NEWS OF THE WEIRD

Stadium Debt Cautionary Tale

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Philadelphia's Veterans Stadium, whose construction was financed in 1964 by borrowing $25 million (and untold more as part of a subway expansion to service the stadium), was demolished in 2004 and is but a memory to the city's sports fans. However, nine years later, the city is still paying for it (though next year will retire the $25 million bond and nine years from now, the city hopes, will retire the stadium/subway bond). The city's deputy controller told PhillyMag.com in June, profoundly, "When issuing a bond to build a facility, the debt payment on that bond should not outlast the facility."

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