The bonds on our homes I think most of us understand - basically recover costs of the infrastructure where we live. A lot of past complaints over those bonds concerned how well they were (or were not) explained by sales representatives - not about the validity of the bonds.
This current hoopla is about bond debt that we, as residents, have no say in. We can't agree or disagree to the debt - we just get stuck with it because we live here. If the residents of TV generally thought the sale of such stuff as The Savannah Center or golf courses was made to the CDD's at a "fair market value", they would probably be a lot less upset. Too many feel we are being taken to the cleaners and saddles with enormous debt without any say ourselves in the process. Some would say "taxation without representation" while others might say "The fix is in".
Bottom line, whether you agree or disagree with the debt, way too many of us feel we did not get value for our money NOR did we have any say in whether it was even a good idea to make the purchase or not. The tax exempt status of all the (unearned?) profit for the Developer is what the IRS case is all about, but only a prepherial issue to most residents. Our voice in even incurring this debt in the first place is our real issue - and the current IRS case will do nothing to address that issue.
|