The Indian Wells, Calif., Redevelopment Agency disclosed late Tuesday that the Internal Revenue Service has initiated an audit of $68 million of tax-allocation bonds it competitively sold in 2006.

The agency made the disclosure in a material event notice filed with the Municipal Securities Rulemaking Board’s EMMA system, but said it “does not anticipate any adverse impact with regard to the tax status of the bonds.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.