Application of New Delhi Municipal Fund

(1) The moneys from time to time credited to the New Delhi Municipal Fund shall be applied in payment of all sums, charges and costs necessary for carrying out the provisions of this Act, and of the rules, regulations and bye-laws made thereunder, or of which payment is duly directed, sanctioned or required by or under any of the provisions of this Act. (2) Such moneys shall likewise be applied in payment of all sums payable out of the New Delhi Municipal Fund under any other enactment for the time being in force. (2) The terms of any such consolidated loan and the form of its scrip and the rates at which exchange into such consolidated loan shall be permitted shall be subject to the prior approval of the Central Government. (3) The period for the exchanging of any such consolidated loan shall not, without the sanction of the Central Government, extend beyond the farthest date within which any of the loans to be consolidated would otherwise be repayable. (4) The Council shall provide for the repayment of any such consolidated loan by a sinking fund in the manner laid down in section 131 having regard to the amount transferred to such sinking fund under section 132.