Forget about pension obligations. Two cities rent their streets, no joke, to finance their pensions. – Forbes

Forget about pension obligations. Two cities rent their streets, no joke, to finance their pensions. – Forbes

A street in California

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It sounds absurd, and the title of a recent article here in Forbes by Marilyn Cohen is certainly eye-catching: “The Insanity of Using City Streets to Secure New Municipal Bond Transactions.” And it’s not just municipal bond deals – two California cities issue bonds with their own city streets as collateral to repay their unfunded pension commitments.

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