(1)The Municipality shall maintain sinking funds for the repayment of money borrowed on debentures issued and [shall pay by quarterly instalments into such sinking funds such sum as will be sufficient for the repayment within the period fixed for the loan of all moneys borrowed on debentures issued and in the event of default in payment of quarterly instalments, the grants due from Government shall be remitted to the Sinking Fund.] [Substituted by Act 14 of 1999, w.e.f. 24-3-1999.]
