IRS: $345 Million of Seminole Hotel Bonds May Be Taxable

Barnett, Susanna Duff
December 2004
Bond Buyer;12/7/2004, Vol. 350 Issue 32024, p38
Trade Publication
The article reports that the Internal Revenue Service has warned the Capital Trust Agency, and the Seminole Tribe of Florida Inc. that interest on $345 million of tax-exempt bonds issued to construct two large hotels in conjunction with casino complexes may be taxable. The IRS concluded in a preliminary adverse determination letter that the deal's three series of revenue bonds were not validly issued under state law, according to a material event notice posted by Capital Trust on the nationally recognized municipal securities information repositories.


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