| Article 230 of the Local Autonomy Law authorizes Japanese Local Governments - prefectures, municipalities (cities, towns and villages), Tokyo's special wards and local government cooperatives - to borrow money. Their borrowing or debt, excluding those repaid within one fiscal year, is called chihousai, which is usually translated as 'Local Government Bonds'. This includes not only publicly-offered bonds and private placement bonds but also loans in the form of deeds. |
