(1) The Metropolitan Authority shall maintain a sinking fund for the repayment of money borrowed by it, and shall pay every year into the said fund such sum as will be sufficient for repayment, within the period fixed for the repayment of the loan, of the money borrowed by it.
(2) The money paid into the sinking fund shall be invested in such manner and in such securities as may be prescribed'.
(3) The sinking fund or any part thereof shall be applied in, or towards, the discharge of the loan or part thereof for which such fund was created, and until such loan or part thereof is wholly discharged, the money standing to the credit of the fund shall not be applied for any other purpose.
Funds of the Metropolitan Authority.
Sinking fund.
9. The Metropolitan Authority shall keep accounts in Accounts.
such form as may be prescribed and shall close such accounts at such time as the State Government may specify in this behalf.
4 The Calcutta Metropolitan Development Authority Act, 1970.
(president's Act
10. The Metropolitan Authority shall prepare, every year, in such form and at such time as may be prescribed, a budget in respect of the financial year next ensuing showing the estimated receipts and expenditure of the Metropolitan Authority and shall forward to the State .Government such number of copies thereof as may be specified in the rules made under this Act.