Pay down or pay off options for IA 19A of CFD 93-1: Beaumont, Ca.
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Regarding property owners who live within Improvement Area 19A (IA 19A) of Community Facilities District 93-1 (CFD 93-1) within the city of Beaumont, California, who are subject to the Mello Roos Tax Obligations set forth in their Mello Roos Bond Indebtedness under Improvement Area 19A:
At the July 18h 2017 Beaumont California city council meeting, in response to a citizen request during a public comment period (as confirmed in Youtube video of July 18th city council meeting), Mayor Lloyd White directed Beaumont city bond counsel Brian Forbath (of Straddling Attorneys at Law: Newport Beach California) to provide a written statement that addressed the following concerns regarding accelerated pay downs or payoffs on the roughly $19 million principle outstanding (PA) for Improvement Area 19A, which is within CFD 93-1:
- Given that 19A has paid over $6 million in Mello Roos taxes for "future facilities fees", and that none of the $6 million has been applied to constructing public facilities within IA 19A
- Given that $8 million of Mello Roos Taxes already paid is being held in an escrow account by the city.
- Given that within IA 19A individual property owners are given an option to pay off their pro rata share (estimates here range from $30,000 to $55,000 per property owner) of the PA of the total Mello Roos bond indebtedness for IA 19A.
- Given that there's been no written information provided by Brian Forbath, as bond counsel for the city, regarding whether property owners within IA 19A have the right to pay down or payoff more than their annual obligation on their property tax bill.
That Brian Forbath provide in writing the following:
What legal rights do property owners within IA 19A have, to achieve the pay-down or pay-off a portion, or all of the principle outstanding (PA) as follows:
- Either a portion or all of the $6 million and/or the $8 million above are applied in a single payment to pay down a portion of the principle outstanding (PA).
- Individual property owners rights to pay periodically (such as in installments) more than their annual obligation on their property tax bill, but less than a total payoff of their individual balance (payoff estimated between $30k-$55K per property owner), on a periodic basis (such as annual property tax payments): that these payments are coordinated to achieve an aggregate annual accelerated pay-down on the PA.
- Any other payment options available that can accelerate the pay-down or pay-off of the PA.
- What penalties or other fees are associated with any of the pay down or payoff options.
As of August 14, 2017 Brian Forbath has not provided the written response as directed in the July 18, 2017 council.
Given that Brian Forbath is intimately familiar with the bond debt characteristics of IA 19A, and given he has had over one month to reply, and given his failure to reply in a timely fashion, if he does not provide Beaumont City council with a written reply to the above information by September 1, 2017, Brian Forbath should be removed as Bond Counsel for the City of Beaumont.
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