There’s an interesting story brewing on the Dekalb County SPLOST. Follow me here, or go here.
See, if the SPLOST is approved by the voters in Dekalb County, the voters will also have approved the issuance of $300,000,000.00 in bonds to fund a portion of the Dekalb County School District. Further, approving the SPLOST will also mean the voters are approving a $10,000.00 bond for the City of Decatur to pay for school projects.
Now, this doesn’t seem too terribly awful up front. The bonds will be paid for by the sales tax money the SPLOST generates (assuming the revenue projections from the penny tax are accurate). So, property owners won’t be on the hook.
Apparently the “two issue rule” about ballot questions only applies to constitutional amendments. But, it does seem to me that voters might want to know that they are about to sign off on not just a tax, but also $300,010,000.00 in bonds. If the sales tax revenue does not come through, I would suspect that property owners could be held liable for the bonds.
Curiously and interestingly, Ed Wall, the MARTA board member who’s stepping down after allegations of gay sex in an airport bathroom is a bond lawyer and friend of Vernon Jones. I wonder if Ed and Vernon have ever hatched any of these schemes together — there appears to be a trend of bond lawyers pushing bonds via SPLOSTs. The connection between Ed and Vernon could make for interesting fodder in this area.
Technorati Tags: SPLOST