{"id":2352,"date":"2011-03-03T16:28:21","date_gmt":"2011-03-03T21:28:21","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/2011\/03\/vlcia-bonds.html"},"modified":"2011-03-03T16:28:21","modified_gmt":"2011-03-03T21:28:21","slug":"vlcia-bonds","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2011\/03\/vlcia-bonds.html","title":{"rendered":"VLCIA Bonds: $15M becomes $23.5M?"},"content":{"rendered":"<p><a href=\"\/blog\/2011\/03\/vlcia-annual-financial-report-fye-2011.html\"><br \/>\n<img decoding=\"async\" style=\"float:right;border:none;\"   src=\"http:\/\/www.l-a-k-e.org\/govt\/vlcia\/2011-02-28--vlcia-annual-financial-report\/small\/SCAN0158.jpg\"><\/a><br \/>\nHow much are those bonds <a href=\"\/blog\/2011\/03\/vlcia-inter-governmental-funding-agreement-with-lcc.html\"><br \/>\nVLCIA has committed we the taxpayers to?<\/a><\/p>\n<p>\nAccording to<br \/>\n<a href=\"http:\/\/www.l-a-k-e.org\/govt\/vlcia\/2011-02-28--vlcia-annual-financial-report\/\"><br \/>\nVLCIA&#8217;s FYE 2011 Annual Financial Report<\/a><br \/>\nit looks like the bonds started out as about $15,000,000,<br \/>\nand are<\/p>\n<ul>\n<li>\nnow<br \/>\n<a href=\"http:\/\/www.l-a-k-e.org\/govt\/vlcia\/2011-02-28--vlcia-annual-financial-report\/SCAN0156.html\"><br \/>\n$17,485,883 in bonds and notes payable<\/a><\/p>\n<li>\nwith<br \/>\n<a href=\"http:\/\/www.l-a-k-e.org\/govt\/vlcia\/2011-02-28--vlcia-annual-financial-report\/SCAN0157.html\"><br \/>\n$3,124,270 in debt service<\/a><\/p>\n<li>\nand<br \/>\n<a href=\"http:\/\/www.l-a-k-e.org\/govt\/vlcia\/2011-02-28--vlcia-annual-financial-report\/SCAN0158.html\"><br \/>\n$23,501,680 in total forseen debt service by 2024<\/a>\n<\/ul>\n<p>If I&#8217;m reading that right (I am not a CPA),<br \/>\nVLCIA took out about $15M in bonds<br \/>\nfor which they will pay back a total of about $23.5M.<br \/>\nIs that really $8.5M in debt service, or about 56% of the original<br \/>\nprincipal?<br \/>\nIs that a good deal VLCIA has made with we the taxpayers&#8217; money?<\/p>\n<p>\nMeanwhile, VLCIA has<\/p>\n<ul>\n<li>\n<a href=\"http:\/\/www.l-a-k-e.org\/govt\/vlcia\/2011-02-28--vlcia-annual-financial-report\/SCAN0159.html\"><br \/>\n$8,379,503 net assets<\/a>\n<\/ul>\n<p>That&#8217;s an interesting number to contemplate while other arms of local<br \/>\ngovernment are scraping to pay salaries and provide services.<br \/>\nOne of those other arms of local government is the Lowndes County Commission,<br \/>\nwhich<br \/>\n<a href=\"\/blog\/2011\/03\/vlcia-inter-governmental-funding-agreement-with-lcc.html\"><br \/>\nappears to be co-guarantor for those bonds.<\/a><\/p>\n<p>\n-jsq<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How much are those bonds VLCIA has committed we the taxpayers to? According to VLCIA&#8217;s FYE 2011 Annual Financial Report it looks like the bonds started out as about $15,000,000, and are now $17,485,883 in bonds and notes payable with $3,124,270 in debt service and $23,501,680 in total forseen debt service by 2024 If I&#8217;m [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[97,48,14,2,11,88,3,178],"tags":[2486,4968,8701,8702,12,7,4431,6,180,8749],"class_list":["post-2352","post","type-post","status-publish","format-standard","hentry","category-activism","category-code-enforcement","category-economy","category-government","category-lake","category-lowndes-county-commission","category-transparency","category-vlcia","tag-finances","tag-fye-2011","tag-georgia","tag-lake","tag-lowndes-area-knowledge-exchange","tag-lowndes-county","tag-open-records-request","tag-valdosta","tag-valdosta-lowndes-county-industrial-authority","tag-vlcia"],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/2352","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=2352"}],"version-history":[{"count":0,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/2352\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=2352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=2352"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=2352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}