The work as proposed is impossible to do through a series of smaller bonds. When doing home renovations you open walls once and do all the work that is needed the first time you open the wall. You don’t open the wall fix the electrical issues, close the wall up and then a few years later open the wall back up and fix the plumbing only to close the walls back up again.
Doing the work sooner, rather than later, results in cost savings because construction inflation grows much faster than the inflation of the overall economy. Historically, construction is 2x the Consumer Price Index (CPI) and in the last five years it has been 3x CPI. Additionally, a single bond will benefit from economies of scale, making the cost lower than if it were broken up into many smaller bonds.
