Wow, you have to love some of that letter. Should we endorse some of it?
From a moral perspective funding the parks maintenance, which is essentially what this, through debt is robbery from future generations of San Franciscans but on a practical level it is a terrific deal. The city gets a very low interest rate because investors get a tax break (California and Federal, I think). The interest rate may well be negative because inflation probably exceeds the interest rate. For example, the 350 million for city hall renovations during the Brown administration is starting to look downright cheap.
Selling bonds is exactly what most San Franciscans love, it is literally stealing from the rich, and the rich are willingly and actively participating in the robbery out of their own free will. Anyone who buys long term city bonds instead of gold deserves what they get, robbed.
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