There is a fair amount of misinformation about bonds in this thread. However, there is a very good one-page explanation of the basic system, and a matrix, on page 12 of the April 2011 POA Bulletin. Go to poa4us.org. On that web site, you can also find reliable information about the IRS investigation of the amenity bonds issued by the Center Districts (which investigation does not include the infrastructure bonds issued by the numbered Districts).
An interesting question, not raised in this thread, is: How has the Developer gotten away for so long advertising prices of new houses without disclosing, in the ads, the amount, or even existence of, the infrastructure bonds. That bond now adds an extra hidden 10% (+/-) cost to the price of a new house.
The new house buyer here is like a car buyer, who sees a car advertised for $25,000, goes into the car dealer to buy it, and then learns from his sales person (if the buyer pays attention) that the engine will be an extra $2,500--but Buyer can pay the extra amount over time, plus interest, with his tax bill, so it "won't really matter". A car dealer advertising like that would have the FTC and numerous consumer-protection agencies all over him, and the bond is a heck of a lot more than the $2,500 in my analogy.
|