 "Lucknow Metro")
Uttar Pradesh, which has the largest number of cities (10) the under Smart City Mission (SCM), is encouraging its urban centres to mop up resources to fund their developmental and infrastructure projects.
Taking the lead, Lucknow Municipal Corporation (LMC) has planned to float municipal bonds worth Rs 1 billion for a multi-storied housing project. If LMC is successful in issuing these bonds, it would not only be the first municipality in UP but in entire North India, barring New Delhi Municipal Corporation (NDMC), to achieve the feat.
A municipal bond is debt security issued by a municipality to finance capital
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