… ELIGIBLE TO EAT HER OWN WORDS REGARDING MELLO ROOS
It never ceases to amaze me how the words of elected officials can return to haunt them so rapidly after they are spoken.
According to today’s Lake Elsinore/Wildomar Patch article, concerned property owners in Lake Elsinore are demanding answers from Lake Elsinore city officials regarding a question of duration of their Mello Roos bond/liens, which had been attached to their property since 1988. Apparently, the question of the 20 year lifespan allegedly promised by the developer conflicts with the 30 year lifespan stated by the city.
Please click on the following link to the Patch, for context and confirmation:
As I recall the days of covering politics for Elsinore Magazine, city officials were feverishly refinancing existing Mello Roos bonds, such as 88-3, to take advantage of lower interest rates, purportedly to inure to the benefit and advantage of the homeowners. However, it was always my suspicion, that the “refinance” process not only provided additional billing opportunities for the bond agent and bond counsel, but likely extended the duration and lifespan of the underlying bond.
In the same context of proposing another Mello Roos bond measure for Wildomar’s park maintenance, Wildomar City council member Marsha Swanson publicly and cavalierly “blew off” any concerns she would have over a Mello Roos attachment to another parcel tax measure.
Please click on the following link to the City of Wildomar City Council minutes of June 27, 2012 (and scroll down to page 4), to confirm her unreliable and foolish words:
Fortunately for park supporters, the balance of the Wildomar City Council agreed with yours truly, and others, as they rejected Swanson’s misinformation and permitted Measure Z to go forward, but only as a “parcel tax,” which resulted in the barely successful passage of the ballot measure in November 2012.
In contrast, the previous Measure D, which was tainted by Mello Roos, failed to win passage in June 2011.
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