Quote:
Originally Posted by rubicon
We may be asked to pay taxes and penalities for a bond issue that according to the IRS finding wasn't even in control by the District which is suppose to protect us and hansomely benefited the Developer.
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Why do you think it was the developer who benefitted from tax free nature of the bonds? I suggest that you look at the CDD budget line item associated with interest on debt repayment and then increase that amount by 30 percent or so to reflect taxable bond interest rates. Then look to see how the result gets covered by our amenity payments. Which other line item expense of the CDD would you have reduced to pay for the additional interest fees? Or, how much additional in amenity fees do you want to pay to cover the shortfall? It is WE who have benefitted handsomely because of the tax free nature of the bonds.