Thanks for the information. I know we have to plan to spend no more than we plan to take in, but didn’t know about the limits on total debt. In addition, the Texas Regional Transportation Mobility boards and the ability to issue bonds was part of the Constitutional amendments in 2001.
There are a great number of legal schemes that've been developed over the years to both enable the sale of bonds and also to isolate the government from having to pay those bonds if something goes wrong.
The Barrett law (mentioned earlier) is about the most restrictive method. It's used in Indiana, and in Germany and Denmark under a different name. Some of the former Eastbloc states may have also revived it.
The USPs debt is restricted to USPS activities ~ and works pretty much as a mortgage against buildings and equipment. It's close to the second most restrictive system.
Most other systems are a combination of general revenue bonds, mortgages, and special user fees (in this country).
Politicians have developed an immense repetoire of BS to flim-flam the public about the nature of the public debt.