When it comes to spending money it doesn't have, the City of Portland takes the cake. Hot on the heels of borrowing $604 million in April, the city has popped two more bond issuances onto its radar screen: $40 million in urban renewal bonds for the South Park Blocks area, set to be sold in June; and $85 million in water system revenue bonds, set for sale in July.

Meanwhile, the $150 million fixed-rate pension bond issue, designed to pay off "auction rate" bonds that are currently charging penalty interest rates, remains on the drawing boards, but with an undetermined date. City officials previously reported to us that current market rates of interest were too high to make the pension refinancing feasible for the city.

If all of these deals go through this summer, that will make $879 million borrowed in less than six months. Go by streetcar!