Setting up Mahanlshtra UrbanInfrastructure Fund (MUIF)

GOVERNMENT OF MAHARASHTRA

,URBAN DEVELOPMENT DEl?ARTMENT

iI,

Government Resolution MRD No.IS.OlleR. No.2S2/UD-IOMantralaya, Mumbai -.400032

! \

I

Datc: 19th July, 2002I

I'REAMllLE :- The urban population ill Maharashtra is growing at a rapid pace but the

provision of urban infrastructure is' unable to keep pace with the growth of population.

Availability of funds for provision of such infrastructure is not a major hurdle in the,provision of urban infrastructure. The urban local authorities however lack the skills

I j 'j

required in development of projects and raising finance from financial institutions and the

capital market. The urban local authorities have the potential for carrying out more capital

investment but their ability in increasing income and improving the efficiency of providing"

urban infrastructure is limited. No mechanism currently exists for helping the urban local

authorities in overcoming their problems and for encouraging them. and building .~~.eir

capacity for enhanced capital investment. With a view to having such a mechanism, the

issue of selling up a separate agency called the 'Maharashtra Urban Infrastructure Fund'.\

was under the consideration of the Government. Accordingly, the Government has /lOW

decided as follows :-

GOVERNMENT RESOLUTION ;-

(1) The Maharashtra Urban Infrastructure Fund (MUIF) will be set up consisting of a

Trust Fund, Trustee Company, namely, Maharashtra Urban Infrastructure fund{

Trustee Company Ltd. and an Asset Management Company, namely, Maharaslura

Urban Infrastructure Development Company Ltd.

(2) Mission :-

To assist the development of adequate, efficient, affordable, modern and sustainable.;1, f,' I •

urban infrastructure services ill the urban areas of Maharashtra through public,

private and community sector initiatives.

i , I

(6) Share Capital of the Trustee Company:

The Government will initially subscribe to thc' entire Share Capital of

Rs.IO,OO,OOOI- (Rupees Ten Lakh only) of the Trustee Company. If the financial

institutions contribute to the Trust Fund later, Government will allow them to

subscribe to the Share Capital of the Trustee Company in proportion to their

contribution in the Trust Fund.

(7) Share Capital of the Asset Management Company:

(a) The authorised share capital of the Asset Management Company will be

Rs.2,00,00,0001- (Rupees Two Crore only) and the initial subscribed share

capital will be Rs.1 ,00,00,0001- (Rupees One Crore only).

!(b) Out of the initial subscribed share capital of Rupees One Crore Of the Asset

Management Company, the Government will subscribe to a share capital of

Rs.25,OO,OOOI- (Rupees Twenty-five Lakh only) (25%), the MMRDA will11 ..

subscribe to a share capital of Rs.24,OO,OOO(- (Rupees Twenty-four Lakh

only) (24%) and the financial institutions together will contribute to a share

capital of RS.51 ,00,0001- (Rupees Fifty-one Lakhs only) (51 %) of the Asset

Management Company.

(c) If required, the Subscribed Share Capital of the Asset Management

Company will be increased by additional Rs.l,OO,OO,OOOI- (Rupees One

Crore only).

(d) The sanction under Section 16A of the Mumbai Metropolitan Region

Development Authority Act, 1974 'is hereby accorded for the MMRDA

subscribing to a share capital of Rs.24,OO,OOO/- (Rupees Twenty-four l.akh

only) (24%) out of the initial sU9scribed share capital of the Asset

Management Company. If the share capital or the Asset Management

Company is increased by Rupees One Crore, the sanction is hereby also

accorded for the MMRDA subscribing to the slime capital of Rs.24,OO,OOO/-

(Rupees Twenty-four Lakh only) (24%) out of the same. Further sanction isI

also hereby accorded fur the MMRDA subscribing to the initial share capital

of Rs.5 lakh required for rcgistrutiou 1 incorporation of the Asset

Management Company out of its share.

(e) The SICOM Ltd.'s share in the share capital of the Asset Management

Company will be the highest among the shares of financial institutions and

as such the SICOM LIt.!. will take the rcsponsibil ity of the day to day

management of the Asset Management Company: The SICOM Ltd.Js share

The Asset Management Company (a share of Rs, 10/- each) :.r

(I) MMRDA will subscribe to 49,994 shares.

