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  California Municipal Bonds at Work If you needed any more evidence that California municipal bonds are out of control, this story from the San Jose Mercury News is a classic: The San Mateo County Community College District is using some of the proceeds from a $468 million tax-exempt bond offering to fund a fitness club "available to the larger community on a membership-fee basis." It would "house workout space, locker rooms and a lobby in a model similar to athletic clubs." Why would anyone need privately owned or operated fitness clubs when the government can build ones financed with tax-exempt bonds? California Municipal Bonds at Work If you needed any more evidence that California municipal bonds are out of control, this story from the San Jose Mercury News is a classic: The San Mateo County Community College District is using some of the proceeds from a $468 million tax-exempt bond offering to fund a fitness club "available to the larger community on a membership-fee basis." It would "house workout space, locker rooms and a lobby in a model similar to athletic clubs." Why would anyone need privately owned or operated fitness clubs when the government can build ones financed with tax-exempt bonds?
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