Section 67(1) in Siliguri Municipal Corporation Act, 1990
(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.
