Section 28 in Andhra Pradesh Capital Region Development Authority Act, 2014
28. Mobilising financial resources.
(1)The Authority may, from time to time, for the purposes of this Act, raise loans from the Government or, mobilise resources from any other source, either by creation and issue of debentures, bonds, or otherwise.(2)The Authority shall pay interest on such loans at such rates and at such times, and shall make such provision for the mode and time or times of repayment of principal.(3)The Authority may, from time to time borrow by way of a temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require,-(a)for the purpose of defraying expenses pending the receipt of revenues receivable by it in respect of the period of account in which those expenses are chargeable; or(b)for the purpose of defraying, pending the receipt of money due in respect of a loan authorised to be raised under sub-section (1), expenses intended to be defrayed by such loan.(4)Loans, debentures and bonds 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 agreed upon.Explanation. - For removal of doubts, it is hereby declared that the Authority may raise finance for any project or scheme for the development of the capital region and extend assistance to the local bodies in the region for the execution of such project or scheme;(5)All loans raised by the Authority under this section, together with all interest and other sums payable in respect thereof, shall be charged indifferently upon all the revenues of the Authority and shall rank equally with one another, with priority over any other charge on the revenues of the Authority.(6)The Authority shall maintain a sinking fund for the repayment of loans and moneys borrowed and shall pay every year into the sinking fund such sum as may be required under the borrowing contract and sufficient for repayment within the period fixed for all moneys so borrowed.
