$1 Million Budgeted to Fight S.E.C.

The City of Beaumont has Budgeted $1 Million to be Taken From the CFD Bond Fund Accounts to Fight S.E.C.

2015-07-15o

Let’s Review:

Beaumont Council illegally acquires Mello Roos Bonds, which are Federal Municipal Bonds.

Money is misuse/embezzled and Facilities are never built.

Property Owners are left with depreciated home values and massive property taxes for the Bonds.

Federal Securities and Exchange Commission (The Cops) starts investigating Beaumont’s illegal acquisition and use of federal municipal bonds.

City Council decides to ‘fight’ SEC and budgets $1 Million of the CFD Funds for Lawyers and Consultants.

The City of Beaumont can not use Bond Funds to ‘fight the SEC’. The City committed a crime – lots of them. Beaumont broke every State and Federal Bond Law on the Books.

To quote Judge Chaffee as he awarded the Western Riverside Council of Governments $42 plus Interest at 8% because of nature of the act: “Fraud by clear and convincing evidence.”

What part of ‘illegal use of federal municipal bond funds’ doesn’t the City of Beaumont understand?

Source:

Libi Uremovic – patch.com

Relevant Issues

A Clear Conflict of Interest
The City of Beaumont's contract with Urban Logic presents a significant conflict of interest and therefore must be terminated.
Favoritism and Cronyism
The City of Beaumont, under Urban Logic and City Manager Alan Kapanicas, has consistently demonstrated favoritism and cronyism in the awarding of pubic contracts.
Cost to Taxpayers
Urban Logic's contract with The City of Beaumont which allows it to profit from each approved development, along with their on-going practice of awarding high-dollar public contracts to a small group of friends and associates instead of to the lowest bidder, have cost Beaumont taxpayers millions.
Impact on Existing Businesses
The policies of Urban Logic and City Manager Alan Kapanicas ignore the needs of existing businesses in favor of new development and big box stores.
Quality of Life
Urban Logic and City Manager Alan Kapanicas have damaged our quality of life by failing to uphold high development standards, depleting local resources, making local government less accessible to residents, and by destroying the small town feel of the City of Beaumont.
Tactics
Urban Logic protects its ability to extract money from the City of Beaumont at all costs, resorting to intimidation and threats when necessary.