Patna: Patna Municipal Corporation’s (PMC) municipal bond initiative received appreciation at the 118th executive meeting of the All India Council of Mayors (AICM) in Chandigarh, with mayors from across the country highlighting the need for alternative financing mechanisms to strengthen the financial independence of urban local bodies.At the two-day meeting held on Monday and Tuesday, Patna mayor Sita Sahu presented PMC’s municipal bond model, outlining its framework, benefits and role in mobilising resources for urban infrastructure and development projects.According to a PMC statement issued on Wednesday, several mayors lauded the initiative and stressed the need for their respective urban local bodies to explore similar financial instruments. Sahu said financially self-reliant civic bodies were essential for sustainable urban development and that municipal bonds could help cities raise additional funds for infrastructure projects.The meeting deliberated on measures to strengthen urban local bodies administratively, functionally and financially. Issues such as financial self-reliance, clean and sustainable cities, digital governance, technology-driven civic services and public participation were also discussed.Participants also discussed a proposal for a uniform five-year term for mayors across the country. The meeting adopted the “Chandigarh Resolution”, reaffirming a collective commitment to financially self-reliant cities, stronger urban local bodies, clean and green development, and technology-based governance.
