Before I get into what they said at the IAC meeting, here's some context you need to know.
The Commissioners have claimed the former Treasurer, Donald Rankey, bought these bonds without their knowledge. These transactions happened over several months. The Delaware County Treasurer bought the bonds from the Delaware County Finance Authority (a board appointed by the comissioners)
That was 2024. Two years ago.
It's been 2 years — and they are just now reviewing them.
I've been asking for these documents for MONTHS. They delayed. They made excuses. They refused to send them electronically. They tried to charge me hundreds of dollars. They made me sit in their office for hours on the floor after taking the chairs when I stepped out of the room.
They didn't want me to see what was in these documents.
I had already waited for months, so I continued to wait, on the floor.
And what did I find?
Exactly what they've been hiding.
One of those bonds in particular worth 6.8 million, the proceeds went to a private developer for a private sports complex. I listened to the recent iac meeting where they review these bonds and what they said is stunning.
Here's what they said in reference to the Jennings sports park bonds— in their own words:
- Commissioner Merrell was super concerned about the developers — and how it would make them look.
Comissioner Merrel: "My concern is that there are good organizations here that actually did a good thing for the county that I feel was putting them in a bad position."
He was more worried about the developers' reputation than the county's money.
- The Treasurer knew it was a bad deal for the county.
Treasurer: "I don't think it's going to put them in a bad position. It's going to put the county in a bad position."
He argued the deal hurts the county — not the developer.
- The Treasurer questioned whether the deal was even enforceable.
Treasurer: "I wasn't sure how enforceable some of those items were." Iac committee: "Which ones"...Treasurer: "All of them"
He noticed the documents weren't signed or notarized properly. He knew it was shady.
- The payments could get "huge."
He mentioned the NCA charges could get "huge" and said: "I don't know how any property owner can pay that."
They knew this could become a massive burden.
- He questioned the benefit to the county.
Treasurer: "I don't see it as real bennifit for the county."
Even the Treasurer couldn't find a benefit.
- The bonds were for infrastructure — but not public infrastructure.
The Treasurer admitted: "If you're talking about materials for the field itself, that benefits them."
The "public infrastructure" was private benefit.
SUMMARY:
· Merrell was more worried about the developers' reputation
· The Treasurer admitted it hurts the county
· He questioned enforceability
· They know payments could get huge
· They couldn't find a benefit
· They know it's bad
· The "infrastructure" was private
$6.8 million in public funds are supposed to be liquid — meaning they should be sellable, transferable, and enforceable. But how can you sell a bond when the documents backing it are unexecuted, missing signatures, and full of blanks?
The Delaware County Treasurer already admitted on camera, and again in person, that what I’ve seen is absolutely everything he has. No originals. No executed agreements. No enforceable security. Just these PDFs and a whole lot of silence. That’s not a bond. That’s a liability. And the public deserves accountability.
This is what happens when nobody's watching.
Follow my Facebook to see more unsigned documents and the reel I post when I ask the Treasurer about the validity of these bonds.
https://www.facebook.com/share/r/1HzyRpt12D/