The article reviews how states and local governments borrowed money for highways from 1950 to 1960. It looks at the amount of highway debt, how it compares to other debts, and the costs of different types of bond financing for highway users. The study also examines the impact of constitutional limits on debt creation and the use of revenue bonds to finance highways. It compares interest costs and maturity schedules of revenue bonds with other highway bonds. The research discusses specific bond-financing programs, including toll road financing and toll-free highway programs. The study concludes that how highway programs are financed depends on whether to pay as you go or use credit financing.