Maybe I read the data wrong but the numbers seemed to be beyond 40% built, it looked like 700 or 900 of the 1100 were already built. Bonds are tricky, I have no info about this one in particular but if it was designed to build three schools and only 2/3 of the houses get built, they don;t build the third school just yet. Water improvements are done ahead of building, but schools aren’t always. reputation and rating also play a role, if investors get screwed they will want more profit next time, so it is on Poway’s best interest to play the expenditures safe and keep the investors happy. I highly doubt that buildable, permitted residential in the Poway district sits vacant for 25 years, but it’s not my money so what do I know.
