The Chennai Corporation Council on Tuesday (October 29, 2024) passed a resolution to raise municipal bonds for the construction of storm water drains.
The civic body will float municipal bonds for ₹200 crore and utilise the proceeds to finance the construction of integrated storm water drains in the Kosasthalaiyar basin in the northern parts of the city to alleviate flooding. Significant progress has been made in the Kosasthalaiyar basin, with 573 km constructed at a cost of ₹2,303 crore. Out of the GCC share, ₹200 crore from the bond proceeds will be utilised.
Published – October 30, 2024 12:06 pm IST