State Act
156
Section 156. Limit of borrowing powers.
THE KARNATAKA MUNICIPAL CORPORATIONS ACT, 1976.
Act no. 14 of 19771977In forceKarnataka (State Act)
156. Limit of borrowing powers.- Notwithstanding anything hereinafter contained, the borrowing powers of the corporation shall be limited so that the sum payable annually for interest and for the maintenance of the sinking funds as hereinafter provided, and for interest and repayment of any sums borrowed otherwise shall not, except with the express sanction of the Government, exceed ten percent of the rateable value of buildings and lands as determined under Chapter X.