There are indeed districts where you can pay off the M-R early, and it has been done.[/quote]
There might be a pre-pay option on the original 30-40yr bond debt plus associated “administrative fees” for that initial period. But remember, M-R allows for ongoing “maintenance costs” on the “infrastructure improvements” the original debt was supposedly used to pay for. Since I don’t think there’s been any cases yet of the initial M-R bond finance period ending for which someone has “prepaid”. I don’t think you can claim any cases where a M-R assessment has been successfully paid off. Don’t be surprised when the maintenance mode kicks in after the 40yr/bond maturity period and a supposedly “pre-paid” M-R property starts getting hit with fees again.
Why do I put “infrastructure improvements”, “administrative fees”, and “maintenance costs” in quotes and use the word “supposedly” when I refer to what the M-R assessments pay for?
Well, you know how M-R money is supposed to go for police, fire, water lines, roads, etc…but do you have any means to audit the use of the bond money you’re paying back? Do you hold any recourse if the other party doesn’t perform on any specific infrastructure improvements promised? Was there even a contract promising any specific performance in return for the M-R assessemnts? Who is accountable and auditable for any ongoing M-R fees collected after the initial bond maturity period? Well?????
