If it is the IRS thesis for attemting to tax the bonds is that the Residents in The Villages did not benefit from a more stabilized structure of the CDD's, albeit controlled by Morse, I would suggest they compare similar venues where there is an elective board and see what has happrned over the last seven years in terms of cost and delivery of services ability to access amenities, ability to sell your home as well as market values of homes during this recent downturn and they will find that this structure has indeed benefited Village Residents.
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