1995: City Had $1.6 Million Deficit and $350,000 RDA Loan

Beaumont Financial Statements Reported both a $350,000 Loan to the RDA and $1,627,678 Deficit.

By: Libi Uremovic | Original Article at patch.com

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1996 Series A Sewer Bond contains excerpts from the City of Beaumont’s Financial Statements dated June 30, 1995.

2. Advances from the City to the Redevelopment Agency:

The Agency has entered into a Master Loan Agreement with the City whereby the City has agreed to provide the Agency with amounts necessary to enable the Agency to fund the costs of public improvements which are eligible for funding by the Agency in accordance with the California Community Redevelopment Law. The Agency will repay the resulting indebtedness, plus interest, at such times as funds become available to the Agency for repayment. Loan amounts shall bear interest at at rate of interest per annum to be determined by the City. For the $350,000 advanced during the fiscal year ended June 30, 1995, interest was accrued and paid at 12%.