PRR: One Last Try for Bond Requisitions & Account Statements

Beaumont Staff claims that the Bond Trustee does NOT Sent monthly Statements & Staff does Not even know what Bond Fund Account Reports are.

Attached are the Bond’s ‘Sources and Uses Pages’ and a spreadsheet listing the City of Beaumont’s 2018 Bonds and their corresponding Bond Fund Accounts. Each Bond has a Construction Account, a Cost of Issuance Account, and a Reserve Fund Account. Three (3) of the Bonds have a ‘2017-2018 Special Taxes’ Account.

The City has released nine (9) Requisitions that drained the Construction Accounts in all of the 2018 and the remaining money in three (3) old Bonds.

The City has failed to release the Requisitions issued for the Cost of Issuance Accounts, the Reserve Accounts, or the 2017-2018 Special Taxes’ Account.

The City of Beaumont claims that the nine Requisitions released are the only Requisitions issued by the City in the since July 2017. The City also claims that zero (0) Bond Fund Accounts have been Issued on behalf of the Sewer Bond.

The City also claims that the Bond Trustee, Wilmington Trust N.A., does not send the City monthly Bond Fund Account Statements nor does the City receive a yearly summary of the Bond Fund Accounts. Beaumont Staff claim that they do not even know what bond fund account reports are, but let’s do a final Public Records’ Request to make sure.

PRR:

Requisitions approving the removal of the ‘Cost of Issuance’ Funds for all of Beaumont’s Bonds Issued in 2018.
Requisitions approving Funds removed the 2017-2018 Special Taxes Bond Accounts for the first three (3) Bonds Issued in 2018 by the City of Beaumont.
And I still need the Requisition(s) Issued for a total of $11,605,720.71 from the $12,680,000 Bond acquired on December 4, 2018. Bank Records show that money was paid to Pardee Homes on December 13th in two (2) installments.
All Wastewater Revenue Bond Requisitions Issued including Requisitions for the Construction Fund and the Cost of Issuance Fund.
Monthly Reports of all of Beaumont’s Bond Fund Accounts Issued by the Bond Trustee Wilmington Trust N.A. from July 2017 to February, 2019.
Yearly Summaries of the Bond Fund Accounts Issued by the Bond Trustee Wilmington Trust N.A. for 2017 and 2018.

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.