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Cash-strapped ULBs a la GHMC to mop up funds thru bonds for devpt
14 ULBs around the city are planning to procure funds through municipal bonds, a route earlier taken by GHMC for the development of infrastructure works
Hyderabad: Like GHMC, urban local bodies (ULBs) around Greater Hyderabad are scouring for funds. The urban bodies are ready to sell the bonds as the Director of Municipal Administration has invited rating agencies to mobilize funds for development.
The GHMC has taken the route of the municipal bonds to get funds for the development of infrastructure works and has successfully got close to Rs 500 crore. There were several development works including the SRDP works through this funding. The premier corporation in the State has received good response from the people for the bonds. Now the ULBs including the corporations and municipalities are going the GHMC way.
Municipal bonds are debt securities issued by the state and local governments. Funds raised through such means are used for financing various public projects such as highways, bridges and other infrastructure.
The Centre had launched the Pooled Finance Development Fund (PFDF) scheme to provide credit enhancement grants to a pool of medium and smaller municipalities to access the capital market through pooled finance municipal bonds. Taking this as option, as many as 14 ULBs including Bandlaguda Jagir Corporation, Manikonda, Boduppal, Meerpet, Peerzadiguda, Narsingi, Nizampet, Badangpet, Shamshabad and others are planning for procuring funds though the municipal bonds.
A senior official said that for any ULB to get a good response from the investors, their performance should be good in terms of development works. These ULBs have performed good in the recent collection of property taxes. The ULBs in the outskirts of the Hyderabad city has also raked in good money. The official said that Nizampet Corporation which fixed the target of Rs 64 crore has achieved Rs 53 crore which is 82.90 per cent. The Dundigal Municipality which fixed a target of Rs 28.34 crore has achieved Rs 20.40 crore which is 72 per cent. Manikonda, which fixed Rs 55 crore has achieved Rs 37.59 crore. Similarly, Badangpet Municipal Corporation fixed the target of Rs 27 crore and achieved Rs 18 crore. The officials are hopeful that the agencies would be giving a good report on the ULBs paving way for their development with the help of funds procured.
