WASHINGTON – The Internal Revenue Service has granted a city more time to spend the proceeds of qualified zone academy bonds after determining that the failure of school districts to spend the proceeds within the required time frame was due to reasonable cause.

The IRS’ decision was detailed in a private letter ruling that was dated April 1 but not made public until late last week. The letter-ruling did not identify the city, the school districts, or the bonds and was signed by Timothy Jones, senior counsel in the IRS’ chief counsel’s office.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.