Local Government Law and Finance - Essay Example

Comments (0) Cite this document
Name: Instructor: Course: Date: Local Government Law and Finance It has been noted that more and more states in the United States are getting strapped for cash. Some of these states or even their municipalities are considering making a chapter nine filing…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Local Government Law and Finance
Read TextPreview

Extract of sample "Local Government Law and Finance"

Local Government Law and Finance It has been d that more and more s in the United s are getting strapped for cash. Some of these states or even their municipalities are considering making a chapter nine filing. The chapter nine filing is a part of the United States bankruptcy law that is hardly ever used. It is meant to give the municipalities protection from the people that they are in debt to as creditors. One of the largest court filings for the chapter nine bankruptcy laws was the one filed in the year 1994. This court case was filed by the orange county of the California state during the period when it was unfortunate to lose 1.6 billion US dollars on interests that accrued from interest rate derivatives. The recent economic realities have resulted in the decline of tax revenues. This has made many counties, municipalities, and cities to find it difficult to payments that are required on the municipal bonds. The sad thing is that many of the people that live in these unfortunate states still believe that these municipal bonds are low risk, safe and can act as an alternative to paying cash. Their belief has been accelerated by the past experiences in history where they experienced low interest rates on default (Sevic 12). The old standards that used to apply are no longer reliable as they used to be as a result of the increasing strain that has been felt on cities in recent times. It is always expected that interest rates will rise when the economy falls (this is because economic status are never stable), and this will cause an erosion of the price stated on all fixed income instruments, which in this case is the Triborough Bridge. The local state and municipal governments found that the answer to this kind of economic crisis can be found in increased investments within the public infrastructures and services offered to the public. This can be done by making use of active labor market policies, green jobs, improved innovation techniques, research and development, as well as, in the people that dwell in these locations. A relatively new economic policy is required for the people of America based on a different role employed on the central bank of America, which will be a revision of growth and stability accord used in the United States. A policy should be created within the borders of the United States that is capable of organizing the economic policies. Critics say that it may be a considerable thing to ask the citizens of America to bear the pain of the economic and financial crisis as they continue to pay off the debts owed by the states for years to come, which in this case is the state of New York (Kersting 24). The local devices have opted to resort to these kinds of devices in order to counter the growing concern on issues resulting from crisis that continually affects the public finance sector. The current generation is much more concerned with the workings of the country compared to what was experienced by previous generations. Analysts have gone through the current situations that face the different states in America and have noted that by indulging the public into the working of the nation is the only way in which they will be able to counter these problems. These devices have made a considerably positive effect on the effort to counter the crisis faced in public finance. The authority that was once held by a select few individuals in the United States has been diffused by the introduction of the public into these investments. The pressures that were once felt by the most affected municipalities have considerably eased because of the public’s initiative to sole their own municipal problems. The implementation of these devices has led to a noticeable effect on the real estate industry. This real estate industry is composed of two different entities. These are the private sector and the public sector. The Triborough Bridge was under the authority of the individual known as Robert Moses who was previously influential in directing and construction of a majority of the public works that were worked on in New York City within the middle decades in the twentieth century. The public sector has increased the amount of investments that it has on the real estate industry. This public sector previously held a smaller percentage of the real estate market because of the little knowledge it had on the workings of the real estate industry. This has changed thanks to the public education of the elements involved in the real estate industry. Alternatively, the private sector has been negatively influenced by the devices that have been employed into the solving of the public finance crisis (Nelson 23). The ethical issues involved in this scenario are tricky to even contemplate. On one hand the law clearly states that a legal agreement cannot be broken, but, on the other hand, the public should not be made to suffer because of the greed of a single individual. The most noticeable ethical issues involve justice and the principle of least harm. If it is about justice, then Robert Moses deserves the justice that is stated in the law, but when it comes to the principle of least harm, the public wins the case because they are the people that are most affected by this situation (Odgers 42). References Kersting Norbert. Local governance reform in global perspective. VS Verlag. 2009 Nelson, R. H.. Private neighborhoods and the transformation of local government. The Urban Institute. 2004 Odgers, W. B. Local Government. Wellhausen Press. 2008 Sevic Zeljko. Local public finance in Central and Eastern Europe. Edward Elgar Publishing. 2008 Read More
Cite this document
  • APA
  • MLA
(“Local Government Law and Finance Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Local Government Law and Finance Essay Example | Topics and Well Written Essays - 750 words. Retrieved from
(Local Government Law and Finance Essay Example | Topics and Well Written Essays - 750 Words)
Local Government Law and Finance Essay Example | Topics and Well Written Essays - 750 Words.
“Local Government Law and Finance Essay Example | Topics and Well Written Essays - 750 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Local Government Law and Finance

State and local government finance: Massachusetts

... and Local Government Finance: Massachusetts Introduction This paper seeks to highlight on issues of state and local government finance in relation to the state of Massachusetts. The state and local government finance encompasses the sale and delivery of debts generated by the state of Massachusetts (Fisher, 201). This division is also charged with the duty to monitor the repayment of these particular debts. The local government is therefore expected to actively participate in determining projects’ feasibility, the most appropriate form of financing and the realistic size of financing. The economy of Massachusetts is driven by the agricultural and the industrial sector. The major elements of the agricultural sector include nursery... ,...
3 Pages(750 words)Essay

