Tuesday, February 08, 2005

Tee (Bond) Time

Well, get your clubs out of the closet and shine your cleated wingtips, the County just purchased another golf course. You heard it right, rather than spend a bit more time considering the repercussions on the County's bond rating, the Council voted 6-0 (Councilwoman Samorajczyk abstained) to issue $26 million in bonds to buy the Compass Pointe Golf Course from MEDCO (see the 2/7/05 posting for background).

Fears that the County's bond rating would be shot, should it not bail MEDCO out, seemed to carry the evening. Councilman Middlebrooks (R-Severn) proclaimed, "I think it is unequivocally irrefutable, this body would be nuts and we would be run out of town . . . if the bond rating is hurt... Those bond (rating) companies would squash us like little ants at a picnic."

The Council and public were regaled with more predictions by County Budget Officer, John Hammond, that the course "could gross as much as $4.5 million a year." The course needs to bring in at least $1.9 million/year just to cover its debt. Only time will tell if this course is going to continue to be an albatross around fair Anne Arundel's neck. I think it's safe to say we haven't heard the end of the Compass Pointe saga.



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