WASHINGTON - The Internal Revenue Service has closed its examination of $375 million of local government revenue bonds sold by the Delaware Valley Regional Finance Authority in 2002 without taking any action.

The IRS action was disclosed by the authority Friday in a material event notice submitted to the nationally recognized municipal securities information repositories. The bonds, which financed a revolving loan program for local governments and school districts in four Pennsylvania counties, were selected by the IRS for a random audit in early January.

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