There are some practical and legal difference between the two, but this "water bond" is more akin to a modern stock certificate. The interest payments are deri

There are some practical and legal difference between the two, but this "water bond" is more akin to a modern stock certificate. The interest payments are derived from an ownership stake in the a series of dykes and canals, which are managed by a water board. Replace water board with board of directors and interest payment with dividend and nobody would bat an eye at the perpetual aspect. The big difference is that stock certificates usually don't have dividend entitlements outlined on them, while bonds do. However, historically, stock certificates could have either face values or distribution entitlements listed directly. Especially stocks in railways.