I do not believe loss of tax free bond designation is the main issue. The large (near $50M) profit the CDD paid the developer is of more concern to me. Who does the CDD represent? Is there a copy of the charter on line? The CDD should take bids for building amenities and issue the bonds through a broker (or contract it out). That would be $50M that could be spent (or saved) for maintenance and development of additional amenities.
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