Quote:
Originally Posted by manaboutown
Actually, CDDs can be described and understood. What we are trying to rationally determine here is just how they are structured and operated within The Villages. Among other issues are the central districts which are controlled by the developer and contain no residents structured and operated within the letter and the spirit of the Florida and US law governing such entities?
Let's leave the hysteria and demeaning other posters out of it.
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Good point. The IRS insists the Village Center and Sumter Landing community development districts are not "valid issuers" of tax-exempt bonds, which are most commonly used by cities and counties to finance public projects.
(IRS Agent Dominick) Servadio (Jr.) contended 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.