12. Amount of improvement levy after realisation of capital cost and other charges. -
When in respect of any improvement work-(a)the capital cost of such work, including the cost of any extensions, improvements or modification of the work,(b)the interest charges on such capital cost,(c)any working loss in any year or years, and(d)the interest on such loss,as determined by the [State Government] [Words 'Provincial Government' substituted for the words 'Local Government' by the Government of India (Adaptation of Indian Laws) Order, 1937, and thereafter the word 'State' substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.], have been recovered in full out of the proceeds of the improvement levy, by such annual allocations as may be prescribed, the amount of the improvement levy to be realised for each year in respect of such work shall thereafter be reduced to such a sum as the [West Bengal] [Words were substituted for the word 'Bengal' by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948.] Legislative [Assembly] [Word substituted for the word 'Council' by the Government of India (Adaptation of Indian Laws) Order, 1937.] may, by a resolution, recommend :Provided that in respect of the [Damodar and Eden] [Words substituted for the words 'Damodar, Eden and Bakreswar' by W.B. Act 24 of 1954.] Canals such sum shall not exceed the amount required to meet the annual cost, as determined by the [State Government] [Words 'Provincial Government' substituted for the words 'Local Government' by the Government of India (Adaptation of Indian Laws) Order, 1937 and thereafter the word 'State' substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.], of maintenance and supervision of the improvement work and of collection of the improvement levy.Explanation. - The term 'working loss" means the sum by which the proceeds of the improvement levy in any year or years fall short of the amount necessary to meet-(i)the annual allocation for such year or years in respect of the charges specified in clauses (a) and (b), and(ii)the cost, as determined by the [State Government] [Words 'Provincial Government' substituted for the words 'Local Government' by the Government of India (Adaptation of Indian Laws) Order, 1937 and thereafter the word 'State' substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.], of maintenance and supervision of the improvement work, and of collection of the improvement levy, during such year or years.
