Excerpts from the report Introduction: The practice of issuing bonds for highway and bridge construction by counties and their subdivisions has become common. In 1,230 counties, or 41.1 per cent of all the counties in this country, there were outstanding highway bonds on January 1, 1914. The total amount of such bonds voted, as ascertained by the Office of Public Roads up to that date, was $286,557,073, of which township bonds alone amounted to $57,153,718. The amount of outstanding local highway bonds on January 1, 1913, was approximately $202,007,776. The county highway bond is essentially a municipal bond; that is, a bond issued by a public corporation. If highway bond issues are to continue successfully, certain fundamental principles require attention. They are, therefore, discussed briefly in this publication. Necessary information is presented in considerable detail with illustrations and tables to guide highway officials in borrowing and expending highway funds.