(2) The Chief Secretary to Government or Maharushtra wi II subscribe to one

share.

(3) The Principal Secretary, Urban Development Department; the Secretary,

Water Supply and Sanitation Department; the Director, Municipal

Administration; the Managing Director, SICOM; and the Chief, Planning

Division, MMRDA will subscribe to one share each.

!(10) State Intercept Mechanism in respect of repayment by Urban Local Authorities:

In the case of default or delay in payment by any urban local authority either

towards project development costs and fees, or debt repayments guaranteed by the

MUlF or repayment of loans provided by the MIJIF or any other legitimate payment

required to be made to the MUIF, such amount shall be directly paid by the

Government to the MUIr out of the grants payable by the Government to such

urban local authority.

(11) Provision of various State Grants through MUlF :

Approval in principle is hereby accorded to routing through the Maharashtra Urban

Infrastructure Fund the capital or other grants of various Government departments,

including those of the Water Supply and Sanitation Department, earmarked for

capacity building and efficiency improvement of the urban local authorities.

(12) Constitution of a Steering Committee:

With a view to providing overall guidance, reviewing the operation, facilitating

coordination; and removing bottlenecks in the tasks of the MUIF, a Steering

Committee is set up as follows -

The Chief Secretary to Government

The Principal Secretary, Planning Dept.

The Principal Secretary, Finance Dept.

The Principal Secretary, Urban Development Dept. -

The Secretary, Urban Development Dept.

The Secretary, Water Supply & Sanitation Dept.

The Director, Municipal Administration

The Metropol itan COIJlI1lissioucr, M M RDA

The Managing Director, SICOM I.(c.!.

The Managing Director of the Asset

Chairman

Member

Member

Member

Member

Member

Member

Member

Member

Management Company Member Secretary.

3O]t'.1<1~ ~~~~~an~rl) . '.

:' .. fcmC4i!4~o,i(l~tt. '-',1: '.. • '.' .. '. -,'>

., '" ', '•• -r , ,",

qgHI-S;:lTRR' ..-:rrrr~~.. • -: ,":" '-,.' '., ": 0: 'f'; :.~.'. '1'1" IOfc::n1t11"""'I'! •. ' •

lTRB~'~ ~q~~ ~.~o~/~~.~~~·Wl·~~d.~~o~~-~,?.. : .. JOj*('1~1~f~oo oq~. ~~~1~,91{l, ~oo.~. "~"":::" '.;.i j' • ';

.,,; "::

~- _(~) lTRR~, ~~~ll1T, w. ~T ~~o~1~.sn.~'-\~/~-~o, ~~~ ~,~oo~ _ .

(~)~, f.,ql~;HfcMrrr,~::jt<H~I{~~~

~'PTW.~~~) '-\~~/~o~~,R.~~~, ~oo~

Q*1icHI:- {1\7(;ih-nl,"'j ~ 'f2llf-iCf)' OVHIV'£l 'fi'MI't'Zl1 ~S"qoftq{ 11Kf Cfl{OllH'tldl

a,"1fUr ~ ~Ii.gc~ ':rrr.,0lc,'l ~1~I~r'i f~ 'ch{~GIHIJ) i{ ~ 1.1ffiWi~ol4:Cflfe;: cR'WT~",lil\l ~T'fl (~) ~w.~ m~ ::j11f{1~ -;wRT ~~ ~~ (~I~) ~ ~ ~ ~TI ~ Cfj{Olll,i'll ¥1If1~~f;)~ .,,' . ~;\~(l~('1I~. ~ f.:r~1w.rfc1~ r.v,Olm~ ~~ Cfj{olOJltil )ffi'l1OT~rf~fP ..:- i. e~fRm. ~n~~~?~~~~. . . .'.....:...;

