If you max out your credit card and you are trying to pay your way out of a giant mountain of debt, it’s probably not a good idea to make your monthly payment and then, as soon as it’s received, turn around and borrow back two-thirds of the money you just paid. You know, it slows your debt reduction down to a trickle, means you’ll be in debt longer, and means you will be paying interest on more money for a longer period of time.
The Guilford County commissioners probably wouldn’t do that with their own finances, but it appears as though that’s exactly what they are going to do with Guilford County taxpayer’s money. They haven’t voted to do so yet, however, based on a recent work session discussion, the propensity of the current board to spend and spend, and on the history of the board on this matter, county residents are likely to see it happen next year.
At a recent afternoon work session of the Guilford County Board of Commissioners, the board and staff spent time talking about using “two-thirds bonds” to pay for a new round of county projects – including park upgrades and other capital work…