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.
Video by Gretchen Quarterman for LAKE, the Lowndes Area Knowledge Exchange.