If Lowndes County owed $0 (zero dollars) on the county palace in November 2010, why are we paying on $8,965,000 in bonds for it in December 2012? If that palace was “100% Paid by SPLOST” in 2010, why in 2012 is the county pledging our property tax dollars to pay those bonds?
In November 2010:
Judicial Building Cost
Administrative Building Cost
Paid by SPLOST
So says a double-page flyer about “the Lowndes County Judicial & Administrative Complex” produced by the Valdosta Daily Times for Lowndes County in 2010 and signed “Highest regards, Joe Pritchard, County Manager”. There’s no dateline, but it invites the public to a dedication of the Complex “on Friday, November 12, 2010.”
Preliminary Official Statement Dated November 20, 2012 from Morgan Keegan about the $8,965,000 in Refunding Revenue Bonds (Lowndes County Judicial/Administration Complex) Series 2012, which says this:
The Bonds are payable solely from payments to be made by Lowndes County, Georgia (the “County”) pursuant to an Intergovernmental Contract, dated as of December 1, 2012 (the “Contract”), between the Issuer and the County. Under the Contract, the County has agreed to levy and collect an annual tax on all taxable property located within the County as may be necessary to produce in each year revenues which are sufficient to make the payments required by the Contract.
So which is it? Continue reading