If the bonds were found to be improperly issued, and were required to be redeemed and reissued as taxable bonds, it is more than likely that the new bonds would be priced at rates that may be equal to or lower than the original municipal rate. After all, rates are much lower now than they have been over the past 10 years, and the bonds would still be secured by the revenue stream of our amenity fees. The back taxes owed to the IRS from current bondholders who did not pay taxes on their interest earned would be relatively small and could be rolled into the new bond issue.
I just don't see much liability for village residents.
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