The Internal Revenue Service has closed its audit ofthe Boise-Kuna Irrigation District's $55.98 million of Series 2002 revenue refunding bonds without taking any action.

In a material event notice filed to nationally recognized repositories yesterday, the Idaho district disclosed that the IRS had sent it a Nov. 19, 2007, letter stating it had decided to "close the examination with no change to the position that interest received by bondholders is excludable from gross income."

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