The Internal Revenue Service closed a routine audit without changing the tax-exempt status of $147.5 million of auction-rate securities sold by the New Mexico Hospital Equipment Loan Council in May 2004.

The council is an independent issuer that sells tax-exempt bonds on behalf of nonprofit and for-profit health care facilities. The audited bonds were issued on behalf of the nonprofit Presbyterian Healthcare Service in 2004 and were refunded in 2008. The IRS opened its audit of the bonds in December.

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