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Taxation

IRS Auditing $149.1M of GO Bonds in Oregon

WASHINGTON — The Internal Revenue Service is auditing $149.09 million of general obligation bonds issued by Beaverton, Ore. School District in 2007.

The school district disclosed the audit on the Municipal Securities Rulemaking Board’s EMMA system on Monday. “The District believes that is has complied with all Federal tax requirements applicable to the bonds and is working with its counsel to provide the IRS with all requested information,” Beaverton School District said in the notice.

The district was told by the IRS that it “routinely examines municipal debt issuance to determine compliance with Federal tax requirements.”

The bonds were used to finance capital construction and improvements to the school district, bond documents said.

The district, governed by a seven-member board of directors, is located approximately 10 miles west of Portland, Ore. It operates 48 schools offering education programs for students in kindergarten through grade 12.

Kirkpatrick & Lockhart Preston Gates Ellis LLP was bond counsel. Citigroup Global Markets Inc. was underwriter.

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