Amendment status not verified — confirm the current text below against the official source.
(I) The Guwahati Metropolitan Develop ment Authority constituted under this Act shall be deemed to be a local authority as defined in the Local Authorities Loans Act, I9I4 (Central Act. I \ of I9I4) -for the purpose of borrowing money under that Act, and the making and execution of a plan and scheme shall be deemed to be a work which such local authority is legally authoiised to carry cm. Grants, ad vance and loans by State G o vernment. Powers borrow money. THE ASSAM G AZETTE, E X T R A -O R D IN A R Y , NOV. 14, 1987 941 (2) 'he Authority may, front time to time, bor row money by way of loans or debenture from such sources issue debenture at such rate of interest and for such period and upon terms, as the State Govern ment may approve, any sum of money required for carrying out the purposes of this Act or servicing any loan obtained by it. f.iG;" SO. The receipt of the Authority under this Act shall form a separate development fund and all ex penditure under this Act or any development scheme thereunder, shall be defrayed out of such fund. No portion of the fund shall, except with the sanction of the State Government, be expended for purposes not -provided by this Act. Siiikinx SI. (I) The Authority shall maintain a sinking r,!J- fund for the repayment of money borrowed or floa ted or issuing debenture by it. (2) The monev paid into the sinking fund shah be invested in such manner and in such sueurities as' may be prescribed. (3) The sinking fund or any part thereof shall be applied in or towards, the discharge of the loan or part thereof for which such fund is created and until such loan or part thereof is wholly discharged, the monev standing to the credit of the fund shall be applied for no other purpose. Budwtofthe