SARAJEVO (Bosnia and Herzegovina), June 21 (SeeNews) - Bosnia and Herzegovina's municipality of Bileca has decided to issue bonds worth 4.3 million marka ($2.3 million/2.2 million euro) to repay old debt, it said.
Bileca will use most of the proceeds of the bond issue - 4.2 million marka - to repay debt owed to the Serb Republic's tax administration, the municipal council said in a press release on Monday.
The remaining 100,000 marka will be used to pay liabilities to suppliers.
Bileca is located in the Serb Republic, one of two autonomous entities that form Bosnia and Herzegovina. The Federation is the other entity.
(1 euro = 1.95583 marka)