Section 40 in Hyderabad Metropolitan Development Authority Act, 2008
40. Metropolitan Development Fund and its application.
(1)The Metropolitan Development Authority shall manage and operate the Metropolitan Development Fund to which shall be credited:-(a)all moneys received from the Government by way of revolving fund, grants, loans, advances or otherwise;(b)all moneys borrowed by the Metropolitan Development Authority by way of loans or debentures;(c)all moneys received by the Metropolitan Development Authority from the disposal of lands, buildings and other properties, movable and immovable;(d)all development charges or other charges, fees received under this Act or rules or regulations made there under;(e)contribution from Municipal Corporation and Municipalities;(f)all moneys earned from remunerative projects and schemes by way of rent or otherwise and disposal of its assets;(g)sum of money received from projects implemented under Land Pooling Schemes;(h)sum of money received by way of user charges;(i)any other sum of money received by the Metropolitan Development Authority from any other sources for performing its functions.(2)The Metropolitan Development Fund shall be applied towards meeting:-(a)the expenditure incurred in the administration of this Act;(b)the cost of land acquisition and areas mentioned under Land Pooling Schemes and development schemes undertaken by the Metropolitan Development Authority for the purposes of ensuring planned development;(c)any expenses incurred by the Metropolitan Development Authority in connection with preparation of Development plans, undertaking surveys, studies, Investment plans and execution of projects and schemes;(d)for maintaining sinking fund and other separate accounts required under this Act; and(e)the expenditure for such other purposes not inconsistent with this Act.(3)The Metropolitan Development Authority may borrow money by way of loans, debentures or bonds or in any manner from any other source other than the Government.(4)The Metropolitan Development Authority shall maintain a sinking fund for the repayment of loans and moneys borrowed and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of all moneys so borrowed.(5)The Metropolitan Development Authority may accept grants, subventions, donations and gifts from the Central Government or local Authority or any individual or body whether incorporated or not, for all or any of the purposes of this Act on such terms and conditions as mutually agreed upon.(6)Loans, debentures and bonds issued under this section may be guaranteed by the Government as to the repayment of the principal and the payment of interest at such rate as may be agreed upon.
