A state lawmaker and a commissioner from DeKalb County want to crack down on what they see as local governments’ abuse of bond sales. But public finance attorneys are worried that such a crusade may seriously weaken local development authorities, which they say are key tools for economic development in Georgia.
The debate is playing out in the courts. DeKalb County Superior Court Judge Daniel M. Coursey Jr. last month rejected the Development Authority of DeKalb County’s attempt to gain approval of the sale of $4.3 million in bonds without letting DeKalb voters approve or reject the deal through a referendum. The bonds would have paid for construction cost overruns at a performing arts center being built on Rainbow Drive in south DeKalb County.
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