The indirection is useful when exit time rolls around. If you directly finance a bridge in a city that wins a major new factory, you have to figure out how to m

The indirection is useful when exit time rolls around. If you directly finance a bridge in a city that wins a major new factory, you have to figure out how to market and sell your share of their improved taxing ability. If you bought a government bond, you simply issue a sell order priced to account for the lower risk of default.