http://webmail.libionline.net City of Beaumont Audit
 
  The City of Beaumont has $322 Million Bond Debt – all obtained without voter approval through the use of Mello Roos. Below is an analysis of the last six (6) bonds issued from December, 2011 through April, 2013.

2011 Series A 17b = Oak Valley Tournament Hills Bond $12,145,000
Disbursements of this bond include $768,461.71 additional funds from the City and pays a total of $2,356,532.60 in fees.
The Bond states Property Ownership at the date of issuance consisted of:
163 Private Home Owners
94 Parcels Owned by Richmond American Homes
127 Parcels Owned by Pardee Homes

Uses for the bond include paying 2009 bond debt on Area 17b. Original debt on 2009 bond for Area 17b was $1,616,705.61. The 2011 bond lists the 2009 bond debt at $1,915,000. The 2011 bond states that $5,510,000 will be put in an escrow fund to pay the 2009. As of June 30,2013 the Escrow Fund holds $3,144,124.56. There is a $2,365,875.44 difference in the bond statement and Escrow Fund, yet the 2009 bond debt was never paid.

2012 Series A 8c $5,650,000 Bond
The Bond states Property Ownership at the date of issuance consisted of:
318 Private Home Owners
 971 Parcels Owned by Richmond American Homes
300 Parcels Owned by Pardee Homes
$297,718.12 is added to the bond as additional funds from the City. A total of $1,300,562.60 in fee charges.

2012 Series B Area 20 = $3,265,000 Bond
The Bond states Property Ownership at the date of issuance consisted of:
 29 Private Home Owners
77 Parcels Owned by RDI Development
$51,650.63 is added from the City General Fund. $828,337.70 in fees is paid.

2012 Series C 7b & 7c $3,655,000 Bond
The Bond states Property Ownership at the date of issuance consisted of:
140 Private Home Owners
151 Parcels Owned by K. Hovnanian's Four Seasons at Beaumont LLC
City adds $197,155.38 to bond fund and charges $1,205,222.83 in fees.

2013 Series A 19c $8,810,000 Bond
All 669 Parcels are Private Home Owners
The Bond charges $1,434,887.61 in fees and list no purpose for the $7.7 Million Construction Fund. Area 19c still has bond debt from 2006 and 2008.

2013 Series B Area 17a $10,875,000
All 488 parcels in Area 17a are Private Home Owners.
This bond lists $1,062,487.99 in additional funds added from the City and a total of $11,306,859.16 in fees. The bond lists 'Purchase Discount' at $10,744,500. Small wonder the State grabbed the money.
Summary:
The six Bonds totaled $44.4 Million. Disregarding the last 'Purchase Discount' for $10.7 Million; the Total Fees Paid in the last 20 Months total $8.8 Million or 20% of the Bond Premium. Underwriter Discount paid to O'Connor & Company totaled $888,000. A Records Request has been submitted to track the remaining $8 Million.


 


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