THE LEGAL BASIS OF LOCAL GOVERNMENT BORROWING THROUGH THE ISSUANCE OF MUNICIPAL BONDS IN THE REPUBLIC OF SERBIA

Authors

  • Predrag R. Mirković Правни факултет за привреду и правосуђе Нови Сад
  • Goran Selak Министарство правде Р.Српске Бања Лука

Keywords:

securities, municipal bonds, financing of local self-government, fiscal decentralization, borrowing on the financial markets

Abstract

Municipal bonds are securities issued by cities and municipalities in order to collect the necessary funds in order to implement infrastructure projects. The paper analyzes the substantive regulations of Republic of Serbia, which provides the basis for borrowing by local governments. The subject of analysis are the relevant provisions of the Constitution of the Republic of Serbia, the Law on Local Self-Government, the Law on Local Government Finance, the Budget System Law, the Law on Public Debt and Capital Market Law. Analysis of the regulation aims to determine the legal basis for the issuance of these debt securities, debt character, and the degree of fiscal burden on the budget allowed issuers. In addition, the paper analyzes the relevant institutes of the material law, which are of direct or indirect interest in connection with the issuance of municipal bonds.

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References

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Published

2016-10-31

How to Cite

R. Mirković , P. ., & Selak, G. . (2016). THE LEGAL BASIS OF LOCAL GOVERNMENT BORROWING THROUGH THE ISSUANCE OF MUNICIPAL BONDS IN THE REPUBLIC OF SERBIA. KULTURA POLISA, 13(31), 443–455. Retrieved from https://kpolisa.com/index.php/kp/article/view/943

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