[Altavia]

Financial Article describing the complexities behind the financial mechanics for a recent issue of Bonds by CDD15

Unrated bonds latest to fund growth of Florida's Villages

The tax-exempt bond-funded march of the Villages retirement development in Florida continues next week with an unrated $163 million land development bond.

Senior manager Jefferies and co-manager Morgan Stanley (MS) tentatively plan to price the deal Sept. 10 for The Village Community Development District No. 15 (City of Wildwood, Florida) special assessment revenue bonds, series 2024.

It will fund infrastructure construction for a phase II residential part of District 15, one of 21 community development districts that have been used to build the age-restricted development to more than 76,000 homes and 146,000 residents, according to an online investor presentation for the deal. All households are required to have at least one person over 55 and no households can have residents under 19.

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The bonds are being sold with a minimum denomination of $100,000 and are being offered only to "accredited investors" under the rules of the Florida Department of Financial Services, according to the preliminary limited offering memorandum.
However, this does not restrict who buys the bonds or the bond sizes on the secondary market, the PLOM said.