Industry's voters approve $500 million bond

Now this is something you don't see everyday anyplace.
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"INDUSTRY - Voters in this 777-person city overwhelmingly approved a measure to allow the city to borrow $500million for infrastructure improvements.
The measure passed 60-1 in preliminary results, according to City Clerk Jodi Scrivens. It needed a two-thirds approval to pass.

The city has 82 registered voters, all of whom vote by mail, according to the Los Angeles County Registrar-Recorder/County Clerk's Office.

Industry will use the funds to build bridges, roads, a new fire station and other projects throughout the city, officials said.

The $500 million would be repaid through property taxes, although the tax rate would not be determined until the city sold bonds to borrow money, City Manager Kevin Radecki said. "
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This is just amazing what they can do and have done before.
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"We did the same thing in 1978," he said. "I think we took out about $250 million to be paid back over 30 years."
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This is City of Industry, Cali.
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link: http://www.sgvtribune.com/ci_11506873