FINANSIRANJE KAPITALNE INFRASTRUKTURE EMISIJOM MUNICIPALNIH OBVEZNICA – ISKUSTVA OPŠTINE BIJELJINA
FINANCING OF CAPITAL INFRASTRUCTURE THROUGH ISSUE OF MUNICIPAL BONDS - PRACTICES OF THE MUNICIPALITY OF BIJELJINA

Summary/Abstract: For all those local communities in Bosnia and Herzegovina who are willing to make a step forward from the classical and routine financing (budget, loans, grants) towards new and inventive combinations, there are really many ways of financing of development. Plans and instruments of local development open up new and endless possibilities, and all modes of financing and their combinations cannot be pre-anticipated and exhausted. The need to create new models of financing depends more on the real commitment of local actors to implementing their development ideas than on the legal framework. Despite the limitations that issuers have and the risks borne by the investor - the buyer, the borrowing of municipalities and cities through bond issues turned out better and more efficient source of funding in relation to other forms of borrowing. The essence of this paper is to show, after a brief theoretical elaboration, the best practices in financing of capital infrastructure through issue of the municipal bonds, taking the example of the municipality of Bijeljina .

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