Beaumont Refinanced Bonds, but Old Bonds Were Never Paid Off and Refinanced Again
By: Libi Uremovic | Original Article at patch.com
The City of Beaumont has several Mello Roos Bonds that have been Refinanced/Refunded. When a Bond is refinanced part of the Funds are scheduled to be used to pay off the old Old Debt.
Union Bank, as Bond Trustee is responsible for allocating the Bond Funds.
On four (4) different occasions the City of Beaumont refunded a Bond, but the old Bond was not paid off. The total amount of old Bond Debt that should have been repaid is $16,031,916.33.
AREA 3 THREE RINGS RANCH
2000 Series A Bond was scheduled to pay off outstanding 1994 Bond $1,060,580.84
2007 Series A Bond again pays off 1994 Bond’s Outstanding Amount of $1,015,124.57
AREA 9 COUGAR RANCH I
2003 Series A scheduled to pay off outstanding 1994 Bond $250,355.77
2007 Series C Bond again pays off 1994 Bond outstanding amount of $243,918.03
AREA 11 MOUNTAIN MEADOWS
2000 Series A scheduled to pay off 1994 Outstanding $515,979.72
2007 Series A again pays off 1994 Bond Outstanding $493,774.94
AREA 19C FAIRWAY CANYON
2008 Series A scheduled to pay off 2006 Series A Outstanding $14,205,000
2013 Series A scheduled to pay off 2006 Series A Outstanding $13,875,000
The Trustee didn’t pay off the old bonds and the money is not in the bond fund accounts, which begs the question to Union Bank; What did you do with that $16 Million?