SEC Investigation

We hear the Securities and Exchange Commission is investigating Beaumont. What are they looking for and what are the risks to the city and subsequently to the tax payers?

Is it that maybe the CFD restricted-use tax bonds are not in fact tax exempt? If so, wouldn’t the bond holders be the parties at risk, not Beaumont Mello Roos tax payers.

Is it maybe that our Beaumont government officials misrepresented the tax status of the CFD bonds to the public and we – the citizens - are now on the hook for punitive fines?

The city has decided to hire expensive lawyers to represent us at a prohibitive cost – that I’m sure is draining the remainder of the pittance balance of the CFD funds. So much for roads and fire stations.

Beaumont staff and representatives - do share with the citizens just what is going on here.