URBAN COUNCILS ACT Chapter 29:15 (b) for the assets and liabilities which are to be authorized or required to be transferred to the fund; and (c) without prejudice to the generality of paragraphs (a) and (b), for securing that payment shall be made to the fund of such amounts and at such times as are necessary for fulfilling any requirements as to— (i) the period within which loans are to be repaid; and (ii) the obligations of the council to repay loans and interest on loans; and for defraying the management expenses of the fund; and (d) for the keeping of separate accounts of— (i) receipts and outgoings of the fund determined by the scheme to be of a capital and of a revenue nature respectively; and (ii) expenditure in connection with the management of the fund; and (e) as to the investment, or the application in the repayment or redemption of loans, of assets of the fund which are for the time being not required for other purposes. (3) A scheme referred to in subsection (1) may be varied or revoked by a subsequent scheme prepared by the council and approved by the Minister. (4) Advances may only be made from the consolidated loans fund for any purpose mentioned in subsection (1) of section two hundred and ninety for which the council has the necessary borrowing power. 298 Capital development fund (1) Subject to subsection (4), a council shall establish one or more capital development funds from which moneys shall be issued as advances repayable to such fund— (a) for the purpose of financing capital expenditure; or (b) for the creation or replacing of assets appropriate to the function or functions for which the capital development fund was established: Provided that any moneys in the capital development fund which are not immediately required for advances in terms of this section shall be invested in a manner specified in section three hundred and two; (2) There shall be paid into the capital development fund or, where more than one capital development fund is being operated, into the appropriate capital development fund— (a) such sums of money as the council may from time to time determine; and (b) the capital sum due in respect of repayments of advances made from that fund; and (c) the interest payable on advances made from that fund which shall not be less than such rate as may be fixed by the Minister from time to time; and (d) subject to sections one hundred and ninety-one and three hundred, the proceeds received by the council from the sale of any asset of a capital nature after the deduction from such proceeds of— (i) the repayment of any loan outstanding in respect of that asset; or (ii) the payment into a sinking fund of a sum which will, with accumulations in the way of compound interest, be sufficient to redeem by due date the loan outstanding in respect of that asset: Provided that the net proceeds of the sale of immovable residential property may, with the consent of the Minister, be withheld and applied to any purpose related to housing; and (e) amounts provided in the revenue estimates for the purchase of any plant, equipment or vehicle, the cost of which will exceed ten thousand dollars. (3) Where an advance has been made in terms of subsection (1)— (a) the advance shall be deemed to be due and owing to the capital development fund from which it was made and shall be repaid thereto over a period fixed by reference to the estimated life of the asset concerned; and 119