It seems to me that they should pay for the essential things with cash (the fire station), and then put the optional things (bike lane) in the bond, and then let the voters decide whether it is a worthwhile investment. That's not how they do things here, however. They pay for the most controversial and/or frivolous things with cash, since voters might not approve them, and then put the mandatory things in the bonds, which they know will be approved.
I don't know where you live,but at least you get to vote on bonding.
In N.J., bonding is left to the local and county governments.
They have to hold a public hearing but that's it.
We don't even have the right to have a referendum
All referendums must be non-binding.
The only things we get to vote on are state wide dedication of funds for Open Space.