~~:-

o~. ~ lOl~l~ll·t>1~'V-m>m W!'h{OIl~ ¥OWI~I~ -=wm U~('1'i('1 ~ .. ~...m~ fCl~{fl f.,9:l"r=r~cf."'-:;::>lT cr.;l·~.;:if[<'r.1 '{l. ~'-\'OOloo,ooo/- (~~m .CfiTit~) crR"uLpC()"J('II ~{ Pr.I-!·j{ ~9T f~~ ~'f<.RUT ~, ~~,,~ ;;t'CfiZYfl1 ~~ ~ ~ ~{ ~ ~~~r~:C{>I"fl ~frn' ~.l1PmT ~ ~

'~.o~. ~ liQI'""PI{ ~fCl'Cf'i'ffimR.~~, ~~,,~ ~~ ~~ 31

• r ~ ~" , '" • n~~ ~ lOJQHl({ ~"~I IOfCf'lI,(-I~l~i\ur.;,· jC{~ CfiQrr ~.~o ~ 'q(T[

'i:li:Sq('1l'lqft '{l.~ I,"'IFISlI~vmt ~:i.s~~1,"'1€'OCil4i{)fll ~ 'BFlO)'ffi' ~ "40 ant..·a'clfu,"'Q.,-\ ~ ~Wi ~li':scwr"?1I,q'"ii;Q '11~~ anf1 flllC(lf{('1I ~ ::j~Hll{

~ fW.fiRnnf~:oiCfl{OII'; Q.'-\ <ri R9iitli f.:JT4T :W ~~ r~ I qffl;:l ~1FT~ ~ ¥lTCU.

(lDSM1) _0_., ••••••• ~ 1IIII1W Wit ••• ,hci•••~at1CH 1fa wla ~ a.'MI••••

aqRi'i~

lTRR ~ 1f).1f1!~-~ooVJr.• o~~~ocif.:lfcf-~~4S1I(11Q, ",-'too o~~,~:- ~~~~OO~ .

&lflt4u:a qlrc.••• ¥<UifRiICi ~ ~ _. ~RIII'"~ ~ ~""f.wioi IiIttMl"" (".I"'lL"'''',_I}'' lIS' aRPRr ~ ql.,. ~~ (UlG) ~ ~d n••••1(••••• ~ ~ OfiR'UftwittlWi'" ¥(uqld •••. dill. ;lp ~ ~ ~""'...nOj otf+i ••••(JNNURM)" TiqJ UJG aqarl'4CiHki -r (jGQlf1"'" ~ '~' ~if8RiRcatftcii'tl1 1f 'ar', ~' ~ 'lit' 1Pt ;pR ••••• 'W•• - ••. JNNURM ~"MIR 1f ~ iMl'I" (UIDSSMT)" ~ aq-•••••• ~ 1f 1I8PJ ",<iaci ....a"'ft:••-..,OM•••• _ MdQ( 124 ~~

o~. __ w:tHi"lv:r ~~-o~ lISt ••••••••• :•• f'QIljrr(JNNURM)" 1f '\OIIR 1( ••••• ~iINf.1Ii1rW;q(UlDSSMT)" ~ ~q"~ ~1IRR ~ "Q4ii~Cfi lIf{~ ~(IDSMT)" 1l' ~.w. lR ~o~-o, -qaf .• 8M ~.... . 1A=r

1( 1I&Pf (UlDSSMT)" it.••• .JNNURM W 1WRR 9('" "'(cNi'1..,

(UIDSSMT)" ~ ¥l4f)if1~ ••'Mall wee 1 ~ 11 ~ <Kc:ft;ql ~Qq;(l'qi:ti<cUtt ~ «~ 11'R' .Mcr.wtct~ tIumTCR ~ ~o% ~ ~ iFjCH.... ...tt 'fIijtFw;

