Section 77 in The Orissa Development Authorities Act, 1982
77. Fund of the Authority.
(1)The Authority shall have and maintain its own fund to which shall be credited-(a)all moneys received by the Authority from the State Government by way of grants, loans, advances or otherwise ;(b)all moneys borrowed by the Authority from sources other than the State Government by way of loans or debentures ;(c)all fees and charges received by the Authority under this Act;(d)all moneys received by the Authority from the disposal of land, buildings and other properties, movable and immovable;(e)all moneys received by the Authority under Sections 78 and 79 ;(f)all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.(2)The fund shall be applied towards meeting the expenses incurred by the Authority in the administration of this Act and for an other purpose.(3)The Authority may keep in any scheduled bank or banks such sum of money out of its fund as it may deem fit.(4)The State Government may make such grants, advances and loans to the Authority as the State Government may deem necessary for the performance of the functions, of the Authority under this Act, and all grants, loans and advances made shall be on such terms and conditions as the State Government may determine.(5)The Authority may from time to time borrow money by way of loans and debentures from such sources and on such terms and conditions as may be approved by the State Government.(6)The Authority shall maintain a sinking fund for the re-payment of moneys borrowed under Sub-section (5) and shall pay every year into the sinking fund such sum as may be sufficient for re-payment within the period fixed, of all moneys so borrowed.(7)The sinking fund shall be applied in or towards, the discharges of the loan for which such fund was created and until such loan is wholly discharged, it shall not be applied for any other purpose.(8)The Authority shall be deemed to be a local authority as defined in the Local Authority Loans Act, 1914 (9 of 1914) for the purpose of borrowing money under that Act but the provisions of that Act and the rules made thereunder shall have effect subject to the provisions contained in this Act.(9)The State Government may make rules to regulate the borrowing by the Authority under Sub-section (5).
