The little-known type of bond that’s paying 7.12% in interest right now

Associated Press

Virginia Beach OKs $568 million bond to fend off rising seas

Voters in Virginia Beach have approved one of the larger bonds in the U.S. to pay for infrastructure projects to guard against rising seas and intensifying hurricanes, suggesting that more Americans are finally willing to spend tax dollars to adapt to climate change. Tuesday’s “yes” vote earned nearly 73% support in the coastal city of about 450,000 people, according to unofficial results from the Virginia Department of Elections. “The script flipped on this a few years ago throughout coastal Virginia,” said Skip Stiles, executive director of Wetlands Watch, a Virginia-based environmental group that partners with local governments on climate change issues.