You do realize that if you stop paying the debt the Banks will just go to court and get an injunction that basically will force bankruptcy on the City if they don't pay. Then they will void contracts and sell assets to pay for those bonds. You then have people that have no vested interest in the City making decisions for the City.
But fear not suburban dwellers wait 10 years and many other communities will be where Detroit is today in terms of cash flow issues -- look at the number of cities that are selling bonds to meet cash flow obligations today, only to have to pay that back in the future with the occurred interest and the 100K pensions they are still handing out to retiring Police and Fire personal.
Also don't let that whole Synder proposal that local goverment employees have to pay 20% of their benefits fool you, cities and townships can opt out and still keep their benefits too.
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