“Certificates of Participation”. These are loans that the public does NOT get to vote on. Unlike bonds, only the Assembly has to approve COPs. These are a fairly new financial instruments. The MSB owes $20 million for these type of loans.
And the MSB is considering borrowing more money via COPs.
These type of financial instruments are controversial:
From the above article:
“COPs void the public’s right to participate in the decision-making process regarding questions of public debt. Taxation without representation always weakens the democratic process.”