Your comments were electric, but somewhat charged, representing currently popular opinion (sorry, it was just too tempting).
Seldom are civic capital projects discounted for risk of technical supercedure or other changes in market conditions. That is because the funds are guaranteed at gunpoint. The voters could be accepting that risk consciously, but it is seldom the case. Usually what happens with 30-year GOs or Revenue bonds is that the beneficiaries are the bond holders who lend against the resulting subsidized economic opportunity: the banks.
My dad was a municipal financing consultant in California for forty years. You don't have to tell me about the California bond market or the corruption therewith. :-)
Seriously, you are right that bonds will get repaid and that now-a-days seldom is the issuance of debt seriously questioned. It should be, but many lenders have become lack. Your comments were right on.
I think it's high time for an SUV traffic jamming PROTEST in the Crapitol!!!
I sure hope Davis signs it to guarantee his rejection by the voters! Of course the lock-step Demonicrat Slaves will not let SUV envy stop them from re-electing the creepy emergency powered Governot!!!