We’ve seen that the inter-governmental contract between Lowndes County and the Valdosta-Lowndes County Industrial Authority (VLCIA) could force the county to raise taxes to pay for VLCIA’s debts. How did the county pass such a thing? Apparently in a rush, with little review.

Matt Flumerfelt wrote in the VDT 19 November 2008, County approves bond issue:

LOWNDES COUNTY — The Lowndes County Commission heard a presentation Tuesday evening from Glenn Thomson, Alston & Bird LLP regarding a bond issue the County has entered into for the purpose of providing needed funding for the Valdosta-Lowndes County Industrial Authority.

After the presentation, a vote was taken accepting the issue and Lowndes County Commission Chairman Rod Casey, County Attorney Walter Elliott and County Clerk Paige Dukes adjourned to an adjoining chamber to complete the signing of the documents that will enable the Industrial Authority to negotiate for the acquisition of property pursuant to their mission of attracting manufacturing and other businesses to Lowndes County.

Bond Counsel, Glenn Thomson, stated, “Mr. Chairman and Commission, I would like to take this opportunity to thank you for your time and brag on your staff and consultants. Your staff put this transaction together very quickly. In fact, the underwriter’s counsel remarked that he had never encountered county employees and staff that had worked so diligently and that due to their preparedness and hard work, he was able to put his information together in near record time. Their performance and that of County Attorney, Walter Elliott, who worked tirelessly on this project as well, is a tremendous credit to those responsible for managing the business of the county.”

Why was it necessary to put together a guarantee for a $15 million dollar bond issue in “near record time”? Continue reading →