The Louisiana Public Facilities Authority has entered into a closing agreement with the Internal Revenue Service over a $50 million lease-to-own deal, under which it has agreed to pay $50,000 in return for the IRS' maintaining the tax-exempt status of the bonds, an LPFA official said yesterday.

In a material event notice filed Tuesday with EMMA, the LPFA said that the IRS had closed an examination of the bonds without any changes to their exempt status, but the notice made no mention of the closing agreement.

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.