Amendment status not verified — confirm the current text below against the official source.
(1) The Fund shall be utilized to raise resources for infrastructure development projects from the Nationalized or Scheduled Banks or financial institutions 3[or State Government Undertakings] for providing financial assistance to the Municipalities for the development of infrastructure development projects. (2) The fund shall be administered by the Director in the manner, as may be prescribed. 4[5. The grant-in-aid, referred to in sub-section (2) of section 3, shall be deposited into the Fund in such manner, as may be prescribed.] 5[6. The Director shall maintain the accounts of the grant-in-aid deposited into the Fund and the expenditure made out of the Fund.]