Cities go bankrupt and they just can't pay, so you as a buyer of these bonds feel reluctant to invest in them.

如果一市政府破产了,他们将无法支付,因此作为投资人,你可能不想购买它

耶鲁公开课 - 金融市场课程节选

Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.

现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产

耶鲁公开课 - 金融市场课程节选

they're just going to go bankrupt when that happens.

但是他们依然会破产。

耶鲁公开课 - 金融市场课程节选