New 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 purchased (or for which the first payment is made if the member is using the payment plan option) before September 2, 2024 will be $750. The bond price will be further reduced by the amount the member would have saved on their 2024 membership dues if they’d had the bond when they paid their dues. If the member paid for a family membership then 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 going to be 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 at the most recent board meeting approved the rates outlined above and established that the rates will go up at the end of Summer 2024. The purpose of this is to reflect that we have many members who have paid membership dues for years and were not previously offered a bond, or were even aware there was a bond program.
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 bguzman@darienswim.com and/or Vice-President Joe Holzman at jmholzman@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.
Is there a payment plan for the bond, or does the full amount have to be paid at once?
Yes, for bonds purchased prior to September 2, 2024 we are offering a payment plan. The first payment must be made prior to September 2, 2024 and the last payment will be made prior to December 31, 2024.
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 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.
Expiring Bonds
What bonds are expiring, and when?
Per the bylaws as amended in June 2024, all bonds issued prior to January 1, 2014 are expiring on July 31, 2024.
How do I apply for refund of my bond?
Please send an e-mail to bonds@darienswim.com. We will send you a form to complete. In addition to filling out the form you will need to turn over the original issued physical bond certificate. To be eligible for refund you must have paid 2024 DSRC membership dues by July 31, 2024.
How much can I be refunded for my bond?
As established in the 2011 DSRC bylaws, the most recent revision of the bylaws prior to June 2024, the refund of any bonds held by members with family memberships is at the rate of 100% of the amount paid when issued, and refund of bonds held by members with single or couple memberships will be at the rate of 75%.
What if I want to surrender my bond without refund (i.e. donate the bond to the pool)?
Thank you so much for your support and donation! Please send us an e-mail to bonds@darienswim.com. We will send you a form which will have an option for surrender without reimbursement.
How about applying my bond towards the purchase of one of the new bonds?
We’re thrilled to have you on board! Please send us an e-mail at bonds@darienswim.com. We will send you the form, which has a section for this option. For any expiring bond holder in good standing (i.e. having paid 2024 membership dues prior to July 31, 2024) wishing to apply their bond towards the purchase of a new bond, the amount owed for the new bond will be reduced by the refund amount.
By when do I have to pay my 2024 pool membership dues to be eligible for bond refund?
By July 31, 2024.
Do I have to have my physical bond certificate to be refund?
Yes, you must turn in the originally issued physical bond certificate to be eligible for refund.
I received my bond by way of purchase of my residence (i.e. I am not the original purchaser of the bond). Is my bond eligible for refund?
No, per the bylaws “bonds conveyed to third party purchasers of the original bond holder’s residence shall not be eligible for refund.”
I have a bond and have paid my 2024 pool membership dues, and I have a single or couple membership. Is my bond eligible for reimbursement?
Yes, as established in the 2011 DSRC bylaws, the most recent revision of the bylaws prior to June 2024, the refund of any bonds held by members with family memberships is at the rate of 100% of the amount paid when issued, and refund of bonds held by members with single or couple memberships will be at the rate of 75%.
Is there a deadline to apply for a refund of my bond?
Currently there is not a deadline, though we plan to establish a reasonable deadline in the future for accounting purposes. Any such deadline will be well communicated via the e-mailing list and updated on this FAQ.