Amendment status not verified — confirm the current text below against the official source.
Kerala Infrastructure Investment Fund Scheme — (1) The Government may, by notification in the Gazette, frame a scheme to be called the ‘Kerala Infrastructure Investment Fund Scheme’ for the establishment of a fund under this Act for investments in the infrastructure projects of the State and there shall be established, as soon as may be after the framing of the, scheme, a fund in accordance with the provisions of this Act and the scheme. *#(1A) The fund corpus shall comprise of the net total of the amounts specified in sub-section (2) hereunder.; * Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. ** Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. *# Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. (2) There shall be credited to the fund, — *(a) The amounts released to the Board from the budget allocation under section 7; (b) the amount borrowed by the Board under section 8; (c) grants or loans or advances made by ** any institution; (d) any amount raised by the Board from other sources to augment the resources of the Board; (e) any other amount which, under the provisions of the scheme, shall be credited to the-fund. (3) The fund shall vest in, and be administered by the Board constituted under section 4 *#in such manner as may be specified in the scheme. (4) The fund may be utilised for all or any of the following purposes, namely. — (a) to finance *@ or leverage investments in infrastructure projects in the State; (b) to provide financial assistance to public sector under takings and other undertakings for their investments in infrastructure projects; (c) *%to redeem the bonds or debentures or any other Financial instrument used to raise resources for the Fund and to repay the loans availed from co-operative banks, other commercial banks and any institution to implement the infrastructure project * Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. ** Vide Act 15 of 2016 notification no. 15841/Leg. A1/2016/Law dated 05.11.2016, the words “the Government or” omitted. *# Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. *@ Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. *% Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. *(ca) to finance or leverage investments and financial instruments relating to land acquisitions for infrastructure projects and other Government purposes; (cb) to provide funding for projects that face significant funding barriers because of the need to combine resources across multiple sectors or parts thereof; (cc) to provide direct loans advances and loan guarantees to eligible projects, programmes of any legal entity or instrumentality including public or other undertaking for their investments in infrastructure projects identified by the State (d) for implementation of any other purpose specified in the scheme. **(5) All moneys specified in sub-section(2) other than money contributed by Government under section7, shall be deposited with the approval of the Board in a Nationalized Bank or in such other prudent investment: Provided that any portion of the money contributed by the Government under section7 may be deposited or invested in any Nationalized Bank or in sovereign bonds of the Union or States or in such other prudent investment other than in the State Treasury. Explanation:- For the purpose of this sub-section, ‘prudent investment’ shall mean those investments which carry the highest rating from the appropriate regulatory body or credit rating agency for that class of investment.; (6) Subject to the provisions of this Act, the scheme framed under sub-section (1) may provide for all or any of the matters specified in sub-section (4) and in the *# first schedule. *@ (6A) The accounts of the Board shall be operated by the Fund Manager: Provided that the Board may delegate the powers for operation of accounts to one or more officers of the Board and may set appropriate financial limits as it deems fit. * Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. ** Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. *# Vide Act 15 of 2016 notification no. 15841/Leg. A1/2016/Law dated 05.11.2016, the words “schedule” substituted with “first schedule”. *@ Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. (7) The scheme shall be laid, as soon as may be, after it is framed, before the Legislative Assembly while it is in session for a total period of fourteen days which may be in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, the Legislative Assembly makes any modification in the scheme, the scheme shall thereafter have effect only in such modified form, so however that any such modification shall be without prejudice to the validity of anything previously done under the scheme. *(8) The Government shall lay before the State Legislative Assembly along with the presentation of the Annual budget the following documents, (a) a statement of the sources and application of the funds of the Board; (b) a certificate from the Fund Trustee and Advisory Commission to the effect that the funds of the Board have been deployed for the purposes intended and that surplus funds have been managed as laid down under the provisions of this Act. **3A. Eligible projects. -( 1) Projects eligible for financial assistance from the Fund shall be the projects referred to the Board by the Government and approved by the Board. (2) Eligible projects shall be of a value exceeding ₹ 100,00,00,000 (Rupees One Hundred Crore) implemented by a public agency: Provided that for the purpose of assessing the value, projects not less than Rupees Ten Crore may be grouped into tranches, each of which has to satisfy the stipulation on the value specified in sub-section (2): Provided further that the Government may, by general or special order, apply the provisions of this Act to any public-private partnership project: Provided also that it shall not apply to any project undertaken by the Central Government or any public undertaking of the Central Government independently, except as a joint venture with the State Government. Explanation: - For the purpose of this sub-section, in the case of a public- private partnership project, 'project value' means, where the private sector participant is, - * Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. ** Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016. (i) required to make capital investment, the value of the asset or facility to be created including cost of land, if the cost of land is to be borne by the private sector participant; or (ii) not required to make capital investment, the current replacement value of the asset or facility, excluding land, whose operation and maintenance shall be the responsibility of the private sector participant.