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Name:	au67 -	Reply
Subject:	Suit Against Taxpayers
Date:	10/26/2007 4:01:41 PM

The following Public Notice was in today's edition of The Outlook:

IN THE CIRCUIT COURT OF
TALLAPOOSA COUNTY,
ALABAMA
DADEVILLE
DIVISION

Civil Case No.
CV-07-100

LAKE MARTIN AREA INDUSTRIAL DEVELOPMENT AUTHORITY, an Alabama public corporation

Petitioner,

v.
THE TAXPAYERS AND CITIZENS OF TALLAPOOSA COUNTY, ALABAMA
Defendant.
PUBLIC NOTICE

TO THE TAXPAYERS AND CITIZENS OF TALLAPOOSA COUNTY, ALABAMA:

Notice is hereby given to you that a petition has been filed in the Circuit Court of Tallapoosa County under the provisions of Section 11-81-220 through 11-81-227 of the Code of Alabama (1975), seeking the validation and confirmation by the Court of the proposed issuance by the Lake Martin Area Industrial Development Authority (the “Authority”) of up to $8,000,0000 principal amount of Industrial Revenue Bonds, Series 2007-A (Sejin Project), to be dated December 1, 2007 (the “Bonds”) and the pledge of certain payments to be made by Tallapoosa County (the “Pledged Payments”) for the payment of principal of and interest on the Bonds. The Court has issued an order requiring you to show cause, if any you have, at a session of said Court to be held in the Dadeville Courthouse, Dadeville, Alabama, on the 14th day of _November, 2007, at 9 o’clock, a.m., why the Court should not validate and confirm the issuance of the Bonds; the payment of the Pledged Payments by the County to the Authority for the purpose of paying the principal of and interest on the Bonds when due; the pledge of the Pledged Payments as security for the repayment of the Bonds; the enforceability of the financing documents to be entered into in connection with the issuance of the Bonds; all covenants and provisions contained in the resolution of the Authority authorizing the issuance of the Bonds; all covenants and provisions contained in the resolution of the Tallapoosa County Commission authorizing the payment of the Pledged Payments to the Authority; and all proceedings had or taken by the Authority and the Tallapoosa County Commission in connection with the authorization, issuance and sale of the Bonds proposed to be issued.

Dated this 24th day of October, 2007.

Clerk of the Circuit Court of Tallapoosa
County, Alabama

The Alexander City Outlook
October 26, 2007
November 2, 9, 2007

Name:	LifeTime Laker -	Reply
Subject:	Suit Against Taxpayers
Date:	10/26/2007 5:42:05 PM

I remember reading in the paper a while back that this was being sought as part of recruiting an industry related to the auto plants. I don't remeber details but I think it was 6 million of this is to be repaid by the company after 2 years.

Name:	Maverick -	Reply
Subject:	I'm Confused - Help Me Out
Date:	10/27/2007 9:12:25 AM

OK assume the following:

Assume 5,000 lake homes in Tallapoosa County and do not think this is far off. (Tallapoosa County covers from Alex City to Dam and then back around to Oakachoy Creek, if I am not mistaken)

Now assume in 2005 each lake home on average paid $1,000 in Ad Valorem taxes. (Keyword here is on average)

So (5,000 x $1,000 = $5,000,000 in Ad Valorem tax revenue collected in 2005.

Most folks lake property taxes went up by approx 60% in 2006 so tax base collection increased to $8,000,000 or an additional $3,000,000 in in tax revenue for 2006 and 2007.

Additionally all the new construction in 2006 and 2007, along with late 2005 would have further added to the county's Ad Valorem tax revenue. Plus all the above assumptions do not include an increase in the tax base for off lake developments and property tax increases, etc.

SO WHERE DID ALL THE MONEY GO !!!! - Taxes base increased by around an estimated $3,000,000 annually and the county still needs to borrow money. I have not seen any major improvements in the roads, infrastructure, etc. Am I missing something here ???

I would love to see line item Statements of Revenue, Expenditures and Changes in Fund Balances for the past 5 years to see where all the taxpayer's money was spent as this bond issue does not make a lot of sense based upon a 60% increase in the tax base over the past 2 years.

Must my 2 cents. As something smells fishy here. Wonder if the county has ever been audited by an outside independent accounting firm or governmental agency???

Name:	Maverick -	Reply
Subject:	Maybe a Little Clearer Now
Date:	10/27/2007 10:08:30 AM

After reading the article in the Outlook this morning.

Excerpts:

To afford the bond, the Lake Martin Area Industrial Development Authority entered into agreement with the county commission to use its credit in order to earn the bond.

The money then would be borrowed by the county commission, but much of the debt would be the responsibility of the authority, according to Beck.

"[The authority doesn't] have the assets to borrow," Beck added. "That's why it is going through the county."

The initial agreement between the authority and the commission would be that Sejin would lease the building for up to two years and then pay up to $6 million for the building. That money would be put directly into retiring the bond's debt, according to Beck.

