More Info on Bowie County’s Illegal Financing Practices

Bowie County TexasIf you read the comments on our first article about the illegal refinancing of county property to fund maintenance and operations expenses, you’ll notice that we aren’t the only ones looking into this, or even the first.

One commenter pointed out a Facebook page called Bowie County Transparency, where there are several documents that go into much more detail about the issue. One is an almost identical copy of the document we received in response to a Freedom of Information Act request last week, which shows each loan for 601 Main Street:

601 Main

The page’s owner explains how the continued re-financing of the building made it look as if the county had a surplus, when there was none.

Apparently, this came up during the audit of the county’s finances in preparation of the bond sale to finance the Hwy 82 expansion, and there was much more than just the financing of 601 Main Street.

This letter was received from attorney Jim Allison, whom the Texas Association of Counties considers an expert on county financing:

Allison Letter 1
Allison Letter 2

Obviously, there was other improper financing if the total in one year was over $3 million.

The owner of the page is still doing research, and has agreed to write at least one article for us here.

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0 thoughts on “More Info on Bowie County’s Illegal Financing Practices

  1. I’m not sure why you are adding the amounts together. I’m not a CPA but I know enough to know that’s not correct. I think if you will go back in history you’ll find the same bond company, had no problem with any of the “accounting practices. I find it a little suspicious that he thought it was ok until lacy came aboard. One more thought or question.. Why is this coming out now? Sterling lacy has always taken every chance he could to point what he thought was wrong with the prior administration. If this was so wrong why wait until election time? This is very transparent what y’all are trying to do. Always twisting and distorting the truth to fit your groups agenda!

  2. The amounts are added together because that’s how much the people were taxed. Each year the building was re-financed, the people were taxed an amount to pay that loan. The people were taxed over $3 million to pay for a building that cost $375,000. Here’s the corresponding question – if it had to be done over and over to pay the maintenance and operations costs, why not just raise taxes the appropriate amount? Why borrow it over and over and pay interest?

    Some of this came to light a couple years ago, but as far as I can tell, the extent of it – millions of dollars in improper loans, over many years – just came to light in the last month or so. It would be irresponsible to conceal it.

  3. Pingback: ‘It’s Paid For. You Can’t Add Up Each Re-Finance.’ – Four States News

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