Irs
What I gleaned from the article is that the CDD has not responded to the May 18, 2009 offer to settle the investigation by (a) repurchasing $355M in bonds (b) pay 3M in back taxes (c) agree not to issue tax exempt bonds in the future.
As a result of not settling the IRS is expanding its investigation.
The POA is concerned that an IRS victory could result in cost being passed on to the residents.
Given that, I would think it safe to say the CDD does not have $355M and the POA is spending the money it uses to publish the “The POA Bulletin” to pay for legal counsel.
When a big bully/brother takes your lunch what chance do you have of negotiating the return of you lunch?
If I was authoring this as a movie it would go like this. The 5 people in the CDD would quit and retire to Belize, the IRS would take over the CDD property and liquidate it to settle the tax debt and the home owners would no longer pay amenity fees.
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