THEORETICALAND LEGAL CONTENTS OF LOCAL BORROWING
Journal Title: Юридичний науковий електронний журнал - Year 2016, Vol 3, Issue
Abstract
The article is devoted to research of theoretical and legal content of local borrowing. The legal framework that regulates relations in the sphere of local borrowing was analyzed. Is determined that the financial and legal category «local borrowing» is characterized by the following features: a voluntary and contractual nature; is carried out in terms, return and payment; attracted by borrowing funds for investment purposes; repayment of debt by borrowing; financed from the budget; legal relations in the field of local borrowing appear during the financial activities of local governments and are aimed at the formation, distribution and using of public funds, borrowings is carried out to implement the public interest. Was researched forms of local borrowing: loan contracts (loan agreements) and issuing of municipal bonds. The criteria that affecting on the choice of instrument borrowing have investigated. It is proved that the best option for the territorial community is to maintain a relatively constant proportion of current funding and financing by borrowing by the local investment programs. The priority directions of improvement of national legislation on local borrowing were determined. It is indicated that government regulation of local borrowing should be implemented in the following forms: regulation of an order of local borrowing, implementation of projects and debt’s repayment; the statutory maximum amount of local debt and determine ways to optimize repayment obligations; control over the use of funds attracted by local borrowing; developing mechanisms to enforce the obligations of local borrowings in order to protect the interests of the state, creditors and the local community. Was determined that the fundamental criteria for improving the legislation of Ukraine in the sphere of local borrowing should be: stimulating by the state of local borrowing market to improve the investment jurisdiction of local governments; protecting the interests of the state, creditors and local communities in attracting credits (loans), using loans and repayment of debt; ensuring openness and transparency of borrowing.
Authors and Affiliations
Л. В. Фокша
Keywords
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