BRADENTON, Fla. — The Internal Revenue Service completed an examination into $153 million of bonds issued by Miami in 2007 without a change in tax exempt status, the city informed the bond market Oct. 30.
Of the proceeds from the 2007 sale, $103 million was used to advance refund bonds issued in 2002.
Some $50 million of new money was used to pay for public safety, parks, and neighborhood improvements.
While the IRS exam did not result in a change in tax status, it did uncover unspent proceeds from the bond issue, according to a letter from Allyson Belsome, manager of the agency's Tax Exempt Bonds Field Operations.
Neither the IRS or the city said how much of the debt had not been spent.
In the market disclosure, Miami said that the IRS "requires the city to continue to yield restrict any unspent proceeds and to spend any remaining proceeds as soon as possible."