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National Water Commission Bill 2004

Part 6 The Australian Water Fund Account


40   Establishment of the Australian Water Fund Account

             (1)  The Australian Water Fund Account is established by this section.

Note:          The Australian Water Fund Account represents only part of the Australian Water Fund.

             (2)  The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997 .

41   Credits of amounts to Account

                   There must be credited to the Account amounts equal to amounts that are given or bequeathed for the purposes of the Account.

Note:          An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.

42   Purposes of Account

                   The purposes of the Special Account, in relation to which amounts may be debited from the Account, are:

                     (a)  to provide financial assistance that is:

                              (i)  awarded by the Minister to particular projects relating to Australia’s water resources; and

                             (ii)  determined by the Minister to be provided from the Account; or

                     (b)  to pay or discharge the costs, expenses or other obligations incurred by the Commonwealth in the performance of the NWC’s functions under this Act or the regulations; or

                     (c)  to pay any remuneration or allowances payable to any person under this Act.