~ ~ •••• i"1l a<I(i1*f~ ~ ~ .• 1lir lIRR 'J«¥d "~ "'R~ ~ (IDSMT)" ~ cn"l4aic1IM ,.. ~ 16" ~ ~ ,.at ¥<UCi,Utci3fJQ¥C4Cf) tqq;qiiQl ~o% ~ ~ ati'HiiII tcf6CIk'I '{FRr "'WlI,,'" ~~ 'tiIIR¥ (q{F1f4 4., dew 144~ ~. "."((IlIM ~ ~;writ'l"1f;wttiu, 3INq,"1 (.JNNURM) (UlG acaafiMH)" (( ~ ?f ~ ",(i~,aQ'i4''ld ~ioq, ~ 4il4Ft (UlDSSMT)" ~ 4il4f)if1~ ~ "'¥fi~('jl~ ••,••••Mi\•••lU~uN••, .u{~ "HI ~ ~ ~ ~ ~''' •••• ,Cfi\••• Ff~ IC('f4MI *1<'11. ~ tM"CIl4<'I< ~ ~ 1C('f4'~1at1CCHI~1~-a;t $lI(I"f414t"1<Cf)(OCllt"l~.

";wqIl(M'M ~ ~ ~ ~Of (JNNURM)" (( .~ (( ~&(iwi '"''II ~ CaliA(UIDSSMT)" lU••••••tdlki ti'i«tEQI_ee-I ?f n ~ ~(I ~n¥~.~~~ ~.t1!J JDSMT ¥<iR4RiiCi~.~~.~~~ 'ri <RiCMEN .t ~oo~-~o ~-m~~1'"4 :-

" ft ~ ~·m-r.mr*41'10 11). ~~,~~, WI •• ~,~~~",;:waR' Iq~'tt, ~o, 'ijCij<QNI<OI4.,1it. qlbHtttattt ~, ~~, •••dW ;:waR'~ snfti¥<ul,~ ~ liE, ~AI WIUf,(ooX~~) JNNURMIUlDSSMTI IDSMTfI'+fRPRt ~ 1IiPl ,.or slwwacl """. w(l~ matFtI ~ 3I1<R(~~~o~~) "~ MMMNwft~t"I ~~~o «H ~ _., ~ 1, n ifm ~ ~ SMi(ilCffCl( ~o% ~ ~1FWl.1_1M •. 11'«•••••••••.«tI 'aiIiftw ~o" SIfttqft1~.~~~.~~~~~__ twIG44Rf1attkimt"l~~1f.;:r.~J;r.~. "la'~",aa.....piFl WI44~~ •.

~) ";Jfqf8<MI(i1~ ~ ~ ft~qio, aiNCiFt (.JNNURM) (UIGatfatf'lqFt)" (( "fiIIR (( 11IIPI' __ at GN¥ ,..tt4i'q' ~ •••••(UIDSSMT)" en••• .". 1IiiRJ«~ CMwp lI<tACfi(i'qfwtlat<MctMtct Mxftid ~ ~o% ~ ~ ~

~ LjSI'1"'( ~ fttcmr SIINCfi'(O, (MMRDA) ~ MUIF ~q~l('1gLj,o) f.tzriur Cfi<•••• ii4i m ~oo t:NiI«f' Corpus Fund lI&l ~

m ~~o ~~~ ~ ~~ ri" .""'< ~ ~sUftiCfi<O, at~f.tqJt.~'" ¥ ~ ~ ~~ 11) aFCR ~ ~flM Cfi<Uq'd lRfani. ~ Q8'"'f"( ~ ~ g.NCfRu, (MMRDA) ~ ~'8'< Cfit4C!1I~~.

l«f,

~."'.lI'fR~1If.~t-f.~.)"~~~.~~.~1IRR,~."

1I'Ff"'~~~'"1I'Ff"'h~~"lIIIRW.(_t)=PR-'fiNrr. ~ ••lIIFPR"f'R.1f'f1pPR.~~, •••••tl.w(_.~H .•••• (ta Sit (Mr.wp.r~.~~-.~.•.~1f "_1:;«80 (1IlZ), ••~_1Iftw ~ 'fit•••••'••MA41Nlw.1IIRI'r••••• 4i\•••, a_"'~44(Q.~~."t"Ck""'*-=tft:f.aapr1f~ +diiC lRIAR"" FlIt:q.1RGit. ••.• ~ (::4410( 4),=PR-.titIIrr. ~.'"~V.(.-')"1'R~~.~ •••I!N&wfI (.~~)

•••••••itt·a "w

1IRPftJIII_I_-= •••• I'HN~.Sf).~\9t.o.~-~~

45ik+t •••• -¥OO o,~, ~ ~~oo~

~!!:- ~_1t ••••• It'II'.aRf' arWli...t¥:tOfNI ~ ~iqJlClH 1ftIW _. •. qcOc:nUiiiid -wm q

Si\qUlIii4I ~ d\'N"I antff.

