(1) The Authority shall have and maintain its own fund to which shall be credited :--
(a) all moneys received by the Authority from the State Government or the Central Government by way of grants, loans, advanced or otherwise;
(b) all moneys borrowed by the Authority from sources other than the State Government or the Central Government by way of loans or debentures;
(c) all fees, tolls, cess and charges and like received by the Authority under the Act;
(d) all moneys received by the Authority from the disposal of lands, buildings and other properties movable and immovable; and
(e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.
(2) The fund shall be applied towards meeting the expenses to be incurred by the Authority in the administration of this Act and for no other purposes.
(3) Subject to any directions of the State Government, the Authority may keep in current account of any Scheduled Bank such sum of money out of its funds as it may think necessary for meeting its expected current requirements and invest any surplus money in such manner as it thinks fit.
(4) The state Government may, after due appropriation made by Legislature by law in that behalf, make such grants, advances and loans to the Authority as that Government may deem necessary for the performance of the functions of the authority under this Act, and all grants, loans and advances, made shall be on such terms and conditions as the State Government may determine.
(5) The Authority shall maintain a sinking fund for the repayment of money borrowed under sub-section (3), and shall pay every year to the sinking fund such sum as may be sufficient for repayment within the period fixed, of all money so borrowed.
(6) The sinking fund or any part thereof shall be applied in, or towards, the discharge of the loans for which such fund was created, and until such loans are wholly discharged, it shall not be applied for any purpose.
Power of Authority to Borrow