Agreements with respect to State debts.

(1.) The Commonwealth may make agreements with the States with respect to the public debts of the States, including— (a) the taking over of such debts by the Commonwealth; (b) the management of such debts; (c) the payment of interest and the provision and management of sinking funds in respect of such debts; (d) the consolidation, renewal, conversion, and redemption of such debts; (e) the indemnification of the Commonwealth by the States in respect of debts taken over by the Commonwealth; and (f) the borrowing of money by the States or by the Commonwealth, or by the Commonwealth for the States. (2.) The Parliament may make laws for validating any such agreement made before the commencement of this section. (3.) The Parliament may make laws for the carrying out by the parties thereto of any such agreement. (4.) Any such agreement may be varied or rescinded by the parties thereto.