Section 22 in Andhra Pradesh Urban Areas (Development) Act, 1975
22. Fund of the Authority.
(1)The Authority shall have and maintain its own fund to which shall be credited-(a)all money received by the Authority from the State and Central Governments, by way of grants, loans, advances or otherwise :(b)all moneys borrowed by the Authority from sources, other than Government, by way of loan 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 lands, buildings and other properties, moveable, and immoveable ; and(e)all moneys received by the Authority by way of rents and profits or in any 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 no other purposes.(3)The Authority may keep such sum of money out of its funds as it may deem fit in deposit in any of the scheduled banks and any money in excess of the said sum shall be invested in such manner as it may think fit.(4)The Government, may after due appropriation made by the State Legislature by law in this behalf, make such grants, advances and loans to the Authority as the 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 Government may determine.(5)The Authority may borrow money by way of loans or debentures or in any other manner from any source, other than the Government.(6)The Authority shall maintain a sinking fund for the repayment of moneys borrowed under sub-section (5) and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed, of all moneys so borrowed.(7)The sinking fund or any part thereof shall be applied in or towards, the discharge 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 may accept grants, subventions, donations and gifts from the Central Government or a local authority or any individual or body whether incorporated or not, for all or any of the purposes of this Act on such terms and conditions as the Government may determine.(9)Loans borrowed and debentures issued under this section may be guaranteed by the Government as to the repayment of the principal and the payment of interest at such rate as may be fixed by the Government.(10)Notwithstanding anything in any law relating to local authorities, every local authority comprised within a development area or within whose local limits the area developed is situated, shall contribute to the Authority such amount as may be agreed upon between the Authority and that local authority or in default of such agreement, as may be fixed by the Government.
