Lowndes County has to pay Industrial Authority's bond debts

According to the Intergovernmental Contract between VLCIA and Lowndes County:

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.

And VLCIA has amassed 577 acres of prime real estate around Lowndes County. I know this number because their last several board agendas have listed it. I have those agendas because I went to their meetings. You still can't get their agendas or minutes directly from the VLCIA online, because they're still thinking about it.

So where are all these industries, and why is VLCIA still sitting on 577 acres of land?

While we the taxpayers get to pay the debt service on the bonds that bought the land.

-jsq