Bonds
What benefits are there for purchasing a DSRC bond?
Bond holders receive financial benefits as determined by the DSRC board of directors. The current DSRC board has established that bond holders will receive:
- $100 off annual family membership dues, and $50 off single and couple memberships
- $100 off clubhouse rental (in addition to the $100 off DSRC members receive)
In addition to the financial benefits, bond holders have voting rights in amendments or changes to the DSRC bylaws. Bond holders are very important in determining the direction of the DSRC!
What is the cost of a bond?
Bonds are $750. If a pool member purchases a new bond after they have already paid their dues for the year, the bond price will be further reduced by the amount the member would have saved on their membership dues for that year if they’d had the bond when they paid their dues.
For example, in 2025, if the member paid for a family membership then purchases a bond, the bond cost will be reduced by $100 (i.e. $650), and if the member paid for a single or couple membership the bond cost will be reduced by $50 (i.e. $700).
Are there benefits to having a bond for households with single or couple memberships?
Yes, the DSRC board has established that single and couple annual membership fees for bond holders will currently be reduced by $50. Further, the June 2024 amended DSRC bylaws establish that bond holders with a single or couple membership have the same voting rights as those with a family membership.
This is noteworthy because the prior bylaws limited equity membership (i.e. those bond holders with a vote) to be those members with a bond who had a family membership, not single or couple. Further, historically there was no financial benefit to bond holders with a single or couple membership.
Will the price of a bond go up?
The DSRC board of directors establishes the price of the bonds and approves all bond sales and issuance. The current DSRC board approved the rates outlined above and no rate increases have currently been established.
How do I purchase a bond?
We’re excited to have you on board! Please reach out to bonds@darienswim.com to express your interest. You can also reach out to DSRC Board President Ben Guzman at president@darienswim.com and/or Vice-President Joe Holzman at vp@darienswim.com. After receiving your e-mail we will send a form that members interested in purchasing a bond will fill out. All bond sales and issuance will be approved by the board.
Will the bonds expire?
The bonds do not expire, per the June 2024 DSRC bylaws. Any future expiration would be subject to vote of the bondholders.
Will I be able to get a refund for my bond later (e.g. if I move)?
Rules regarding refunds of the bonds are established in the bylaws. The current bylaws identify that equity members in good standing (i.e. bond holders with currently paid membership dues) can apply to the board for refund of their bond, and that such refund is subject to board approval and to the availability of funds.
Any change to the refund rules will be an amendment to the bylaws and as such will be subject to the vote of bond holders in good standing. The DSRC board has proposed an amendment to bylaws limiting such refund to the purchase price of the bond less the amount the member saved in membership fees through their bond. For instance, if a bondholder purchased their bond for $750 and pays family membership dues for 4 years, saving $100 each year, then applies for a refund of their bond, the amount they could be refunded for their bond, under this proposal, would be limited to $350.
Will the bond be transferable in the event I sell my house?
Per the current bylaws the bonds are transferable. Bond holders must inform the DSRC board of such transfer so that the DSRC’s records can be updated appropriately.