Constitution of the Fund

(1) There shall be constituted a Fund, to be called the Punjab Municipal Infrastructure Development Fund, which shall vest in the State Government. (2) The grant-in-aid shall be deposited into the Fund: Provided that the amount of grant-in-aid, so deposited into the Fund, shall not be less than Rs. 200 crore (Two hundred crore rupees) per annum or proportion thereof: Provided further that the amount of grant-in-aid shall increase at the rate of fourteen per cent per annum over the previous year: Provided further that the amount of grant-in-aid shall be deposited into the Fund on monthly basis. (3) [deleted]