Amendment status not verified — confirm the current text below against the official source.
Power of the Authority to raise finances and borrow.- (1) Subject to previous sanction of the State Government and such other terms and conditions as may be specified, the Authority may, from time to time, raise finances or borrow money required for the purposes of this Act through loans or debentures or issuing bonds or any other financial instrument from sources other than the State Government and the Central Government. (2) Loans borrowed and debentures issued under this section shall be guaranteed by the State Government as to the repayment of principal and the payment of interest at such rate as may be fixed by the State Government. (3) The Authority shall be competent to mortgage or create charge by the way of security on any of its properties or assets for loan obtained under this section.