TITLE

Panel Members Praise Audit of Florida Bond-Pool Deals

AUTHOR(S)
Sigo, Shelly
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/5/2003, Vol. 344 Issue 31650, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
An audit of eight Florida bond-pool issues released by state auditor general William Monroe that found most of the bonds were issued for private benefit and that proper records were not kept drew the attention of more than 100 municipal finance officials meeting in Orlando, Florida. The report was the subject of a panel at the Florida Government Finance Officers Association conference being held in Orlando in the week of June 5, 2003. Of the eight bond-pool issues audited by the state, totaling 1.68 billion dollars of debt, seven were not substantially loaned out, and the amounts loaned out did not justify the issuance and administrative costs associated with the bond issue, according to James Dwyer, audit manager for the auditor general. The audit has been forwarded to the Joint Legislative Auditing Committee with numerous recommendations for lawmakers to consider.
ACCESSION #
10014545

 

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