Wednesday, October 2, 2013

Crowdfunding and Kickstarter replacing Municipal bonds as means for cities to get money for projects

Since 2008, the Municipal Bond markets have been decimated by a combination of lower returns and the potential for cities to go bankrupt.  In fact, in June of this year, over $13.5 billion wasremoved from the Muni market, making this decline the second largest on record.
So in an attempt to get necessary cash to pay for both needed and discretionary projects, municipalities are looking at voluntary donations through online places such as Crowdfunding and Kickstarter.  In Central Falls, RI for example, the city placed a fundraising project on Crowdfunding to try to pay for five no garbage cans in a park that is quickly becoming inundated with trash and debris.
 

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