http://webmail.libionline.net libi@libionline.net
 
On 05/15/12 the City of Beaumont adopted Resolution No. 2012-23, authorizing another $20 million debt. The California State Treasurer's Office lists the total bond debt for this town of 35,000 people at $284 million.

How can a town of 35,000 with no revenue stream legally obtain $284 million in long term debt? Legally, it can not.

In the last 20 years the City of Beaumont has perverted the legal loophole California Government Code 53311 – better known as 'Mello-Roos Community Facilities Act of 1982'. This law was designed to allow local governments to circumvent Prop 13 and incur debt on existing property owners. However the law clearly states:

53345.8 (a) The legislative body may sell bonds pursuant to this chapter only if it determines prior to the award of sale of bonds that the value of the real property that would be subject to the special tax to pay the debt service on the bonds will be at least three times the principal amount of the sum of the following:
      1. The principal amount of the bonds to be sold.

      2. The principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to this chapter on property within the community facilities district or special assessment levied on property within the community facilities district.

Resolution 2012-23 Exhibit A lists the Property Descriptions subject to the $20 million debt. The Riverside County Assessors Office lists the total value for these properties at only $2.5 million. This debt should have never been allowed.

The State of California requires the following Checks and Balances:

Underwriter – This guarantees the Securities. The State Treasurers' Office lists the underwriter for Beaumont as O'Connor & Company Securities, Inc, also known as 'Southwest Securities' and 'Chilton & O'Connor'. Their website boosts of being experts in Mello-Roos and states: “William O'Connor has underwritten more mortgage revenue bonds in California than any other individual.”

Bond Counsel – This Attorney writes an official opinion stating that a local government is legally permitted to issue the bond. The City of Beaumont has used only one Bond Counsel in the last 20 years – McFarlin & Anderson. Their website advertises their expertise in Mello-Roos and affiliation with Southwest Securities.

Financial Advisor – This is another layer of oversight required by the State to protect the people's money. Ron Gunn Associates, Inc is listed as Beaumont's Financial Advisor. This person/company has no website. An address for an office space in Huntington Beach can be found. I know this person exists because I have emails from Ron Gunn to Alan Kapanicas requesting money transferred into the Union Bank Account for the “Cash Flow Management Fund”.

I had requested from the City of Beaumont copies of all banking and financial accounts held by the city, but this account was not released. I have requested it again with the specific account number. It is disturbing that there is a hidden account with the financial institution that is the Trustee for the City's debt.

Trustee – This is the Financial Institution that holds the loans. Beaumont's bond debt is held by three institutions: BNY Western Trust Co. holds debt incurred from 1993- 2000. Debt incurred from 2001 – 2008 is held by Union Bank of California. Debt from 2009 – Present is held by Union Bank NA.

Union Bank is fully aware of the City of Beaumont's financial problems because this bank has wired money back into the General Fund when the City's Bank Account was overdrawn. This is also the same bank account that has numerous deposits like $515,000 on 07/26/12 that was charged to the employee expenses as Worker's Comp.

Section 5 of Resolution No. 2012-23 lists additional consultants: 'Urban Logic' as Project Engineer and 'General Government Management Services' as special tax consultant. We already know that Urban Logic is not an independent company, and I can find no proof of life for a business called General Government Management Services.

Twice a year the City makes payments to Union Bank for the bond debt. The September payment was $8 million; $3 million paid on the principal and $5 million paid on the interest. In March the $5 million payment was for interest alone.

In December, 2010 the General Fund Bank Account was overdrawn, so the City withdrew $1million from LAIF – Local Agency Investment Fund to replenish the account. In January the City withdrew another $3 million from LAIF to cover daily expenses in the General Fund. The LAIF account went from $9.8 million on 12/01/10 to $5.8 million by 01/31/11. Authorized Caller that withdrew the funds from LAIF: William K. Alyward.

Resolution No. 2012-23 funding was to develop 'Area 17C', which is located northeast of town. Beaumont is surrounded with unfinished development sites. There are vacant lots remaining on most of the previous areas developed. Looking at the Beaumont area through 'Google Earth' it's hard to believe there's not environmental and erosion concerns. The Town is surrounded by developments that were never finished.

