Amendment status not verified — confirm the current text below against the official source.
Power of municipality to raise short term loan.- Notwithstanding anything contained in this chapter, the municipality may, within the limits set by the comprehensive debt limitation policy framed under section 132, from time to time, take a short-term loan repayable within such period, not exceeding twelve months, from any scheduled bank, for such purpose, not being a purpose referred to in sub-section (1) of section 133, on such terms , and on furnishing such security for the repayment of such loan, as may be approved by the State Government.