Bonds.
—It is not always possible to raise by taxes sufficient money to make public improvements on a pay-as-you-go basis. It would not be economical to attempt to pave one-tenth the width of a street each year. One patch would be worn out before the next is put down. The whole must be done at the same time in order not to be vastly wasteful. And, in order to enjoy the improvement while money is being collected for its payment, the municipality must resort to borrowing. It is also argued that since future generations will enjoy the improvement they should be required to help pay for the same. The indebtedness represented by the bonds become a lien against the assessed property in the state, county, township, or district over which they have been laid. The taxes to pay off the bonds will be levied uniformly over all property or specially in proportion to accruing benefits according to conditions prescribed at the time the improvements were made.