Attached is a copy of what the Debt Service documents look like…
Agenda Item 3.b. CFD Debt Service Schedule Contact to Webb and Ass $35.,000: http://www.ci.beaumont.ca.us/DocumentCenter/View/27328
This is a perfect example of why Gibbs is not qualified to be a City Manager and Council must hire competent Staff.
It is the Trustee that calculates the Debt Service Schedule. .
Webb’s letter to Urtiaga states: “Union Bank, the City’s Trustee, has disclosed that many of the records related to this project have been destroyed and if the Trustee is engaged to help assist in this project it will come at an additional and expensive cost to the City. The Trustee also stated they are not capable of providing the necessary support the City requires as it relates to debt service schedules”
Really? Because just two weeks ago City Attorney Pinkney claimed that Union Bank was fully cooperative and willing to turn over documents. Sounds like your Crook have competing stories Council.
The City and Webb claim:
Unable to verify total number and amount of CFD bonds that have been Called.
The number of CFD Bonds that have been ‘Called’ is one (1), the 2001 Wastewater Bond.
What Webb and Urtiaga are referring to is ‘Retiring Securities’.
2. Unable to obtain updated and complete debt service schedules for each outstanding bond.
It’s the Bond Trustee’s job. If Union Bank, as Bond Trustee, doesn’t want to submit an Invoice for the bonds FOR FEAR OF FURTHER INVOLVEMENT IN CRIMiNAL ACTIVITY, then perhaps Council should take the hint. What’s the point of having an outside company create the Debt Service Documents if Union Bank isn’t wiling to create the documents themselves.
3. Unable to calculate the annual special taxes based on an actual budgeted need as it relates to the City’s new admin practices bla bla bla…
The ‘Annual Special Taxes have nothing to do with the ‘budgeted needs’ of the City. Only in Beaumont does the government openly, proudly, and illegally gorge Property Owners.
Both Beaumont’s Staff and Webb and Associates claim that ‘all the documents are destroyed and no one knows if debt service documents were ever done.”
Judy Bingham’s been tracking the City for 10 years. We have the Debt Service Records from 2011 – 2013. Union Bank, as Bond Trustee, creates the Debt Service Schedules – it’s the Bond’s Invoices that state the Premium and Interest Payments.