In the December 29th letters to the Editor section of the Record Gazette, Elizabeth (Libi) Uremovic claimed that "four hundred million is missing from the city of Beaumont, $350 million of which was embezzled from the Mello-Roos community facilities district bonds".
Here are the facts:
City Council received a report on June 7, 2016 from Urban Futures, Inc. regarding the reconciliation of Mello-Roos bond funds.
34 bond issuances from 1993 to 2015 Face value = $367,240,000
$109,320,000 was issued as refunding bonds
$257,920,000 was issued as new money bonds
Bond expenditures in the amount of $258,099,800 were reported (Excludes bond proceeds used to refund bonds)
Reported that approximately $41 million of the proceeds were directed to the businesses of the criminals
As described above, the funds have been reconciled and $350 million has been accounted for. Reconciliation of these funds show that capital projects were completed.
Design, Planning, Engineering and Management = $50.6 million
Payments to 3rd party public agencies = $41.0 million
Payments to 3rd parties = $36.6 million
Reimbursements to developers = $24.6 million
Transfers to city = $53.1 million
Funds held by trustee = $29.7 million
Cost of issuance = $12.0 million
Administrative costs = $3.6 million
BFA bond expense = $6.9 million
Infrastructure needed to serve development is installed and functional