~•.•••iI""•• 1f 11111~MUifi .-iMP*< m<ul(•....) ~ .•• ..,._.III~__ •...• , t~\9¥ ( .) tf

~ <llf'UT lIiIIN 1f ) ••••••••• tn¥lcM"'< ~ ¥<W4Rtlltt. atMfCii!fi cncu'ld ~~ a;;qwinncl aRr«celli••aqpf 1m'W~1R1".1I. --

--..•,~ •....-I) a«Ik4Afiii4l 1IiIImr

•..•••• lR.'N""""" '1iiR*" ~

E: lJD.331SWM.ICR·1~ GR.Jwp

if;q:fT f('ffqz$ (MUJDCL)" 1U ~ ~ ~lf .••Cfi~ ~qtcl,(l~ ~ f.m"crr ~ (MPCB) ~ ~ tltc,UU:1~~ (Carbon Credit) l( ~ i••••qlt! iI*f~ (CleanDevelopment Mechanism) 'f q.aq{Uf faJ••w ~ 3'4<"'1. ~~. ~tltitCfi .ttl ••••• 6EiCiAiiN+ii1iRi ~~ ''OJ m311<i1f;:,m~. qffNt6.'l<Cfi acn:qql"FIM;R"I ~ mmt ~(Resource Centre) 1pff _ ~ 'f "1'ff'1.tI Q4M{U,fqqqCf)t.tRur ~ f.rat4' QOq,ctft"I 31,t"4Cfi ~ ~ tltCCfiIQ~.

V) ;rrrrU q'J1'ffif 4qiq,(01'l<Cfiq,cll'F' ~ ~ fctCfifti<'fC6(U41t1a cr'ffu;r "'illiI~I-l8' ~ 4.6U4Ftllcl.t ~oo,-~o lfA{=r t., qtljltltcl ~~ RQur 4w.4 C'4iW& ~ ~ m-l8' "qJuftme ~~o ~ f.:Nr _~I~ alIA ~( ~ ~ cj;q;frfMf6tG$ ~.t~dU f"1ci:tUfI&I~ 31'ff""' "II8W~ ~ Q1ql'i('f ~ m(MUIF)" ~ cA~ am 311~fM ¥(Oql(1 ~ ~.

1Rf,

~. '1814~~ 1I'ffR~~.'('«44:ft(~.~.) lff;t ~ ~~'1fW'~. if8I(j~ lIRR. aak"iq, ~1I1IR~. J;N4t ~ ~, ~1I1IR~, m~,~, ~1I1IR~(.-~), -mfWFtr~.~. ~~, Q4iq{UIflfqpr, ~, ~~. ~~), ~ Si"'{f'1~.~. ~CZfdJ*4I4¥lq.t'4~ .'{I~ ~ CJiI4"< •••••• 4e 1j;q;ft ft;r.(MUIOCL)cqq*4,q • .t'4I(i11j'ifII<~ alIA •••• 'ti"{a~1i;q;ft-ftwf. (MUlFTCL)~~(.-,,)~~~.~. ~1=MHi'ft (~-~~)

E: UD-331SWM1CR.-17S-09 GR.lwp

1V)1Ir

II)

'FAi~""f.""••• otfiM.~~~:s(MUIOCL)" lfI' ~"'1f{.~.1lft _ .

