By: Libi Uremovic , December 25, 2013 | Original Article at Patch.com
The California Debt and Investment Advisory Commission has released a report on each individual Mello Roos Bond held by a public agency in California. This is only Mello Roos and not other forms of RDA. The report can be viewed on the State Treasurer’s Office website: http://www.treasurer.ca.gov/cdiac/reports/M-Roos/2012.pdf
The City of Beaumont has still not released the Report submitted to the County Controller stating what each individual property owner pays, but this report gives us the statistics on the bonds as a whole. Because this is reports ends 06/30/12 the $19,685,000 accumulated in fiscal year 2013 is not included in the report, but is included on the spreadsheets.
The attachments are divided into 3 pages. The first page lists the bonds issued to the City of Beaumont from 1994 to 2006. The City accumulated a total of $131,384,141
before the economic crash. The Report shows the City has paid $9,869,992 on this debt leaving a remaining balance of $121,514,149.
The second page is the bond debt from 2007-2009. In 2007 alone the City of Beaumont acquired $70 Million bond debt and an additional $8 Million after the economy crashed for a total of $78,079,000. Of that amount $9 Million has been paid leaving a balance of $68,965,000.
Page three shows that in fiscal year 2012 the City acquired another $24,715,000 in bond debt and $19,685,000 in bond debt was issued to the City of Beauont in fiscal year 2013.
The total bond debt issued to the City of Beaumont is 253,863,141. The City has only paid $18,983,992 and has a bond debt remaining of $234,879,149.