(1)All money paid into a Sinking Fund shall, as soon as possible, be invested by the Empowered Standing Committee in-(a)Government securities, or(b)Securities guaranteed by the Central Government or any State Government, or(c)Debentures issued by the Municipality, or(d)Such other public securities as may be approved by the State Government, and shall be held by the Municipality for the purpose of repaying, from time to time, the loans raised by it by the issue of debentures or otherwise.
