The Internal Revenue Service has closed an audit of $15 million of variable-rate demand solid-waste disposal revenue bonds issued in 2003 by Gilliam County, Ore., with no change to their tax-exempt status. Meanwhile, the IRS has initiated an apparently random audit of $76.4 million of utilities system revenue and refunding bonds issued in 2002 by Brownsville, Tex.

The city disclosed its examination late Monday, and Gilliam County's borrower, Waste Management Inc., disclosed the conclusion of the audit last week. Both filed material event notices with the nationally recognized municipal securities information repositories.

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