The Internal Revenue Service appears to be escalating its audit of $15 million of school improvement bonds that were issued by Cave Creek Unified School District No. 93 of Maricopa County, Ariz., in 2006 to finance a renovation project.

The school district filed a material event notice that was posted with the Municipal Securities Rulemaking Board's EMMA system on Tuesday disclosing that the IRS has requested additional information on the bonds for the third time since May 24, when the agency notified the issuer of the audit. At that time, the IRS indicated the audit was part of its routine examination of muni debt issuances and asked for information about the bonds as well as bond documents.

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