Development fund

General202690 sections

Statutory text

(1) For the purpose of enabling the Authority to undertake implementation and execution of sanctioned development schemes within notified Satellite City Development Areas and for the provision of working capital, a fund by the name of ‘Development Fund’ with a seed capital duly approved by the Government of Assam shall be created by the State Government which fund shall be maintained in such manner and applied towards such purposes and objectives as may be prescribed.
(2) The Authority shall have the power to maintain and manage the Development Fund and allocate finances based on the provisions of the development schemes, plans and programmes for functional departments or public sector undertakings for undertaking development of amenities and infrastructure facilities and to monitor and exercise financial control over budgetary allocations concerning development works made through it to various functional departments or public sector undertakings or other instrumentalities, in such manner as may be prescribed by rules and/or regulations made in this behalf.

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