Serious question, as I don't really understand LGFVs: if most tax revenue goes to the central government, how does the local government intend to pay back the f

Serious question, as I don't really understand LGFVs: if most tax revenue goes to the central government, how does the local government intend to pay back the financed money? Are all LGFVs tied to projects that are intended to create revenue? I could see that working for land development, maybe some infrastructure... but if they are selling bonds to cover day-to-day public affairs, that doesn't seem sustainable. If those expenses aren't covered by current tax revenue, where are they going to get the future revenue to pay the investors, plus interest, plus ongoing day-to-day expenses at that point? Does anyone know what expectations or models they are using in issuing these, or what the buyers' assumptions are? That would seem to be important. If someone is buying a 30-year note expecting the tax base growth to be 8% p.a. over that 30 years, with that compound growth covering the principal, interest, and still keeping things going down the line, things could get really ugly if growth is even a bit below that. The municipality would have to choose between day to day expenses and interest payments, potentially.