Utilization of issue proceeds.

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..... ovided that on and after the date of oversubscription, the allotments may be made to the applicants on a proportionate basis upto the oversubscription limit. (2) The issuer and lead manager(s) shall ensure that the municipal debt securities are allotted and/or application monies are refunded or unblocked within such period as may be specified by the Board. (3) The lead manager(s) shall ensure .....

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..... r objects in the offer document. (2) The proceeds of the issue shall be clearly earmarked for a defined project or a set of projects for which requisite approvals have been obtained from concerned authorities. (3) The issuers shall maintain a bank account in which the amount raised from the issue shall be transferred immediately after the closure of the issue and such amount shall only be utilis .....

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..... s a corporate municipal entity, such requirement shall be complied by the Municipality which is being financed. (5) Issuer's contribution for each project shall not be less than twenty per cent. of the project costs, which shall be contributed from their internal resources or grants: Provided that where the issuer is a corporate municipal entity, contribution of the concerned municipality, which .....

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