After taking the decision a procedure for the selection of the investment intermediary was organised, who is responsible for the development of an emission prospectus and to provide intermediary services in the bond trading. The tender was won by Unity Invest 99 AD, Sofia.

The prospectus was approved with a decision of the State Bonds Commission dated 16.10.2002 and the bonds were released on the Bulgarian Stock Exchange. The whole emission amounting to 3 million lv was realised successfully and the loan was confirmed with a mayor's act of 04.12.2002.

Work on the municipal bonds emission continued for over two years. The total amount of the emission is 3 million lv. The final term of the emission is 4 years with a gratis period of 1 year at 9% annual interest rate. To reach these parameters a full overview of the types of risks among potential investors was made, and relations between the Municipality and the clients were clearly defined in order to protect to the maximum their rights.

A decision of the Municipal Council clarified the lines, in which these funds will be used.

- Building a new coach station with investment amounting to 1 850 000 lv and terms of completion 15 months;

- Building a covered pedestrians' bridge at the Central Market in Sliven with investment amounting to 850 000 lv and terms of completion 16 месеца;

- Building a market for citrus fuits with investment amounting to 150 000 lv and terms of completion - 10 months;

- Building a market for flowers with investment amounting to 150 000 лева and terms of completion - 8 months.

The repayment of the municipal bonds loan will be made from the income recieved from the Privatization Fund (selling of non-residential property, privatization of municipal firms). According to foresight data the Municipality of Sliven will receive additional average annual income from the Municipal Markets amounting to 100 000 lv.

The construction of the new station will achieve indirect economic effect by ensuring additional income for the municipal firm Putnicheski prevozi EAD and opening of new jobs.

On the starting day of the Municipal Bonds emission a promotional campaign began in order to present it to potential buyers. A press conference was given to economic press journalists and the bonds emission was presented to the Investment Forum for Southaast Europe in October 2002 in Sofia. The most useful proved to be the talks with individual buyers of municipal bonds.

The Municipality of Sliven succeeded in emitting and successfully trading in due time its first municipal bonds, with which it ensured income for capital expenditures. The payment of obligations requires activating work on municipal privatization as the finances in the Privatization Fund should be used for servicing the loan. With the start of construction works and operation of sites new jobs will be opened, and Sliven citizens will have a new station. The Municpal Market is also ready to start construction works immediately, with the aim of becoming a modern European trading place.