State Debt Committee
of the City of Moscow

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State Debt Committee of the City of Moscow (permalink )

State Debt Committee of the City of Moscow is the body of the executive branch of the City, subordinate to the Government of Moscow and responsible for implementation of the City Government policy of state debt issuance and debt management.

The Committee was established in accordance with the Mayor of Moscow Resolution No.138/1-RM of 22 July 1996 "On authorities of the executive branch of the City of Moscow" and originally was named “The Committee of Municipal Debt, Securities and Capital Market Development of the Government of the City of Moscow” (“Moscow Municipal Debt Committee”).

In accordance with the Resolution of the City of Moscow Government “The Structure of the Authorities Executive Branch of the City of Moscow” dt. 21.01.2003 No.18-PP Moscow Municipal Debt Committee was renamed to State Debt Committee of the City of Moscow.

The present structure and composition of the City Administration authorities and their division into complexes are defined in the Resolution of the Mayor of Moscow “On the Duties of the Members of the City of Moscow Government” dt. 22.01.2002 No.293-RM. The Committee belongs to the Complex of Economic Policy and Development of the City of Moscow and its activities are co-ordinated and controlled by First Deputy Mayor of Moscow (namely, Yuri V. Roslyak).

The Committee is managed by the Chairman appointed to and removed from office by the Government of the City of Moscow subject to approval by First Deputy Mayor of Moscow. The Chairman has an undivided authority. First Deputy Chairman and Deputy Chairman of the Committee are appointed to and removed from office by the Government of the City of Moscow subject to approval by the Chairman of the Committee.

The Committee functions on the basis of the Regulations approved by the Resolution of the City of Moscow “On State Debt Committee of the City of Moscow” dt. April 1, 2003 No. 217-PP.

The main objectives of the Committee are:

• to effect (together with the Department of Finance of the City of Moscow and the Department for Economic Policy and Development of the City of Moscow) a unified policy in regard to management of the City’s debt;
• to develop (together with the Department of Finance of the City of Moscow and the Department for Economic Policy and Development of the City of Moscow) the program of state borrowings effected by the City of Moscow;
• to attract, service and repay the City of Moscow debt in accordance with the Law on the Budget of the City of Moscow.

In accordance with the Regulation the Committee performs the following main functions:

• works on the draft Budget Laws of the City of Moscow (including the program of state borrowings) for every year;
• works on proposals on the volume and structure of state borrowings for financing the City’s budget deficit and earlier debt repayment;
• performs the functions of the principal manager of the City’s budgetary funds, established by the budgetary laws and the departmental classification of the budget expenditure;
• attracts borrowed funds by way of issuance and placement of securities by the City of Moscow and through loans;
• effects the servicing and repayment of the City of Moscow debt;
• develops programs and carries out work on restructuring, refinancing, optimisation and regulation of the City's debt;
• formulates the proposals regarding the use of the best methods for attracting funds, debt amounts and debt origination;
• monitors and controls the placement, circulation and redemption of the City's bonds, timely and complete receipt as well as designated purpose use of the borrowed funds;
• formulates and implements the measures aimed on better use of the advantages of financial and capital markets for realization of various municipal programs/projects and non-inflation increase of budget revenue;
• formulates the mechanisms for attraction and use of borrowed funds for the City’s needs;
• controls the City’s budget funds allocated for the operations aimed on optimization of the City’s debt;
• organizes the realization of some of the City’s investment projects;
• prepares the draft laws and normative documents regulating the City's debt issuance and debt management activities, submits them as well as other proposals which are within the competence of the Committee for consideration of certain state authorities and officials of the City of Moscow Government, develops the opinions on the draft normative acts prepared by other authorities of the executive branch of the City related to the debt issuance and debt management activities of the City;
• co-ordinates and organizes research work in the sphere within the competence of the Committee, analyses international experience, organizes seminars and conferences, publishes bulletins and scientific, legal and other materials on the issues related to functioning of the City’s debt and investment system, federal, subfederal and municipal securities;
• cooperates with mass media on the issues within the competence of the Committee, informs the City’s population on the most important spheres of its activity;
• cooperates with federal and subfederal executive authorities, local authorities, etc. on the issues within the competence of the Committee;
• cooperates with foreign organizations and companies on the issues related to state and municipal debt and debt management.