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Originally Posted by mickey100
Good point KB - yes, we the homeowners have ended up paying the legal fees. I assume at some point if the decision goes against the Morses, there may be another class action lawsuit against them to recoup any losses that residents have or will incur. For those that are not familiar with the IRS lawsuit, it contends that the districts that issued the bonds don't meet the test of a genuine "political subdivision." Its governing board isn't chosen by residents, it has no authority to exercise police power and its power to take private property for public projects is very limited.
The IRS contends that the districts' governing boards are controlled by The Villages developer, Gary Morse, and their bond sales have benefited him, not residents.  |
I'd like to know how you have concluded that the residents of TV have paid the legal bills to contest the IRS challenge to issuing tax free bonds.
My take on this is that these funds would have to come from the Morse's directly, from profits in the sale of homes, lease and rent payments, etc. But this is money they have earned. For it to by "our money" they would have to use funds from amenity fee accounts. With the use restrictions and public disclosure requirements of those funds, I don't see how the Morses could tap into these accounts to pay legal expenses.