This number is the amount of the government's outstanding bonds payable as found on the "Statement of Net Position" in each state's Comprehensive Annual Financial Report (CAFR). Information about bonds payable can also be found in the notes to the financial statements. Bonds are long-term debt instruments with set interest rates and maturities. Governments use bonds in order to raise funds, especially for capital improvement projects. A government can also use bonds to cover fiscal deficits.