Selected Aspects of the Local Authorities Debt Restructuring with Local Authorities of the Kujawy-Pomerania Province as the Example

Abstract

The limited nature of the revenue generated by local authorities and the vast needs make a definite majority of local and regional authorities acquire funds on the capital market by contracting credits or loans or issuing securities. A substantial change in the limits of the debt, despite long vacatio legis, resulted in a threat of exceeding the individual debt limit after January 1, 2014 in some local authorities. Some of them have decided to solve the problem by restructuring their debt.