Chapter X FINANCE, ACCOUNTS AND AUDIT OF THE AUTHORITY

The State Government may, after due appropriation made by the Odisha State Legislature by law in this behalf,- (a) provide any capital that may be required by the Authority for the discharge of its functions under this Act or for any purpose connected therewith on such terms and conditions as the State Government may determine; and (b) pay to the Authority, on such terms and conditions as the State Government may determine, by way of loans or grants such sums of money as the State Government may consider necessary for the efficient discharge by the Authority of its functions under this Act.

(1) There shall be constituted a Fund to be called the Odisha State Highways Authority Fund and there shall be credited thereto,- (a) any grant or aid received by the Authority; (b) any Bank loan taken by the Authority or any borrowings made by it; and (c) any other sums received by the Authority. (2) The Fund shall be utilized for meeting- (a) expenses of the Authority in the discharge of its functions having regard to the purposes for which such grants, loans or borrowings are received and for matters connected therewith or incidental thereto; (b) salary, allowances, other remuneration and facilities provided to the members, officers and other employees of the Authority; and (c) expenses on objects and for purposes authorised by this Act.

The Authority shall prepare, in such form and at such time in each financial year as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Authority and forward the same to the State Government.

The Authority may invest its funds (including any reserve fund) in the securities of the State Government or fixed deposits of scheduled commercial banks or in such other manner as may be prescribed.

The Authority shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year and its plans for development and operation of highways in the forthcoming year, and submit a copy thereof to the State Government. Every annual report shall also contain a review of the performance of the Authority in respect of the plans contained in the preceding annual report.

The accounts of the Authority shall be maintained and audited in such manner as the State Government may, in consultation with the Comptroller and Auditor General of India, prescribe and the Authority shall furnish, to the State Government before such date as may be prescribed, its audited copy of accounts together with the auditor’s report thereon.

The State Government shall cause the annual report of the Authority and the auditor’s report to be laid, as soon as may be, after they are received, before the House of the State Legislature.