Lakewood officials say that without a controversial bond issuance, the RedTail subdivision wouldn’t be what it is today: beautiful upscale homes nestled on a sprawling 18-hole golf course anchored by a small strip mall.

Rewind to the early 1990s, when the golf course’s developers went belly up and disappeared. Village officials used their bonding authority to rescue the development by issuing alternate revenue bonds, which are backed by identified revenue the project could bring in. Property taxes are used as a backup if revenues don’t cover the bond payments, an added security that results in lower interest rates.

At the time, Lakewood officials assumed that the golf course’s membership would repay the debt the village incurred.