•••••• ··11;.pc! $q:ft ft;r. (MUlFTCL) q~(MUIDCL)

_ ••• _ •• ~__ •• ~~ '""lC'l ••• :tPRl1iIIiIII •••• ..•••••• 'Rn'AII "+iiiqicki di'tJ(04ltUa

~) .aftpe;IMR.+4ii<Ui

\9)

m

HI)

£: Uo.331SWNK:R-J7s.09GR.1wp

lIRFf iJ(4¥ri ~ "" --- .•••~ a&Ii:I'8'a.) 11( ~ "'*J.t1rnf• wl ,.t ¥(GiEfi_ ~o% ~ .mWPiq. M(FIiI •••••• 1ft1I'It •••••• , •••• Rt ••••••• ~ acf(iIfiq

~~~.

I) •.• "Alii( ~ ~ ''C'- ~.•..•. ,...... • ......,< • ~ A,fis¥'(u,(MMRDA)~_ ~~~.

m ~1(mJ~ '-.' -.t lf~~if$i~ _ (MUIDCL) ?U:tI,'tFiSMRt ., ~~aIiR •••• "'IM (MUIDCL) lIr •••••• ,

•••..• 'T- •~~ ••I_R••~~~r~~,.~.

~)

(MUIFTCL)••1f'C'l'8lE .•••••••••••••••••••• kNib l•••~&&,j~,

••~ ~ _.:NA!IR wrw=w.Pc.q.,Ft :-

"101,.,08w;.~~, ~t, lal'illlli' GIIIIIiI.... 1I••• JIIJ _.a,(00)( ••~ 1IIIiiI~~""1IIIIIJ1I."'N ~t_ttM

1Il a..-Ihr CM0C4f'i ~~qJt IMn«t CM04k'I ~.

,

~ ~ ~ (lDSMT)" lIr ~Md .!IRIrf.M ~ m;nJl.~ l1TWf~ ••~ Rv MY)" lB q)\iI4tft~ ~ lfiPf ~

"'M ~ UWIG4f I "* 4t<,cc.ft<'l 3Rlit ~ 'IIWfH¥asftin4 ant. ~ 1P'Rft' ~ at+ltWitli SlCfk"<liiU

atIifCfr*"'" 3RI'ffl' ~" 1».~~.~~ ~ ~ (eM'" atfCli'fCiCMIant.

o~. cR '11+1••••4 lFr ~oo~-o~ ~ -"'dli(RM'(I'i ~ ~ "'IPTU 'l+t¥4iolatNlfA (JNNURM)" If t'4&RPRt "\IWFf~ ~ tl8<i+la Cft4''lC'l ~itq. ~C6IQSM (UlDSSMT)" .at •••••.Rq'R¥:tW '1'.<q,fMi4\ ~~oo~-o~ If ~oo~-o\91:1&l (11I'.... (Schedule of Rates) +tfei'Q1(~~R'{~~ . lIW'~~~~mr $I WN.~at+lMptJ amr ~~ If ~oo~-oft •.•. ijRWM

.t. ~

~ "AHA lIr "1* amr ~ JIIIIiP'""'IP1ft mi;ft ami' .,.:l.n .•••• ua••••ftm(fiDamcial e ) ••••••••••. ,•••••• ;., •••••. , ••acm..

~) F6ftiiWfMaqadliq,'1)" ~ ~

o~, "P."mO!:lC(f\!Ollqo:jc:flq;i)-q {i{lC(lffi-q ~,~ cn1it 3W-~ '-1JlT t::i:SC(~II~cm

(l,~t....,oo.ooo/~(~ qiOjC11f! ~ ~) "m ,.~ }(II~HI), ELllc·.ql-q ~

(l,~'6.oo,ooo/~ (~'tl1fcrn ~ 'tfi<ffi) "1J1T ,.~ ~ lOj~HIH >1W ~mfilCfl~O!!~ aj!C1ql~ 31%. ~ 6qC(f\!OlIQrj tfiqr:fl.q ~rq ~.~~1.mt~ '-m\:!i;Sq~II~~~. ~~,oo.ooo/w (~~1~ ~ ~ ~ '-lJlT t:!iScH:'91t:O~

~lOj$H41{~f.~Cfi"rfnll~cp{Olloi ¥1I~HIUlI r:r:~~.

0'6. cro~\~~ o~ ~ o~ ~ ~~ 'Dl;:rn ~~T ~'>fr~~{olloi

¥llfHliZll ~ illC(£l,til .~ ~ "{i. ~o ~1 ~ O\fcffi ~ 3lit~mfilCfl{Olitl "tRCl (fi{Oqlfl "llTCIT. . ) , .' " . .

~ •• f

"

l1I.{,"'lNit"1·Rr~ ..~:W't@'·l1T'~l@1lOj;;f) ~W:-;T-l~. x:l~I",;q. !-~~{-::rr. -at;" J:j&:ls:i~1~ ~~f~, ~Tfr:;, ~~,;..{~.~/l:rr.~ (~) <.iR '{~rfrTf~'P,T.~~. L:!.\,{:r,,~TIM, ~;";:~:":'I.•:s:v{~~, ~;;~C7l-T.TT, Lf5il~IL" ~~T1'l'TT:J'~ ~~(.'[i'I..-nni • ,IJ. _'.".~)1•...11'1 ,,(:-::T..i~,I~f'. "':'--,1:,\ •• ~ -i'~I,J-.?!.<.. I -I, .~".~~l:!-- ~ fJ.~- .....(~.,r.; ~ ~~,.!-':';Ci, 'i'i'- .,-,".'."; .',,;,",'':: .>..~. I, _",fl.,Tlf-.;o -q;uft 1:'F'?'T CT BriZX"T ~'T'Tr •.:.~~~ :;j-:;, 1,i ., I I ~"~"",,, , I." ,,0' .•.•. , , .•.",".

:F.tllt.'1C!'i,~~·~~;::sr'7,:lT,:":T

&:($!~~ t< ~c:-ri) l.:3~'l:-It-' ~~.~ ':J~~.}'~r.rf5\,: -r-;-:'~-:-r~Ti}T, ;:~-=::~=r':'.-n>TTTT;:e,:'''' ,.......~oqcfMlqcf.I'1-;;::;'~;Yfi, H~l;jq T~'-f.,

oqcw~)~ {-:-~:C"'r:F.;~nl1~lfiT~I-;:--lcn,-:qrmrr q ~<$~ lOl('lq!i~··!<.F.T,:pIold"

->

<.p~f4't:IrrT:'-T ,~-:-p::c::.=r-o

r r. ,. \..~ 'f'TK~L~T<:fnl~,... r- .~q '3G'~, ;;rJ'{ lc,q-,:':-: ·.~;:;'!·rjTf

frjcf5+R-rr/<1fcr- ~o.

• f

' ..

1·4 •• '

."!

the following tasks in pursuance of the Government's sanc1tions : ,;'.i

(a) To contribute to the Trust fund and accept contribution of the financial

institutions in the Trust fund,

