Anaheim officials say the bond deal won't put taxpayer dollars at risk. Instead, it allows private investors to foot the bill for an NBA team to move to Honda Center in Anaheim.
The bonds would be paid off with revenue from the arena.
Anaheim Mayor Tom Tait says this doesn't mean it's a sure thing that Anaheim will be the new home of the Sacramento Kings.
"We're waiting for the vote of the NBA owners. So we set the table for the Kings, or in theory another NBA team, to come to Anaheim. But of course, we have to wait for the vote of the NBA owners."
Tait says he's working under the assumption that the Kings will pay off debt they owe to the city of Sacramento before making the move to Anaheim. The team owes $77-million from a 1997 loan.
Sacramento's assistant city manager sent a letter this week, asking Anaheim officials not to go through with the bond deal. But the city approved it anyway.
Tait says as the mayor of Anaheim, he needs to look out for his city's best interests.