Another Day Older and Deeper in Debt: Debt Limitation, the Broad Special Fund Doctrine, and WPPSS 4/5

Abstract

The weakness of the Broad Special Fund Doctrine becomes evident when viewed in light of its application to an enormous debt such as construction of a multi-billion dollar power plant. Furthermore, the doctrine is directly at odds with the purposes underlying constitutional and statutory debt limitations. This Article presents a brief history of debt limitation provisions. Next, it discusses the history of the Special Fund Doctrine and sets forth criticisms of the Broad Special Fund Doctrine. The Article concludes by recommending a concept for a Narrow Special Fund Doctrine and applies it to the construction of two nuclear power plants by the Washington Public Power Supply System (WPPSS) in order to illustrate the reconciliation of the conflicting goals of sound fiscal policy and practical flexibility.