[mickey100]

Originally Posted by Advogado

I agree with your concerns.

On a technical point, however, I believe that you will find that the IRS is actually (commencing July 2, 2009), investigating bonds issued by the Sumter Landing Community Development District, i.e., pertaining to the sale of facilities south of 466, as well as the bond sales pertaining to the facilities north of 466. (Go to poa4us.org for a summary.)

As to future use of tax-exempt bonds, it looks like the Developer has thrown in the towel on that strategy. Otherwise, the Villages Center Community Development District would have issued new tax-exempt, rather than taxable, bonds to raise the cash to pay off the old purportedly tax-exempt bonds.

Whether or not tax-exempt bonds are used in the future, I hope that somebody (the POA, I guess) takes a sharp look at the prices that the Developer basically pays himself when he sells facilities to a Community Development District that he controls. We Villagers should try to ensure that they are arm's-length.

Good points. Yes, I hope the POA has the resources to review facilities prices.