6. Provisions for payment by the Government to the University

    (1) The amount of the cost of the erection and completion of the said building payable by the Government to the University as provided for in section five of this Act shall be paid as follows:

    (a) The University shall create a sinking fund for the redemption of the said cost payable by the Government as aforesaid and in each and every year computed from the date of the lodgment of the said certificate with the Minister for Works as aforesaid the Government shall pay to the University as a contribution to such sinking fund a sum calculated at the rate of ten shillings for every one hundred pounds of the cost payable by the Government as aforesaid until the aggregate amount of such annual contributions, which contributions for the purposes of this subsection are hereby presumed to be invested at the rate of four per centum per annum compounded, is equal to the amount of the cost of erecting and completing the said building payable by the Government as aforesaid.

    (b) Concurrently with the payment of the annual contributions payable by the Government under the next preceding paragraph (a), the Government shall also in each and every year computed from the date of the lodgment of the said certificate with the Minister for Works as aforesaid pay to the University at the rate of four pounds per centum per annum on the total amount of the cost of erecting and completing the said building which is payable by the Government as aforesaid but so that the liability of the Government to pay interest under this paragraph shall cease and determine when the liability of the Government to pay contributions to the sinking fund under the next preceding paragraph (a) ceases and determines.

    (2) The first of the annual payments to be made by the Government under subsection (1) of this section shall be paid twelve months after the date of the lodgement of the said certificate with the Minister for Works as aforesaid and the succeeding annual payments shall be paid annually thereafter.



Note: This is not an authorised version. The only authorised version is the hardcopy (printed) version published under authority of the Government Printer, available from the State Law Publisher, 10 William St Perth W.A. 6000.