Provision for Funds

(1) The funds to be given to the Special Purpose Vehicle shall be out of the proceeds of the Municipalities. The percentage of funds to be given shall be decided by the State Government through an executive order. These funds shall be transferred by the concerned Municipalities to the 'Common Infrastructure Maintenance Fund' to be created and maintained in the Department of Local Government. The Department of Local Government shall in turn, transfer the money out of this Fund to the concerned Special Purpose Vehicle as per its requirements which shall be assessed and approved by a committee consisting of,- (i) Chief Secretary, Punjab; Chairman (ii) Principal Secretary to Government of Punjab, Department of Industries and Commerce; Member (iii) Principal Secretary to Government of Punjab, Department of Local Government; and Member (iv) Managing Director, Punjab Small Industries and Export Corporation. Secretary The Commissioner or the Executive Officer, as the case may be, of the concerned Municipality shall be a special invitee. (2) Each Special Purpose Vehicle shall maintain a Fund in which the amount transferred to it under sub-section (1) shall be kept and expenditure for maintenance of the common infrastructure shall be done by the Special Purpose Vehicle out of the said Fund. This Fund would also include grants or loans received from the Government of India or the State Government or from any other source.