WASHINGTON - The Internal Revenue Service has agreed to close 26 examinations of roughly $800 million of bonds issued by several California school districts without finding the bonds taxable in exchange for $5 million from the lead banker on the controversial deals.

J. Jeffrey Kinsell, executive vice president of Kinsell, Newcomb & De Dios Inc., told The Bond Buyer Friday the firm reached a settlement with the agency late Thursday, bringing to a close a series of examinations dating back to 2006. The issuers are currently in the process of disclosing the agreement to the nationally recognized municipal securities information repositories.

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