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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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California Cities To Put Up Streets As Collateral
The cities of West Covina and Torrance are going to sell 25 years Bonds where their streets are to be held as collateral. The cities are going to rent back their own streets for that 25 years...W Covina sold some 200M in Bonds in July and Torrance is set for their sale in October..at 350M. The money is to be used for their Pension fund liabilities.
https://www.forbes.com/sites/investor/2020/08/28/the-lunacy-of-using-city-streets-to-collateralize-new-municipal-bond-deals/#96ba7bd39c45
Can we call this scraping the bottom of the barrel?
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"Some Observer"
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