MMCNPIT Act 90BChapter VII · Municipal Property, Funds, Contracts And Liabilities
Section 90B · Establishment of Water and Sewage Fund
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(1)
The Council shall establish and set apart a separate fund to be called "the Water and Sewage Fund".(2)
The following moneys shall be credited to the Water and Sewage Fund, namely:-(a)
all moneys received by or on behalf of the Council under clauses (b) and (d) of sub-section (2) of section 105 and clauses (d), (e) and (f) of section 108 or any other money received for the purposes of Chapters XIII and XIV;(b)
such percentage of general revenues of last preceding year, for such number of years as the Council may decide on its own or as decided by the State Government at the time of sanctioning any Water Supply or Sewage Disposal Scheme or before giving any guarantee to any loan required by the Council to investigate, prepare plans and estimate and to execute the projected drinking water supply or sewage disposal scheme.(3)
All moneys payable to the credit of the Water and Sewage Fund shall be received by the Chief Officer on behalf of the Council and forthwith paid by him into the Nationalized Bank, approved by the Standing Committee from time to time in this behalf, to the credit of account, which shall be styled "the Account of the Water and Sewage' Fund of _______________________ Municipal Council":Provided that, the Chief Officer may retain such balance in cash as may be necessary for the purposes of Chapters XIII and XIV.(4)
The moneys credited to the said Fund from time to time shall be applied only for payment of sums, charges and costs necessary for the purposes of carrying into effect the provisions of Chapters XIII and XIV.(5)
Surplus money at the credit of the said Fund which cannot immediately or at an early date be applied as provided in sub-section (4) may, from time to time, be deposited by the Chief Officer at interest in any Nationalized Bank approved by the Standing Committee or be invested in public securities.(6)
All such deposits and investments shall be made by the Chief Officer on behalf of the Council, with the sanction of the Standing Committee, and with the like sanction, the Chief Officer may at any time withdraw any deposits so made or dispose of any securities and re-deposit or re-invest the moneys so withdrawn or the proceeds of the disposal of the securities; but no order for making any such deposit or investment or withdrawal or disposal shall have any validity, unless the same be in writing signed by two persons specified for signing cheques.(7)
The loss, if any, arising from any such deposit or investment shall be debited to the Water and Sewage Fund.Your private note on this section
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