Notwithstanding anything contained in section 142, the
Municipality may, where the raising of a loan is sanctioned by the
State Government under that section, instead of raising such loan
or any part thereof, take credit, on such terms as may be approved
by the State Government, from any scheduled bank, to be kept in a
cash account bearing the name of the Municipality to the extent of such loan or any part thereof and, with the sanction of the State
Government, may grant mortgage of all or any of the properties
vested in the Municipality by way of securing the repayment of the
amount of such credit or of the sums advanced from time to time
on such cash account with interest.
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