Lease revenue bonds are Encinitas' favored method of financing unpopular purchases and projects. This way the City avoids the public vote that would otherwise be required if floating a General Obligation bond.
Lease revenue bonds should have a revenue
source to repay the bond. Here is Pacific View school's revenue collected to date since its $10M purchase in 2014: $150, or $30 per year. Because the City can't repay the $10M with $150, it quietly raids other taxpayer-funded accounts.
Now the City plans to partially fund Streetscape with $22M in lease revenue bonds, again in order to avoid a public vote. And as with the school, the City once again has no identified revenue source to repay the bond. What accounts will be raided this time?