Then why would Google mess with the bonds at all?

Again, they have the cash to buy that land and develop it without any further consideration beyond permits and planning.

They lock in things like tax rates and insulate their investment against political risks for the duration of its economic life.

So they're doing something most of us can't do at the expense of the budget of the local government should the tax rates need to rise.

Wonderful. I'm so happy this is happening in my community.