(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 repayment of a loan raised under this Act or any other loan or debt for the repayment of which the Corporation is liable:
(i) No loan shall be raised for the construction of any work other than permanent work, which expression shall include any work of which the cost should in the opinion of the State Government be spread over a term of years;
(ii) No loan shall be raised without the previous sanction of the State Government;
(iii) The terms upon, the period within and the method by which the loans is to be raised and repaid, shall be subject to the approval of the State Government; and
(iv) The period within which the loan is to be repaid shall in no case exceed fifty years.
(i) No portion thereof shall, without the previous sanction of the State 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.
Section 91 • The City of Panaji Corporation Act, 2002
91. Power of Corporation to borrow money.
the-city-of-panaji-corporation-act-2002-sec-91.json
•
Section 91
{
"act_title": "The City of Panaji Corporation Act, 2002",
"act_slug": "the-city-of-panaji-corporation-act-2002",
"section_label": "Section",
"section": {
"number": "91",
"title": "91. Power of Corporation to borrow money.",
"chapter": null,
"content": "(i) for the construction of works under this Act, or\n(ii) for the acquisition of land for the purposes of this Act, or\n(iii) for the repayment of a loan raised under this Act or any other loan or debt for the repayment of which the Corporation is liable:\n(i) No loan shall be raised for the construction of any work other than permanent work, which expression shall include any work of which the cost should in the opinion of the State Government be spread over a term of years;\n(ii) No loan shall be raised without the previous sanction of the State Government;\n(iii) The terms upon, the period within and the method by which the loans is to be raised and repaid, shall be subject to the approval of the State Government; and\n(iv) The period within which the loan is to be repaid shall in no case exceed fifty years.\n(i) No portion thereof shall, without the previous sanction of the State Government be applied to any purpose other than that for which it was borrowed; and\n(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.",
"footnote": "",
"is_definition": false,
"sort_order": 89
},
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"next_section": "92"
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