Savivaldybių obligacijų išleidimo Lietuvoje modelio kūrimas UAB „Busturas“ atveju
Creating the Emission Model of Municipal Debentures (JSC Busturas Case)

Summary/Abstract: The article consists of introduction, research review, research part, conclusions and recommendations. In the introduction, relying on Prof. Dr. G. Davulis’ (2005) findings, a weak financial situation in Lithuanian municipalities is analysed emphasising the importance of the emission of debentures as a supplementary financial instrument, for the economy and also the development of independency. In the review of the research two main models of the emission of debentures used in the world are highlighted. The research part focuses on the modelling of managerial procedures. Further, activities of JSC Busturas are introduced and, having evaluated incurred losses, reasons are analysed proposing to issue the emission of the company’s debentures relying on the “American” model. The plan of actions for JSC “Busturas” and Šiauliai City Municipality preparing for the emission of debentures is provided. In the final part of the study conclusions in conformity with valid normative law acts, in which the emission of debentures is not regulated by any law act are made. It is also proposed to apply the principles of the “American” model of the emission of municipal debentures as the management of Lithuanian municipalities is based on political motives as the practice of the emission of debentures does not exist. It is recommended to supplement laws regulating municipality borrowings by relevant rules regarding the regulation of the turnover of municipality securities and to take into consideration achievements in foreign countries in this field.

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