The Internal Revenue Service has begun auditing about $47 million of bonds the Louisville Regional Airport Authority,formerly the Regional Airport Authority of Louisville and Jefferson County, Ky., sold in 2002 as part of its arbitrage-rebate compliance initiative, the authority disclosed Friday.

The IRS is examining $46.8 million of Series 2002 A airport system revenue bonds, the airport authority said in a material event notice sent to the nationally recognized municipal securities information repositories.

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