Constitution of Fund for utilization of Water Usage Charges.

1[185-A. Constitution of Fund for utilization of Water Usage Charges.–– (1) The Finance Department will constitute a ‘fund’ under a proper Account No. in the Jammu and Kashmir Bank or allot an ‘Account Head’ in which amount realized as water usage charges under the Act from such users who are generating power from Hydroelectric Projects in the State shall be deposited. 2[(2) The fund, so created, shall be operated upon by the Administrative Secretary, Finance Department, for the purpose of being utilized for establishment of Hydel Projects, Hydroelectric Projects, Multipurpose Hydroelectric Projects, buying back Hydroelectric Power Projects already established in the State, capital investment in electric transmission and distribution network within the territory of the State and the purchase of power by the State Government or its entities, with the prior approval of the Government.]