Looks like Horry County, SC stuck to its
initial three-year offer, both for Lofton, and for millage
to fund his development authority there.
There are things the
newly-renamed Valdosta-Lowndes Development Authority
could do to let sunshine turn Lofton’s local land legacy green.
New York, July 17, 2013 — Moody’s Investors Service has confirmed the Aa3 general obligation
rating of Lowndes County School District, GA. The Aa3 rating
affects $34.9 million in outstanding general obligation
bonds. The bonds are secured by the district’s general obligation,
unlimited tax pledge but are expected to be paid from proceeds of a one
percent Special Purpose Local Option Sales Tax (SPLOST). The district
has an additional $10 million in general obligation bonds not rated
SUMMARY RATING RATIONALE
The confirmation of the Aa3 rating reflects the district’s sizeable
and growing tax base, SPLOST support of debt service, modest
debt burden, and rapid payout. The rating also incorporates
the district’s below average socioeconomic indicators and recent
trend of General Fund operating deficits. Excluding a slight 1.7%
decline in fiscal year 2011, Lowndes County School District has
consistently experienced growth in the $3.87 million tax
base, which is expected to continue going forward. The base
benefits from the institutional presence offered by Moody Air Force Base,
Valdosta State University (A1/stable), and South Georgia Medical
Center (A2/stable). The current SPLOST is authorized through September
2017 and should provide sufficient revenues to make debt service payments.
In fiscal year 2012, SPLOST revenues were $12.4 million
compared to debt service payments of $12.2 million.
Following fiscal year 2013’s payment of $12.1 million,
the district’s payments will decline to just under $8 million
annually. Amortization is rapid with all debt fully matured by
fiscal year 2018. The district does not have any plans to issue
SO CEO Tom Fanning used Julia O’Neal’s question about cost overruns
to tout the alleged benefits of Kemper Coal,
which include selling CO2 to oil companies to pump into the ground to
produce more oil.
He didn’t mention that oil is then burned to produce more CO2.
And that Mississippi lignite coal he said would otherwise stay in the ground?
Yes it and its CO2 would stay there if SO would get on with solar instead of coal.
I always call out Vogtle and Kemper County.
Both projects are going to serve our customers for decades to come.
We’ve had some challenges with Kemper.
We’ll probably talk about those later.
But when I think about the value that these projects will bring,
I think our customers, and the economy of the southeast,
will be benefited for decades.
And we’re very excited about the progress we’re making on both of those.
It’s curious he mentioned SO’s flagship coal and nuclear projects
without saying coal or nuclear.
And if by “progress” he means Continue reading →
The Securities and Exchange Commission has sued the city of
Harrisburg for fraud, alleging that officials in the Pennsylvania
capital misled the public about the city’s financial condition.
The SEC says the misleading statements came in the city’s 2009
budget report, its annual and mid-year financial statements and a
“State of the City” address. The case marks the first time the SEC
has charged a municipality with misleading investors in statements
made outside of securities documents.
Yes, the binders of the documents for the closings of the various
bonds are the sort of financial instruments I requested in
my message of 28 January, and that Chairman Slaughter listed in
his letter dated 18 January
(that I received 28 January). Monday 11 Feb
2013 after the Work Session will be a good time for me to inspect
and copy those binders. I will bring a camera and a photocopier. If
that time will not work, please advise me of times that would.
Yes, there are other documents I would like to inspect. Please provide
Received yesterday (as a *.docx file, and still to the wrong email address,
but this time including both residence and postal addresses),
County Manager Joe Pritchard followed up on his
email of 29 January,
in which he had seemed puzzled about the term
(it's a standard term in business and investing)
I asked for 28 January.
I thank Mr. Pritchard once again for responding.
(I thanked Chairman Bill Slaughter in person the other day.)
The relevant correspondance about the flyer that Mr. Pritchard
was created by the VDT is still missing.
I will ask for that Monday, when I respond to Mr. Pritchard's most courteous
offer to inspect the financial instruments.
Here's Mr. Pritchard's letter.
February 1, 2013
6565 Quarterman Road
3338 Country Club Road #L336
Valdosta, GA 31605
Dear Mr. Quarterman:
To follow up my email of yesterday, I have obtained the binder of
the documents executed at the closing of the $15,500,000 CVDA
Thanks to County Manager Joe Pritchard for responding to
my letter of Monday.
He partly (but not completely) answered my question by saying the VDT did it.
More on that later.
He included a PDF copy of
Bill Slaughter’s letter of January 18th.
Perhaps Mr. Pritchard was unaware that letter didn’t
reach me until after my letter of Monday, because the
county sent it to the wrong address.
Mr. Pritchard’s email response was also sent to the wrong address,
although fortunately email to that business address does reach me.
He also copied the Chairman at his business address instead of at
his Lowndes County address.
In any case, electronic copy is almost always more useful than paper,
so I thank Mr. Pritchard for sending that PDF copy.
An hour or two after I sent
a letter to County Manager Joe Pritchard Monday,
someone from the county called to say Chairman Bill Slaughter
had sent me a letter in response to
my question to the Commission about bonds,
but it had been returned by the Post Office.
As you can see by the image of the envelope,
they sent it to my residence address, where I don't get mail.
That's why I always include my postal address on Citizens Wishing
to Be Heard forms, open records requests, etc.
Anyway, they made it available for pickup at the county palace.
Ten days after the PO sent it back to them is better than never.