Well, here is a crazy twist in the tale of the state-mandated killing of redevelopment agencies: "Bond insurer Syncora Guarantee has filed a lawsuit to prevent California from eliminating the state's 400 local redevelopment agencies, claiming that the plan unfairly deprives bondholders of money they are owed." The redevelopment agencies were in the practice of selling bonds against property tax revenues to fund development in designated blighted areas and Syncora says the state interfered with those contractual agreements. [Reuters]
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