The District shall pay to members of The Local Association, interest on the gross amount of any retroactive pay which may be paid to such members less the amount of any statutory deduction for Canada Pension, Employment Insurance, and Income Tax etc. due with respect to that pay. The interest is to be calculated from the dates which the monies would have been due, to the date of the actual payment. The interest shall be computed at the premium savings account rate of The District's banker which is in effect on the date of signing of the collective agreement. In the event that the interest owing averages less than twenty-five ($25.00) dollars per teacher, the combined payment shall be made to the Whiteshell Teachers' Association as a lump sum rather than to the individual teacher.