{"id":2353,"date":"2011-03-03T16:26:31","date_gmt":"2011-03-03T21:26:31","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/2011\/03\/vlcia-inter-governmental-funding-agreement-with-lcc.html"},"modified":"2011-03-03T16:26:31","modified_gmt":"2011-03-03T21:26:31","slug":"vlcia-inter-governmental-funding-agreement-with-lcc","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2011\/03\/vlcia-inter-governmental-funding-agreement-with-lcc.html","title":{"rendered":"VLCIA “inter-governmental funding agreement” with Lowndes County"},"content":{"rendered":"\n<\/a>\nIf Lowndes County funds VLCIA and helps secure its bonds,\nhow can the Lowndes County Commission have no control over VLCIA?\n

\nIn \nNote A: Summary of Significant Accounting Policies<\/a>\nof\n\nVLCIA’s FYE 2011 Annual Financial Report<\/a>:\n

\nReporting Entity<\/u>\n

\nThe Valdosta-Lowndes County Industrial Authority is a political subdivision\ncreated by the State of Georgia Legislature to stimulate growth in the\nValdosta-Lowndes County area.\nThe Authority’s revenues are derived primarily from contributions by\nlocal governnments and by the sale of land in the industrial development\nparks owned by the Authority.\n<\/blockquote>\nWell, the VLCIA’s charter is\n\navailable on the web<\/a>\nand it doesn’t just say “growth”; it also says\n\n“the public good” and “the general welfare” of the community.<\/a>\n

\nThe financial report continues:\n

\nThe members of the Industrial Authority are appointed by both the City\nCouncil of the City of Valdosta and the Lowndes County Board of Commissioners.\nPrimary operating funding, as well as guarantees for certain bonds, comes from\nthe Lowndes County Board of Commissioners and accordingly, the Authority is\nconsidered to be economically dependent on Lowndes County.\n<\/blockquote>\nThe first sentence is correct.\nIf the second sentence is correct, how can the Lowndes County Commission\nsay it has no control over or responsibility for the Industrial Authority?\n

\nFurther, in\n\nNote F: Long Term Debt<\/a>:\n

\nThe bonds are secured by an “inter-governmental” funding agreement\nbetween the\nValdosta-Lowndes County Industrial Authority and Lowndes County, Georgia.\n<\/blockquote>\nIf the Lowndes County government is co-guarantor of VLCIA’s bonds,\nhow can the Lowndes County Commission say it has no responsibility\nor control over what VLCIA does?\nI am not a CPA, but the term “fiduciary responsibility” comes to mind.\nThese bonds are, after all, being paid for by our tax dollars,\nand the Board of Commissioners are our elected representatives for the county.\n

\nHow big are those bonds, anyway?\nSee \nthe next post.<\/a>\n

\n-jsq\n","protected":false},"excerpt":{"rendered":"If Lowndes County funds VLCIA and helps secure its bonds, how can the Lowndes County Commission have no control over VLCIA? In Note A: Summary of Significant Accounting Policies of VLCIA’s FYE 2011 Annual Financial Report: Reporting Entity The Valdosta-Lowndes County Industrial Authority is a political subdivision created by the State of Georgia Legislature to […]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_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},"_links_to":"","_links_to_target":""},"categories":[97,48,14,2,11,88,21,3,54,178],"tags":[2486,4968,8701,8702,12,7,4431,6,180,8749],"class_list":["post-2353","post","type-post","status-publish","format-standard","hentry","category-activism","category-code-enforcement","category-economy","category-government","category-lake","category-lowndes-county-commission","category-planning","category-transparency","category-valdosta-city-council","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"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p585fK-BX","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/2353","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=2353"}],"version-history":[{"count":0,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/2353\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=2353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=2353"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=2353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}