Section 102 in The Chhattisgarh Municipal Corporation Act, 1956
102. Power of Corporation to borrow money.
(1)Subject to the provisions of Section 104 of this Act, the Corporation in pursuance of a resolution passed at a special meeting convened for the purpose may, by the issue of debentures or otherwise on the security of the immovable property vested in the Corporation or of all or any taxes, duties, tolls, cesses, fees and dues authorised by this Act or of both the immovable property and all or any tax, duties, tolls, cesses, fees and dues raise a loan of any sum which may be required-(i)for the construction of works under this Act; or(ii)for the acquisition of land for the purposes of this Act; or(iii)for the payment of a loan raised under this Act or any other loan or debt for the re-payment of which the Corporation is liable; or(iv)generally for carrying out the purposes of this Act, including the advance of loans authorised thereunder:Provided that-(i)no loan shall be raised for the construction of any work other than a permanent work, which expression shall include any work of which the cost should in the opinion of the Government be spread over a term of years;(ii)no loan shall be raised without the previous sanction of the Government;(iii)the terms upon, the period within and the method by which the loan is to be raised and repaid, shall he subject to the approval of the Government; and(iv)the period within which the loan is to be repaid shall in no case exceed fifty years.(2)When any sum of money has been borrowed under sub-section (1)-(i)no portion thereof shall, without the previous sanction of the Government, be applied to any purpose other than that for which it was borrowed; and(ii)no portion of any sum of money borrowed under clause (i) of sub-section (1) shall be applied to the payment of salaries or allowances of any municipal officers or servants, other than those who are exclusively employed upon the works for the construction of which the money was borrowed :Provided that with the previous sanction of the Government, part of the salaries or allowances of any municipal officer or servant employed in part upon the construction of such work may be paid out of the sum so borrowed.(3)The amount of the loan, the period within which it shall be repaid, and the term upon and the method by which the loan is to be raised and repaid shall be notified in the Gazette by the Government.
