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.