Funds of the Authority

Section 54 of Udaipur Development Authority Act, 2023 deals with funds of the Authority. There shall be a fund for the Authority to be called "the Udaipur Region Development Fund" (hereinafter referred to as "Fund"), to which shall be credited all moneys received by the Authority, including- (a) such amount of contribution to be made by the State Government yearly or in such instalments The Act was enacted on 19 Jul 2023.

(1) There shall be a fund for the Authority to be called "the Udaipur Region Development Fund" (hereinafter referred to as "Fund"), to which shall be credited all moneys received by the Authority, including-

(a) such amount of contribution to be made by the State Government yearly or in such instalments in each year as it may determine in accordance with the schemes included in the State Plan and under appropriation duly made in this behalf, which contribution shall be utilised by the Authority for the development of Udaipur Region;

(b) such other moneys as may be paid to the Authority by the State Government, Central Government or any other authority or agency by way of grants, loans, advances or otherwise;

(c) income derived from premium on second and subsequent sale of vacant land;

(d) income from levy on vacant land;

(e) all fees, costs and charges received by the Authority under this Act or any other law for the time being in force;

(f) all moneys received by the Authority from the disposal of land, building and other property, movable and immovable and other transactions, including lease money, urban assessment, development charges and other similar charges recovered from plot holders;

(g) all moneys borrowed by the Authority including loans to be raised from the financing institutions;

(h) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source; and

(i) all donations to be received by the Authority.

(2) The Authority may keep in current or deposit account with any Scheduled Bank or any Co-operative or other Bank approved by the State Government in this behalf, such sum of money out of its Fund as may be determined by the Authority and any money in excess of the said sum shall be invested in such manner as may be determined by regulations.

(3) Such accounts shall be operated upon by the Udaipur Development Commissioner or by such other officer of the Authority as may be authorised by it by regulations made in this behalf.

Section 54, Udaipur Development Authority Act, 2023 (Act 23 of 2023).