Quote:
Originally Posted by marlinguy
If you don't mind, when you have a chance and not too time consuming, I would love to know the details, which is for what.
Thanks
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Simply, there are bonds issued for the infrastructure to build the homes. Power, sewer, water, etc. These are the bonds that we pay annually with our property taxes, or pay them off entirely.
The bonds in dispute were issued by the central districts, VCCDD and SLCDD, to finance the purchase of amenities (exec golf courses, rec centers, etc.) from the developer. These bonds are paid, in part, by our amenity fees. It is that revenue stream that is at risk if the IRS prevails. Since our amenity fee increases are capped by CPI essentially, if more money has to be diverted to cover interest and penalties, there is less to maintain the amenities.
This is the Cliff notes version. The POA website has a more complete picture of the situation and a timeline of events.