WASHINGTON — The Internal Revenue Service is auditing $21 million of variable-rate general obligation bonds that were issued in 2005 by the Spring Grove Area School District in Pennsylvania to finance school projects, but were redeemed in 2009.

The school district disclosed the audit in a material-event notice posted with the Municipal Securities Rulemaking Board’s EMMA system on Wednesday. The IRS had informed the district of the audit in a Feb. 28 letter that was accompanied by a request for detailed information and documents.

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