Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Daily Sun article: District updates position on IRS (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/daily-sun-article-district-updates-position-irs-63371/)

janmcn 11-04-2012 08:34 PM
Quote:
Originally Posted by Bogie Shooter (Post 576573)
How do you know that other CDD's are not run the same way as you suggest??
I have no idea how the other 1000 CDD's are run, but The Villages CDD bond issue is the only one that's constantly mentioned in the newspapers. BTW does the US have an extradition agreement with Barbados?

ilovetv 11-04-2012 08:37 PM
This March, 2009 edition of "Our Place" by Janet Tutt published on Village Community Development Districts gives a good history of the situation:

http://districtgov.org/images/IRSupd...S%20Update.pdf

mickey100 11-04-2012 08:48 PM
Quote:
Originally Posted by ijusluvit (Post 576752)
I'd like to know how you have concluded that the residents of TV have paid the legal bills to contest the IRS challenge to issuing tax free bonds.

My take on this is that these funds would have to come from the Morse's directly, from profits in the sale of homes, lease and rent payments, etc. But this is money they have earned. For it to by "our money" they would have to use funds from amenity fee accounts. With the use restrictions and public disclosure requirements of those funds, I don't see how the Morses could tap into these accounts to pay legal expenses.

I read it somewhere in all the myriad of information and articles that are out there that Morse is not paying for the lawyers. It is being funded by the central districts which get their money from our amenity fees.

Advogado 11-04-2012 11:39 PM
Quote:
Originally Posted by mickey100 (Post 576759)
I read it somewhere in all the myriad of information and articles that are out there that Morse is not paying for the lawyers. It is being funded by the central districts which get there money from our amenity fees.
You are correct. Furthermore, the Morses, themselves, are not the subject of the IRS investigation. The Center Districts, which sold the bonds to raise cash to pay the Developer for the amenity facilities, etc. are the subject. Remember, technically the Developer is NOT the Morses. The Developer is a corporation (The Villages of Lake-Sumter, Inc.), which is owned by the Morses.

mickey100 11-05-2012 06:20 AM
Thanks for clarifying, Advogado.


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