Another difference, arising from the tax base, lies in the unwillingness of local politicians to incur mind-glazing piles of debt.
The larger the tax base--county vs state--the greater the temptation to solve wants via bond sales. For example, the Illinois governor wants to juggle his bankrupt state's debts by offering billions in bonds.
On the other hand, counties, having smaller populations, usually deal in mere millions. Educrats, pretending to hold "the childrens'" interests foremost, have mystical powers for getting voter approval for mammoth bond offerings.
For example, the Chicago School District last May sold $257 million of 18-year School Construction Bonds @ 6.32% annual interest. The US will pay the interest on these bonds.
Nonetheless, on tally day the board will have to redeem those bonds. By that time the glow will be off the bond-built school and it will be in need of structural repairs.
Have you any doubt the bond-sellers will be off again?
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