Two bond-issuing authorities in Virginia entered into a voluntary closing agreement with the Internal Revenue Service to preserve the status of $74.3 million of bonds after one of them sold its waste-to-energy facilities, which were financed with the bonds, to Wheelabrator Portsmouth Inc.

The voluntary closing agreement was disclosed by the Virginia Resources Authority in a material event notice filed late Tuesday with the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access system. Under the agreement, the VRA, Southeastern Public Service Authority, and Wheelabrator agreed that the facilities will be operated as a “qualified solid-waste disposal facility” so that the bonds qualify as exempt facility private-activity bonds.

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