However, the remainder of the bond issue would be left for the county to repay, thus the total debt would be paid in full by 2011, according to Beck.

URL: Suit filed against taxpayers

Name:	Hawks Nest -	Reply
Subject:	I'm Confused - Help Me Out
Date:	10/27/2007 10:52:29 AM

Info@Examiners.State.AL.US Use this email address to email the Examiners of Public Accounts and they will send you an audited finanacial statement for the county.

Name:	au67 -	Reply
Subject:	Maybe a Little Clearer Now
Date:	10/27/2007 11:01:52 AM

Your original assessment that "something smells fishy " is correct. The operation of our county government is a matter that all taxpayers and citizens should be deeply concerned with and involved in. The debt load on Tallapoosa County (soon to be $29,000,000 in bond principal alone) will continue to reduce services the county provides to the taxpayers. FYI, Lake Martin property owners pay almost 50% of the property tax revenue the county receives.

Name:	Maverick -	Reply
Subject:	Thanks Hawks Nest
Date:	10/27/2007 11:19:22 AM

Much appreciated.

Name:	Maverick -	Reply
Subject:	Maybe a Little Clearer Now
Date:	10/27/2007 11:35:57 AM

If that is the case au67, then appears there are to many hands in the old peripheral cookie jar and not enough oversight on how our tax dollars are being spent.

Name:	Osms -	Reply
Subject:	Audit
Date:	10/27/2007 2:27:44 PM

Emma Jean Thweat, Commissioner, told me this summer that the county could not be audited by the state because the books are so messed up. The State auditors came to audit, but threw up their hands and left.

Someone told me that Tallapoosa County has the fourth highest debt ratio in the state. I know they have the third LOWEST scoring shool system in the state. Your taxes at work.

Name:	Ulysses E. McGill -	Reply
Subject:	Audit
Date:	10/28/2007 8:39:49 PM

If that is the case, it sounds like some numbered orange jump suits are in order.

Name:	Feb -	Reply
Subject:	Audit
Date:	10/28/2007 10:33:03 PM

How about some out of country flights for the Culinary Institute of America?

Name:	boataholic -	Reply
Subject:	I'm Confused - Help Me Out
Date:	10/29/2007 12:52:59 PM

All property tax in Tallapoosa County is earmarked for the schools. Of course, that means all the school buildings ought to be in good shape by now

Name:	au67 -	Reply
Subject:	I'm Confused - Help Me Out
Date:	10/29/2007 2:20:54 PM

Go by Revenue Commissioner's office and get a copy of your property tax breakdown. You will see only a portion of the tax goes to schools. On my tax liability, only 3 mils of the total 30 mils is listed as school tax.

Name:	Freshwater Bay Girl -	Reply
Subject:	Audit
Date:	10/29/2007 7:57:45 PM

This is a reason you cannot move to the lake if you have chidren in school. : (

Name:	Freshwater Bay Girl -	Reply
Subject:	Audit
Date:	10/29/2007 7:57:47 PM

This is a reason you cannot move to the lake if you have chidren in school. : (

Name:	au67 -	Reply
Subject:	I'm Confused - Help Me Out
Date:	10/29/2007 9:51:40 PM

Further investigation reveals that the "Special Tax" of 7.5 mils and the "Countywide" tax of 4.5 mils are indeed school taxes. Thus my total school tax is 15 mils and not the 3 mils I stated earlier. Taking in account my homestead exemption, school taxes account for 53% of my tax bill.

Name:	Hawks Nest -	Reply
Subject:	Suit Against Taxpayers
Date:	10/30/2007 2:32:20 PM

I have a pdf of the 2005 audit report for the Tallapoosa Co. Commission It is not pretty. They had a deficit fund balance in excess of 6 million. And they want to borrow more from the taxpayers??? If you would like a copy of the report, email me and I'll forward. Also have the school board for 2006.

Name:	Hawks Nest -	Reply
Subject:	audit report
Date:	10/30/2007 2:33:37 PM

Name:	au67 -	Reply
Subject:	audit report
Date:	10/30/2007 4:52:28 PM

Thanks for the offer, but I have a copy of the '05 audit. You are right when you say it's not pretty...matter of fact, it's downright ugly. The '06 audit has been completed but has not been released. I'm sure it has the same genetic characteristics as the previous two years.

Name:	Maverick -	Reply
Subject:	audit report - au67
Date:	10/30/2007 5:15:52 PM

When you obtain a copy of the 06 Audit Report, would you please email me a copy as I would like to run some analytics between 04, 05, and 06.

Do you happen to know the property tax base for 04, 05 and 06. If so could you email this as well?

Thanks

Name:	Hawks Nest -	Reply
Subject:	audit report - au67
Date:	10/30/2007 8:44:27 PM

How can a county, or unit thereof, issue bonds when it is broke. Certainly, the bond rating for Tallapoosa is poor thus requiring higher rates. Are they wanting more money so they can make good on prior obligations? I'm looking forward to reading the 06 report....the 05 report findings border on criminal in my opinion.

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