Obligacje komunalne jako instrument finansowania rozwoju lokalnego i regionalnego
Municipal bonds as a financing instrument for local and regional development

Summary/Abstract: Active support of pro-development activities in local and regional aspect requires the disposal of the relevant financial capital by local authorities. In the face of rising of public expectations in the area of delivery of public services by local governments, budget sources often appear to be insufficient. Exploring the possibilities of obtaining external financing sources becomes a necessity in the process of the realization of pro-development initiatives and increasing of investment opportunities of local governments. The article presents the essence of the municipal bonds as a source of financing of local and regional development. It also indicates possibilities of the municipal bond issue from the standpoint of legal restrictions on indebtedness of local governments. In addition, it presents the Catalyst market as a trading platform of aforementioned instruments.

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