Eventhough the bond does not payout any periodic payments, the county is paying an effective rate of 5.75% annually to borrow the money for 40 years. (the return should be Tax Free since its a Municipal Bond, so the real return is that amount adjusted for tax benefits)
That is probably comparable to other 40 year Mun. Bonds, but what investor wants to tie away their money for such a long period of time, based on today's all-time low interest rates. Not me.
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