We’ve seen that
the inter-governmental contract between Lowndes County and the
Valdosta-Lowndes County Industrial Authority (VLCIA) could force
the county to raise taxes to pay for VLCIA’s debts.
How did the county pass such a thing?
Apparently in a rush, with little review.
Matt Flumerfelt wrote in the VDT 19 November 2008,
County approves bond issue:
LOWNDES COUNTY — The Lowndes County Commission heard a presentation
Tuesday evening from Glenn Thomson, Alston & Bird LLP regarding a bond
issue the County has entered into for the purpose of providing needed
funding for the Valdosta-Lowndes County Industrial Authority.
After the presentation, a vote was taken accepting the issue and Lowndes
County Commission Chairman Rod Casey,
County Attorney Walter Elliott and
County Clerk Paige Dukes adjourned to an adjoining chamber to complete
the signing of the documents that will enable the Industrial Authority
to negotiate for the acquisition of property pursuant to their mission
of attracting manufacturing and other businesses to Lowndes County.Bond Counsel, Glenn Thomson, stated, “Mr. Chairman and Commission, I
would like to take this opportunity to thank you for your time and brag
on your staff and consultants. Your staff put this transaction together
very quickly. In fact, the underwriter’s counsel remarked that he had
never encountered county employees and staff that had worked so diligently
and that due to their preparedness and hard work, he was able to put his
information together in near record time. Their performance and that of
County Attorney, Walter Elliott, who worked tirelessly on this project
as well, is a tremendous credit to those responsible for managing the
business of the county.”
Why was it necessary to put together a guarantee for a $15 million
dollar bond issue in “near record time”?