Note 230 — Chapter XXIII · TAXATION AND PUBLIC FINANCE

It is a sound rule of public finance that bonds ought not to run for a longer period than the estimated life of a public improvementimprovement. For example, if a new street pavement is estimated to be good for twenty years, the bonds should all be repayable within that term. Very often, however, the taxpayers of American cities have been paying off paving bonds long after the pavements have completely worn out.