ABSTRACT
At the beginning of the last chapter, we pointed out that there are two distinct personal philosophies about how to pay for projects. These can be characterized at the Pay As You Go philosophy which holds that financing is proper, as long as the period of financing is confined to the service life of the project. In other words, if a new standpipe will last for twenty years without a major overhaul, then it is perfectly proper to issue a twenty-year bond or take out a twenty-year loan to pay for it.
