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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Vadodara Municipal Corporation (VMC) is expected to launch municipal bonds, and will become the third Urban Local Body (ULB) in Gujarat to use this method to raise money.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahmedabad was the first city in south Asia to launch a municipal bond of Rs 100 crore in 1998, which was completely subscribed.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Surat Municipal Corporation was the second city in Gujarat to announce bonds in 2018, to fund a sewage treatment project worth Rs 450 crore.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The VMC is riding on the favourable credit ratings from two agencies for two proposed bonds of Rs 100 crore each, and expects to issue the bond at the exchange by January 2021.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States Treasury Department is also providing the VMC with the technical assistance and guidance for proposed Municipal Bond under the India-US Economic and Financial Partnership programme.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The municipal bond is seen as a dynamic debt instrument which will lower the annual liability component of the VMC currently from about Rs 45 crore to Rs 35 crore.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Municipal bonds</strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A municipal bond is a kind of debt instrument where investors offer loans to local governments. They are issued by civic bodies for specific projects and usually have a 10-year tenure.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ULB pays the annual interest on the bonds to the investor at the decided rate. The difference between a bank loan and a municipal bond is that any institution can secure a bond only if it has favourable credit ratings. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bond helps raise funds from the stock market. The bond also increases the number of investors available to the civic body, as compared to a loan from a single bank. Bonds are issued to institutional and high networth individuals. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The face value of each instrument slot of a municipal bond if a minimum of Rs 10 lakh. It can be subscribed by a single investor or multiple investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, urban local bodies (ULBs) are encouraged to tap the bond market. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bonds help ensure improved credit profiles, direct transfer of funds by the Centre, transparency and efficient revenue generation. </span></span></p>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Vadodara Municipal Corporation (VMC) is expected to launch municipal bonds, and will become the third Urban Local Body (ULB) in Gujarat to use this method to raise money.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahmedabad was the first city in south Asia to launch a municipal bond of Rs 100 crore in 1998, which was completely subscribed.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Surat Municipal Corporation was the second city in Gujarat to announce bonds in 2018, to fund a sewage treatment project worth Rs 450 crore.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The VMC is riding on the favourable credit ratings from two agencies for two proposed bonds of Rs 100 crore each, and expects to issue the bond at the exchange by January 2021.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States Treasury Department is also providing the VMC with the technical assistance and guidance for proposed Municipal Bond under the India-US Economic and Financial Partnership programme.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The municipal bond is seen as a dynamic debt instrument which will lower the annual liability component of the VMC currently from about Rs 45 crore to Rs 35 crore.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Municipal bonds</strong></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A municipal bond is a kind of debt instrument where investors offer loans to local governments. They are issued by civic bodies for specific projects and usually have a 10-year tenure.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ULB pays the annual interest on the bonds to the investor at the decided rate. The difference between a bank loan and a municipal bond is that any institution can secure a bond only if it has favourable credit ratings. </span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bond helps raise funds from the stock market. The bond also increases the number of investors available to the civic body, as compared to a loan from a single bank. Bonds are issued to institutional and high networth individuals. </span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The face value of each instrument slot of a municipal bond if a minimum of Rs 10 lakh. It can be subscribed by a single investor or multiple investors.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, urban local bodies (ULBs) are encouraged to tap the bond market. </span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bonds help ensure improved credit profiles, direct transfer of funds by the Centre, transparency and efficient revenue generation. </span></span></p>
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<p style="margin-right:0in"> </p>
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