Excess bond money
Has anyone thought about this (or am I late to the party?).
The developer sells bonds to finance infrastructure. Assume the actual cost of the infrastructure is several million dollars less than the bond issue total (which seems to be the case in the recent Sentinel article).
The obligation to repay the bond holders is transferred to the property owners through the amenity fee assessment.
What happens with the excess millions not used? Maybe this is part of the IRS's concern as well as the tax-exempt status. In any event, I am interested in learning where the flow of excess funds finally end.
Village Homeowner
|