The City sells the projects to the citizenry on the theory that they will not be paying for the debt themselves, the property taxes collected will pay for the debt. But Section 8 of Resolution 2012-23 creates a clause that taxes will not start until the parcel is 'used for private residence purposes'. Because there are no houses on these properties; there is no tax revenue collected to pay for the debt. All of the property in Area 17C is owned by Pardee Homes, Inc. They list another development site they are selling houses on and a 'coming soon' area that looks like it's been sitting for years, so Pardee will not be developing this property in the near future.

Taxes are collected for the basic needs of the community. Page 63 of the 2011 Financial Report lists total Property Taxes collected at $2,839,632. The City of Beaumont paid $13.4 million for bond debt - $10 million more than was collected through property taxes.

With the collaboration of of the Checks and Balances that are paid to protect the People's money; the City of Beaumont has placed 35,000 people in $284 million debt with payments until 2042.
 


Comments

09/16/2013 6:16am

It was a commendable post!! Keep up the good work!

Reply
01/19/2016 11:34pm

your comment it's so cool

Reply
10/03/2013 1:29am

Banks Gives City $20 Million Debt on $2.5 Million Property Value....So informative things are provided here, I really happy to read this post, I was just imagine about it and you provided me the correct information I really bookmark it, for further reading, So thanks for sharing the information.

Reply
04/11/2017 3:48am

Wow. good post. I’d like to write like this too , taking time and real hard work to make a great article…

Reply
05/05/2014 10:58pm

Such a great post on the legal issues of the funds provided to the local city management. I have never seen this type of great post that have all the best information with the exact facts and figures. House building is a great job and only passionate people perform this job because making a luxurious home that will be the desire for all to live in is a great thing that is the reason I use to sell the best homes for the best people.

Reply
05/13/2014 12:27am

Dealing in p property is a great way that makes you perfect in your decision making and helps the city to grow more but legal issues are always complicated and people do not want any problem with the property they they are willing to buy. Your post is a good idea how cities and the governments are working in this market and providing the funds to the cities for its development.

Reply
10/29/2014 11:17pm

This was very interesting post. How would bank do this?
Is Bank high authorities gone blind or insane to take such decisions.

Reply
02/23/2015 11:26pm

very amazing blog presentation is very unique and different from others

Reply
02/27/2015 1:08pm

Loved to read your blog. I would like to suggest you that traffic show most people read blogs on Mondays. So it should encourage blogger to write new write ups over the weekend primarily

Reply

Wow that is the really nice news. But i want to ask you one question, Does any one want to do these?

Reply
04/07/2015 11:57am

The problem is that most of the parents said to their child that they cannot afford much time for them as they have to earn money for the betterment of for their secured future but what children understand form their parents such speech is money is more important than them;

Reply

Trade in property is an excessive way that types you perfect in your assessment creation and helps the city to grow more but legal matters are permanently complex and public do not need any difficult with the property they are prepared to purchase.

Reply
05/13/2015 12:25pm

Hard not to agree with you. It was a commendable post!! Keep up the good work!

Reply
05/13/2015 2:07pm

Good stuff. very amazing blog presentation is very unique and different from others.

Reply
05/13/2015 10:08pm

Because the discussion is not monotonou, here I began to love reading your blog since the visits

Reply
05/20/2015 2:17am

Thank you very much for your help and I will be happy to work with you again in the future.

Reply
05/22/2015 7:04pm

always make something different , but I had a good article to you , please visit my website .

Reply
05/22/2015 11:45pm

cowabunga, dude!

Reply
05/25/2015 8:36am

Thanksa a lot for the article!

Reply
05/26/2015 4:50am

The writer did a great research, this is the reason why I chose the writer again to write another paper!

Reply
06/14/2015 2:59am

ive been examining this blog site for a while and also have a matter probably you'll be able to support its how can i include your feed to my rss reader as i need to observe you Thanks

Reply
06/15/2015 3:27pm

It is a very good post that needs sharing on my facebook profile.

