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Section 147: Credit rating of Municipal Bonds

Jharkhand Municipal Act 2011State Act of Jharkhand · Act 7 of 2012

(1) A municipality shall, if and when required for the purpose of raising funds through a Municipal Bond, arrange to have a credit rating of the Municipality by a Credit Rating Agency, duly approved by the Central Government, in this regard.

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

148. Debt Service Reserve Fund - The municipality may set up a Debt Service Reserve Fund by providing special grants from its surplus revenue or through capitalization proceeds from Municipal Bonds to service bondholders in case of default in payment of principal and interest for a period not exceeding two years.

Where this provision sits

ActJharkhand Municipal Act 2011
Section147
Marginal noteCredit rating of Municipal Bonds
JurisdictionState of Jharkhand
StatusIn force as published by the source

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