The City of Industry Urban-Development Agency in California has agreed to pay $500,000 to the federal government to settle alleged tax-law violations and preserve the tax-exempt status of $68.1 million of tax allocation bonds it sold in 2003.

The agency disclosed the settlement agreement with the Internal Revenue Service in a notice that was released this week on the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access system but dated Dec. 9, 2009.

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