The Internal Revenue Service is auditing $117.45 million of variable-rate demand utilities system subordinate-lien refunding revenue bonds that were issued in 2004 by Colorado Springs, Colo., for Colorado Springs Utilities to refund some 1994 bonds.

The city disclosed the audit in an event notice filed last week with the Municipal Securities Rulemaking Board’s EMMA system, saying it has “no reason to believe that the examination is other than random and routine.”

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