The Retama Development Corp. has agreed to pay the Internal Revenue Service an unspecified amount and convert $30.425 million of tax-exempt bonds into taxable debt to ensure $160.3 million of bonds it issued in 1993 and 1997 will remain tax-exempt.

The Selma, Tex.-based nonprofit corporation disclosed its closing agreement with the IRS in a material event notice filed Tuesday with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access, or EMMA, system.

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