MODESTO, CA—The Modesto City Council announced Monday that it will issue deep, meaningful, general-obligation municipal bonds to any investor wishing to improve relations with the city. "My hope is that we can foster a closer, richer relationship with those who might provide us monies to improve Modesto's antiquated sewer system," Mayor Jim Ridenour said in an appeal to potential investors. "I promise—and this is coming right from the heart—if you stick with us through the long term, you will find yourself in a rewarding relationship with tax-exempt dividends." Ridenour added that bonds like his will need constant nurturing if they are to keep their Triple-A-rated status.
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