The Central Java Provincial Government plans to issue Regional Bonds as an alternative to development financing because fiscal space tends to decrease by 69.34 percent in 2013 to 46.44 percent in 2017 or a significant decline, namely by 22.90 percent. One of the activities that will be financed from the issuance of Regional Bonds is the Drinking Water Supply System (SPAM). The purpose of this paper is to determine the feasibility of issuance of Regional Bonds in Central Java Province and to determine the contribution of SPAM development to regional revenues. The writing method used in the writing of this study is a mixed method. Based on the results of the study, it is known that economically the issuance of bonds for SPAM development has met where the EIRR value of the EIRR value is above the coupon value to be given, namely 10 percent. The SPAM development will also be able to contribute to Local Own Revenue from dividends from the Regional Raw Water Company. However, there are a few obstacles related to in-principle permission from the legislature so that more effort is needed for more communication and outreach.Pemerintah Provinsi Jawa Tengah berencana menerbitkan Obligasi Daerah sebagai alternatif pembiayaan pembangunan karena ruang fiskal yang cenderung menurun 69,34 persen pada tahun 2013 menjadi 46,44 persen di tahun 2017 atau menurun cukup besar yaitu sebesar 22,90 persen. Salah satu kegiatan yang akan dibiayai dari penerbitan Obligasi Daerah adalah Sistem Penyediaan Air Minum (SPAM). Tujuan dari penulisan ini yaitu Untuk mengetahui kelayakan Penerbitan Obligasi Daerah Provinsi Jawa Tengah dan untuk mengetahui kontribusi pembangunan SPAM terhadap pendapatan daerah. Metode penulisan yang digunakan dalam penulisan kajian ini merupakan penelitian campuran (mixed method). Berdasarkan hasil kajian diketahui bahwa secara ekonomi penerbitan obligasi untuk pembangunan SPAM telah memenuhi dimana nilai EIRR nilai EIRR diatas nilai kupon yang akan diberikan yaitu 10 persen. Pembangunan SPAM juga akan dapat berkontribusi pada Pendapatan Asli Daerah yang bersumber dari deviden Perusahaan Daerah Air Baku. Namun demikian terdapat sedikit kendala terkait ijin prinsip dari pihak legislatif sehingga perlu adanya effort untuk lebih banyak komunikasi dan sosialisasi.
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