Section 165(1) in The Orissa Municipal Corporation Act, 2003
(1)A Corporation may, from time to time, raise, by a resolution in this behalf passed at a meeting of the Corruption, a loan within the limits set by the comprehensive debt limitation policy framed under Section 164, by the issue of debentures or otherwise, on the security of the property tax or of all or any of the other taxes, surcharges, cesses and fees and dues under this Act or of both the property tax and all or any of the other taxes, surcharges, cesses and fees and dues under this Act, or on the guarantee by the Government, of any sum of money which may be required for -(a)construction of works under this Act, or(b)acquisition of lands and buildings for the purposes of this Act, or(c)paying off any due to the Government, or(d)repayment of a loan raised under this Act, or(e)acquisition of a public utility concern which renders such services as the Corporation is authorized to render under this Act, or(f)purchase of vehicles, locomotive engines, boilers and machinery necessary for carrying out the purposes of this Act, or(g)any other purpose for which the Corporation is, by or under this Act or any other law for the time being in force, authorized to borrow :Provided that any loan proposed to be raised which goes beyond the limits set by the comprehensive debt limitation policy as aforesaid shall require the previous sanction of the Government in regard to its purpose, the quantum, the rate of interest and the period for repayment, and the other terms and conditions, if any :Provided further that in addition to the loans as aforesaid, the Corporation may also take loan from the Government or any statutory body or public sector undertaking.
