Quote:
Originally Posted by T-325
This seems like a happy ending to this long drawn out bond issue. No one is hurt... and the issue is in the rear view mirror.
Or am I missing something?
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To answer your question, you are, in fact, missing something. The redemption of the purportedly tax-exempt (their actual tax exemption is the issue in the IRS investigation) bonds is a big step in the right direction. It does not, unfortunately, put the "issue in the rear view mirror".
The redemption keeps the potential liability of the Villages Center District from growing. The redemption, however, does not resolve the issue of whether the Villages Center District (which owns a big chunk of our amenities) will incur potentially crippling costs relating to taxes during the period between when the purportedly tax-exempt bonds were issued and the date on which they were redeemed.
In summary, the fat lady has not yet sung in the IRS investigation, but MAYBE she is warming up her vocal cords.