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In 1648, the Water Board of Lekdijk Bovendams needed to repair these embankments to make sure that this bit of the Netherlands didnt flood. For that, they needed money, so they sold a bearer bond. Whoever owned that bond would get a little bit of money back from them every year. But, unlike modern bonds, they didnt set a time limit on that. Perpetual debt can be a thing in finance. Its kind of like selling stock in a company, but normally perpetual just means until the company fails. But, this company didnt fail. 3 centuries later, that original bond ended up. GPS: Take exit 47. here, at Yale University in New Haven, Connecticut, USA, and its still paying interest. Perpetual bonds date back to the Middle Ages. All bonds were perpetual bonds and the fact that bonds actually mature and pay back their principal is a financial innovation. The flood plains of rivers, they dont coincide with state boundaries or city boundaries, so they had separate governments that would over