
According to the
Intergovernmental Contract between VLCIA and Lowndes County:
WHEREAS, the Authority and the County propose to enter into this Contract,
pursuant to which the Authority will agree, among other things, to issue
the Bonds, and the County will agree, among other things, to pay to the
Authority amounts sufficient to pay the debt service on the Bonds.
So it seems the Lowndes County Commission committed the county,
that is, we the taxpayers, to pay the debt service on
$15,000,000 in bonds issued by VLCIA.
Still, what did VLCIA want $15 million in bonds for when
it already gets $3 million a year in its own tax millage?
WHEREAS, the Authority proposes to acquire and develop one or more parcels
of land located in the County for potential economic development purposes
(the “Project”);
To buy land to trade to new industries as they come in.
A variation on what
Brad Lofton got fired for doing in Effingham County.







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