IRS Closes University of Missouri Audit

The Internal Revenue Service has closed an audit without changing the tax-exempt status of $219.22 million of bonds that were issued by the curators of the University of Missouri in 2006.

The audit's closure was disclosed in an event notice filed with the Municipal Securities Rulemaking Board's EMMA system.

The University of Missouri said it had received a notice from the IRS in January that the service had selected its bonds for examination.

On June 1, the university received another notice from the IRS that the agency had completed its examination.

The IRS told the university that the bonds had been selected as part of a routine examination.

The university on May 2 issued $105.15 million of Series 2012A bonds to refund $75 million of the Series 2006A bonds as well as a portion of Series 2007A and 2003 bonds, according to an official in the university's treasurer's office.

Thompson Coburn LLP was bond counsel on the 2006 bonds.

Morgan Stanley, Edward Jones and the now-defunct Lehman Brothers were co-underwriters.

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