Reply
07/14/2015 8:19am

Thanks for this, keep the good work up!

Reply
08/04/2015 12:10am

Such intelligent work on the subject and ideal way of writing here. I am really impressed! This post is a helpful overview of the particular topic and very actionable. Interesting approach

Reply

Thanks for that important information, its really helpful.

Reply
09/03/2015 4:55am

That was an impressive post.

Reply
09/03/2015 4:57am

I like to read post on this blog.

Reply
10/02/2015 9:58pm

Our website is No. 1 in Assignment and Homework help. This is preferred destination for various students to get their Homework & Assignment help.

Reply
10/02/2015 10:38pm

Case Study Analysis, A case study evaluation needs one to address the company’s issue, analyze the alternate options, and propose the best answer using supporting evidence.

Reply
10/02/2015 11:08pm

Number 1 website for Programming Assignments Help, & Online Computer Programming Assistance from Top Programmers.

Reply
10/02/2015 11:35pm

Thanks for such a great content on this website. 

Reply
10/03/2015 12:08am

yeah it was such an awesome blog that i have updated.. :)

Reply
10/03/2015 2:08am

that is fantastic blog, I will pas this to the other peoples.

Reply
10/24/2015 11:25pm

Buying property is one of the biggest purchase that you will have in your life, so you have to be sure with every decision you make.

Reply
10/27/2015 11:52pm

I really wanted to send a small word to say thanks to you for the fantastic points you are writing on this site.

Reply
10/28/2015 12:11am

It is really nice blog that become inspiration to everyone

Reply

This is great information for students. This article is very helpful i really like this blog thanks. I also have some information relevant for online dissertation help.

Reply

I loved the way you discuss the topic great work thanks for the share Your informative post.

Reply

Those who come to read your article will find lots of helpful and informative tips

Reply

Thanks for sharing useful information.

Reply
11/17/2015 8:02pm

your post is very good, thank you

Reply
11/18/2015 7:39pm

your post is very good, thank you

Reply
12/07/2015 8:00pm

i glad after to watch and read your post

Reply
12/16/2015 7:22pm

This post is amazing, thank you

Reply
01/14/2016 1:08am

the news of good and thank you so much

Reply
01/21/2016 11:28pm

I've read your post and I got extra information

Reply
01/27/2016 10:56pm

All visitors to your blog is definitely happy to get that information such as your post these uptodate

Reply
02/16/2016 2:56pm

Thats the right way of doing this and I really appreciate all that.

Reply
02/24/2016 11:12pm

Adventure not only in the real world, the adventure in cyberspace like me who have always pay a visit moved from one site to another site with the aim to get news or information that is accurate, useful and add my insights.

Reply
02/28/2016 11:14pm

Greetings of peace be with you buddy cyberspace. To introduce myself, I am a new member on this site. hope all is here to make friends as well as providing helpful comments like the above article.

Reply
03/09/2016 11:23pm

Fast or slow every effort must deliver results, hope all that are here quick business or hopes come true at the right time. Aminn ...

Reply
05/16/2016 2:12am

Fast or slow every effort must deliver results, hope all that are here quick business or hopes come true at the right time. Aminn ...

Reply

this is the best post i like it

Reply
07/28/2016 4:48am

I just read all the essays and it was beyond my expectation hehe.Thank you so much for your help!

Reply
07/29/2016 1:54am

Thank you so much for all. I submitted my dissertation before midnight.

Reply
07/29/2016 2:23am

Please say thank you and give my best regards to the writer. If there's opportunity, I'd love to order another assignment again. Thank you. Have a nice day.

Reply
07/29/2016 2:50am

I would first of all like to thank you for helping me understand how to compose an essay.

Reply
07/29/2016 3:43am

I have read through twice and its brilliantly written.

Reply

Thank you I searching for your facts. very good brief and this post helped me a lot.

Reply

Definitely a lot of people who visit this site but only read just any news or articles are posted here, but differ with me always say thank you and I always fill this comment column.

Reply
08/23/2016 9:02pm

really happy to visit every day on this blog, because the news / article is always updated.

