Cash-strapped Kochi Corporation to issue municipal bond

With the cash-strapped Kochi Corporation deciding in favour of issuing a municipal bond as an additional source of funds, the civic agency will approach the State government to determine the feasibility of a government guarantee for the bond. Approaching the government for a guarantee is a preliminary step in a long process. The Corporation’s credit rating will have to be determined and improved. Since the civic body did not have a register of its assets yet, one would have to be made, and the books of accounts would have to be cleared, said Mayor M. Anilkumar.