Some folks out there do not understand why I oppose the refinancing of the revenue bonds that are purchased by the "dummy" corporation called SCAGO to build all the new school buildings. It is simple. In my opinion it is against the law and wrong to saddle our great grand children with the debt made by this generation. I keep hearing how we need to do this for the "chudrun", but raising our taxes, lengthening the period of the debt which raises our taxes, paying some bond seller a huge fee to refinance a loan that does not even belong to the School Board of Pickens County and raises the amount of the loan does not seem like good business. In fact it sounds like someone is trying to pull a fast one.
First, these bonds belong to SCAGO not the School Board. Second, they are revenue bonds which does not guarantee their repayment by the Board which usually means a higher interest rate not lower, unless someone is trying to peddle them as general obligation debt which is definitely unconstitutional. Third, it would erase a lot of the record of what has happened in the past.
I have discussed this issue with a former school board chairman and he tells me that all finance matters must be discussed in open meetings. The citizens of Pickens county have not heard from the Lawyer who says that all this is legal and why. They have not been allowed to say whether they favor this type of longevity for future children. We have not heard from the Board as to whether all the projects are needed.
There is much more to this story.
Junius Smith
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