Reply
08/26/2016 1:50am

Where there is sugar there must be ants, where there is news there is the visitors who are looking for the latest news.

Reply
08/26/2016 2:14am

Behind an article definitely save a meaning which can lead to positive or negative perceptions. But everything depends on the reader. If I choose positive thinking alone. Thanks for admin, for his kindness

Reply
08/30/2016 11:43pm

Very fun can still be met with this website because it provides information such as the news unique. For that I say thank you had shared the information. as a quid from me, this comment column will be my fill. Greetings all yes.

Reply
09/14/2016 12:48am

Just by surfing through blogs / sites, we can explore the wide world. Keep spirit to all bloggers.

Reply

From the past until now I never get bored visiting this web, because the news was interesting to follow.

Reply
09/30/2016 1:56am

Surely each of a site admin will get a great reward when it provides a useful information for fellow beings.

Reply
10/06/2016 12:11am

Tell me everything you have experienced in an article, because your experience could be useful to others.

Reply
10/19/2016 12:38am

The world was only the area of ​​Moringa leaves that in the virtual world, every incident in the west end there or otherwise be easily heard or known to the rest of the world

Reply
10/24/2016 2:23am

Indonesia has a diverse culture that is not owned by other countries, and we can see the beauty of cultural diversity Indonesia easily through sites / websites which one like this site.

Reply
10/31/2016 2:24am

Never out of date as a child Tarzan hehehe. so as not outdated, frequently visiting these sites because many news you up todate here.

Reply
11/04/2016 4:15am

Very well explained about the work done by the bank in a particular area.
This post contains full of information and useful content that helps in analysis of bank investment and profit from that investment.
Thanks for sharing this helpful information.

Reply
11/07/2016 1:07am

Filling in the comment column should dilaraskan with the article above are a creative and realistic. Besides filling in the comments must be constructive, so that this site could be better in the future. Thank you for your participation.

Reply
11/15/2016 8:14pm

The development of the IT world today is extraordinary and when taken from the positive side be able increase the knowledge of all the people in the world effectively. The development is also marked by the many extraordinary sites like this site. Thank you for the admin of this site.

Reply
11/26/2016 2:45am

I was very pleased to find this site.I wanted to thank you for this great read!!

Reply
12/02/2016 1:21am

Do not forget to leave a comment here to support this site make it more updated and improved steadily this site. I also have to fill the box this comment

Reply
12/05/2016 11:11am

Thank you for appreciating

Reply
12/08/2016 1:26am

Whose name news or articles that must kayak above tuch, can only be beneficial to the general public. Admin This blog is superb and very kreatif.Thanks yes

Reply
12/13/2016 5:22am

To manage a commercial or retail property well, the managers should be highly skilled and familiar with the style of property to be managed. Here are some ideas to help you find the right people for your property management team.

Reply
12/15/2016 1:26am

thank you so much for sharing this post

Reply
12/16/2016 1:29am

After I read your article, I conclude that you are a creative person

Reply
01/05/2017 2:30pm

awesome

Reply
01/05/2017 2:33pm

Thank you for providing information from your website. On of the good website in search results

Reply
01/09/2017 1:43am

Give support to this web by way of your participation in the comments field that has been provided.

Reply

Nowadays, owning a rental property, anywhere on this earth, requires hiring of a professional and efficient property manager. Working with these property managers is highly beneficial in many respect but all managers do not have the same competency to understand the needs and interest of the owners. For this reason, it is necessary that property owners consider certain things before hiring a manager. There are some attributes which are a must for any property manager.

