{"id":2333,"date":"2011-03-12T08:00:00","date_gmt":"2011-03-12T13:00:00","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/2011\/03\/fiduciary-responsibility-of-lcc-to-oversee-vlcia-john-s-quarterman.html"},"modified":"2011-03-12T08:00:00","modified_gmt":"2011-03-12T13:00:00","slug":"fiduciary-responsibility-of-lcc-to-oversee-vlcia-john-s-quarterman","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2011\/03\/fiduciary-responsibility-of-lcc-to-oversee-vlcia-john-s-quarterman.html","title":{"rendered":"Fiduciary responsibility of LCC to oversee VLCIA? &#8211;John S. Quarterman"},"content":{"rendered":"<a href=\"http:\/\/www.youtube.com\/watch?v=vOa_4lJFzo0\">\n<img decoding=\"async\" style=\"float:right;border:none;\"   src=\"http:\/\/i3.ytimg.com\/vi\/vOa_4lJFzo0\/default.jpg\"><\/a>\nSpeaking to the Lowndes County Commission on 8 March 2011,\nI read from\n<a href=\"\/blog\/2011\/03\/vlcia-inter-governmental-funding-agreement-with-lcc.html\">\nVLCIA &#8220;inter-governmental funding agreement&#8221; with Lowndes County<\/a>,\nnoting that VLCIA&#8217;s own audited annual financial report seems to be out of date,\nsince it still says VLCIA asks the Lowndes County Commission for its funds.\nAnd I wondered about this part in Note F:\n<blockquote>\nThe bonds are secured by an &#8220;inter-governmental&#8221; funding agreement\nbetween the Valdosta-Lowndes County Industrial Authority and Lowndes\nCounty, Georgia.\n<\/blockquote>\nI repeated what I wrote before:\n<blockquote>\nIf the Lowndes County government is co-guarantor of VLCIA&#8217;s bonds,\nhow can the Lowndes County Commission say it has no responsibility or\ncontrol over what VLCIA does? I am not a CPA, but the term &#8220;fiduciary\nresponsibility&#8221; comes to mind.\n<\/blockquote>\n<p>\nI quoted myself from\n<a href=\"\/blog\/2011\/03\/vlcia-bonds.html\">\nVLCIA Bonds: $15M becomes $23.5M?<\/a>\n<blockquote>\nIf I&#8217;m reading that right (I am not a CPA), VLCIA took out about $15M\nin bonds for which they will pay back a total of about $23.5M. Is that\nreally $8.5M in debt service, or about 56% of the original principal?\n<\/blockquote>\nI pointed out that VLCIA seems to have about $8.3 million in cash\n\n<!--more-->\nor equivalents while other local governments are scraping to make ends meet.\nI concluded by asking for the Lowndes County Commission to exercise\nsome financial oversight over the Valdosta-Lowndes County Industrial Authority,\nand I asked for a written response.\n<p>\nHere&#8217;s\n<a href=\"http:\/\/www.youtube.com\/watch?v=vOa_4lJFzo0\">\nthe video.<\/a>\n<p align=\"center\">\n<iframe loading=\"lazy\" title=\"YouTube video player\" width=\"480\" height=\"390\" src=\"http:\/\/www.youtube.com\/embed\/vOa_4lJFzo0\" frameborder=\"0\" allowfullscreen><\/iframe>\n<br>\n<center>\n<small>\nRegular meeting of the Lowndes County Commission, 8 March 2011.<br>\nVideo by Gretchen Quarterman for LAKE, the Lowndes Area Knowledge Exchange.\n<\/small>\n<\/center>\n<p>\n-jsq\n","protected":false},"excerpt":{"rendered":"Speaking to the Lowndes County Commission on 8 March 2011, I read from VLCIA &#8220;inter-governmental funding agreement&#8221; with Lowndes County, noting that VLCIA&#8217;s own audited annual financial report seems to be out of date, since it still says VLCIA asks the Lowndes County Commission for its funds. And I wondered about this part in Note [&hellip;]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[97,2,88,3,178],"tags":[4958,4940,4960,8701,10,8702,7,8734,4959,4,180,8749],"class_list":["post-2333","post","type-post","status-publish","format-standard","hentry","category-activism","category-government","category-lowndes-county-commission","category-transparency","category-vlcia","tag-8-march-2011","tag-fiduciary-responsibility","tag-financial-oversight","tag-georgia","tag-gretchen-quarterman","tag-lake","tag-lowndes-county","tag-lowndes-county-commission","tag-ohn-s-quarterman","tag-regular-session","tag-valdosta-lowndes-county-industrial-authority","tag-vlcia"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p585fK-BD","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/2333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/comments?post=2333"}],"version-history":[{"count":0,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/2333\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=2333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=2333"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=2333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}