State Act

The Maharashtra Municipal Councils, Nagar Panchayats and Industrial Townships Act, 1965.

2[90A. Establishment of Consolidated Water Supply and Sewage Disposal Project Fund.— (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 Chapter 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.