State Bonded Obligations, 2020

by Jonathan Williams, Thomas Savidge & Lee Schalk


State governments borrow for a myriad of reasons and issue various types of bonded obligations. Today, their total bonded liabilities exceed $1.25 trillion, representing just over $3,800 per person nationally. State Bonded Obligations, 2020 surveys the financial documents for state bonds of all 50 states. This report analyzes the types of bonds issued, debt payment schedules as well as total liabilities and liabilities per capita. This report uses data as recent as December of 2020. The differences between states offer important insights into state approaches to managing these obligations.