(b) To subscribe to the share capital of the Trustee Company and allow financial,institutions to subscribe to the share capital of the Trustee Company in

future, if necessary.

(c) To subscribe to the share capital of the Asset Management Company and to

make changes in the shares of Government, MMRDA and financial

institutions in the share capital thereof in future.

(d) To sign all legal documents including the following documents on behalf of

the Government:

(ii)

(iii)

(iv)

(v)

(vi)

(vii)

(i) Memorandum and Articles of Association of the Trustee Company

and the Asset Management Company

Shareholders' Agreement

fund Management Agreement

Contribution' Agreement

Indenture of Trust

•.•~ I ';., "

'j ';.

All other documents, which are required for selling up of the MUIF

To take necessary action for selling up the MUIF and achieving its

objectives

(14) The Metropolitan Commissioner, MMRDA is hereby authoriscd to carry out all

tasks related to registration of the Trust Fund, Trustee Company and the Asset

Management Company and sign any legal documents, agreements regarding selling

up of the Maharashtra Urban Infrastructure Fund.

,(15) The loan assistance from the Partial Direct Loan fund of the Maharashtra Urban

Infrastructure fund should be linked with the financial assistance that may be

provided to the concerned Urban Local Authority by the financial institutions.

(16) This Government Resolution is issued with the concurrence and unofficial reference

No.730/Expenditure-J, dated 27'h June, 2002 of the Finan~e Department.

J3y order and in the name of the Governor ;~ C\h~rashtr~, I

lW---::c==-cr---~·.~~-l( U III :~Iern't \ D n u gat )

Deputy Secretary' (0 Government of Maharashtra

6.1

51% and not less than 26%. Depending on the participation of otherI' ,

financial institutions, the total share of all Iiuauciul institutions (including

the SrCOM) may increase from 51% to 74% of the total capital of the Asset

Management Company. Consequently, the corresponding share of the

Government and MMRDA together may reduce from 49% to 26%.

I

(8) Directors of the Trustee Company and the Asset Mallagel1lclit Company:

The following officers of Government are hereby appointed as the first Directors of

both the Trustee Company and the Asset Managcrnent Company: -

(1)

(2)

(3)

The Principal Secretary, Urban Development Department.I

The Secretary, Water Supply & Sanitation Department.

The Metropolitan Commissioner, MMRDA

r.

If the financial institutions contribute to the Trust Fund in course of time, such

financial institutions will appoint Directors in the Trustee Company in proportion to. , .their contribution to the Trust fund. The Chairman of the Trustdb C~r;lpany will be

1.:1,1) .

nominated by the Government.

Initially, the Asset Management Company will have 7 Directors. Out of these, 4

Directors will be nominated by the financial institutions. The Chairman (non-

executive) and the Managing Director/Chief Executive Officer will be nominated by

the financial institutions, Government and MMRDA by consensus. For appointment

of the Chairman, one of the [our posts of Directors allotted to the financial

institutions will be used and for the appointment of Managing Director, the post of

