Budget law. Municipal debt (most important)

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Budget law. Municipal debt (most important)

Lecture notes, cheat sheets

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18. Municipal debt

Municipal debt - the totality of debt obligations of the respective municipality. The municipal debt is secured in full and without conditions by all municipal property constituting the municipal treasury (Article 100 of the RF BC).

The debt obligations of the municipality may exist in the following forms:

1) credit agreements and contracts;

2) loans made by issuing municipal securities;

3) contracts and agreements on the receipt by the municipality of budget loans from the budgets of other levels of the budget system of the Russian Federation;

4) agreements on the provision of municipal guarantees.

At the same time, the debt obligations of the municipality cannot exist in the form of agreements and agreements on the prolongation and restructuring of the debt obligations of the municipality of previous years.

The total municipal debt includes:

1) the principal nominal amount of debt on municipal securities;

2) the amount of principal debt on loans received by the municipality;

3) the amount of the principal debt on budget loans received by the municipality from the budgets of other levels;

4) the volume of obligations under municipal guarantees provided by the municipality.

The debt obligations of the municipality are repaid within the terms determined by the terms of borrowing. The maturity limit for the debt obligations of the municipality is 10 years.

The forms and types of securities issued on behalf of the municipality are currently determined by Federal Law No. 25-FZ of September 1997, 126 “On the financial principles of local self-government in the Russian Federation”. At the same time, municipal securities, the conditions of their issue and circulation must comply with the requirements of the Federal Law “On the Peculiarities of the Issue and Circulation of State and Municipal Securities.” The placement or investment of free balances of the local budget by purchasing state and municipal bonds, as well as the placement of municipal bonds, is carried out through authorized banks in accordance with the concluded agreement. A municipal loan agreement may be concluded through the acquisition by a citizen or legal entity of municipal bonds issued by a local government body in the manner established by the charter of the municipality.

The RF BC obliges local governments to use all the powers granted to generate local budget revenues to pay off their debt obligations and service the debt. At the same time, the maximum allowable amount of debt obligations of local governments cannot exceed 15% of the volume of the expenditure side of the local budget, and short-term borrowing in any form cannot be made before the approval of the local budget for the current financial year.

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