The Bond Documents Tell the Story

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Pharell Williams, Grammy-winning singer and producer, pitched his idea for a surf park in his hometown of Virginia Beach, Virginia in 2017. Now there’s a bit of action on the long-awaited project.

Questions:

  1. Why does the article explain that this is an important deal to watch?
  2. How big is the surf park and what is it called?
  3. What type of bonds are being sold to finance the deal?

Source:

Smith, A.N. (2023) Pharrell Williams-Backed Surf Park to Tap $121 Million of Bonds. The Washington Post, Jan. 31 (Retrievable online at https://www.washingtonpost.com/business/on-small-business/pharrell-williams-backed-surf-park-to-tap-121-million-of-bonds/2023/01/27/dc6b7184-9e6b-11ed-93e0-38551e88239c_story.html)