Director earmarked for the Secretary, Water Supply and Sanitation Department will

be used.

(9) lnitial Shareholders of the Trustee Company and the Assc.t Managemcnt Company:I

The initial share capital of the Trustee Company and the Asset Management

Company will be Rs.5,OO,OOOI- (Rupees five Lakhs 'only) each. The initial

shareholders of these companies will be as follows>

The Trustee Company (a share-of Rs, 101- each) :-

(I) Government of Maharnshtra will subscribe to 49,994 shares.

(2) The Principal Secretary, Urban Development Department; the Secretary,

Watcr Supply and Sanitation Department; the Metropolitan Commissioner,

MMRDA; thc Principal Secretary, Finance Department; the Secretary,

Urban Development Department and the Director, Municipal Adrninistrntion

will subscribe to one share each."": t •

(a) facilitating access to institutional finance and capital markets for, -,

increased investment in urban infrastructure through development of

(b)I

reduction of cost of capital to local bodies through appropriate credit

bankable projects;

enhancement measures;

(e) promote private and community sector i participation In delivery and

financing of urban services with focus on consumer;I

(d) improving creditworthiness of the urban lobi bodies;

(e) initiating and sustaining urban institutional reforms through capacity

building, demonstration projects and policy support.I

(4) The functions of the MUIF will be as follows :-

(a) Proiect Development - Funding project development activities, getting project'. ," .

reports prepared and managing the process fH;lIn identification to financial

closure of projects on behalf of the Urban Local Bodies (ULBs).

Capacity Building - Developing skills regarding'iJroj}:,~t development,

implementation, monitoring and management in ULEs and enhancing their

creditworthiness (through measures such as delinking of property tax from rent

control, privatisation of octroi collection, management of their assets and

rationalisation of tariff etc.), traini~i' promotion of efficiencies in service

delivery and support for policy improvements at the state level.

(c) Facilitating Fil1LlIlce- Assisting ULBs in raising finance directly from financial

(b)

institutions and capital market and providing financial guarantees through Debt

Service Reserve Fund.

(d) Pa.rtial Direct Lcnding - Providing direct loan assistance for selective part-

financing of projects of ULBs which may find it difficult to obtain the required

amount of loans from the market. Such part-financing will be of assistance in

raising debt from the market and will be subject to ceilings. The extent of such

financing will, however, depend on availability of fund~ for this purpose.

(e) The initial Business Plan prepared for MUIF will be finalised by the Trustee

Company and the Asset Management Company set up as fapart of the MUIF

(5) Contribution to the Trust Fund:

The Government will provide a contribution of Rs.25,OO,OO,OOO/-(Rupees Twenty-

five Crore only) ill the first year and Rs.2G,OO,OO,OOOI- (Rupees Twenty-six Crore

only) in the second year of the establishment of the Trust round. In course of time if, I'dl'liI:"

financial institutions make funds available, the same will be accepted by the Trust'1\

Fund.

I. ~.t ••

2:~ :