Power of municipality to raise short term loan

Notwithstanding anything contained in this chapter, the municipality may, within the limits set by the comprehensive debt limitation policy framed under section 132, from time to time, take a short-term loan repayable within such period, not exceeding twelve months, from any scheduled bank, for such purpose, not being a purpose referred to in sub-section (1) of section 133, on such terms , and on furnishing such security for the repayment of such loan, as may be approved by the State Government.