Certainly in current matters a good place to start is the handling or mishandling of what is destined to be well over a Billion tax Dollars for just 2010 Measure C, using Alicia Minyen’s blackballed Minority Report as a jumping off point.

Then let’s do the same thing with the equally expensive 2002 “C”.

—–

However, lurking in the shadows is Mello Roos. Who’s minding that store, the law, its payments, interest and future. How much is in the kitty? Who decides where the earnings are being spent?

Some folks who oversaw 2002 Measure C, and are now on 2010 C, ALSO were (are?)on Measure A (Mellow Roos)oversight going back 20+ years. Where are our Annual Reports for Measure A?

If we’re still spending money, we have to have audit reports!

This may not seem important since it does not depend on ADA, but someone who is being paid some big bucks to watch projections and demographics might want to take note of some facts you just can’t hide:

1) Twice yearly those of us who haven’t yet defaulted on our mortgages, and thereby our school tax obligations, still pay our Mello Roos Tax, but-
2) Every single day, exponentially more and more of us turn 55, and no longer have to pay Mello Roos!
3) SO–Fewer and fewer of “you guys” are going to be stuck with the following sad story.

—–

Let’s pick a scab off of Mello Roos (1989 Measure A)!

Every once in a while we see purchases being made using Measure A funds. But, with what we owe on those bonds, how is there a single penny available for new purchases?

Is the Special Facilities District hoarding tax funds over and above what is needed to make the payments on the four bond issues? If there is an excess, shouldn’t it be used ONLY to make a payment to the debt service of those bonds?

Let’s count the money: We voted for an aggregate Mello Roos not to exceed $90million in bond sales.

Now, unless I’m way off, between 1990 and 1996 the district sold Measure A bonds totalling $113,500,000.00

–$23,500,000.00 MORE THAN APPROVED BY VOTERS!

Issue #1, 8/1/1990: $33,800,000.00
Issue #2, 8/1/1992: 28,700,000.00 –(refinanced in 2002 for $29,000,000.00)
Issue #3, 3/1/1995: 15,000,000.00 –(refinanced in 2005 for 15,760,000.00)
Issue #4,10/1/1996: 36,000,000.00 –(refinanced in 2006 for 29,995,000.00)

These refinancings did lower interest rates a bit payable out to 2026, but did leave some horrendous balloon payments due in the last 3 or 4 years.

BUT– what about that Issue #1 up there? I do not see it being refinanced (ever-at-all). It has a killer balloon payment due in 2020 of $27,790,000.00 “plus accrued interest at 7.05% since 1990.” INTENTIONAL SHOUTING HERE! INTEREST HAS BEEN ACCRUEING SINCE 1990 AT 7.05 PERCENT ON NEARLY $30 MILLION DOLLARS???

Please, Alicia–tell me I’m wrong! And please tell me having that issue through Lehman Brothers has had no negative repercussions on us.

There are far more serious things they could be looking into, but apparently they don’t want to “really” hurt any particular politician’s feelings.