Section 120(4) in Gauhati Municipal Corporation Act, 1971
(4)In the Budget Estimates the Corporation shall among other things -(a)Make adequate and suitable provisions for such of the several duties imposed by this Act;(b)Provide for the payment of all instalments of the principal and interest as they fall due for which the Corporation may be liable in respect of loans contracted by it;(c)Allow for a closing balance at the end of the year of not less than one lakh rupees as prescribed by rules
