State Act

The Mumbai Municipal Corporation Act.

93. Debts payable by the Corporation.— So much of the following moneys as are still repayable on the day when this Act comes into force shall be repaid, together with the interest due thereupon, by the Corporation, namely:— (a) to the 8[Government]— (i) Vehar water-works debt.— the balance of the debt due on account of the Vehar water-works 9[referred to] in section 140 of the Bombay Municipal Act of 1872 10 (Bom. III of 1872) and 1878 1 (Bom. IV of 1878) with simple interest thereon at the rate of four per centum per annum; (ii) The consolidated loan.— the balance of the consolidated loan, as the same was defined in section 3, clause (3) of the Bombay Municipality’s Consolidated Loan Act, 1880 2 (Bom. II of 1880), due on various accounts, with interest thereon at the rate of four-and-a-half per centum per annum; (b) to municipal security-holders— (iii) House rate and market loans of 1867-1868.— the house rate loan and the two market loans raised in 1867 and 1868 under the provisions of the Bombay Municipal Act, 1865 3 (Bom. II of 1865) with interest thereon at the rate of six per centum per annum; (iv) New drainage loan of 1878.— the drainage loan of 1878 raised under the provisions of the Public Works’ Loan Act, 1871 4 (XXVI of 1871), with interest thereon at the rate of five per centum per annum; (v) Sanitary works’ loans of 1885, 1886 and 1888.— the sanitary works’ loan of 1885, 1886 and 1888 contracted under the provisions of the Local Authorities Loans Act, 1879 5 (XI of 1879) with interest thereon at the rate of five per centum per annum; (vi) Tansa water-works’ loan.— the portion of the Tansa water-works’ loan contracted under the Act last aforesaid previous to the coming into force of this Act; (vii) Drainage and water works’ loan of 1888.— the portion of the drainage and water-works’ loan of 1888 contracted under the said Act previous to the coming into force of this Act.