The Portlandia suburb of Hillsboro is going to the well to borrow $12 million this month, for the new baseball stadium. They've got bond attorney Harvey Rogers, scourge of the Clackistani rebels, in tow to hold the bankers' hands. And in the course of that borrowing, the city has to come clean with the prospective bondholders about how it's doing financially.

The bonds are rated Aa3 by Moody's, several pegs down from the top. The city's long-term bonds work out to around $4,000 per resident, not that far behind Portland's $5,500 or so. And the government employee pension situation out there is moving in a bad direction:

That's a 42% jump in unfunded liability over just two years. But then again, if we're doing our math correctly, all of Hillsboro's unfunded retirement obligations amount to less than $500 per resident. Portland's is around 10 times that much per resident.