FEDERACION ESPAÑOLA DE MUNICIPIOS Y PROVINCIAS
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The BOE issued Royal Decree with the new ICO councils and the spending rule
Official State Bulletin (BOE), published on July 7, 2011 Royal Decree that contains, among other measures, the creation of a new ICO to facilitate payment of debts owed by businesses and freelancers local authorities, and the spending rule for Local Government.
The Royal Decree, the Local Government may enter into credit operations in the long run to allow the cancellation of outstanding obligations with businesses and the self, derived from the purchase of supplies, execution of works and services. The Government will empower the Official Credit Institute (ICO) to put in a line of loans that the municipalities will be eligible, provided the amount does not exceed 25% of the annual amount they receive in the delivery of its Participation in State taxes in 2011.
As for the spending rule, the Royal Decree sets the budgetary stability objectives of different authorities and in particular Local Government, taking into account the growth of spending computable not exceed the rate of growth in the medium term reference of the Spanish economy, which is defined by GDP, expressed in nominal terms and for nine years.
