What Is Community Debt?
Community debt can be defined as a form of debt that is incurred at the local and municipal levels to finance projects or services. It is used by cities, counties, and other jurisdictions to fund public projects such as construction of schools, roads, bridges, and waste management systems. Community debt can also be used for infrastructure improvements and other public needs such as parks or libraries.
Community debt is issued through bonds that are backed by the taxing power of the jurisdiction. The bond holders then receive interest payments from the issuer until maturity when they receive their principal back. This type of financing allows municipalities to spread out costs over time rather than paying for them all up front. Additionally it helps governments fund large-scale projects without increasing taxes in a single year too drastically.
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