Arizona Authority Settles With IRS in George K. Baum, CDC Case

Newman, Emily
January 2005
Bond Buyer;1/5/2005, Vol. 351 Issue 32043, p28
Trade Publication
The article reports that the Arizona Health Facilities Authority has reached a settlement with the Internal Revenue Service (IRS) to protect the tax-exempt status of a $128 million pooled variable-rate bond deal that was alleged to have violated the arbitrage rules of the tax code due to bid rigging. The Phoenix-based issuer said that the IRS questioned the bidding practices and the "unusual terms" of the guaranteed investment contract used to invest the proceeds that was structured by George K. Baum & Co., the underwriter of the deal.


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