Use of proceeds from Municipal Bonds.

The fund to be raised from the Municipal Bonds shall be used for the purpose of- (a) capital investment for development of urban infrastructure in the spheres of water-supply, sewerage, drainage, solid waste management, bazars, roads, bridges, traffic engineering schemes, and urban transport, (b) reforming and improving the efficiency of existing systems of municipal administration, and (c) repayment of loans raised through earlier issues of municipal bonds or otherwise for any of the purposes as aforesaid.