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Stockton issued many, many tax-exempt bonds (which were touted to referenda voters and bond buyers as financially sound funding vehicles). From 2003 to 2009, w/ an annual budget of just $156 million, Stockton borrowed $191 million for a spending spree that included public housing, an events center and arena, parking garages and a new City Hall and police communications center.....and also borrowed $125 million to make mandated muni payments to the California pension fund.

NOTE: To the uninitiated, bonding means borrowing..... with endless taxation to pay it off....... w/ interest.

Why did Stockton love those bond issues? B/c it meant big bucks for politicians---bonding companies make money til the end of time AND as a payoff to politicians for throwing money their way---numerous financial bombs are secretly planted to payoff politicans bigtime.

At the state level, Californians hase a busy bee state Treasurer---Bill Lockyer---who loves putting those Wall Street bonding deals together-----saddling Cali business and individual taxpayers with billions in taxes.

How very easy it is for conniving pols to get for themselves a gigantic piece of those billion dollar bond pies.

Rmember---Wall Street knows how to make money disappear faster than a cream puff at a Weight Watchers weigh-in.