State Act

The Mumbai Municipal Corporation Act.

15[119A. Constitutions of the consolidated Water Supply and Sewage Disposal Loan Fund.— (1) The Corporation shall establish and set apart for the purposes of ‘G’ budget a separate fund to be called “the Consolidated Water Supply and Sewage Disposal Loan Fund” for the purposes of carrying into effect the provisions of Chapters IX and X. (2) The following moneys shall be credited to the said Loan Fund, namely:— (a) any sums borrowed in exercise of the powers conferred by or under this Act for the purposes of Chapters IX and X; (b) such portion of the Sinking Fund referred to in clause (f) of section 106 as the Corporation may, from time to time, determine. (3) The Fund so established shall be applied for,— (a) the expenditure on capital works for the purposes of Chapters IX and X; (b) the repayment of the previous loans raised for such capital works. (4) Any moneys of the said Fund, not used or not immediately to be used in accordance with the last preceding sub-section, shall be invested by the Commissioner, on behalf of the Corporation with the sanction of the 1[Standing Committee], in such manner as he deems fit and proper.