Quote:
Originally Posted by bike42
The tax-free bonds are bought by investors, and are available through any stockbroker. They are NOT the same as the bonds on our homes. They are bought mostly by institutions. You can buy them yourself but the minimum increment is $10,000. My broker told me that the last issue (a few weeks ago) was snapped up within an hour, so apparently many qualified institutional investors still regard them as a desirable investment.
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The bonds your broker is referring to are not the same bonds the IRS is investigating. I believe they were the bonds to finish the infrastructure for district 8 and maybe starting district 9. Those bonds did not buy any recreational facilities or the right to collect ammenity fees.
If you want more details check it out on
www.districtgov.org.