Amendment status not verified — confirm the current text below against the official source.
In the Kerala Local Authorities Loans Act, 1963 (30 of 1963),- (1) in section 2, for clause (i), the following shall be substituted, namely:- "(i) "local authority" means any person legally entitled to the control or management of any local fund or legally entitled to impose any cess, rate, duty, fee or tax and includes the Panchayat or the Council of the Municipality, as the case may be, and also includes the Secretary of such local authority if he has been specifically authorised by the local authority for discharging the duties and functions under this Act. Explanation.-A person means and includes any authority or body corporate."; (2) in section 3, after sub-section (2). the following sub-section shall be inserted, namely:- "(3) The borrowing powers of a local authority shall be fixed by the Government in relation to the annual income of that local authority. Provided that nothing in this section shall affect the issuance of Revenue Bonds by the local authority by pledging the revenue stream from the project ring fenced by escrow accounts and credit enhancements.".