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Public Works Act 1981

Irrigation

213: Determination of interest

You could also call this:

“How the government sets interest rates for irrigation projects”

When deciding how much interest to charge for irrigation projects, the government looks at what The National Bank charges for similar farm development loans. They calculate the interest yearly. The Minister can also add extra interest to make up for any delays in getting the money back when they set the charges. This is how they figure out the interest for certain parts of the law about irrigation projects.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM48198.

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"Yearly payments for irrigation water on your land"

Part 19 Irrigation

213Determination of interest

  1. For the purposes of sections 209 to 212, interest shall be calculated at yearly rests and the rate of interest shall be the standard rate chargeable at the relevant time by The National Bank in respect of loans which may be made by The National Bank for development works of a comparable nature on farm land: provided that the Minister may specify the addition of a further percentage to the interest rate to compensate for any deferral in the recovery of principal and interest when charges are set under section 212A.

Compare
  • 1975 No 138 s 17
Notes
  • Section 213: amended, on , pursuant to section 5(1)(a) of the National Bank of New Zealand Limited Act 1994 (1994 No 3 (P)).
  • Section 213 proviso: added, on , by section 2(2) of the Public Works Amendment Act 1987 (1987 No 62).