Borrowing powers of the Authority

(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 Authority may also borrow money by way of temporary loan or overdraft from commercial banks or such other financial institutions, such amounts as it may required for discharging its functions under this Act. (3) 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).