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 objectives of TURIP are as follows:
- Develop a sustainable urban road infrastructure in Urban Local Bodies in a phased manner
- Maintain the asset created under this project and
- Funding urban road infrastructure in Tamil Nadu through a dedicated non-lapsable fund, namely, the Tamil Nadu Urban Road Infrastructure Fund.
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, proceeds from issue of bonds and other market borrowings, grants, repayments from borrowers of the fund and any other source as decided by the Government, from time to time.
All Urban Local Bodies (Municipal Corporations, Municipalities and Town Panchayats) in the State of Tamil Nadu are eligible for funding under this project.
The TURIF will finance for improvement/renovation/relaying of roads in the Urban Local Bodies including related infrastructures such as roads, pedestrian footpaths, storm water drains, signages, provision for ducting, street furniture, productive structures and cross drainage structures.
Application from the ULBs for financial assistance along with the detailed estimate of the project shall be scrutinized by the Director of Municipal Administration / Director of Town Panchayats and placed before the Committee for approval. The Committee 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 Director of Municipal Administration / Director of Town Panchayats.