Fiduciary responsibility of LCC to oversee VLCIA? –John S. Quarterman

Speaking to the Lowndes County Commission on 8 March 2011, I read from VLCIA “inter-governmental funding agreement” with Lowndes County, noting that VLCIA’s own audited annual financial report seems to be out of date, since it still says VLCIA asks the Lowndes County Commission for its funds. And I wondered about this part in Note F:
The bonds are secured by an “inter-governmental” funding agreement between the Valdosta-Lowndes County Industrial Authority and Lowndes County, Georgia.
I repeated what I wrote before:
If the Lowndes County government is co-guarantor of VLCIA’s bonds, how can the Lowndes County Commission say it has no responsibility or control over what VLCIA does? I am not a CPA, but the term “fiduciary responsibility” comes to mind.

I quoted myself from VLCIA Bonds: $15M becomes $23.5M?

If I’m reading that right (I am not a CPA), VLCIA took out about $15M in bonds for which they will pay back a total of about $23.5M. Is that really $8.5M in debt service, or about 56% of the original principal?
I pointed out that VLCIA seems to have about $8.3 million in cash or equivalents while other local governments are scraping to make ends meet. I concluded by asking for the Lowndes County Commission to exercise some financial oversight over the Valdosta-Lowndes County Industrial Authority, and I asked for a written response.

Here’s the video.

Regular meeting of the Lowndes County Commission, 8 March 2011.
Video by Gretchen Quarterman for LAKE, the Lowndes Area Knowledge Exchange.