Del Sur Mello Roos Payoff

[Kristen_P]

To get the payoff numbers we called PUSD and they referred us to the Dolinka Group and it was $100 but since we had 2 bonds it was $200. When I questioned the contact about specifics of the bonds such as payoff dates etc he wouldn’t tell me anything in email form and said if I had questions to call him, probably in order to not have any paper trail of anything he said. The entire thing seems very shady and I still can’t believe the numbers are correct.

Our MR each yr is about 5500 so I don’t know what year these bonds end if we were quoted 167K for payoff. If going off the 167 number that means these bonds don’t end for 30 more years?? Plus I thought there was an incentive to paying off early and this doesn’t appear to be so or perhaps they just don’t want people to pay it off? The whole thing is extremely frustrating and just seems like a huge rip off.

[Coronita]

Just curious. What school district is del Sur in?

[an]

[quote=flu]Just curious. What school district is del Sur in?[/quote]
Poway.

[FlyerInHi]

Wasn’t there a financial scandal at PUSD?

[Coronita]

[quote=FlyerInHi]Wasn’t there a financial scandal at PUSD?[/quote]

It’s not a “scandal” exactly. But it was about I believe a “debt bomb” wrto debt the school borrowed at a extremely inflated interest rate…..Let me see if I can dig it up.

[Coronita]

Found it… We discussed it here awhile ago, back when more of the discussions were more useful. Not sure if it’s relevant or not to this topic.

http://piggington.com/powaythe_real_debt_bomb

http://www.voiceofsandiego.org/topics/education/where-borrowing-105-million-will-cost-1-billion-poway-schools/

It does seem strange that the MR payoff seems so jacked up right now. I’m not suggesting something fishy is going on, it just seems a little odd that the difference now and a few years ago would be that large.

[ltsddd]

[quote=flu]Found it… We discussed it here awhile ago, back when more of the discussions were more useful. Not sure if it’s relevant or not to this topic.

http://piggington.com/powaythe_real_debt_bomb

http://www.voiceofsandiego.org/topics/education/where-borrowing-105-million-will-cost-1-billion-poway-schools/

It does seem strange that the MR payoff seems so jacked up right now. I’m not suggesting something fishy is going on, it just seems a little odd that the difference now and a few years ago would be that large.[/quote]

I wonder what really happened with this bond. The damage hasn’t shown up on my tax bills, yet.

[Coronita]

[quote=ltsdd][quote=flu]Found it… We discussed it here awhile ago, back when more of the discussions were more useful. Not sure if it’s relevant or not to this topic.

http://piggington.com/powaythe_real_debt_bomb

http://www.voiceofsandiego.org/topics/education/where-borrowing-105-million-will-cost-1-billion-poway-schools/

It does seem strange that the MR payoff seems so jacked up right now. I’m not suggesting something fishy is going on, it just seems a little odd that the difference now and a few years ago would be that large.[/quote]

I wonder what really happened with this bond. The damage hasn’t shown up on my tax bills, yet.[/quote]

Well it’s not due for awhile :)… I don’t know.

[ocrenter]

[quote=ltsdd][quote=ocrenter][quote=joec]Some one else here has paid it off I think, and may comment, but they may have been in a different CFD area. I think they paid closer to 60k or so.

I think Del Sur has the highest CFD rates compared to any of the other 4S areas so it should be higher, but I don’t know if your house is in both CFD districts?

One of those payment sounds more correct to me.[/quote]

Just checked a few random Del Sur homes, they are in two CFD districts. The high CFD rates was a major turn off for us back in the days as well. But then again, that high school looks like it could put most of the community colleges in this country to shame. That cost had to come from somewhere…[/quote]

Del Sur does not have a high school built. The kids will either go to westview or Del Norte. The thing I don’t understand about Del Sur is with such a high mello-roos, it built exactly 1 school – Del Sur Elementary. Their website lists Oak Valley & Del Norte in 4S Ranch as their middle & high schools.

As for that K-8, Design 39 school, you must also be paying the secondary CFD No. 15 in order to be able to send your kids there.[/quote]

Did not imply there’s a separate high school for Del Sur. Comment was meant for Del Norte, which I’m sure some of the money from Del Sur CFD went to. PUSD pretty much spent the CFD dollars however they wanted throughout the district.

http://www.kpbs.org/news/taxes/

[Kristen_P]

That article is insane. Great to know our taxes will prob go up too, we have a two yr old and plan to stay in the area until he finishes school… Perhaps 167K will turn out to be a bargain in 15 yrs. Ick : (

[Coronita]

Well to be fair. Poway probably isn’t the only district that has this problem. And when people didn’t want a tax increase to fund public schools, the district did get creative and kept its promise of no tax increase for current owners. Reality is that this won’t be a problem for another 20-30 years. So it’s not likely going to be your problem….I wouldn’t worry about it. Plenty of time for your kids to graduate and for you to cash in and move somewhere else just in case this does become a problem. Reality is , when the bill comes due, and it can’t be paid, it will probably be negotiated down somehow. Again, not your problem…public financing is great. It makes no sense whatsoever and yet magically things always get.modified and taken care of by itself.

[Myriad]

There’s a previous thread on this topic:
http://piggington.com/4s_melloroos_will_take_30_more_years_2040_to_payoff

However, the links seem no longer to be available.
http://californiataxdata.us/ seems to charge for reports now. Might be worth the $29.

I’m in CFD#1, tried paying off, called Dolinka, but they said I couldn’t pay it off. Fortunately it’s supposed to be done in a few years.
Looked at Del Sur, couldn’t get over the HOA and Mello Roos.

[oceanbreeze]

I paid off my 4S mello roos back to 2011, it’s about 11 years payment at that time. So far it’s been 5 years, so I think it’s a good investment for the sake of long term as I’m sure I need continue to pay another 30 years if I didn’t do so.

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