The Division shall pay to teachers of the Association interest on any retroactive payment owed to the teachers. The interest shall be calculated from the date on which the monies would have been due to the actual date of payment. The interest shall be calculated on the gross amount of any retroactive pay due, less the amount of any statutory deductions including Canada Pension, Employment Insurance and Income Tax and less other deductions with respect to that pay. The interest shall be paid at the average rate at which the Division borrows funds or could have borrowed funds if none were borrowed, during the twelve-month period immediately preceding January 1st of the calendar year in which the agreement is renewed. The Division shall normally pay to the teachers of the Association back pay and interest on retroactive pay no later than eight weeks following the date of signing the agreement. For agreements signed in months other than June, payment will be made within a reasonable time frame.