An Act to unify and amend the law relating to the borrowing powers of local authorities in the State of Kerala. Preamble.- Whereas it is expedient to unify and amend the law relating to the borrowing powers of local authorities in the State of Kerala.
Be it enacted in the Fourteenth Year of the Republic of India as follows:-
1. Short title, extent and commencement.-
(1) This Act may be called the Kerala Local Authorities Loans Act, 1963.
(2) it extends to the whole of the State of Kerala.
(3) It shall come into force on such date as the Government may, by notification in the Gazette, appoint.
2. Definitions.- In this Act, unless the context otherwise requires,-
(a) "accrual period" means a financial year beginning on and from the 1st day of April and ending with the 31st day of March of the following year or part thereof ending with 31st March;
(b) "Board" means the Board of Management appointed under sub-section (2) of Section 3A
(c) "Development Fund" means the Kerala Local Government Development Fund Constituted under sub-section (1) of Section 3A and includes the aggregate of the contribution by the Government, investments, loans and all other properties).
(d) "funds" used with reference to any local authority includes any local panchayat or municipal fund to the control or management of which such authority is legally entitled, and any cess, rate, duty or tax which such authority is legally entitled to impose and any property Vested in such authority;
(e) "Fund Manager" means the asset management company to be constituted as specified in sub-section (4) of Section 3A;
(f) "fund period" means the period on and from the date of Constitution of the Development Fund to the date of its revocation or transfer to the Consolidated Fund of the State under the provisions of Section 3A;
(g) "Government" means the Government of Kerala;
(h) "infrastructure projects" includes water supply, solid waste management, sanitation, storm water drains, roads, transportation systems, sites and services, area development and other remunerative and non-remunerative infrastructure projects for public use;