Amendment status not verified — confirm the current text below against the official source.
Fund of the Authority.- (1) The Authority shall establish a Bengaluru Metropolitan Land Transport Authority Fund for the purposes of implementation of provisions of the Act and shall comprise the following, namely:- (a) Portion of funds from the Central Government allocations as under shall be deposited in the Fund Account: (i) part of the proceeds accruing to the National Investment Fund and allocated for use, specifically in the development of urban mobility projects and such other proceeds from the Finance Commission of India, as received by the State Government and as decided by the State Government; and (ii) part of any grant and fund received through allocations (including budgetary allocations) by the Central Government, as decided by the State Government. (b) Part of any grant and fund received through allocations (including budgetary allocations) from the State Government; (c) Revenue collected from the following sources shall be deposited in the Bengaluru Metropolitan Land Transport Authority Fund account: (i) part of the proceeds collected on account of cess called Green Tax, wherein Green Tax means a tax levied on vehicles to control air pollution, as notified by the State Government under the Karnataka Motor Vehicles Taxation Act 1957, the Motor Vehicles Act, 1988 or its amendments, as the case may be; (ii) part of the proceeds, as notified by the State Government, from advertisement charges, additional registration charges, congestion tax, 22 betterment charges, multipurpose smart cards for ticketing, development charges, parking charges, premium Floor Area Ratio charges, additional cess on petrol and diesel, conversion fee on existing land use and additional fees on registration fees on all property transfers which take place along the influence area of transit-oriented development within the Urban Mobility Region; (iii) part of the proceeds from any tax/cess/surcharges or similar levies notified by the State Government with a view for betterment of Urban Mobility systems (including transport vehicles, infrastructure, and services) and directed to be credited to the Fund; (iv) part of the proceeds from any tax / cess / surcharges or similar levies notified by the State Government for any Urban Mobility infrastructure development related matters leading to enhancement of land-value; (v) any aid, bequest, subsidy, donation, gift, subscription, loan or other sums lawfully received; (vi) all interests, profits and other moneys accruing to or borrowed by the Authority for the purpose of this Act; and (vii) All money received by or on behalf of the Authority by virtue of this Act. (d) All the money and receipts received by the Urban Transport Agencies dealing with Urban Mobility service, facilities and infrastructure, from the Central Government, State Government, by way of budgetary allocations or grant or transfer or loan and funds from external funding agencies or any other sources as may be notified by the State Government from time to time and the same may be released by the Authority to the agency concerned as per the City Mobility Investment Program, Sectoral Mobility Investment Program and Annual Implementation Plan. (2) The State Government shall constitute a seed fund along with the establishment of the Authority and shall, every year make a grant to the Authority at least of a sum equivalent to the administrative expenses of the Authority till the Authority is able to meet its administrative expenses out of its own resources. (3) Except as otherwise directed by the State Government, all the money and receipts specified in the foregoing provisions and forming part of the Fund shall be deposited in any scheduled bank as defined in the Reserve Bank of India Act, 1934 (Central Act 2 of 1934) or invested in such securities as may be approved by the State Government. (4) The amount forming part of the Fund, except those received under clause (d) of sub-section (1), shall be subject to the provisions of and for the purposes of this Act, be utilized for meeting the following, namely:- (a) expenses of the Authority in the discharge of its functions having regard to the purposes for which such grants, loans or borrowings are received and for matters connected there with or incidental thereto; (b) salary, allowances, other remuneration and facilities provided to the members, officers and other employees of the Authority; (c) any expenses lawfully incurred by it, including legal, survey and other fees and costs; (d) any recurring expenditure towards technical and human resource capacity building of staff of the Authority; and (e) expenses on objects and purposes authorized under the Act. 23 (5) A part of the proceeds received in the Bengaluru Metropolitan Land Transport Authority Fund, as decided by the Authority, shall be utilized for providing financial assistance to the concerned Urban Transport Agencies, Infrastructure Development Agencies and Traffic Management Agencies for the purpose for which such amount is earmarked as per the City Mobility Investment Program, Sectoral Mobility Investment Program and Annual Implementation Plan, in the manner and subject to conditions applicable thereto. (6) The Authority shall create separate sub-funds in respect of the amounts received under clause (d) of sub-section (1) and as required to ensure that the objects and the purpose of this Act achieved in an effective manner. (7) The Authority may create sub-funds as required to ensure that the objects and purpose of this Act achieved in an effective manner. (8) The Authority shall leverage Corporate Social Responsibility Funds and/or implement projects in partnership with non-Governmental Organisations. (9) The Authority shall carry out the management of the Fund either on its own or through an authorized representative. (10) The Authority shall formulate institutional arrangements including regulations, procedures and protocols for effective administration and management of funds.