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(c) The time for the repayment of any money borrowed for the purpose of discharging any previous loan shall not, except with the express sanction of the Government, extend beyond the unexpired portion of the period for which Such previous loan was raised.
(3) The borrowing powers of a local authority shall be fixed by the Government in relation to the annual income of that local authority:
Provided that nothing in this Section shall affect the issuance of Revenue Bonds by the local authority by pledging the revenue stream from the project ring fenced by esCrOW accounts and credit enhancements.
3A. Constitution of the Development Fund, financial management and services etc., by Government.- (1) Save as otherwise provided in Section 3, the Government may, by notification in the Gazette, with effect from such date as may be notified, constitute a Fund, namely, the Kerala Local Government Development Fund, for the objectives set forth hereunder, namely:-
(a) to establish viable and sustainable financing arrangements which enable Creation, upgradation and maintenance of cost effective and quality civic infrastructure in the State;
(b) to mobilise resources for the infrastructure project using various financing instruments and financial structures such as bonds or debentures, equity, pooled finance arrangements etc.;
(c) to borrow or raise money or loans or receive grants or accept contributions in such manner and on such terms, conditions and securities as the Board may deem fit from time to time;
(d) to provide financial assistance in the form of loans, grants or a contribution thereof to local authorities for taking up and implementation of infrastructure projects which Create enduring community assets and improve living standards of the population in their areas and to provide loans or equity in the infrastructure projects sponsored by the local authorities in association with non-government agencies when the infrastructure projects are considered strategically important:
Provided that the investment shall comply with all laws regulating the environment and social protection;
(e) to establish grant funds and provide grants from its OWn resources and to manage grant funds as the Government may direct from time to time in terms of such grants so as to ensure Continuous upgradation of standards or organisational, financial and technical capacities of local authorities and to set up viable and substantial infrastructure projects for the betterment of the poor and disadvantaged sections of the Society;
(f) to enable the local authorities to access capital markets, financial institutions and private investors for setting up infrastructure projects in the State either individually or through such arrangements like pooled financing, guarantees or Securitisation;
(g) to guarantee the performance of any contract or obligations and the payment for any bond issue or mobilisation of resources by the local authorities,
(h) to assist the local authorities in getting the participation of non-government sector in creation and maintenance of civic infrastructure through joint ventures and other innovative partnerships;
(i) to subscribe for, underwrite, acquire, hold and disposo of sharos, stocks, dobontures, debenture stocks, bonds, mortgage, obligations, securities of any kind issued or guaranteed by any company whether it is a body corporate or undertaking in whatever nature and any industry, or the Government or trust or any local authority;

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