Obligacje przychodowe źródłem finansowania potrzeb inwestycyjnych jednostek samorządu terytorialnego
Streszczenie
Local authorities are responsible for serving needs of lheir inhabitants. They have to
maintain and invest in fixed assets to perform their duty and to assure the highest quality of
their services including social care system, public transport, road maintenance, electricity and
water supply, etc.
While choosing instruments which can be used to finance these services, local authorities
should take into the consideration the level of the debt/income ratio. In Poland the debt/income
ratio limit referring to local authorities’ budgets amounts 60%. In case of high indebtedness
they should search for instruments which are not included in this limit. Revenue bonds meet
this requirement.
This paper analyzes the use of revenue bonds as a long-term source of financing municipal
investments. I begin by briefly reporting the current investment situation o f local authorities in
Poland showing data of their potential demand for investments. Next I review the experience
in use of revenue bonds in the very innovative US market. Then I pay special attention to the
problem of indebtedness of municipalities in Poland. I conclude by emphasizing that issuing of
revenue bonds would have important implications for investment strategies of institutional
investors and development of Polish capital market.
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