Local government taxes

...gradually to an expected 3.9% by the financial year 2018. Many have likened the cut to one in the 90s that forced the legislature to reverse because it created a budget crisis. Pennsylvania also has a regressive tax policy, which gives businesses 85% tax credit if they donate money for scholarship funds to private schools. The Governor said that it diverted money away from public schools, and thus, turned down this measure. Finally, Tennessee’s legislature adopted a law to eliminate gradually estate tax, with 2016 earmarked as the year when the entire estate tax would be eliminated (Davis et al 6). What are the most regressive and progressive state and local taxes? Local and state...
5 Pages(1250 words)Essay

Local Government Strategy Training Materials

...from the event. Similarly, the injured guest will demand compensation for the injuries sustained in the event. In conclusion, it is seen that the hotel is fully liable for the damages and injury caused on the guests and should therefore compensate them effectively. References New Zealand Legislation . (n.d.). New Zealand Legislation . Retrieved April 10, 2013, from Gerbic, P., & Lawrence, M. (2006). Understanding commercial law (6th ed.). Wellington, N.Z.: LexisNexis NZ. Courts of New Zealand. (n.d.). Homepage of Courts of New Zealand. Retrieved April 10, 2013, from Local Government Online. (n.d.). Local...
5 Pages(1250 words)Essay

Virginia State Local Government

.... This claim is supported by findings of experts that wages and salaries in the north are indeed higher than the rest of Virginia, where incidentally more African-Americans can be found. Given the existence of inequity between northern and southern counties, an obvious solution to the problem would actually be for the government to strive to make state of things equal, given the injustices and unfairness present in Virginia nowadays. However, the question is: how do legislators go about doing this For one, legislators can push for the use of other guidelines other than the Dillon rule. The Dillon Rule, a guideline used by Virginia judges for interpretation of laws in the state, was shown as something...
2 Pages(500 words)Essay

Local Government

...LOCAL GOVERNMENT The Impact of the Performance Management and Best Value Practices on the Council of North Tyneside Introduction The Council of North Tyneside is one of the councils in the City of Newcastle and one of the five metropolitan areas in the City. As a local government and as one of the representative governments of the City of Newcastle, the North Tyneside Council has the responsibility to design and provide policies for national government. Though as part of the City of Newcastle whose vision is to make a difference to the lives of its citizens, delivers essential services, and makes its communities a better place to live,...
13 Pages(3250 words)Research Paper

The System Of Finance For Local Government

...The System Of Finance For Local Government The Tiebout model is an economic model explaining competition among the state and local governments. The principle of Tiebout’s theory is that the mobility of citizens (consumer-voters) coupled to inter-jurisdictional competition can lead to a resourceful allotment of resources to the public sector (Billings 2008, p. 36). The model was primarily concerned with finding a market-like mechanism that would achieve an efficient allocation of resources to the public sector. The main finding included the fact that inter-jurisdictional competition is a vital element of the mechanism. The key players in Tiebout’s model...
6 Pages(1500 words)Essay

Local Government assignment

...Local Government Assignment Table of Contents Table of Contents 2 Task 3 Question 3 Question 2 4 Question 3 5 Question 4 7 Question 5 7 Task 2 7 Task 3 8 Task 4 8 References 10 Task 1 Question 1 The local councils of England are multifarious and complex in pattern with varied allocation of operations due to local arrangements. The local councils of England are entirely responsible for providing full range of services to its local community members. The varieties of services offered include education, quality transport services, disabled services for children, discretionary services, pension services, consumer protection services (e.g....
5 Pages(1250 words)Coursework

Local Government Strategy Training Materials

...managers are required to observe and implement these laws strictly. Examples of such business laws are inclusive of Occupational Act and Safety rules, financial laws et cetera. In relation to New Zealand context, there are rules and regulations that govern the operation of various businesses, hotels inclusive as discussed here in: The New Zealand Local Government Act 2002 Part 1 of the New Zealand Local Government Act 2002, explicates the preliminary provisions of the act; it indicates the purpose of this act which involves the provision of a local government authority...
7 Pages(1750 words)Essay

Politics: State & Local Government

...Topic: The United s Politics and Legislation Major functions fulfilled by legislatures The legislative branch of the government is what forms the United States congress and comprises the House of representatives- which is made up of 435 elected members- and the senate. This legislative branch has the main authority of enacting laws that will have to be followed, can confirm or reject presidential appointments and has investigative powers bestowed to it by the constitution. The 435 elected members who constitute the House of Representatives is divided among the 50 states bearing in mind representation proportions of the total population (Australia, Pettifer, Browning & Porter, 1981). There are other six...
3 Pages(750 words)Essay

Connecticut local Government

...that divide among staff, lack of basic resources, such as white boards and projectors and chronic absenteeism among students was the reason for the poor performance. The school was added to the State Commissioner’s Network for underperforming schools so as to significantly improve through collaborations between the state Department of Education and local stakeholders.(Shahid , 2014) Prior to finding the article I did not know that it was an issue within my community. When reading the article what amazed me was how the afterschool program has impacted positively to the kids as it serves as a catalyst for them to indulge into other avenues other than being closed with no exposure. I believe I feel this way because the...
1 Pages(250 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Local Government Law and Finance for FREE!

Contact Us