My guess is that the bonds are paid off, but they're replaced with new bonds to fund new projects. If they're doing something shady, I'd think that an audit would uncover that, and there should be regular audits to catch that.Valid point.
Although, Bonds are supposed to be paid-off and dissolve after time.
Somehow, the turnpike never seems to be able to 'pay-off' their debt, but somehow they proposes new roads (more debt), and the 'investors' continue to take revenue.
I agree Bonds, in general, are necessary for state financial functions. I think the Turnpike abuses this.