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<a href="http://www.accessmylibrary.com/coms2/summary_0286-10235713_ITM" title="Facts and information about County Defaults on Health Facility Bonds.(Washington County, Mississippi)(Brief Article)(Statistical Data Included)">County Defaults on Health Facility Bonds.(Washington County, Mississippi)(Brief Article)(Statistical Data Included)</a>
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County Defaults on Health Facility Bonds.(Washington County, Mississippi)(Brief Article)(Statistical Data Included)
A tax-exempt revenue bond issued by Washington County, Mississippi, has gone into default due to a developer's poor planning and possible misrepresentation of the project's risk. In 1997, the county issued $18.5 million in bonds to finance an assisted care facility for the elderly. A developer convinced the county to issue the bonds after he received a large investment by a major oil company that would receive $8 million in federal low-income housing tax credits in exchange for an investment of $7 million in the project. The project ...
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