TAMIL NADU URBAN ROAD INFRASTRUCTURE FUND (TURIF)
The Government of Tamil Nadu have created a non-lapsable fund in the name of Tamil Nadu Urban Road Infrastructure Fund (TURIF) to implement Tamil Nadu Urban Road Infrastructure Project (TURIP). The fund is managed by Tamil Nadu Urban Infrastructure Financial Services Limited (TNUIFSL)
The objective of TURIP is to implement through a dedicated non-lapsable fund, namely, the Tamil Nadu Urban Road Infrastructure Fund (TURIF) to improve / renovate / relay roads and related infrastructure in the Municipal Corporation, Municipalities and Town Panchayats of Tamil Nadu.
The fund will have multiple sources viz., a portion of the assigned revenue payable to Municipal Corporations, Municipalities and Town Panchayats on account of surcharge on stamp duty, a portion of devolution to the Urban Local Bodies, proceeds from the issue of bonds and other market borrowings, other borrowings from Government, grants and any other source as decided by the Government, from time to time. The interest from investments and any other income earned or accruing to TURIF will also form part of its corpus and will be applied for the purposes for which the fund is created.
The TURIF will finance improvement, renovation and relaying of roads in the Urban Local Bodies including related infrastructures such as pedestrian footpaths, storm water drains, signages, provision for ducting, street furniture, protective structures such as retaining walls, minor cross drainage structures, minor bridges and bus stands.
All Municipal Corporations, Municipalities and Town Panchayats in the State are eligible for funding under this project.
Application from the ULBs for financial assistance along with the detailed estimate of the project and other relevant documents shall be scrutinized by the Commissioner of Municipal Administration / Director of Town Panchayats and placed before the Committee for approval. The Committee consisting of Principal Secretary to Government, Municipal Administration and Water Supply Department as Chairperson, the Commissioner of Municipal Administration and the Director of Town Panchayats as members shall approve the proposals and sanction grants from TURIF. The funds from TURIF shall be released to the ULBs based on the proceedings of the Commissioner of Municipal Administration / Director of Town Panchayats and utilization certificates for the grant already disbursed to ULBs.