Why is county bond money funding an upscale senior community?
Don Wyatt of Boondoggle Blog was on KFAQ with Pat Campbell and Eddie Huff recently to discuss his research into the Tulsa County Industrial Authority (TCIA) and the bonds it has issued in support of the privately-owned Montereau, an upscale retirement community near 71st and Sheridan. Wyatt also raised questions about the county's practice of refinancing bonds and how that could provide a financial windfall to the bond advisers and dealers who get the TCIA's bond business without having to compete for it. For all the claims of transparency from county officials, the TCIA's operations are shrouded in mystery, with very little information on the county's website. If I heard correctly, Wyatt learned about TCIA bonds for Montereau through tax filings of the beneficiary entity. I learned about TCIA funding of other private developments through a report on moodys.com.
I hope Don will favor us with a detailed written report of his findings, but in the meantime, please listen to his KFAQ interview.
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