Pasternak M. Local municipal loans as an instrument of finance social-economic program of local municipality

Object of research: financial relations concerning involving and using local loans. Purpose of research: scientific - theoretical substantiation of the liabilities of local government bodies in the form of the bonded loan as a tool of financing economic development of the communes. Methods of research: methods of concrete and abstract, logic and historical research, system and comparative analysis. Theoretical and practical results: Economic essence of a local bonded loan has been considered, methodological principles of movement of municipal securities in economically developed countries and in countries with transitive economics have been found out. Analysis of the state of the bonded loan market in Ukraine over the period from 1995 to 2000 has been carried out. Legal providing of local government's activity as an issuer of securities has been investigated. Proposals on its improvement have been developed. Main directions of forming purpose funds of the bond issue. Novelty of research: complex analys is of a local loan as a tool of financing socio-economic programs of the communes' development is carried out for the first time and the concrete offers concerning its application are developed. Degree of introduction: methodical and practical recommendations are used when developing normative-legal acts by the Treasury of Ukraine, State commission on securities and stock market, in the work of Brovary local council. Basic provisions: the conclusions on the dissertation subject are used in the educational process at the Academy of the state tax service of Ukraine when teaching a special course: "public finances". Sphere of application: the stock market, sector of local loans.