Fund before any part thereof is applied for repayment of the money borrowed from the State Government.

Subject to such guidelines and procedure as the Central Government may Issue of Municipal lay down from time to time and with the previous approval of the State Bonds for Government, the Municipality may issue tax-free Municipal Bonds for financing development of of projects for development of urban infrastructure. urban infrastructure. 123. (1) A Municipality shall, if and when required forth purpose of raising funds Credit rating of through a Municipal Bond, arrange to have a credit rating of the municipal Municipal Bonds. Bonds by a Credit Rating Agency, duly approved by the Central Government or the State Government, as the case may be, in this regard.

1. (2) The Municipality shall provide to the Credit Rating Agency such information as it may require.