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YOU'RE GOING IN DEBT AGAIN...
NEWTON COUNTY TO BORROW
$35 MILLION IN ADVANCE OF
SPLOST COLLECTIONS...
$4 MILLION LOST IN INTEREST
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late breaking.....USANET News was first to tell you the amount of the bonds was incorrect in the legal advertisement. (page 1) We have just learned that all of the bonds have been sold before the validation hearing, which will now have to be postponed for two weeks!...
The Newton County Board of Commissioners, in a repeat performance of the last SPLOST boondoggle, is borrowing against the taxes to be collected from sales tax over the next several years - in advance.
In a move to 'hurry up' and proceed with projects long overdue, the BOC has decided to give up almost four million dollars of your money as INTEREST, COMMISSIONS, LEGAL FEES, and BOND FEES.
This same indebetdness was chosen to be able to proceed with the projects from the original SPLOST from about five years ago. The problem then was that the Bond was illegal due to the fact that you cannot validate a bond for those projects if any road, bridge, or associated improvements were approved within the tax.
"usanet news in newton"(c)2000, USANET News, Inc.
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