74th Constitutional Amendment Act

The Special Purpose Vehicle (SPV) will be created by each city to implement the Smart Cities Mission (SCM) at the city level. The SPV will be in charge of planning, appraising, approving, releasing funds, implementing, managing, operating, monitoring and evaluating the projects in their city. The States will ensure that there is a dedicated revenue stream for the SPV and the SPV should evolve its own credit-worthiness for raising additional resources from the market.