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Local Government Debt

Bonded Debt of Local Governments

($21,591 million in CY 2008/FY 2009)
  General
Obligation		 Revenue Total
Indebtedness
Cities $6,897 $1,505 $8,402
Counties 2,305 645 2,950
Towns 52 0 52
School districts 10,187 0 10,187
Total $19,441 $2,149 $21,591

Special district debt data is not available. School district data is for school fiscal year 2009.
Source: State Auditor's reports; Department of Education

General obligation bonds are secured by the full faith and credit of the issuing governmental unit; the issuing governmental unit agrees to levy whatever property taxes are needed to pay the bonds.

Revenue bonds are backed by the revenues from a project or facility. They may also be secured by a general obligation pledge (general obligation revenue bonds).

Amounts in the local government table do not include long-term debt not backed by bonds, such as long-term leases, conduit bonds, such as IDB (industrial development bonds), or mortgage revenue bonds. These bonds are paid by private individuals, businesses, and other organizations. The governmental unit issues the bonds to confer its federal and state tax exemptions on the private borrowers but is not legally responsible to repay the bonds. Most analysts consider conduit bonds to be obligations of the private individuals or entities who pay them.

Originally published January 2011.