The Village Center Community Development District of Lake County, Fla., has been notified by the Internal Revenue Service that $64.3 million of recreational revenue bonds issued in 2003 to finance the acquisition of golf courses, parks, and facilities for the Villages retirement community may be taxable.

The district and the related Sumter Landing Community Development District disclosed the audit, not only to the holders of the 2003 bonds, but also to bondholders for three similarly structured transactions, even though those deals have not been audited.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.