Section 67 in Siliguri Municipal Corporation Act, 1990
67. Investment of the amount of the Sinking Fund.
(1)All moneys paid into a Sinking Fund shall as soon as possible be invested by the Corporation in-(a)Government securities, or(b)securities guaranteed by the Central or any State Government, or(c)debentures issued by the Corporation, or(d)debentures issued, if any, by the Siliguri Development Authority, or(e)any public securities approved by the State Government and shall be held by the Corporation for the purpose of repaying from time to time the loans raised by it by the issue of debentures or otherwise.(2)All dividends and other sums received in respect-of any such investment shall, as soon as possible, be paid into the appropriate Sinking Fund and invested in the manner laid down in sub-section (1).(3)Moneys paid into two or more Sinking Funds may, at the discretion of the Corporation, be invested together as a common fund and it shall not be necessary for the Corporation to allocate the securities held in such investments among the several Sinking Funds.(4)Any investment made under this section may from time to time, subject to the provisions of sub-section (1), be varied or transposed.
