The Current 2002 CDD bonds are under consideration for refinancing (advanced refunding).
Option 1) Apply the savings to each property owner according to their share of the debt.
According to the Bank of America presentation on Nov 2006.
Applying the savings to the debt with save $2,982,097 over 27 years or roughly $110,448 per year. Your individual savings will vary based on if you live in phase 1 or phase 2 and also on your lot size and/or community. For example 50' lots in phase 1 will save about $90 per year for 27 years ($2,430) while the same lot in phase 2 will save $21 per year for 27 years($567). This is because the 2002 bonds are roughly 85% phase 1 debt and only 15% phase 2 debt. (2004 bonds are all phase 2 debt - not part of the refinance)
Option 2) Cash Out the savings and Fund Capital Projects/Improvements within Waterstone.
According to the Bank of America presentation on Nov 2006.
The Cash Out would be roughly $893,952. One problem with this option is that the 2002 bond debt Is Not Equally distributed to all Waterstone homeowners. The debt is roughly 85% phase 1 and 15% phase 2. This means approximately 85% or $759,859 is coming from phase 1 home owners and only $134,093 from phase 2 home owners.
Is this fair & equitable??
Option 3) Do nothing for now and leave the bonds as-is.
Keep in mind that these figures are from Nov 2006 and Bond rates have changed and over 6 months have elapsed.
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