During the tenure of President Obama, the Internal Revenue Service (IRS) began investigating the use of tax-exempt bonds by the Villages Retirement Community in Florida. The IRS wants the developer to pay $2.8 million in back taxes and to cease issuing tax-exempt bonds. The demands resulted from a 20-month IRS investigation into tax-exempt bonds transactions. Tax Exempt bonds are utilized to finance these communities, which provide amenities for retiring Seniors. Such bonds were originally intended to finance the construction of Power Plants, and other Public Goods. Worth noting that numerous Community Development Districts (CDDs) defaulted on this type of financing in the years following the 2008 Financial Crisis. Gary Morse has been a committed donor to the Romney campaign, and I would venture to take a guess that Mr. Morse understands that with a Romney White House, such investigations will cease.