An association of municipalities that invested like a pension fund would be a very interesting vehicle. They could buy infrastructure, but their mandate would b

An association of municipalities that invested like a pension fund would be a very interesting vehicle. They could buy infrastructure, but their mandate would be for productive assets. Public energy utilities in Canada just got loaded with off balance sheet debt and used as a general revenue slush fund for “infrastructure,” and built by unions on double time and a half, but it would be harder to get away with that today. A municipal wealth fund like a sovereign wealth fund would be worth exploring.