WASHINGTON — The Internal Revenue Service has closed an audit without changing the tax-exempt status of $43.45 million of general obligation bonds that were issued by the St. Vrain Valley, Colo., School District No. RE-1J in April 2006 to advance refund its Series 1997 bonds.
The school district serves Boulder, Larimer, Weld and Broomfield counties, as well as the city of Broomfield.
The district disclosed the audit closure in a notice it filed with the Municipal Securities Rulemaking Board's EMMA system on Thursday.
The bond proceeds were primarily used to refund $43.89 million of the school district's Series 1997 GO building bonds, according to bond documents.
The IRS began its audit of the bonds in February 2012.
George K. Baum & Co. was the lead underwriter for the refunding. Sherman & Howard LLC was bond counsel and special counsel, according to bond documents.
The district was represented by Bernard, Lyons, Gaddis & Kahn PC in Longmont, Colo.