ABSTRACT
County, municipal and district bonds and notes make up practically the entire body of local public securities. County bonds are obligations for the payment of which the full faith and credit of counties are pledged. In America, the shire or county attained its greatest importance in the South Atlantic States. The counties — the agents of the State in the performance of its political, administrative and judicial functions — were governed usually by a county board or board of county commissioners. County, municipal, and district bonds are issued for purposes which have resulted from the growth and development of local communities. In a large and increasing number of communities there exist, besides the city corporations themselves, school districts, park districts, drainage districts, road districts, and other quasi-municipal debt-creating corporations. Often the county is practically, or to a very large extent, co-extensive with the city, as in the case of Cook County, Illinois, and the City of Chicago.
