How to Purchase a BondYou may choose to pay the bond in full upfront, or split the payment over two years with a $25 carrying fee. When you choose the Split Payment Option, you pay $250 the first year will be billed $275 the second year toward your bond. Your bond value is $500. Failure to make the second half of the bond payment will result in complete forfeiture of the first $250 payment. Bonds cannot be transferred. You may only sell your bond back to the club when you terminate your Club membership. Please see below for information about selling back your bond. How to Sell Your Bond Bonds are non-transferrable, and may only be repurchased by the Club when you terminate your Club membership. Bondholders have until December 31 of any given year to inform the club, in writing, of their intent to sell back their bond. The Club then accounts for your bond to be repurchased when the Club sets its annual operating budget in January. Your bond is then scheduled for payment in December of that calendar year. For example, those members who get on the “bond buyback” list between January 1 and the December 31 deadline, will be eligible for repayment in December the following year. This policy is in writing on your original membership paperwork and is found in the Pool Club By-Laws. The policy is strictly adhered, bond repurchase payments can not be assumed as “quick money.” Click here for link to POOL CLUB BY-LAWS
3 Steps to Sell Back Your Bond 1. Notify the Club in writing by December 31 of any given year to get your name on the following year’s “buyback” list. You can accomplish this by marking the appropriate statement on your spring invoice and sending it back, or by writing a letter to: Bond Repurchases, c/o DBCA, PO Box 651, Medford NJ 08055. Please do not email bond-sell requests as they may not be properly received and recorded. 2. Return the original bond certificate to the address in Step 1. We cannot accept any type of photocopy. If you cannot find your bond, you must write an official statement that the bond is lost and you relinquish all rights to that bond. Each bondholder must sign the statement. Checks cannot be issued until the bond or “lost” statement is received. 3. Notify the Club if your address changes, or of any legal changes to your bond ownership (e.g., divorce settlement). When the time of your scheduled bond payment arrives, we will send your check to the address we have on file for you. Unless we receive legal documentation directing us otherwise, we must issue the bond check to the person(s) officially recorded as the bondholder(s).
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