Amendment status not verified — confirm the current text below against the official source.
Project identification, prioritization and implementation. - (1) On identifying or conceptualizing a project to be developed, managed and operated in the State, the Board, on its own accord or based on a study or survey caused to be conducted or based on inputs received from a third party, may seek the views of the public agency concerned thereon: Provided that if the public agency does not furnish its views within thirty days from the date of receipt of the said communication from the Board, it shall be deemed that the public agency has no view to offer. (2) Any Government Department may also identify or conceptualize a project to be developed, managed and operated in the State and send the proposal thereafter to the Board for its recommendation. The Board shall scrutinize, evaluate and where more than one such proposal is received, prioritize the same. (3) The Board, on receipt of the views of the public agency under sub-section. (1) or proposal from any Government Department under sub-section (2), shall examine the project proposal with reference to the cost benefit analysis of the project including the socio-economic cost benefit and shall appraise the project proposal with sufficient details; (4) Where the public agency or the Government Department has proposed a project through Public-Private Partnership, the Board shall further examine the project with reference to the following factors, namely- (a) the cost effectiveness of implementation through public-private partnership with value for Money test, as may be specified in the scheme; (b) the possibility of specifying project performance parameters and measuring their outcomes; (c) the risk sharing with the participants; (d) the technological an d managerial advantages due to participation; (e) the socio-economic factors which may affect investment by the participant; (f) compliance with regulatory norms. (5) The Board, may cause a feasibility study of the proposed project and after satisfying itself as to its feasibility, may recommend the same to the Government, indicating specifically as to whether it may be implemented through public sector mode or through public private partnership. (6) The Board shall cause the details of projects recommended under sub- section (5), to be published on its website an d on such other websites, as may be specified in the Scheme: Provided that the Board may, for reasons to be recorded in writing, choose not to publish the details of a Project. (7) On receipt of proposal for implementation of the Project under sub-section (5), the Government shall consider the same and communicate its decision. on the implementation of the Project including the mode of its implementation, to the Board. (8) In respect of a Project decided by the Government to be implemented through. Public sector mode, the Board shall designate the public agency which shall implement that Project, give direction for its implementation and monitor the progress of implementation. (9) If the public agency does not commence the Project within three months from the date of receipt of such direction or expresses its inability to implement the Project, for any reason recorded in writing, the Board with the approval of the Government may re-examine the Project as in sub-section (3) and make a fresh recommendation to the Government. (10) In respect of Project decided by the Government to be implemented through Public-Private Partnership, the Board shall cause the sponsoring agency to publish the details of the proposed projects in such form and in such manner, as may be specified in the Scheme, inviting objections and suggestions. The sponsoring agency shall, based on the objections and suggestions, if any, received, prepare and submit a report to the Board within such period, as may be specified in the Scheme. (11) The Board, on receipt of the report from the sponsoring agency under sub-section (10), shall consider the project in consultation with the administrative department and after causing the detailed project study, if it considers necessary, finalize the scope and structure of the Project, either in its original form or with such modification, as it deems fit, also taking into account, the following aspects, namely:- (a) whether the Project needs any public financial support, and if so, the appropriate form of such support; (b) the tender criteria or variables relevant for evaluation of the tender; and (c) the appropriate concession agreement or a combination thereof, from out of those listed in Third Schedule. *7. Budgetary allocation for repayment.- (1) From, time to time, Government shall make provision in the Annual Budget to defray the expenses incurred for payment of annuity or other repayment obligation incurred in lieu of section 8 and to meet operational and administrative expenses of the Board: Provided that Government shall set apart a share of the Motor Vehicle Taxes as contribution to the fund, reckoned on the basis of the Motor Vehicle Taxes collected for the previous year such share being ten per cent in the first year and increased by ten percent each year upto fifty per cent of the Motor Vehicle Tax in the fifth year: Provided further that in addition, the cess levied on petroleum products shall also be contributed to the Fund by the Government on the basis of the amount of cess collected during the previous year. (2) The transfer of funds required for the successive twelve months shall be completed either in one or more installments, before the last working day of December of that year: * Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016 Provided that the revenue realised from any project including user levy shall be set-off from the appropriation so made at the end of the year and only the balance after defraying operational expenses need be provided as appropriation during the year. (3) The Government may after due appropriation by law passed by the State Legislature from time to time make grants, advances and loans to the fund for the purposes of this Act, on such terms and conditions as the Government may determine. *8. Power of' the Board to borrow and lend. -(l) The Board may, from time to time, with the previous sanction of the Government and subject to such conditions as the Government may by general or special order determine, borrow any sum required for the purposes of this Act. (2) For the purpose of such borrowing the Board may issue any financial instrument including General Obligation Bonds, Revenue Obligation Bonds or any other appropriate financial instruments or raise funds through any financial structures including Revenue Bonds with structured repayment mechanism, Land Bonds and any other appropriate financial instruments or by making arrangements with Banks, Multilateral Funding Agencies or Institutions approved by the Government in that behalf. (3) The Board may act as the sponsor for setting up infrastructure investment structures, as are required for facilitating the mobilisation of resources for a project or group of projects. Explanation:- For the purpose of this sub-section, the infrastructure investment structures may include, but are not limited to Alternate Investment Fund (AIF), Infrastructure Investment Trust (InvIT), Mutual Funds and Infrastructure Development Fund (IDF). (4) The Financial instruments and securities issued by the Board under this section shall be issued, transferred, dealt with or redeemed in such manner as decided by the Board subject to the directions of the Government. * Substituted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016