The IRS has told the city of Bell, Calif., that $35 million of general obligation bonds it issued in 2007 may not be tax-exempt because the agency believes the bond issue is a hedge bond.
IRS: $35M of Bell, Calif. GO Bonds May Not Be Tax Exempt
NOV 12, 2012 3:26pm ET
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Land isn't the only thing drying up in California, as the drought's economic impacts are dangerously closing in on the state's financial resources.
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