Why does this surprise you? Since deficit spending is generally disallowed for state and local governments, nearly all sizable projects are funded through bond

Why does this surprise you? Since deficit spending is generally disallowed for state and local governments, nearly all sizable projects are funded through bonds. Bonds are basically loans with a promise to pay back in the future, generally with tax revenues. So you are paying off that 99 year bond to build a TB sanatorium built in the 1930s. We are doing the same thing today. My grandchildren will be paying for the school repair and high-speed rail bonds that passed a couple of years ago here in California. Their grandchildren will be paying off the anti-global-warming school air conditioning and hyper mag-lev rail bonds that will be put forth 25 years from now.