Uh oh

At the top of the list of tactics, to address what is referred to as the city’s unfunded actuarial liability, would be the sale of pension obligation bonds.“Pension obligation bonds are not adding liability. They are refinancing a liability we already have,” Russi said at the end of the meeting.

Your credit rating is shot, you are funding a bankruptcy with debt at a time of higher rates.  Plus, Calpers is causing a massive melt up in the market, incidentally causing a rapid run up in rates. Now is not the time to accumulate debt.