(1) the Standing Committee may sell, or grant lease of, or otherwise dispose of, by public auction, any movable property, and may grant lease of, or let out >kj[k.M xtV ¼vlk/kkj.k½] o`gLifrokj 9 Qjojh] 2012 479 on hire or authorise the developer appointed for the furtherance of the objective of the Act, to sublease or carry out any arrangement in any of the concession agreement under Public Private Partnership, any movable or immovable property, belonging to the municipality,
(2) the municipality may, with the prior approval of the State Government, for valuable consideration, sell or otherwise transfer, any immovable property belonging to it which is not required for carrying out the purposes of this Act, and
(3) the municipality shall not transfer any immovable property vested in it by virtue of section 126, but shall cause the same to be maintained, controlled and regulated in accordance with the provisions of this Act and the rules and the regulations made thereunder:
Provided that the State Government may authorize, in the public interest, the disposal of such immovable property by the municipality, if the municipality so requires, for reasons to be recorded in writing.
Explanation- "valuable consideration" shall, in relation to any immovable property, means anything of considerable value in terms of money or property given in lieu of transfer, by way of sale or otherwise, of such immovable property.
131. Inventory of properties of municipality -
(1) The Municipal Commissioner or the Executive Officer shall maintain a register and a map of all the immovable properties of which the municipality is the owner or which is vested in it, or which the municipality holds in trust for the Government, and a register of all movable properties belonging to the municipality.
(2) The Municipal Commissioner or the Executive Officer shall, in the case of the an inventory of the immovable property, prepare an annual statement indicating the changes, if any, in the said inventory and shall place the same before the Standing Committee and after its approval before the Council.
Chapter - 16 Borrowings
132. Comprehensive debt limitation policy - The State Government shall frame a comprehensive debt limitation policy applicable in the case of loans, including short-term loans, to be raised by the municipalities, laying down, inter alia, the general principles governing the raising of loans by the municipalities, the limit of the loans which any municipality may raise having regard to its financial capacity, the rate of interest to be paid for such loans, and the terms and conditions, including the period of repayment thereof.
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