"gunnerasch" wrote in message
...

Where Borrowing $105 Million Will Cost $1 Billion: Poway Schools
...
The bottom line: For borrowing $105 million in 2011, taxpayers will
end up paying investors more than $981 million by 2051, or almost 10
times what the district borrowed. That's wildly more expensive than
a
typical school bond, in which a district pays back two or maybe
three
times what it borrowed....

Zero Coupon municipal bonds:
http://www.investinginbonds.com/lear...=8&subcatid=54
The buyer hopes the interest rate will exceed cumulative inflation
losses, and the issuer won't default.