[fella]

When BK is filed, what happens to those bonds? Are they flushed? Or do the bond holders become the owners of the projects they were sold to raise monies for?

That is a good question. ......................Hhmmmmmmmmmm ................. Maybe ............. Just maybe you Can sue city hall. But then that would only ensure that the lawyers got any money worth getting.

[count-your-change]

A bond is just a loan. You buy a bond, get interest payments, and at maturity get the principle back. Unlike regular loans you receive only interest payments until maturity date. City goes bankrupt-get in line with your tin cup out. Who goes to the head of the line depends on court and law.