As I wondered here previously, amid all the confusion over the bonds that may finance the downtown hotel, do we have any certainty that the City of Greensboro would not have any liability for the bonds should the project fail and the financial guarantors not be able to backstop them? Are there any circumstances under which the City might find itself obligated to the bondholders?
After a little back and forth discussion in the comments of that post, the (Greensboro, NC) News & Record's Joe Killian said he'd try to find out. Lickity split, Joe now says that he has two on-the-record authoritative sources who are certain Greensboro will assume no liability for the bonds. Joe says to look for details in a story to run early next week.
Other questions remain, but if Joe's experts are right, that is one big potential obstacle to the project we can mark off the list.
Again, I'd like to thank the News and Record reporters and the bloggers for digging in and helping us keep up with all of this.
ReplyDeleteI've learned a lot over the last week about these bonds and the larger idea of economic stimulus and it's implementation.
--Brandon Burgess