Maple Grove, Minn., has disclosed that the Internal Revenue Service has initiated an audit of $53.8 million of bonds it issued in 2005 to finance renovations and construction to two health care facilities.

In a material event notice filed with the Municipal Securities Rulemaking Board’s EMMA system late last week, the city said it had received a letter from the IRS dated July 30, 2009, announcing that the bonds had been selected for a routine audit.

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