The earlier post "Another Newbie question re: bonds" was confusing because at one point it discussed the bonds related to the infrastructure, i.e. sewer, water, etc., and at another point it discussed bonds related to the purchase of the recreation facilities from the developer by the VCCDD. These are different bonds for different purposes under different structures. Apples and oranges. The IRS is not disputing the tax exemption of the bonds for the infrastructure.
I was surprised that Bonanza’s explanation on the bonds for the recreation facilities came from Wikipedia. I thought he had summarized it from the supporting material between the developer and the IRS found here.
Village Community Development Districts I have read every document listed here, at least twice, and can find no factual inaccuracies with Bonanzas’ earlier post. Read it and decide for yourself.