Fifteen years ago, Fresno County supervisors refinanced a pension bond to snag a lower interest rate and cut its short-term payments, even though the deal extended the county’s obligation another 10 years and added to its ultimate cost.
Total payout increases with each can kick. Same problem holds for the money multiplier theory. Dollars are conserved, so the available can kicking potential is bound and debt capacity finite. That means amortization and/or defaults.
Read more here: http://www.fresnobee.com/news/local/article138211213.html#storylink=cpy
Read more here: http://www.fresnobee.com/news/local/article138211213.html#storylink=cpy
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