MMCNPIT Act 90AChapter VII · Municipal Property, Funds, Contracts And Liabilities

Section 90A · [ Establishment of Consolidated Water Supply and Sewage Disposal Project Fund. [Sections 90A to 90J were inserted by Maharashtra 15 of 2012, Section 16 (w.e.f. 4-8-2012).]

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(1)

The Council shall establish and set apart for the purposes of budget estimate 'B', a separate fund to be called "the Consolidated Water Supply and Sewage Disposal Project Fund" (hereinafter referred to as "Project Fund") for the purpose of carrying into effect the provisions of Chapters XIII and XIV.

(2)

The following moneys shall be credited to the Project Fund, namely:-

(a)

any sums borrowed in exercise of the powers conferred, by or under this Act for the purposes of Chapters XIII and XIV;

(b)

any grants received from the Government for the purposes of Chapters XIII and XIV.

(c)

all monies received by or on behalf of the Council under clause (h) or (i) of sub-section (2) of section 105.

(3)

The Project Fund so established shall be applied for,-

(a)

the expenditure on capital works for the purposes of Chapters XIII and XIV;

(b)

the repayment of the loans raised for such capital works.

(4)

Any money of the Project Fund, not used or not immediately to be used in accordance with sub-section (3), shall be invested by the Chief Officer, on behalf of the Council, with the sanction of the Standing Committee in any Nationalized Bank, in such manner as he deems fit and proper.

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