Section 3 in The Karnataka Ceiling On Government Guarantees Act, 1999
3. Ceiling on Government guarantees.
- The total outstanding Government guarantees as on the first day of April of any year shall not exceed eighty percent of the State's revenue receipts of the second preceding year as in the books of the Accountant General of Karnataka:Provided that the ceiling on the Government guarantee shall not apply for any additional borrowing for implementation of the Upper Krishna Project, for the purpose of utilising the water resources as per Bachawath Award.
