Municipal Bond Funds must be spent within three (3) years of acquisition. One of the many problems with Beaumont’s bonds is that money was requisitioned from the Bond Fund Accounts long after the three years had passed.
Below is a summary of Beaumont’s Bond Requisitions acquired so far that list Funds expended after the 3-Year time period expired:
2001 SEWER BOND CONSTRUCTION FUND:
Requisitions #18 thru 57 dated from 1995 – 2006 are missing.
Requisitions #58 thru 131 are dated from 2006 – 2012 and total $14.5 Million.
1994 SERIES AB ADMINISTRATION FUND:
$340,000 Allocated to Fund
Requisitions # 1 thru 29 totaling $290,000 were issued before August, 1997.
Requisitions # 30 thru 120 totaling $1.3 Million were issued from September, 1997 to 2009.
1994 SERIES A CONSTRUCTION FUND:
$6.5 Million Allocated to Fund
Requisitions # 1 thru 45 (#’s 1-3 Twice) are dated from 1994 to 1997 totaling $4 Million
Requisitions #46 thru 108 are dated from 1997 – 2003 and total $2.3 Million
2000 SERIES A ADMINISTRATION FUND:
No Administration Bond Fund Account Listed on Bond
Requisitions # 1 thru 6 are dated from 2001 – 2015 and total $20,000
Requisitions # 7 thru 23 are Missing.
Requisitions # 24 thru 45 are dated from 2006 – 2009 and total $500,000.
2000 SERIES A BOND CONSTRUCTION FUND
$12 Million Allocated to Fund
Requisitions # 1 thru 45 issued from 2000 – 2003 total $6.2 Million
Requisitions # 46 thru 58 were issued in 2004 total $1 Million
Requisitions # 59 thru 66 are Missing.
Requisitions # 67 was issued in 2009 for $800,000
2000 SERIES A BOND FACILITIES FUND
No Facilities Bond Fund Account Listed on Bond
Requisitions # 1 thru 34 issued from 20001 – 2003 total $7.5 Million
Requisitions # 35 thru 66 issued from 2004 – 2009 total $1 Million
Requisitions # 46 thru 65 are Missing.
2000 SERIES A BOND INDIVIDUAL FACILITIES FUND
No Individual Facilities Bond Fund Account Listed on Bond
Requisitions # 1 thru 24 issued from 2001 – 2003 total $1.6 Million
Requisitions # 1 thru 38 issued in 2004 total $500,000
Requisitions # 39 to 45 Missing.
Requisition # 46 issued in 2009 was $880,000.
2002 SERIES A ADMINISTRATION FUND:
$425,000 Allocated to Fund
Requisitions # 1 thru 4 issued from 2008 – 2005 total $12,000
Requisitions # 5 thru 7 issued from 2008 – 2009 total $87,000
2002 SERIES A CONSTRUCTION FUND:
$8.9 Million Allocated to Fund
Requisitions # 1 thru 9 are Missing
Requisitions # 10 thru 46 issued from 2003 – 2005 total $5 Million
Requisitions # 47 thru 63 issued from 2006 – 2008 total $1 Million
2003 SERIES A ADMINISTRATION FUND:
No Administration Bond Fund Account Listed on Bond
Requisitions # 1 thru 4 issued from 2004 – 2005 total $15,000
Requisitions # 5 and 6 issued Dec 2008 & Jan 2009 total $18,000
2003 SERIES A CONSTRUCTION FUND:
$17,257,012.59 Allocated to Fund
Requisitions # 1 thru 44 issued 2003 – 2006 total $12.4 Million
Requisitions # 45 thru 54 issued 2007 – 2009 total $3.5 Million
2003 SERIES B ADMINISTRATION FUND:
No Administration Bond Fund Account Listed on Bond
Requisitions # 1 issued 2008 for $6,695
2003 SERIES B CONSTRUCTION FUND:
$9.3 Million Allocated to Fund
Requisitions # 1 thru 37 issued 2003 – 2006 total $8 Million
Requisitions # 38 Missing
Requisitions # 39 thru 42 issued 2007 – 2009 total $1 Million
2004 SERIES A ADMINISTRATION FUND:
No Administration Bond Fund Account Listed on Bond
Requisitions # 1 only issued 2009 total $9,000
2004 SERIES A CONSTRUCTION FUND:
$4 Million Allocated to Fund
Requisitions # 1 thru 26 issued 2004 – 2007 total $2 Million
Requisitions # 27 thru 32 issued 2008 – 2009 total $1.4 Million
2004 SERIES B CONSTRUCTION FUND:
$5 Million Allocated to Fund
Requisitions # 1 thru 23 issued 2004 – 2007 total $4.5 Million
Requisitions # 24 thru 26 issued 2008 – 2009 total $500,000
2004 SERIES C CONSTRUCTION FUND:
$7.6 Million Allocated to Fund
Requisitions # 1 thru 21 issued 2005 – 2007 total $8 Million
Requisitions # 22 thru 25 issued 2008 – 2009 total $100,000
2004 SERIES D ADMINISTRATION FUND:
No Administration Bond Fund Account Listed on Bond
Requisitions # 1 and 2 issued 2008 and 2009 total $32,000
2004 SERIES D CONSTRUCTION FUND:
$20 Million Allocated to Fund
Requisitions # 1 thru 29 issued 2004 – 2007 total $17.4 Million
Requisitions # 30 thru 49 issued 2008 – 2010 total $5.5 Million
Requisitions # 50 thru 68 Missing
Requisitions # 69 Issued 2007 for $2.6 Million
2005 SERIES A CONSTRUCTION FUND:
$15.6 Million Allocated to Fund
Requisitions # 1 thru 27 issued 2005 – 2008 total $14 Million
Requisitions # 28 thru 36 issued 2009 – 2011 total $1.1 Million
2005 SERIES B ADMINISTRATION FUND:
No Administration Bond Fund Account Listed on Bond
Requisitions # 1 Missing
Requisitions # 2 and 3 issued 2005 for $25,000
Requisitions # 4 and 5 issued in 2009 for $1.7 Million
2005 SERIES B CONSTRUCTION FUND:
$15.6 Million Allocated to Fund
Requisitions # 1 thru 15 issued 2005 – 2008 total $6.3 Million
Requisitions # 16 thru 21 issued 2009 – 2010 total $2.6 Million
2005 SERIES C CONSTRUCTION FUND:
$16.8 Million Allocated to Fund
Requisitions # 1 thru 19 issued 2005 – 2008 total $10.5 Million
Requisitions # 20 thru 30 issued 2009 – 2011 total $6.2 Million
2006 SERIES A CONSTRUCTION FUND:
$12.3 Million Allocated to Fund
Requisitions # 1 thru 9 issued 2006 – 2009 total $11.4 Million
Requisitions # 10 thru 15 issued 2010 – 2011 total $1.1 Million
2007 SERIES E CONSTRUCTION FUND:
$5.6 Million Allocated to Fund
Requisitions # 1 thru 5 issued 2008 – 2009 total $4.5 Million
Requisitions # 6 thru 9 issued 2011 total $620,000