Section 164 in The Orissa Municipal Corporation Act, 2003
164. Comprehensive debt limitation.
- The Government shall frame a comprehensive debt limitation policy applicable in the case of loans, including short-term loans, to be raised by the Corporations, laying down, inter alia, the general principles governing the raising of loans by the Corporations, the limit of the loans which any Corporation may raise having regard to its financial capacity, the rate of interest to be paid for such loans, and the terms and conditions, including the period of repayment thereof.
