Official Gazette-Issue 41- Addendum - 23/7/2002 Second- Funding: 1) The TRA shall draw its revenues from the following sources: a) fees collected from licensing applications and annual fees paid by Licensees for the management, supervision, enforcement and implementation of the functions entrusted to the TRA, provided that the total amount of fees collected is commensurate with the actual total cost of regulating the sector and, when necessary, with the overall turnover of Public Telecommunications Services Providers; b) fees collected for Radio Frequency monitoring and management which shall be determined by decree, upon the proposal of the Minister and the recommendation of the TRA, based on studies of the actual cost of Radio Frequency management; c) a percentage of the usage fees of radio frequency as specified under Article 17 of the present Law, to be determined by decree, upon the proposal of the Minister, provided that the fees do not exceed 10 percent of the revenues generated in relation to radio frequency usage; d) unconditional grants and donations from sources with no direct or indirect interest in the telecommunications sector, subject to the approval of the Council of Ministers; and f) sums due to the TRA and held by the Ministry that shall be transferred from the treasury account to the TRA account twice a year during the months of February and July. 2) In addition to the above revenues, the TRA shall, for a maximum period of two years from the date of its constitution, receive extraordinary funds from contributions specially allocated in the public budget. Upon the lapse of the two-year period, all operations of the TRA shall be funded in accordance with the provisions of Article 11, Second part, Paragraph 1. 3) Revenues from the concession process shall not be listed as ordinary revenues of TRA and shall be deposited in the treasury account. 4) Any annual deficit or surplus shall be carried forward to the TRA’s budget for the following year, provided that such excess does not exceed 20 percent of the budget of the previous year. The TRA may also allocate appropriate reserves for special purposes provided such reserves do not exceed 15 percent of its annual budget. 5) Any surplus resulting from TRA activities shall be transferred on a quarterly basis to the treasury account. 10