[janmcn]

Originally Posted by Bogie Shooter

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]

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]

Originally Posted by ijusluvit

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]

Originally Posted by mickey100

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]

Thanks for clarifying, Advogado.