All of this points to at least two questions 1) who will absorb the tax penalty on the bonds issued should the IRS prevail and 2 a) Is the IRS correct in stating that the appraised value of the property purchased by the district and the estimated cash flow from the amenities were exaggerated? (2b) And if so how did it happen (2c)and for how much more? (2d) Are residents justified in demanding a repayments of these overstated values?
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