CDD Bond Refinancing Options

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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$400,000 Is For Security Personnel Only

According to e-mails & conversations with residents there seems to be some misunderstanding on the purpose of the $400,000 proposed budget item for security.

The $400,000 is for Security Personnel Not For Building Anything - Not Infrastructure. The figure was not based on any quote presented to the board. It is based on a guesstimate. 3 guards(1 at each entrance-No Roving-"Welcome To Waterstone Sir/Mam") @ $15 per hour 24 hrs 365 days. $15x3guards=$45 x24hrs=$1,080 x365days=$394,200. We can Hire 1 Full Time, 24hrs, 365 days, Homestead POLICE Officer for less that that.

Note Again the $400,000 is for the Security Guards ONLY at:
3 Security Gates That DO NOT Exist...
3 Security Gates That We Do Not Know If Can Even Be Built...
3 Security Gates That We Do Not Know The Cost Of... (I believe it will cost over $1,000,000 Yes Million)
3 Security Gates That We Do Not Currently Have The Money To Build....
3 Security Gates That IF they can be built and IF we had the Money would not be done(in my opinion) within the Next Year anyways....

At the last meeting Alex(CDD Chairman) was already asking staff that if we don't use the money for the security guards for x-y reason within the year can it then be used for other things... Staff said Yes.... I can see where this is going.....

P.S. Bring your own popcorn to the Budget Show, I mean Budget Meeting.
I'm sure it will top the recent appointment spectacular.

BUDGET PUBLIC HEARING for Final Adoption
Thursday July 26 2007 @ 6:00pm Waterstone II Clubhouse

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Waterstone Trivia

Which CDD Board member made this statement??
"Believe you me, this new Board is trying everything to lower our annual CDD assessments; however, as of yet we have not been able to find a feasible way to do so."

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We Have New CDD Board Members

We have 2 New CDD Board Members. Joel Kovin and Carmen Miranda have resigned. The new members are Curtis Cooper -resident of Florian Bay Estates II and Eduardo Gonzalez - resident of Stonebrook II (Yes Ed, from The Continental Group, property manager for Cluhouse II, Portofino Oaks, Floridian Bay Estates II, Portofino Pointe...)

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