The Sofia City Council set aside BGN 9.7 million (USD 4.7 million) to make the first coupon payment on an EUR 50 million (USD 47.98 million) Eurobond the city sold in June 1999. The payment on the Bulgarian capital city's first Eurobond is due June 3. The city still has BGN 60 million left from the sale of the Eurobonds, which have a 9.75% coupon and mature in 2002. The set-aside was part of the city council's approval of a balanced budget for 2000, which assumes revenue of BGN 416.8 million. Mayor Sofianski said the Eurobond sale allowed the city to avoid a rule that municipalities can spend no more than 5% from their own revenue on investments. As a result, Sofia's investment program comes up to BGN 106 million. The remaining money was invested last year in government securities, according to the budget