Villages government plays waiting game in IRS dispute over bonds (Orlando Sentinel)

December 12, 2012 – The Village Center Community Development District is feeling trapped in its fight with the Internal Revenue Service over whether bonds it issued should be considered tax-exempt. A recent preliminary ruling by the IRS says that the district isn’t a legitimate “political subdivision” under tax codes, which means $364 million worth of recreational revenue bonds it issued between 1998 and 2003 can’t be tax-exempt. If the ruling were to become final, the value of the bonds would drop and buyers would be liable for taxes, which would open the district to years’ worth of lawsuits.

Link to Full Article: http://www.orlandosentinel.com/news/local/lake/os-lk-lauren-ritchie-irs-villages-20121212,0,2877834.column

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