The Internal Revenue Service has closed its audit of $149.09 million of Beaverton, Ore., School District general obligation bonds with no change to the bonds’ tax-exempt status.
The school district, located in Washington and Multnomah Counties, disclosed the closure of the IRS’ audit of the 2007 bonds in an event notice filed voluntarily with the Municipal Securities Rulemaking Board’s EMMA system.
The district had announced the beginning of the IRS audit in an event notice in November 2012.
The bonds, approved in November 2006 by voters, were competitively sold to Citigroup Global Markets, Inc., which then sold them to investors. The district used the proceeds to finance construction and improvements to school facilities as well as for the purchase of school buses, according to the official statement.
Western Financial Group LLC was financial advisor and Kirkpatrick & Lockhart Preston Gates Ellis LLP was bond counsel.