Four
County Development Authority bond insurer
downgraded
“The fees involved in purchasing the letter of credit and
remarketing the bonds could top
$90,000. However, since the bonds are being
held by the liquidity provider--and the
JDA is being charged nearly $700 per day to
hold the outstanding $6.8 million in bonds…..”
Jasper's share of
the JDA is 10%. The cost to Jasper is $70 per day plus $9000 to remarket
the bonds.
The Morgan County Citizen
August 11, 2008.
JDA bond insurer downgraded
By Tara
DeRock Mahoney
Members of the Jasper, Morgan, Newton, and
Walton Joint Development Authority (JDA) heard presentations last week from two
financial advisors, after learning that the firm that had insured the group’s
1999 $9 million bond issue had been downgraded and that the bonds’ heretofore
highly preferential interest rate was at risk.
Read entire story here: http://morgancountycitizen.com/?q=node/7525
The Four County Development Authority, a/k/a JDA, a/k/a.Stanton
Springs, has yet to have any industry coming after 9 years in the business of
seeking prospects.
Previously published reports have stated that the Joint
Development Authority of Jasper, Morgan, Newton and Walton Counties
intends to develop approximately 350,000 square feet of commercial buildings
on the space.
Entrance
way to JDA/Stanton Springs project off Hwy 278.
New
road into project—recently built.
The question still remains, when will the taxpayers
ever see a return on their money. As of
today the only ones that have reaped benefits are the consultants and attorneys
for this project.
