minister is to reimburse or pay the amount to the FES Commissioner as defined in the Fire and Emergency Services Act 1998 section 3.
Subsection (1b) does not apply to an amount to be reimbursed or paid to a local government in respect of which there is in force an ESL agreement entered into under section 36ZJ of the Fire and Emergency Services Act 1998.
The rate of interest payable under subsection (1a) shall be determined by the Minister as being —
the long term bond rate, being the weighted average yield on the longest term Commonwealth Bond offered for sale at the most recent Bond Tender; or
where the Minister is of the opinion that the long term bond rate does not reflect adequately fluctuations that have occurred in market interest rates, a rate which is calculated by using —
the bench mark of the average market yield for that year of Commonwealth Bonds with a maturity of approximately 10 years; and
the simple average of the rates available on or about the middle of each month in the preceding financial year,
but if no such Commonwealth Bonds are available in any year the bench mark to be used shall be determined by reference to the Commonwealth Bonds having the next longest maturity that are available or by such other method as may be prescribed.
[Section 17 amended: No. 73 of 1995 s. 188; No. 22 of 1998 s. 21; No. 42 of 2002 s. 32; No. 9 of 2005 s. 6; No. 22 of 2012 s. 136.]
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