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Wilson County News • 1012 C St • Floresville • TX • 78114 • Ph: 830-216-4519 • Fax: 830-393-3219 • Email:
Saturday, Apr 19, 2014
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Untrue Resident  
Floresville  
September 21, 2012 1:59pm
 
In 2008, FEDC had a bond payment of $1.5M (it is on their financial statement) and most likely was a bond from the City. I believe the City obtained a bond for $8.5M and some of that money went to FEDC ($1.5M) and $6M went to convention center. So, the City not FEDC is on the hook if FEDC does not pay the bond. Either way, FEDC is using borrowed money to fund its overspending to date.

If someone has better information, please provide it. I try to keep up on all the backdoor deals but it is hard. They just keep getting new bonds with outlandish re-finance fees like the $800,000 dollar fee for the convention center refinance.
     
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