The Internal Revenue Service has closed its audit of $40 million of 2002 revenue bonds issued by the Illinois Health Facilities Authority, now part of the Illinois Finance Authority, without changing the tax-exempt status of the debt, the IFA disclosed Thursday.

The IRS action was disclosed by the issuer in a material event notice it submitted to the nationally recognized municipal securities information repositories, one day after the authority issued a similar notice for another bond issue. On Wednesday, the authority released a material event notice stating the IRS had concluded an examination of $50 million of 2002 revenue bonds with no change to that debt's tax-exempt status.

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