Credit of moneys to Municipal Fund

Credit of moneys to Municipal Fund.-

1. (1) There shall be credited to the Municipal Fund-
   • (a) all moneys received by or on behalf of the Council under the provisions of this Act or of any other law for the time being in force or under any contract;
   • (b) the balance, if any standing at the commencement of this Act, at the credit of the Municipal Fund;
   • (c) all proceeds of the disposal of property by, or on behalf of the Council;
   • (d) all rent accruing from any property of the Council;
   • (e) all moneys raised by any tax levied for the purposes of this act;
   • (f) all fees payable and levied under this Act;
   • (g) all moneys received by way of compensation or for compounding offences under the provisions of this Act;
   • (h) all moneys received by, or on behalf of the Council from the State Government or private individuals by way of grant or gift or deposits; and
     • (i) all interest and profits arising from any investment or from any transaction in connection with, any money belonging to the Council;
2. (2) Nothing in this section of in this act shall affect any obligations of a Council arising from a trust legally imposed upon or accepted by a Council.
3. (3) A Council may, for the purpose of efficient discharge of any of the duties imposed upon it under clauses(d),
   • (j) and (l) of section 123 by a resolution passed in that behalf, earmark for each such purpose a specified portion of its income every year for a specified number of years for being credited to a fund called the Public Utility Scheme Fund.