Establishment of Fund.

(1) As soon as may be after the constitution of the Board, there shall be established a Fund to be called the Kerala Road Fund. (2) There shall be credited to the Fund,- (a) all moneys received from the Central Road Fund established under the Central Road Fund Act, 2000 (Central Act 54 of 2000); (b) the contribution made by the Government under sub-section (3); (c) all fees, fines and other amount collected by the Government as per the provisions of the Kerala Highway Protection Act, 1999 (6 of 2000); (d) all payments made by the concessionaire as per the concession agreement; (e) all amount standing to the credit of the Bridges Fund established under section 12 of the Kerala Tolls Act, 1976 (6 of 1977); (f) the user fees collected by the Government agency or the statutory body under this Act; (g) grants or loans or advances made by the Government of India or any institution; (h) grants or loans or advances made by the Government; (i) all returns on investments made by the Board directly or through a Government agency or statutory body; (j) any amount borrowed by the Board; (k) 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. (3) The Government shall contribute to the Fund every year an amount equal to ten per cent of the tax collected by them in the previous year under the provisions of the Kerala Motor Vehicles Taxation Act, 1976 (19 of 1976), and the said amount shall be charged on the Consolidated Fund of the State. (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 a Government agency in respect of a transport facility approved by the Board; (b) for meeting any development cost; (c) for defraying the administrative expenses of the Board; and (d) for meeting any expenditure as may be prescribed. (5) The balance to the credit of the Fund shall not lapse at the end of the financial year. (6) All moneys specified in sub-section (2) and forming part of the Fund shall be deposited in any nationalised or scheduled Bank, State Co-operative Bank or District Co-operative Bank or in such other financial institutions as may be decided by the Board and the said account shall be operated by the Member Secretary of the Board in such manner as may be specified by regulations: Provided that the Board may invest any sum not required for immediate use in such securities or debentures as may be approved by the Board.