I am become a troublemaker, again. Or perhaps I am too easily wound up.
(Nah. Look at the company I keep.)
Today I've come looking for advice and counsel.
The county in which I live contemplates issuing $875,000 in bonds to refinance buildings constructed by and for a private Christian school.
This seems wrong to me.
Background, such as I have, follows.
I found this in the classifieds of the Morehead News of Friday morning, October 23.
NOTICE OF PUBLIC HEARING OF THE COUNTY OF ROWAN, KENTUCKY
INDUSTRIAL BUILDING REVENUE REFUNDING
BONDS, SERIES 2009
(LAKESIDE CHRISTIAN ACADEMY PROJECT)
The County of Rowan, Kentucky, by its Fiscal Court, will hold a Public Hearing on Monday November 16, 2009, at 9:00 a.m. in the Fiscal Court meeting room at 627 E. Main Street, Morehead, Kentucky, concerning the issuance by the County of Rowan, Kentucky (the "Issuer"), of its Industrial Building Revenue Refunding Bonds, Series 2009 (Lakeside Christian Academy Project), in an amount of up to $875,000 for the purpose of refinancing certain existing debt on the school and gymnasium located at 2535 U.S. 69 West, Morehead, Kentucky 40351, within the corporate limits of the County of Rowan (the "Project"), for the Lakeside Christian Academy Inc., a Kentucky non-profit corporation.
This public hearing is being held pursuant to Section 147(f) of the Internal REvenue Code of 1986, as amended, to permit interested persons to comment upon the issuance of the Bonds as aforesaid.
THE BONDS SHALL NOT REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF THE ISSUER OR THE COMMONWEALTH OF KENTUCKY.
Interested persons are invited to attend this public hearing and will be given an opportunity to express their views on the nature of the Project. Written comments concerning the foregoing may be submitted to the Issuer at the hearing or by mailing them to the Issuer, so that they are received prior to the hearing, at the following address:
The Fiscal Court of the County of Rowan
Morehead, Kentucky
Attention: Fiscal Court Clerk
Fiscal Court Clerk,
County of Rowan,
Kentucky
What I have been able to discover so far, in addition to this advert, is that should the Academy fail the County would inherit their lands and buildings. Because I know nothing about the issuance of public bonds, I cannot tell if the County would assume the Bond debt should the Academy fall into arrears, though it seems likely that it would. Nor can I guess at the resale value of the buildings and land, should it come to that. Probably it covers the bond. Maybe. I presume it must.
What I am able more or less to guess at is that the Academy is financed by some of the old and monied families around the area, which would explain why this has gone as far as it has. And, since I do business here, certain jeopardies attach to publicly opposing (as I shall, regardless) this seemingly dubious venture.
This county and several surrounding have already litigated the public display of the 10 Commandments. Though Rowan went for Obama, and is a university town, there remains a deep and passionate undercurrent of conservative Christianity throughout the county.
Here are some of the many things I don't know:
(1) Am I over-reacting, or is this as it seems on first blush a grotesque breach of church and state separation?
(2) Is this the kind of thing the ACLU is or should be involved in opposing, or do they need to wait until the County actually goes forward with these bonds before stepping in?
(3) Is this legal?
(4) Is it proper? Do I simply misunderstand the role of government?
(5) Does the status of the school as a Christian Academy matter?
Anyhow. This is a small thing in a small place, and I don't anticipate much traffic. But an answer or two would be helpful.