4 BULLETIN 393, U. 5S. DEPARTMENT OF AGRICULTURE, 
made. The bonds, amounting to $500,000 at 5 per cent, run from 
10 to 50 years aed the deferred serial method. 
Lauderdale County, Miss., which issued $500,000 of 5 a 54 
per cent bonds, adopted the deferred serial-bond method, with the 
first payment SEES 11 years from the date of issue and the last 
payment 25 years. If the county had issued the bonds on the 6-25 
year basis the cost would have been $906,875, as compared with the 
cost on the basis adopted of $972,232, or a difference of $65,367. 
It would seem that the most economical form of bond to issue is 
the deferred serial with the first payment at the end of the sixth 
year and the payments then extending to a final term varying in 
length according to local conditions, but never exceeding 30 years. 
By having the first payment deferred to the sixth year the county 
has an opportunity to complete its road system and enjoy the 
benefits before beginning payment, but if the deferred period is much 
greater all of the evils of the sinking-fund plan with no corresponding 
merits are adopted. If local communities throughout the United 
States could profit by these examples the result would be the saving 
of many millions of dollars. 
In one of the counties it was found that an amount probably 
ageregating as much as $5,000 had been lost to the county through 
a premature sale of the bonds; that is, in sellmg the bonds before the 
funds actually were needed. This resulted in the payment of interest 
much in excess of that which could be obtained upon cash balances 
in bank. Counties should pay due regard to this feature of road 
finance, even though the necessary precautions would save only a 
small amount. 
MANAGEMENT OF THE IMPROVEMENTS. 
In the-eight counties selected several forms of management were 
in effect and a noticeable tendency was demonstrated on the part 
of county authorities to select and designate for improvement a larger 
mileage of roads than the funds contemplated were adequate to con- 
struct. This was especially true in those counties where a consider- 
able amount of grading was involved and where comparatively ex- 
pensive typés of construction were contemplated. Naturally these 
faulty estimates resulted in dissatisfaetion and distrust among the 
taxpayers and to require either additional heavy outlays or the 
leaving of the project in a partially completed state. Judging from 
these examples, it is quite obviously essential that where any county 
contemplates comprehensive improvements involving large outlays 
and expensive types of construction, the detailed advice and esti- 
mate of a competent highway engineer be secured before the people 
are asked to approve the bond issue. In the case of the four Virginia 
counties the actual work of constructing the roads after the bonds 
