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Bond road II phase proposal passed

AMIDST HEATED debates, the corporators unanimously passed the proposal for implementing second phase of bond road at the municipal council meeting held today. Over 20 roads will be constructed under phase II.

india Updated: Jan 13, 2006 14:25 IST

AMIDST HEATED debates, the corporators unanimously passed the proposal for implementing second phase of bond road at the municipal council meeting held today. Over 20 roads will be constructed under phase II.

Responding to slew of queries on the Rs 50-crore road project, Municipal Commissioner P Narahari explained that Indore Development Fund Limited headed by Urban Administration Principal Secretary would appoint a merchant banker who will raise bonds for Indore Municipal Corporation.

Under the system, 50 per cent of bonds will be tax free, while 25 per cent will be taxable. The cost of remaining 25 per cent will be borne by IMC. The repayment schedule will begin after five years.

First Published: Jan 13, 2006 14:25 IST