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The counter-argument is that plenty of other money flows into Sound Transit, which could retire or “defease” the bonds by cutting other spending, and still satisfy investor contracts.

Around Puget Sound, the initiative would repeal the car-tab tax used by Sound Transit to build light rail, commuter bus and Sounder rail projects if the agency could successfully retire, defease or refinance bonds it’s sold against the tax.

And the current initiative directs Sound Transit to “retire, defease, or refinance any outstanding bonds” backed by car-tab revenue.

This year’s initiative would require Sound Transit to, if possible, “retire, defease or refinance” any bonds that are backed by car-tab tax revenue.

If Sound Transit were to immediately defease — basically repay — its old bonds, it said that would be a direct $2 billion blow to its revenue.