SEBI (ISSUE AND LISTING OF DEBT SECURITIES BY MUNICIPALITIES) REGULATIONS, 2015 :

These regulations shall apply to –

(a) public issue of debt securities; and

(b) listing of debt securities issued through public issue or on private placement basis on a recognised stock exchange

Here, “general obligation bonds” means debt securities where principal and interest are serviced through tax proceeds of the municipality.

“Revenue bonds” means debt securities which are serviced by revenues from one or more projects.

“Municipality” means an institution of self-government constituted under Article 243Q of the Constitution of
India.