{"id":171,"date":"2008-02-01T09:22:13","date_gmt":"2008-02-01T16:22:13","guid":{"rendered":"http:\/\/elbertcounty.net\/LA\/2008\/02\/01\/2007-audit-report\/"},"modified":"2008-02-02T11:29:39","modified_gmt":"2008-02-02T18:29:39","slug":"2007-audit-report","status":"publish","type":"post","link":"https:\/\/elbertcounty.net\/LA\/2008\/02\/01\/2007-audit-report\/","title":{"rendered":"2007 Audit Report"},"content":{"rendered":"<p><a href=\"http:\/\/elbertcounty.net\/LA\/wp-content\/uploads\/2008\/02\/07la_audit.pdf\" title=\"2007 Auditors report\">2007 Auditors report<\/a><\/p>\n<p class=\"MsoNormal\"><span style=\"color: black\">I ran the numbers on the Series 2004 bond payments as detailed on page 13 of the audit report, and approx $500K\/year on a principal of approx $6M until maturity, comes in around a 7.5% interest rate.\u00a0 I found an SEC report on the web [see <a href=\"http:\/\/www.secinfo.com\/dvjdn.vJ1.htm\">http:\/\/www.secinfo.com\/dvjdn.vJ1.htm<\/a>] for a tax-exempt fund that has some of these bonds and, consistent with the numbers I ran, they report a yield of 7.375% to 7.45% .<o:p><\/o:p><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"color: black\">On page 13 the audit report also says, &#8220;Annual principal payments and semi-annual interest payments, with interest accruing at rates ranging from 2.5% to 4.5%, are required under the bond indenture.&#8221;\u00a0 This doesn&#8217;t seem to be a fair statement about how much the bond money is actually costing the school.<o:p><\/o:p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2007 Auditors report I ran the numbers on the Series 2004 bond payments as detailed on page 13 of the audit report, and approx $500K\/year on a principal of approx $6M until maturity, comes in around a 7.5% interest rate.\u00a0 I found an SEC report on the web [see http:\/\/www.secinfo.com\/dvjdn.vJ1.htm] for a tax-exempt fund that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-171","post","type-post","status-publish","format-standard","hentry","category-financials"],"_links":{"self":[{"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/posts\/171"}],"collection":[{"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/comments?post=171"}],"version-history":[{"count":0,"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/posts\/171\/revisions"}],"wp:attachment":[{"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/media?parent=171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/categories?post=171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elbertcounty.net\/LA\/wp-json\/wp\/v2\/tags?post=171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}