(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).
Budget Investment Powers to borrow.
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62. The Authority shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year and its plans for development and operation of highways in the forthcoming year, and submit a copy thereof to the State Government. Every annual report shall also contain a review of the performance of the Authority in respect of the plans contained in the preceding annual report.
63. The accounts of the Authority shall be maintained and audited in such manner as the State Government may, in consultation with the Comptroller and Auditor General of India, prescribe and the Authority shall furnish, to the State Government before such date as may be prescribed, its audited copy of accounts together with the auditor’s report thereon.
64. The State Government shall cause the annual report of the Authority and the auditor’s report to be laid, as soon as may be, after they are received, before the House of the State Legislature.
CHAPTER XI OFFENCES AND PENALTIES