Quote:
Originally Posted by Jakel
If the Morse family has "cashed out", by selling bonds, based on the Amenities revenue stream, and then used State regulations to sell these Bonds as "Tax Free Bonds", and then pocketed the profits from these sales....shouldn't the CCDD's involved be run by elected officials, by the property owners, and not controlled by the developer himself??
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hey jake,
that's the precise point that the IRS continues to make in each and every analysis of the situation. you have hit the root of the problem. however, the developer has set up these two big districts so that he will always control them -- until he chooses not to.
lauren