IRS to examine tax-exempt status of Village Center of Lake County, Florida, development bonds

By Jennifer Chiou

New York, July 22 - The Village Center Community Development District of Lake County, Florida, announced that the Internal Revenue Service will examine the tax-exempt status of its bonds.

Affected securities include Village Center's:

• $60,175,000 of recreational revenue refunding bonds, series 1998A;

• $5,575,000 of subordinate recreational revenue bonds, series 1998B;

• $5.34 million of subordinate recreational revenue bonds, series 1998C;

• $25,465,000 of utility revenue refunding bonds, series 1998A;

• $5.69 million of subordinate utility revenue bonds, series 1998B;

• $14.22 million recreational revenue bonds, series 1999A;

• $7,665,000 of subordinate recreational revenue bonds, series 1999B;

• $36,455,000 of recreational revenue bonds, series 2001A;

• $2.01 million of subordinate recreational revenue bonds, series 2001B;

• $86.4 million of utility revenue bonds, series 2003;

• $39,425,000 recreational revenue bonds, series 2004A; and

• $11.16 million of subordinate recreational revenue bonds, series 2004B.

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