How much are those bonds VLCIA has committed we the taxpayers to?

According to VLCIA’s FYE 2011 Annual Financial Report it looks like the bonds started out as about $15,000,000, and are

• now $17,485,883 in bonds and notes payable
• with $3,124,270 in debt service
• and $23,501,680 in total forseen debt service by 2024

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? Is that a good deal VLCIA has made with we the taxpayers’ money?

Meanwhile, VLCIA has

• $8,379,503 net assets

That’s an interesting number to contemplate while other arms of local government are scraping to pay salaries and provide services. One of those other arms of local government is the Lowndes County Commission, which appears to be co-guarantor for those bonds.

-jsq

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