I created a spreadsheet to track the Bonds issued by the City of Beaumont's Community Facilities District No. 93-1 using the following 2011 report:
Beginning ten years ago, there are 25 separate bonds issues over about 5 1/2 years (12/2003 - 06/2009) totaling $202,329,000. Only about $10 million (less than 5%) of the principal has been paid.
Here is a link to the spreadsheet: Beaumont CFD No. 93-1 Spreadsheet
Some notes about this spreadsheet to keep in mind: First, the date of the report is October 2011. And, second, I used the data in the report to create the 2 "Principal Reduction" columns. There are
CFD bond issues are new to me and I am hopimg for some help understanding them from readers of the Patch and my blog, www.OurFocusOurKids.com.
Below are some questions I'd like to get some answers to. Unfortunately, my son has a baseball game tomorrow and I am a coach for his team; I will have to miss the city council meeting. I hope to get there after the game but I will miss the public comments portion. I will provide a copy of this post to the council and hope they will honor their word when they said they were interested in providing citizens answers to questions posed to the council.
- What is the difference between the "Total" interest type and the "Net" interest type?
- The first bond listed was taken out 10 years ago and the principal has only been reduced by about 2.5%. When will it be paid off?
- What is a construction fund and why does the first bond issued still have a balance in this fund?
- How are "Taxes Due", "Taxes Unpaid" and the obligations of homeowners and the city related?
- The last four bond issues have an interest rate greater than 8%, meeting the description of the debt the City Manager, Mr. Kampanicas, said would be refinaced at a lower rate with a new bond issue. The total of these issues is less than $4.4 million but the city council authorized $12 million in the new issue. There are two more with interest rates above 6% totaling another $10.6 million. I would like to know which bonds the City Council has authorized the Mr. Kampanicas to refinance and, if there is any money left over, what will the remainder be used for?