First $43 million, then $48, now $66 million? When will we say "ENOUGH!!??!!"
Citizens for Oconee's Future, Inc. P. O. Box 1301 Watkinsville, GA 30677 Just when you think you have heard all the bad news about the Walton County reservoir, comes this. Some will remember that Oconee's cost share for the first phase of the project was originally estimated to be $43,000,000. Sometime later the number being used was $48,000,000. The number used during the very short discussion of the bond issue last night was $49,800,000. Not only that, the Citigroup bond salesman who did part of the presentation recommended the Board approve a bond issue of $66,000,000 at up to 15% interest which the BOC approved with little discussion. The vote was 3-1 with Hale, Luke and Norris voting for the issue. (Hale voted against the original motion, go figure) It now appears that Oconee will have to validate the bonds and the stated reason for the $66,000,000 issue at up to 15% interest was to avoid going back to court to validate each issue of bonds plus a significant amount o...