BRADENTON, Fla. — South Miami,  has reached a closing agreement and settlement with the Internal Revenue Service over impermissible uses of tax-exempt bond and bank loan proceeds to build a parking garage.

As part of the settlement, the city last week defeased $1.72 million of Series 2002A bonds and $3.77 million of Series 2006 bonds. It also prepaid a $556,601 tax-exempt loan it obtained through Sun Trust Bank for the project.

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