Lauren,
Since you appear to be the most knowledgeable on the subject at this time who is supplying us information, using your non-legal best guess is there any conflict between Florida law that established the VCDD (S) throughout Florida, and the preliminery IRS determination that the closeness between the Developer appointed supervisors and the "government-like" VCDD is what is putting the tax-fee status in jeopardy?
My understanding is that through the years the Florida Courts have sided with the Developers ability to choose the supervisors despite the obvious conflict of interest. If I read this correctly then is there a possibility of a state vs. federal conflict and a supreme court challenge? or am i reading a heck of alot more then is necessary in this issue?
If so, can the Developer retroactively allow residents to choose the supervisors today and thus make the past bonds "tax-free"?
your thoughts please
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