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The Floating Dock.
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(5) I n determining the amount to be paid by the Minister for
Defence to the Minister for Public Works as aforesaid for the value
of the dock account shall only be taken of the original cost to the New
South Wales Government of the dock and its equipment as structures
and no account shall be taken of any appreciation in the value of the
dock and its equipment or any loss of profits or any other matter or
thing arising out of the total loss of the dock as aforesaid.
(6) For the purpose of this Agreement the term "original cost
to the New South Wales Government" shall mean the total cost of the
dock and its equipment as a structure not including the cost of
dredging operations or of provision of barrage less the amount of the
subsidy paid by the Commonwealth Government to the New South
Wales Government
(7) For the purposes of this clause the life of the dock shall be
assumed to be forty years provided that if either party can prove to
the satisfaction of the other party or failing to prove to the satisfaction
of the other party can prove to the satisfaction of two arbitrators
mutually agreed upon t h a t the life of the dock for the purposes of the
New South Wales Government is more or less than forty years then
the life so proved shall be taken for the purpose of this clause to
be the life of the dock.
8. During such time as the dock is under the absolute control and
management of the Minister for Defence he shall pay to the Minister
for Public Works as compensation for the use of the dock—
(1) Interest at the average rate fixed by the State Treasurer
annually on loans raised during the period of construction on
the original cost of the dock and its equipment as a structure
to the New South Wales Government.
(ii) An annual payment equal to the sinking fund rate for the
original capital cost to the State of New South Wales of the
dock and its equipment. Such sinking fund rate shall be
mutually agreed upon between the parties hereto and in
default of agreement shall be determined by two arbitrators
(one to be appointed by each party) under the laws of the
State relating to arbitration.
For the purpose of this subclause the life of the dock shall
be taken as forty years.
0. (1) The Minister for Defence agrees to pay to the Minister for
Public Works as a contribution towards the cost of the construction
and equipment of the dock in accordance with this Agreement the
sum of one hundred and thirty-five thousand pounds (£135,000) and
no more.
(2) The said amount of one hundred and thirty-five thousand
pounds (£135,000) shall be paid to the Minister for Public Works in
two instalments of sixty-seven thousand five hundred pounds (£67,500)
each at the following times namely—A first instalment of sixty-seven
thousand five hundred pounds (£07,500) shall be paid to the Minister
for Public Works upon the signing of this Agreement and the second
instalment shall be paid to the Minister for Public Works upon the
officer or officers appointed by the Minister for Defence in that behalf
certifying that the dock has been constructed and equipped in all
respects in accordance with the plans and specifications mutually agreed
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Fri December 18, 18:14
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