HOW IN THE HELL IS THIS LEGAL??

http://www.ci.beaumont.ca.us/DocumentCenter/Home/View/1207


SEE THE PICTURE ABOVE FROM THE AUDITOR'S 2007-8 FISCAL YEAR ENDING REPORT.  WHY IS THIS PERTINENT 5-6 YEARS LATER?  THESE COSTS ARE BEING DEFERRED AND REFINANCED (REFUNDED) EXTENDING THE PAYOFF DATES FAR BEYOND THE ORIGINAL TERMS.  IT MIGHT AS WELL BE SIGNED AND DECLARED 
  YOURS TRULY, 

                      N M P  IBLGBT   

                         (No t My  Problem   I  Be  Long  Gone By Then)

 PS... I'm not the sharpest knife in the drawer, but issuing $11.615 million in Bonds with an accounting of ONLY $110,000??  THIS IS ABSURD!