Abstract
Bonds are long-term debt securities issued by companies or governments with a nominal value and a certain maturity period and are a type of long-term investment for investors, but for the government as the issuer of bonds is a debt that must be returned. The obligation to return the said debt creates uncertainty for investors if it considers the provisions of Article 49 Paragraph (4) of Law Number 1 of 2004 concerning State Treasury which stipulates that state / regional property is prohibited from being handed over to other parties as payment for bills to the central government /area. The purpose of this paper is to analyze and harmonize the provisions governing Municipal Bonds to achieve legal certainty. The discussion of this article uses a type of normative research, given the inconsistencies in the regulation of the issuance of municipal bonds which creates legal uncertainty in the community. The results obtained include the construction of regulation of regional bonds within the regional financial framework, both internally and externally. Furthermore, the regulation can provide legal protection to investors with a regulation that confirms the obligation of regional governments to settle obligations towards regional bond investors. Thus it can be concluded, the Normative Construction of regulation of regional bonds consists of general laws and regulations that are specific in nature, general arrangements are constructed as provisions that provide the basis for the legality of regulating regional bonds and the norms for regulating special regional bonds containing the technical requirements for issuing bonds in the form of provisions concerning requirements and procedures and legal protection for regional bond investors, law enforcement can be applied in the case of claims for compensation and the government's obligation to repay bonds issued, special provisions governing bonds.
Highlights
Obligasi di satu sisi bagi investor merupakan investasi jangka panjang
long-term debt securities issued by companies or governments with a nominal value
The obligation to return the said debt creates uncertainty for investors if it considers the provisions of Article 49 Paragraph
Summary
Sumber-sumber pendanaan pelaksanaan Pemerintah Daerah secara normatif terdiri atas Pendapatan Asli Daerah (PAD) dan Perimbangan, Pinjaman Daerah dan lain-lain pendapatan yang sah. Dalam rangka pemenuhan kebutuhan keuangan, berbagai langkah dapat dilakukan seperti bersumber dari pajak daerah, pinjaman pihak ketiga, maupun pasar uang. Untuk membiayai penyelenggaraan pemerintah daerah, pemerintah daerah dapat melakukan pinjaman yang bersumber dari pemerintah, pemerintah daerah lain, lembaga keuangan bank, lembaga keuangan bukan bank dan masyarakat, b. Atas dasar ketentuan tersebut pemerintah daerah disamping melakukan kerjasama kemitraan dalam memperoleh sumber-sumber pembiayaan dapat pula melakukan pinjaman dan menerbitkan obligasi daerah. Obligasi berdasarkan Keputusan Ketua Badan Pengawas Pasar Modal Dan Lembaga Keuangan Nomor: Kep-692/Bl/2011 merupakan surat hutang jangka panjang yang diterbitkan perusahaan atau pemerintah dengan nilai nominal dan jangka waktu jatuh tempo tertentu. Selanjutnya kewajiban untuk mengembalikan utang dimaksud menimbulkan ketidakpastian bagi investor jika memperhatikan ketentuan Pasal 49 Ayat (4) Undang-Undang Nomor 1 Tahun 2004 tentang Perbendaharaan Negara yang menentukan bahwa, Barang milik negara/daerah dilarang untuk diserahkan kepada pihak lain sebagai pembayaran atas tagihan kepada pemerintah pusat/daerah.
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