U.S. Cities: Don’t Use Bonds for Budgets

To the Editor:
The New York Times Business section Sept. 4 covered Stockton’s financial distress when faced with paying off bonds it had issued to cover pension costs.

When will cities stop using bond instruments to pay operating expenses? Bonds, typically but not exclusively paid by property owners, used to be limited to paying for long-term capital improvements.

They should still be restricted to such.

Sincerely,
Cy S.
Berkeley, CA

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