TY - JOUR TI - MUNICIPAL BONDS AS A TOOL FOR DEVELOPMENT OF INFRASTRUCTURE T2 - Public Administration Issues IS - Public Administration Issues KW - municipal infrastructure bonds KW - Infrastructure Development Bank KW - concession agreements KW - spatial development KW - infrastructure mortgage AB - The study explores financing of infrastructure projects using municipal bonds. The problems of the municipal infrastructure deficit (taking into account the territorial conditions of Russia - first of all, its expanse and spatial disproportionality) - are of particular importance. Only low-category repair of road networks and infra-objects was carried out in this area, which did not at all contribute to the improvement of the living environment. The coordinated and progressive development of the municipal infrastructure not only contributes to the retention of the local population, but also increases the investment and migration attractiveness of the territories. To this end, the article describes a set of measures designed to enhance the process of attracting investments in infrastructure at the municipal level using bonds. Parameters of securities issues of concessionaires were studied, experience in managing municipalities with securities as an element of debt policy was analyzed. Three types of municipal infrastructure bonds are presented, with options for their release schemes, as well as the scheme for accumulating and redistributing revenues from issuing bonds of an infrastructure municipal project (through the case study of application of life cycle contract by the Infrastructure Development Bank). A project for the launch and implementation of the investment mechanism has been developed. AU - Maxim Fomin AU - Yulia Lakhno AU - Alexander Pyshnograi UR - https://vgmu.hse.ru/en/2019--2/286418947.html PY - 2019 SP - 185-210 VL -