WASHINGTON — The Internal Revenue Service is auditing $43.26 million of subordinate revenue bonds that the Coral Springs, Fla., Improvement District sold in 2007 to finance water and sewer system improvements.

Prager & Co. LLC, formerly Prager, Sealy & Co. LLC and underwriter of the bonds, disclosed a copy of the Aug. 29 letter the IRS sent the district alerting it to the audit.

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