http://webmail.libionline.net City of Beaumont Audit
 
At the July 2, 2013 Council meeting Council & City Staff were repeatedly asked questions regarding the bond debt and the People were repeatedly given false statements. Below are clarifications of Beaumont's bond debt.

1.  Developers Pay The Same Bond Payment Amount As Homeowners. Incorrect. Only the 1994 Bond Debt was written to hold Developers liable for the debt that is not paid by the homeowner or business. All other Bonds are now written so that the Mello Roos taxes do not take effect on the property until an 'Occupancy Permit' is issued to the homeowner. Even after the house is built the taxes do not go into effect until there is a resident to accept & sign for the debt.

2.  Everyone Pays the Same Mello Roos Tax. Incorrect. The Mello Roos taxes have never been 'equal'. Every bond debt has a different price for individual homeowners, commercial, and undeveloped property.

3.  Bond Debt Forgiven for Area # 5 is Insurance Bonds. Incorrect. If the original developers were required to purchase insurance bonds it would have been listed in the bonds AND there would be a money trail if the City was holding insurance bonds. The bond debt attached to Area # 5 is from the original 1994 bond debt. The money was spent 20 years ago, not put aside or invested in 'insurance bonds'. The bond debt principle & interest payments for Area # 5 are over $200,000/year. They are releaving the bond debt because no business will rent/buy a warehouse that has an additional $200,000/year overhead for 30 years.

4.  $21 Million Developer Contribution = Bond Debt Payments. Incorrect and Insulting. First of all; the bond debt payment in 2011 was $13 Million. If the City collected $21 Million in Mello Roos payments for a $13 Million debt the City made $8 Million/year profit from bond debt payments. If the City is making $8 Million/year profit just from bond debt then why are they $300 Million in debt?

$21 Million is the additional amount of bond debt the City took out in fiscal year 2010-2011.

12/22/11 = $12,145,000

03/29/12 = $5,650,000

04/26/12 = $3,265,000

Spinning and twisting a lie doesn't change the lie into the truth. If the City is collecting $21 Million/year from Mello Roos, then why is there no money in the bank to pay the $15 Million bond debt that is due on September 1st . Either the City is spending the taxes collected to pay the debt or the City is not collecting the funds.

Council needs to make an honest statement regarding the bond debt. Hiding behind the false statements of their City Manager is unacceptable. Every member of Council should be knowledgeable about the debt and able to answer questions themselves instead of relying solely on the City Manager for information.

It is Council's duty of care to understand that they are running up massive debt. Not one member of Council was able to answer a question or make an honest statement regarding the bond debt. This is absolutely unacceptable.
 


Comments

03/04/2014 9:27pm

It was disturbing though to see that the Council seemed to be; were; more on the developers side than ours.

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Contact: libi@libionline.netCity of Beaumont Audit