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.

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