Soon after a New Hampshire authority became the first issuer to withdraw from the Internal Revenue Service’s voluntary closing agreement program for student loan bonds, the IRS initiated an audit of $135.4 million of adjustable rate education loan revenue bonds it issued in 2011.

“The tax-exempt bond office advised the authority with respect to each bond issue that ‘your debt issuance was selected for examination because of information we developed internally that causes a concern that the debt issuance may fail one or more provisions of Sections 103, 141- 150 of the Internal Revenue Code,” the New Hampshire Health and Education Facilities Authority said in an event notice it filed with the Municipal Securities Rulemaking Board on Aug. 5.

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