12-10-2016, 06:23 AM
It is a good idea to refinance the bond, I believe that is one of the new treasurer's priorities. I've mentioned this before, but one of the people who wanted onto the finance committee in the Oct. 2015 membership meeting wanted on to expressly work on refinancing the bond. She was a past board treasurer, board president and her career was in one of the countries largest banks in loans. If the the last board had not fought her (and others) we may have already have had our answer as to whether the Association could refinance. Her hope was to be able to refinance and save possibly $1.5 mil (if memory serves). All that I have ever heard is that going through the bond process was very, very grueling work and all kinds of financial information and records were required in the process. As you can imagine, no one is willing to lend $8 mil (what we currently owe) to a risky organization.
Here are 2 examples of what I mean. Records would show, after a potential lender researches us, that the Association came within minutes of default on the bond payment in 2015. The Treasurer at the time, Janice Ashford (who has now sold out and left for the Mainland) did not make the payment until the Treasurer from 2013 was contacted by the bond Trustee the day it was due asking "where's the money". Through her and another past Treasurer's intervention, Ashford barely was able to make the payment. And then just this year the Trustee contacted the Association telling us we were in a default situation because we had an illegal board president (defaulting on the contract).
Anyone think with that kind of history, let alone the lawsuit that a current director helped to cause and that would be Jo Maynard, any lender would lend us $8 mil?
Here are 2 examples of what I mean. Records would show, after a potential lender researches us, that the Association came within minutes of default on the bond payment in 2015. The Treasurer at the time, Janice Ashford (who has now sold out and left for the Mainland) did not make the payment until the Treasurer from 2013 was contacted by the bond Trustee the day it was due asking "where's the money". Through her and another past Treasurer's intervention, Ashford barely was able to make the payment. And then just this year the Trustee contacted the Association telling us we were in a default situation because we had an illegal board president (defaulting on the contract).
Anyone think with that kind of history, let alone the lawsuit that a current director helped to cause and that would be Jo Maynard, any lender would lend us $8 mil?