WHEREAS, the Authority and the County propose to enter into this Contract, pursuant to which the Authority will agree, among other things, to issue the Bonds, and the County will agree, among other things, to pay to the Authority amounts sufficient to pay the debt service on the Bonds.So it seems the Lowndes County Commission committed the county, that is, we the taxpayers, to pay the debt service on $15,000,000 in bonds issued by VLCIA.
Still, what did VLCIA want $15 million in bonds for when it already gets $3 million a year in its own tax millage?
WHEREAS, the Authority proposes to acquire and develop one or more parcels of land located in the County for potential economic development purposes (the “Project”);To buy land to trade to new industries as they come in. A variation on what Brad Lofton got fired for doing in Effingham County. Continue reading