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Originally Posted by Dreamer61
Wow!!! You go dudes! After much painstaking thinking. And reading about this matter, I've decided to have some faith. The developer is obviously a pretty wise individual and has a truck load of attorneys working for him. This is really his issue. The residents are not involved in the matter. The people the developer has set in place to run TV and keep it running smoothly have done an outstanding job. My opinion: Relax and enjoy your beautiful community, my father always said.. Don't worry about something until you have something to worry about! Just saying...
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Dreamer I love your optimism but there is a but. Your statement is not quite correct, "If" the IRS rules against the bonds being tax free there is no doubt we might have to pay up. As I said in an earlier posting the Developer has total control over the VCCDD and the election of the committee members. It is my understanding that the VCCDD sold the bonds in question to purchase properties. Now here is where things get sticky. It is important to realize the VCCDD represents the Villages Residents eventhough it is controlled by the Developer. YThe VCCDD sells the bonds on our behalf to buy properties from the Developer. The Developer pockets a nice profit, and we (the Villagers) must pay back the borrowed money (the bonds). So, who's responsibility is it to pay if the IRS says no to the ineligible tax free bonds.