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A History Of General Obligation Bonding In Logan City, Kenneth W. Godfrey

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Borrowing is of great importance in meeting local revenue shortages. Philadelphia began the history of local borrowing by financing the construction of a water system in 1789, from a loan of $150,000. By 1843, the seventeen largest cities had an outstanding indebtedness of $125.5 million. In the 1840's and 1850's cities and counties borrowed to construct public works, and aid in the building of railroads. They defaulted on their loans frequently. In spite of the low state of municipal credit, state governments enacted general legislation by which the local governments were granted greater freedom in borrowing. But after the Civil …