How municipalities choose to pay for projects   -- Thomas
Sowell   Municipalities are prohibited by law from using long-
term debt to finance current operating expenses. However, cities
have the authority to issue long-term debt to finance capital
improvements -- particularly for projects that require a large,
immediate investment and whose benefits are expected to be
realized over several years.  Deciding whether capital
improvements should be funded with current revenues or through
long-term debt, depends on your answers to such questions as,
"who should pay and when?" and, "is a pay-as-you-go or pay-as-
you-use a preferable approach?"  I argue that debt should be
avoided, that projects should be funded from current revenues,
and that a city should save for capital improvement projects
requiring more money than can be provided in any one year. The
proven result can be found in Layton city, where the discipline
of carefully screened and prioritized projects enabled the
building of a new "high-tech" fire traini