The issue is very complex and involves the issuing of Recreational Revenue
Bonds Series 2003A and Subordinated Recreational Revenue Bonds Series 2003B on 3/31/2003 for facilties and the stream of amenity income. The basic question: Is the VCCDD a qualified issuer of tax-exempt bonds?
The IRS is exploring that fact and also the valuations used to complete the various transactions between the VCCDD and The Villages of Lake Sumter, Inc. The Villages of Lake Sumter, Inc and the VCCDD claim what they did was legal under Chapter 190 and that the valuation methods utlized are standard and mathematically correct.
given the complexity it may take a number of years for this action to be decided.
The POA is following this case closely
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