WASHINGTON — An arrangement in which an authority issued bonds to finance facilities that are leased to the state will not cause the bonds to be private-activity bonds, according to a recent Internal Revenue Service private-letter ruling.

The IRS cautioned that the ruling should only be applied to this particular issuer and financing, neither of which were identified. The favorable letter-ruling, was dated Aug. 14 but not made available to the public until Nov. 15. It was signed by Johanna Som de Cerff, an IRS senior technician reviewer in the office of chief counsel for financial institutions and products.

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