And the bond vgilntes missed this

That makes Dallas the latest example of why cities and states facing huge piles of pension debt should steer clear of pension obligation bonds, or POBs, which usually do more harm than good.In Dallas, the story goes like this: the city sold $535 million in bonds to refill the Dallas Police and Fire City Pension Fund. In essence, that moved the debt from one pile—the pension system—to another pile—the city's municipal debt obligations, in the hope that payments on that debt would be less, in the long term, than the cost of the pension system. It was a risky move, like "taking $535 million and throwing it on the dice table," said city council member Mitchell Rasansky at the time.With the pension problem supposedly "fixed" by the POB, Dallas politicians went back to their old ways and continued underfunding the pension system, allowing the debt to grow again. Dallas hasn't fully funded the pension system since 2009, and shortchanged it by $14 million this year, according to the Dallas Morning News. Now, an immediate infusion of $600 million—equal to 20 cents of every dollar the city spends in its current budget—to fix the city's pension problem, members of the pension board told the city council in May.Dallas isn't the first city to discover the hidden horror of POBs. It's another sequel in a long-running series, with the victims piling up.

This is liker a comedy machine.  I mean, the city government of Dallas never looked at both numbers, in sequence?