The Hood River Valley Parks and Recreation District in Oregon has disclosed that it is entering into the Internal Revenue Service’s voluntary closing agreement program to protect the tax-exempt status of $2.5 million of general obligation bonds it sold in 1998.

The district announced its participation in VCAP in a material event notice filed late Monday with the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access system. The notice did not detail what potential tax law violations officials identified that led them to approach the IRS.

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