Last June, Madison County Treasurer Kurt Prenzler (right) liquidated the approximately $41 million of bonds that he says were illegally purchased during the administration of former treasurer Frank Miles. Madison County Auditor Rick Faccin (left) claims that move is continuing to cost Madison County Taxpayers. The two faced off yesterday morning on Let's Talk.
Soon after taking office on December 1 of last year, Prenzler says he discovered bonds in the county's portfolio with maturities of 12 to 15 years, which violated the investment guidelines. Prenzler says he looked at other similar-sized counties for a point of reference.
Faccin has been critical of Prenzler since summer, when the auditor released a statement claiming the treasurer's actions had costs the taxpayers more than $1.5 million. Faccin claims the taxpayers are on the hook for the bills and there is no end in sight. Prenzler says at one point last spring, the bonds had lost over $3.5 million on paper, but held on to them for a couple of months before selling them, and limited the loss to about $360,000. Faccin contends the $3.5 million figure was just a paper loss.
Soon after taking office on December 1 of last year, Prenzler says he discovered bonds in the county's portfolio with maturities of 12 to 15 years, which violated the investment guidelines. Faccin contends those guidelines are not set in stone, and can be modified at any time.
You can hear the complete interview by clicking here.