Reply
01/28/2017 3:19am

winrar 64 bit

Reply
01/30/2017 8:31pm

The contents of the article is very original. thanks for the work, may be a inpirasi for everything. Thank you for sharing and I hope this website you manage to be the best

Reply
01/31/2017 7:21am

Please pass on my thanks to ***** for the work on the Advanced Course ****** it was excellent. I have completed further work on it this week and submitted this afternoon.
Harriet, UK

Reply

Thank you so much. This is perfect the ideas are coherent and clear. I am sure I'll contact you soon for another essay.
Rory, UK

Reply
02/01/2017 1:51am

Thank you so much for your help, your assistance is truly appreciated. The last piece of work I received was invaluable to me

Reply
02/01/2017 3:25am

I would like to say how impressed I am at your wonderful customer service. I am very grateful at your use of great problem solving skills and you have truly saved the day for me.
Lisa - UK

Reply
02/02/2017 1:55am

Thank you very much. Please convey my thanks to the writer.
Lily, UK

Reply
02/02/2017 2:40am

That is really great!! Thanks so much for all your assistance.
Carl, UK

Reply
02/02/2017 3:16am

Thank you. I have a had a quick look through the essay and it looks like a really good piece, thank you. I will read through properly and if any amendments are needed, i will let you know.
Sam, UK

Reply
02/02/2017 5:17am

Thank you so much. All the amendments are great. It's perfect now. Please pass on my thanks!

Sean, UK

Reply
02/02/2017 5:18am

Thank you again for all that you and the writer have done to co-ordinate this you have been life savers and I can't thank you enough!
Ricky - UK

Reply
02/08/2017 6:32pm

Try to create a blog like this, because a lot of people are getting information such as news shared here.

Reply
02/15/2017 11:51pm

Commercial and retail property management fees are critical to the services you provide as a real estate agent. Here are some thoughts on setting your fees for the property management of commercial or retail buildings.

Reply
02/17/2017 10:46pm

Graceful written content on this blog is really useful for everyone same as I got to know. Difficult to locate relevant and useful informative blog as I found this one to get more knowledge but this is really a nice one.

Reply

Once again well trusted and have not let me down :)))
Michael, UK

Reply
02/23/2017 11:53pm

Only on this website you can find a lot of knowledge, news and useful information

Reply
03/06/2017 5:59pm

Things that you may never know, there might be one among some news posted here. So check out all the news on this blog.

Reply
03/08/2017 12:48pm

Commercial and retail property management fees are critical to the services you provide as a real estate agent. Here are some thoughts on setting your fees for the property management of commercial or retail buildings.

Reply
03/21/2017 11:23am

It is very helpful for me I like this post it is very impressive and precious for me really it is very impressive

Reply
03/31/2017 1:53am

Things that you may never know, there might be one among some news posted here. So check out all the news on this blog.

Reply
04/03/2017 12:27am

Wow. good post. I’d like to write like this too , taking time and real hard work to make a great article…

Reply
04/05/2017 8:26pm

Want to get the news or whatever you are looking for, please visit the blog / site every day, because the article is always up to date.

Reply
04/06/2017 12:45am

Good writer will always give the best reading for the reader. Like the way you write...

Reply
04/10/2017 2:30am

I'm very happy about the work, thanks.
Lydia - UK

Reply

Thanks very fast service, will look over it properly later.
Rob, UK

Reply
04/11/2017 3:47am

Thank you very much for getting the document back to me.
Martha, UK

Reply
04/12/2017 2:35am

Although the motley Indonesian citizens (RAS), but we should not be hostile to each other and therefore we must work together to support each other. Thanks for the information that was shared.

Reply
04/17/2017 12:24am

This is really nice to read content of this blog. A is very extensive and vast knowledgeable platform has been given by this blog. I really appreciate this blog to has such kind of educational knowledge.

Reply
04/18/2017 10:41pm

Somewhere the content of the blog surrounded by little arguments. Yes it is healthy for readers. They can include this kind of language in their writing skill as well as while group discussion in college.

Reply
04/24/2017 4:08am

very amazing blog presentation is very unique and different from others.

Reply
04/25/2017 2:42am

Do not forget to say thanks to the admin with a sincere because he has made the container information such as this website and as good visitors do not just read it, then do not fill in the comments field.

Reply

This text is worth everyone’s attention. How can I find out more? Really great news!!! this information is well worth looking everyone. Good tips.

Reply
04/29/2017 2:31am

Fascinating HR assignment help offered by our certified experts is it true that you are confronting issue finishing your human resource assignment.

Reply



Leave a Reply


Contact: libi@libionline.netlibi@libionline.net