(1) There shall be established a Fund to be called the Madhya Pradesh Highway Fund.
(2) There shall be credited to the Fund-
(a) all moneys received from the Central Government for construction or maintenance of Highways directly to the Authority except the Authority charges or the reimbursement of direct costs incurred by the Authority which is towards the day-to-day expenditure of Authority for the concerning project;
(b) the contribution or grant or loan or advance if specifically credited to Fund by the State;
(c) all payments of .premium made by the concessionaire as per the concession agreement to Authority;
(d) all returns on investments made out of the Fund.
(e) proceeds towards encashment of performance security or bid security by Authority for default of concessionaires or bidders;
(f) any other amount authorised for credit to the Fund under the provisions of this Act or rules made thereunder or any other law for the time being in force;
(g). amount already standing as a credit in the accounts of Authority pertaining to the heads mentioned in clause (a) to (f) shall form the initial corpus of the Fund.
(3) All moneys specified in sub-section (2) and forming part of the Fund shall be deposited in a separate account in any nationalised or scheduled Bank, or in such other financial institution as may be decided by the Executive Committee and the said account shall be operated by the Member Secretary of the Executive Committee in such manner as may be specified by regulations:
Provided that the Member Secretary may invest any sum not required for immediate use in such securities or debentures as may be approved by the Executive Committee.
418 (7) Establishment of Fnnd.
418 (8) Utilization Fund of Constitution and composition of the Executive committee.
Powers and functions of the Executive COlllmittee.
T[~ ~, ~ 25 ~ 2012
4. The amount standing to the credit of the Fund may be utilised for all or any of the following purposes, namely:-
(a) for providing financial assistance to a concessionaire on behalf of Authority in respect of a Highway or infrastructure projects;
(b) for meeting any development cost of highway or infrastructure project;
(c) for defraying the administrative expenses of the Executive Committee;
(d) for maintenance and repair of highways;
(e) for project preparation, pre tender activities, cost towards utility shifting, land acquisition;
(f) for payment of charges to Authority for various activities performed under, this Act or under the Madhya Pradesh Rajmarg Adhiniyam, 2004 (No. 11 of 2005), for development and maintenance of the highways in the State.
CHAPTER III CONSTITUTION, COMPOSITION, POWERS AND FUNCTIONS OF THE EXECUTIVE COMMITTEE