Union Bank and City of Beaumont Admit to Destruction of Mello Roos Bond Documents
Beaumont Mello Roos Bonds were illegally acquired and the money was embezzled. No Recycled Water Facility or Fire Stations were built. Both the City and Union Bank have destroyed the Mello Roos Bond Documents. There is no reason or justification to charge Mello Roos Property Taxes to Beaumont Property Owners.
On April 5, 2016 Beaumont Consultants Webb & Associates submitted a Report stating that “Union Bank, the City’s Trustee, has disclosed that many of the records related to this project have been destroyed..” : http://www.ci.beaumont.ca.us/DocumentCenter/View/27328
On April 19, 2016 Beaumont City Council Requested the State Attorney General and Department of Business Oversight to investigate Union Bank: http://www.ci.beaumont.ca.us/DocumentCenter/View/27418
The California Debt and Investment Advisory Commission define the roles and responsibilities of both the Issuer and Trustee: http://www.treasurer.ca.gov/cdiac/seminars/2013/20131022/day3/1.pdf
Responsibility Of The City Of Beaumont, as Issuer, include Proper Use of Bond Funds and Record Keeping.
Responsibilities of Union Bank, as Bond Trustee, include Administration of Funds and Record Keeping.
The City of Beaumont and Union Bank destroyed all Mello Roos Bond Documents in an attempt to hide criminal activity.
Beaumont Mello Roos Bonds were illegally acquired, the money was embezzled, and the facilities were never built. So why are Property Owners Still Paying Mello Roos Taxes?