New Delhi Municipal Council Act,1994

Act No : 44

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Section : Maintenance and investment of sinking funds.

131. Maintenance and investment of sinking funds. (1) The Council shall maintain sinking funds for the repayment of money borrowed on debentures issued and shall pay every year into such sinking funds such sum as will be sufficient for the repayment within the period fixed for the loan of all moneys borrowed on the debentures issued. (2) All money paid into the sinking funds shall, as soon as possible, be invested by the Chairperson in public securities and every such investment shall be reported by the Chairperson to the Council within fifteen days. (3) All dividends and other sums received in respect of any such 46 investment shall, as soon as possible after receipt, be paid into the sinking funds and invested in the manner laid down in sub-section (2). (4) When any part of a sinking fund is invested in New Delhi municipal debentures, or is applied in paying off any part of a loan before the period fixed for repayment, the interest which would otherwise have been payable on such debentures or on such part of the loan shall be paid into the sinking fund and invested in the manner laid down in sub-section (2). (5) Any investment made under this section may, subject to the provision of sub-section (2), be varied or transposed.

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