Four more California school districts have disclosed that they have received preliminary adverse determinations from the Internal Revenue Service for alleged arbitrage violations in advance refundings.

The flurry of disclosures, from six school districts last week, revealed at least nine California issuers are under examination in audits that cover at least $340 million of general obligation refunding bonds sold between 1997 and 2003.

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.