Section 20 in Uttarakhand Special Area (Planned Development and Promotion of Tourism) Act, 2013
20. Power of Authority to Borrow.
(1)The Authority may, from time to time, subject to the provisions of this Act, borrow any sum by way of loan, debentures, bonds, whether secured or not, from the Central Government or State Government or such other sources including Banks and financial Institutions.(2)The rules made by the State Government for the purposes of this section may empower the Authority to borrow by the issue of debentures and to make arrangements with bankers.(3)All debentures issued by the Authority shall be in such form as the Authority, with the sanction of the State Government, may from time to time determine.(4)Loans borrowed and debentures issued under this section may be guaranteed by the State Government as to the repayment of principal and the payment of interest at such rate as may be approved by the State Government.(5)The Authority shall, if so required, have power to create security over its property by way of mortgage, charge or as the case may be for availing the Loan from Banks and financial Institutions or for issuing the debentures with the prior approval of the State Government.(6)The Authority may also invest its funds in Banks, financial institutions or such other securities as may be approved, notified by the Government for the purpose.
