Gujarat Provincial Municipal Corporations Act, 1949
(1) The Commissioner shall, at the end of each year prepare a statement showing— (a) the loans borrowed in previous years for which the Corporation is liable and which have not been completely repaid before the commencement of the year, with particulars of the amount outstanding at the commencement of the year, the date of borrowing and the annual loan charges ; (b) the loans borrowed by the Corporation in the year with particulars as to the amount and date of borrowing and the annual loan charges; (c) in the case of every loan for which a sinking fund is maintained the amount of accumulation in the sinking fund at the close of the year showing separately the amount paid to the credit of the fund in the year; (d) the loans repaid in the year and in the case of the loans repaid in instalments or by annual drawing, the amounts, repaid in the year, and the balance due at the close of the year; (e) the particulars of securities in which the sinking funds have been invested or reserved therefor. (2) Every such statement shall be laid before a meeting of the Corporation and shall be published in the Official Gazette and a copy of such statement shall be sent to the [State] Government and to the Accountant General, [Gujarat].