The Internal Revenue Service has closed its audit of $162.53 million of general fee revenue bonds issued by Auburn University, Ala., in 2007 with no change the bonds' tax-exempt status.
The closure of the audit was disclosed in an event notice filed with the Municipal Securities Rulemaking Board's EMMA system.
The IRS opened the audit last summer.
The bonds, issued in November 2007, were used to finance the acquisition and construction of new housing and dining facilities, including eight dormitory buildings, as well as the construction of pedestrian and vehicular road and access projects, additional parking facilities, and general infrastructure facility additions and improvements, according to the official statement.
The bonds are special obligations of the university, secured by a pledge of the general fees it levied on students enrolled at the Auburn campus, which is 55 miles east of Montgomery, Ala. They also are secured by a subordinate pledge of gross revenues from the operation of housing and dining facilities on the campus.
Merchant Capital LLC and Raymond James & Associates, Inc. underwrote the bonds.
Balch & Bingham LLP in Birmingham served as bond counsel.
Underwriter's counsel was Maynard, Cooper & Gale PC
