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Small Florida Town (Population 6,000) Floats $2 Billion in Tax-Exempt Bonds

Paul Caron

Monday, May 10, 2004

The IRS is questioning two small Florida towns that have floated over $2 billion in tax-exempt bonds for projects like casinos built by Baltimore-based Cordish Co. for the Seminole Tribe of Florida, as well as to form bond pools. The state of Florida alleges that only 10-12% of the proceeds in these pools were actually used by borrowers. For more details, see this Baltimore Sun story. Thanks to reader Ben Cunningham for the tip.

About the Author

Paul Caron Avatar
Paul Caron
Paul Caron was named Duane and Kelly Roberts Dean of Pepperdine University School of Law on June 1, 2017. Dean Caron joined the Pepperdine faculty in 2013 after serving as the Dorothy and Leonard Straus Distinguished Visiting Professor of Law in the spring semesters of 2010 through 2013. He served as Associate Dean for Research and Faculty Development at Pepperdine in 2015-2017. Before coming to Pepperdine, he was Associate Dean of Faculty and Charles Hartsock Professor of Law at the University of Cincinnati College of Law.
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