Ahmedabad Municipal Corporation (AMC) issued its first bond in 1998, without a state government guarantee, raising Rs 100 crore. Both these bonds were taxable.
The first tax-free municipal bond was issued in 2002 by the AMC, to raise Rs 100 crore for water supply and sewerage.
AMC makes history by obtained AA+ credit rating by CRISIL (formerly Credit Rating Information Services of India Limite ). AMC is permitted to launch bonds worth Rs 200 crores in market.
Approval process with CRISIL was going for last 1 year.
