Section 134(1) in The Calcutta Municipal Corporation Act, 1980
(1)The Corporation may from time to time by a resolution in this behalf passed at a meeting of the Corporation raise a loan, by the issue of debentures or otherwise on the security of the consolidated rate or of all or any of the taxes, surcharges, cesses and fees and dues under this Act or of both the consolidated rate and all or any of the taxes, surcharges and cesses and fees and dues under this Act, or on the guarantee by the State Government, of any sum of money which may be required-(a)for the construction of works under this Act, or(b)for the acquisition of land or buildings for the purposes of this Act, or(c)to pay off any debt due to the State Government, or(d)to repay a loan raised under this Act, or(e)for the acquisition of a public utility concern which renders such services as the Corporation is authorised to render under this Act, or(f)for the purchase of vehicles, locomotive engines, boilers and machinery necessary for carrying out the purposes of this Act, or(g)for any other purposes for which the Corporation is, by or under this Act or any other law in force for the time being, authorised to borrow :Provided that-(i)no loan shall be raised without the previous sanction of the State Government; and(ii)the rate of interest to be paid for such load and the terms and conditions (including the period) of repayment thereof shall be subject to the approval of the State Government :Provided further that any loan may be taken from the State Government or the Calcutta Metropolitan Development Authority in addition to the loans as aforesaid.
