Section 183 in The Orissa Municipal Corporation Act, 2003
183. Annual examination of Sinking Fund.
(1)All Sinking Funds established under this Act shall be subject to annual examination by the Chief Auditor who shall ascertain whether the cash and the value of securities belonging to such Sinking Funds are equal to the amount which should be at the credit of such Sinking Funds, had the investment under Section 171 been regularly made and had the interest accruing from such investments been regularly obtained.(2)The amount which should be at the credit of a Singing Fund shall be calculated on the basis of the sums paid into such Sinking Fund under Section 168.(3)The value of securities belonging to a Sinking Fund shall be the current value of such securities, unless such securities become due for redemption at par with, or above, their face value before maturity in which case their current value shall be taken as their redemption value, except in the case of the debentures issued by the Corporation which shall always be valued at par with their face value, provided that the Corporation shall make good immediately any loss owing to the sale of such debentures for repayment of the loan raised under Sub-section (1) of Section 165-(4)The Corporation shall forthwith pay into a Sinking Fund such amount as the Chief Auditor may certify to be deficit in respect of such Sinking Fund, unless the State Government specially sanctions a gradual readjustment of such deficit.(5)If the cash and the value of the securities at the credit of a Sinking Fund are in excess of the amount which should be at the credit of such Sinking Fund, the Chief Auditor shall certify the amount of such excess sum, and the Corporation shall, thereupon, transfer the excess sum to the Corporation Fund in the General Account.(6)if any, dispute arises as to the accuracy of any deficit or excess referred to in the certificate under Sub-section(4) or Sub-section (5), the Corporation may, after payment of such deficit or after transfer of such excess, as the case may be, refer the matter to the Government whose decision thereon shall be final.
