The Internal Revenue Service has notified the Montana Facility Finance Authority that it has closed its audit of $14.15 million of variable-rate demand revenue bonds issued in 2002 without any change to the bonds’ tax-exempt status.

The authority and its conduit borrower, Missions United Inc. — a nonprofit organization that used the bond proceeds to expand the Mission Ridge continuing-care retirement community in Billings — disclosed the IRS’ Feb. 22 letter about the audit in an event notice they filed Monday with the Municipal Securities Rulemaking Board’s EMMA system.

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