中文摘要：

美国市政债券从发行策略、资金用途、偿债来源、举债控制和债务重组五个方面构建完备的偿债机制。我国地方政府应借鉴美国的经验,根据资金用途发行债券以减少偿债风险,开征房产税作为债券偿还的稳定来源,通过立法和社会监督建立地方政府发债的硬约束,通过地方政府破产程序建立地方政府债务重组机制,把地方政府负债作为政绩考核的重要指标,抑制地方政府发债的道德风险。

英文摘要：

A complete debt repayment mechanism is built for the municipal bond in the US from five aspects： issuance strategy,use of fund,source of debt repayment,debt ceiling control and debt restructuring. It＇s necessary for China to learn from the experiences of the USA,issue bonds according to the usage for reducing repayment risk,levy real estate tax as a stable repayment resource for bonds,establish a hard constraint for local governments when issuing bonds by legislation and social supervision,set up local government debt restructuring mechanism through bankruptcy procedures,consider the level of debt for the local governments as an important indicator for achievements assessment,and curb local officials＇ moral hazard in bond issuance.