Russias lower house OKs 1st read of bill on road fund creation

The State Duma, the Russian parliamentŐs lower house, on Tuesday approved the first reading of a bill on the creation of road funds.

Under the bill, road funds may be created on both federal and regional government levels.

The federal road fund should be formed in the federal budget from two parts: a basic amount of government spending of 254.1 billion rubles and a forecasted amount of federal budget revenue, including income from an increase in oil product excises and some other income received from the use of federal automobile roadsŐ infrastructure.

The creation of a regional road fund requires the adoption of a separate bill by January 1, 2012.

To become law, the bill must be approved by the State Duma in two more readings and by the Federation Council, the parliamentŐs upper house, in one reading before being signed by the president.

Prime-TASS, February 8, 2011