n Law, Democracy & Development - The quest for financial discipline at local government level : the regulation of municipal borrowing and financial emergencies
|Article Title||The quest for financial discipline at local government level : the regulation of municipal borrowing and financial emergencies|
|© Publisher:||University of the Western Cape|
|Journal||Law, Democracy & Development|
|Publication Date||Jan 2003|
|Pages||243 - 268|
|Keyword(s)||University of the Western Cape|
In February 2000 the Bronkhorstspruit town council was reported as being unable to meet its financial commitments and as having made "insufficient provisions for looming bad debts". In November 1999 the Johannesburg Metropolitan Council indicated that It would sell its metropolitan centre to an investment company and then rent it back in a desperate attempt to generate urgently needed cash. Despite this cash injection, the council still needed another R 100 million loan and was hoping to 'rollover' an existing R200 million loan that was due at the end of that year.
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