61. (1) Subject to the provisions of this Ordinance, the rules, the Local Authorities Loans Act, 1914 (IX of 1914), and any other law for the time being in force, the Corporation may with the previous sanction of the Government, raise loans in the prescribed manner, and make suitable arrangements, to the satisfaction of the Government, for the repayment of the loans in such instalments as may be fixed. (2) The Corporation may, and if required by the Government shall, establish and maintain such separate funds as may be necessary for the repayment of loans, and the Government may, among other things, require that any specified item of income of the Corporation shall wholly or in part be earmarked for and apply in the repayment of loans.