Section 19Part 4 — Financial Provisions
Revenue to be placed into Road Fund and transferred to the Authority to fund its operating costs
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19. (1) The Cabinet, with effect from 1st January 2022, shall authorise the transfer of revenue not exceeding fourteen million dollars, to the Authority, via the Road Fund, for the purpose of funding the Authority’s annual operating cost, in particular, the construction, upgrading, rehabilitation and maintenance of public roads.
The revenue, referred to in subsection (1), shall be comprised of —
one hundred per cent of the fuel import duty charged, collected and paid under the Customs Tariff Act (2023 Revision), on gasoline and diesel used by motor vehicles (excluding fuel import duties for diesel consumed by Caribbean Utilities Company); and
one hundred per cent of the fees collected and paid under the Traffic Regulations (2022 Revision), on motor vehicle drivers’ licences, and, upon being collected by the government, the revenue shall be transferred to the Authority via the Road Fund.
The Cabinet may by regulations, amend —
subsection (1) (in respect of the limit on the amount of revenue to be transferred to the Authority from the two sources of revenue referred to in subsection (2));
subsection (2) (in respect of the sources from which the amount of revenue referred to in subsection (1) will be derived); or
both subsections (1) and (2).
Regulations made under subsection (3) are subject to negative resolution of the Cayman Islands Parliament. Section 20 National Roads Authority Act (2024 Revision) Page 18 Revised as at 31st December, 2023 c
Where the Cabinet varies the revenue referred to in subsection (1), by regulations made under subsection (3), the increase or decrease in revenue, shall be transferred in accordance with subsections (6) or (7) respectively.
Where the variation of revenue by the Cabinet, referred to in subsection (5), results in an increase in the revenue referred to in subsection (1), the increase shall be transferred to the Authority via the Road Fund.
Where the variation of revenue by the Cabinet, referred to in subsection (5), results in a decrease in the revenue referred to in subsection (1), any excess revenue shall be transferred from the Road Fund to the general revenue of the Islands.
Where the revenue in the Road Fund, generated from the two direct sources of funding for the Authority’s operating costs referred to in subsection (2), exceeds the revenue approved by the Cabinet for the purpose set out in subsection (1), the excess revenue shall be transferred from the Road Fund to the general revenue of the Islands.