Several years ago, when I was in the daily news game covering a school district near my home, came a discussion of the districts indebtedness and its need for a new elementary school. The district had undertaken a large number of improvements, and was about maxed out on what it could get its taxpayers to cough up.
“Never fear,” the superintendent told his Board of Directors. “According to state law, the new school won’t cost us anything.”
“With our debt load limited out, the state will pay for everything,” he said.