Date of Award


Degree Type

Open Access Thesis

Degree Name

Master of Public Administration (MPA)



First Advisor

Jeongwoo Kim


Funding for capital projects is a vital need for local governments. This thesis compares two forms of funding, that being debt funding through municipal bonds or funding from state and federal grants. This thesis compares and contrasts these two forms of funding, looking at the economic and political risks that can come with using municipal bonds, as well as the need of resources that local governments need when it comes to securing grants. This project also looks at the case study of one such local government that needs funding for a capital project, that being the city of Richmond, Kentucky, and the construction of a new police station. Through the lens of this case study, a breakdown of possible grant opportunities for Richmond to use is given.