In FY1990, when the revenue budget was JPY 58.0 trillion, the contribution of construction bonds was JPY 5.6 trillion.

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Veracity bought the fiber system from Provo but couldn't pay off construction bonds and sold it back to the city.

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By contrast, in FY2011 total bond issuance of JPY 44.3 trillion (of which only JPY6.1 trillion are construction bonds) will constitute nearly half of the JPY 92.4 trillion revenue budget.

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There is not much chance of raising bonds and taxes like those that paid for construction in the 1950s and 1960s.

ECONOMIST: California's economy