Utilization of issue proceeds: funds must be used only for stated project purposes and per disclosed implementation schedule. Proceeds of municipal debt securities must be used only for purposes stated in the offer document or placement memorandum; proceeds earmarked for defined projects require prior approvals where applicable. Issuers must transfer proceeds into a designated bank account immediately after issue closure and use them only for the indicated projects. The offer document or placement memorandum must include a tabular schedule of implementation, and in private placements the merchant banker must confirm completion of formalities to enable release of funds or refunds.