All loans raised by a Board under this Act shall be a first charge on—
(a)the property vested, or which may hereafter during the currency of the loans become vested, in the Board 1[other than—
(i)any sum set apart by the Board—
(1)as the sinking fund for the purpose of paying off any loan; or
(2)for the payment of pension to its employees; or
(ii)the provident or pension fund established by the Board; and]
(b)the rates leviable by the Board under this Act.