Section 111. Not withstanding anything contained in this chapter, the Municipality may,

within the limits set by the comprehensive debt limitation policy fra med under
section 108, from time to time take a sh ort-term loan repayable within such
period not e xceeding twelve months, from any other sched uled bank, for such
purpose, not bei ng a pu rpose referred to in sub section (1) of section 109, on
such terms, and on furnishing such security for th e repayment of such loan. as
ma be approved by the State Government.