WASHINGTON -The Village Center Community Developer District in Florida is not considering an Internal Revenue Service proposal to settle alleged tax-law violations over $64.26 million of 2003 recreational revenue bonds that financed the acquisition of golf courses and other facilities for its retirement community, the CDD's manager said yesterday.

"We are not at the point of having a discussion regarding a settlement," Janet Tutt said in a material event notice posted yesterday by DPC Data Inc., a nationally recognized repository. "Discussion of a settlement offer which was proposed by the agent prior to being approved by senior management is premature. We understand from additional discussion with the IRS that this issue has been referred to other IRS legal and technical staff to address matters relating to law and valuation."

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