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(1) The Authority may, with the consent of the State Government or in accordance with the terms of any general or special authority given to it by the State Government, borrow money from any source by the issue of bonds, debentures or such other instruments as it may deem fit for discharging all or any of its functions under this Act. (2) The provisions of sub-section (1) shall apply to all commitments of payment exceeding rupees fifty crore per annum under any concession for financing and development of a highway, as if such financing is a borrowing of money by the Authority. (3) Subject to such limits as the State Government may, from time to time, lay down, the Authority may borrow temporarily by way of overdraft or otherwise, such amounts as it may require for discharging its functions under this Act. (4) The State Government may guarantee in such manner as it thinks fit the repayment of the principal and the payment of interest thereon with respect to the borrowings made by the Authority under sub-section (1) or the commitments of payment made under sub-section (2).
(1) The Authority may, with the consent of the State Government or in accordance with the terms of any general or special authority given to it by the State Government, borrow money from any source by the issue of bonds, debentures or such other instruments as it may deem fit for discharging all or any of its functions under this Act. (2) The provisions of sub-section (1) shall apply to all commitments of payment exceeding rupees fifty crore per annum under any concession for financing and development of a highway, as if such financing is a borrowing of money by the Authority. (3) Subject to such limits as the State Government may, from time to time, lay down, the Authority may borrow temporarily by way of overdraft or otherwise, such amounts as it may require for discharging its functions under this Act. (4) The State Government may guarantee in such manner as it thinks fit the repayment of the principal and the payment of interest thereon with respect to the borrowings made by the Authority under sub-section (1) or the commitments of payment made under sub-section (2). <br>