State Act

The Maharashtra Municipal Corporations Act

2[91A. Establishment of Consolidated Water Supply and Sewage Disposal Loan Fund.— (1) The Corporation shall establish and set apart for the purposes of budget estimate ‘C’ 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 XII and XIII. (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 XII and XIII; (b) such portion of the sinking fund referred to in section 112 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 XII and XIII; (b) the repayment of the loans raised for such capital works. (4) Any moneys of the said fund, not used or not immediately to be used in accordance with sub-section (3), shall be invested by the Commissioner, on behalf of the Corporation, with the sanction of the Standing Committee, in such manner as he deems fit and proper.