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| Name: |
lmlaker
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| Subject: |
notice in Outlook
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Date:
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11/15/2008 8:46:28 PM
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Does anyone know anything about the notice posted in the Outlook? Russell Crossroads Cooperative District vs. The taxpayers and citizens of Tallapoosa County; the Ridge Improvement District?
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| Name: |
roswellric
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| Subject: |
Thought it was dead huh?
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Date:
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11/17/2008 9:09:01 AM
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Isn't this the same thing that was talked about last year regarding creating a district around the lake that had its own zoning and regulations? Have you looked at the legal papers in the other counties; Elmore, Coosa etc?
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| Name: |
mbk
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| Subject: |
notice in Outlook
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Date:
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11/17/2008 10:29:15 AM
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It appears that an “Improvement District” has been created for the development of Russell Crossroads Cooperative District (Code of Alabama, Section 11-99A). This permits the District to issue bonds as opposed to simply borrowing the money from financial institutions (Section 11-99A-6). The bonds will qualify as non-taxable government bonds and the District will also have other benefits under state law. As stated in the notice, “The proceeds of the Bond will be used to pay the costs of public improvements (including without limitation roads, streets, facilities for water and sewer service, and storm drainage facilities . . .” It further states that the repayment will be “payable solely out of the Project User Fees and certain funds held under the Indenture.” It does not obligate the county to repay any of the funds nor provide for any additional taxes on the residents. It does not “count” against the county’s credit limit. This is fairly common for large developments when they are required to fund all the infrastructure costs. The tax advantages also help offset the cost of the infrastructure. The Code of Alabama, Title 11, Chapter 81 provides additional information about the issuance of bonds for public improvements, and the requirement to file the complaint in the Circuit Court (Section 11-81-221).
It is not the same as creating a zoning/planning district around the lake. That will require an act of the state legislature and I am sure the concurrence of each county and municipality that may be involved.
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| Name: |
boataholic
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| Subject: |
notice in Outlook
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Date:
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11/17/2008 11:37:18 AM
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What does it say? Are they suing the county or are they filing notice of intent to sell bonds, or what?
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| Name: |
mbk
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| Subject: |
notice in Outlook
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Date:
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11/17/2008 1:00:44 PM
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Code of Alabama, Section 11-81-221
Filing of complaint for determination as to legality of proposed issuance of obligations.
When any unit desiring to issue any obligations shall, by its governing body, adopt any resolution or take any other action required by law for the issuance of obligations of such unit, the governing body of such unit may, in its discretion, before the issuance of any of such obligations, determine its authority to issue such obligations and the legality of all proceedings had or taken in connection therewith, the validity of the tax or other revenues or means provided for the payment thereof and the validity of all pledges of revenues and of all covenants and provisions contained in any such resolution by filing a complaint against the taxpayers and citizens of each organizing subdivision. Such complaint shall be filed in the circuit court of the county in which the principal office of the unit is located.
The purpose of the requirement to file the complaint is to have the circuit court review the documents before the bonds are issued to insure they comply with state law. The law requires them to file the complaint against the taxpayers and citizens of Tallapoosa County since that is the judicial circuit within which the development is located. If the court determines that all transactions are legal, they will be cleared to issue the bonds.
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| Name: |
boataholic
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| Subject: |
notice in Outlook
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Date:
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11/17/2008 1:18:05 PM
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I'm surprised they are considering issuing bonds in the near future. The State has delayed issuing bonds this fall because the market conditions are poor. Who would want to invest in the first bonds issued by a quasi-governmental entity from Alabama, home of the infamous Jefferson County sewage infrastructure bonds?
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