TITLE

Georgia Hospital Agency Settles With IRS; Bonds Stay Tax-Exempt

AUTHOR(S)
Newman, Emily
PUB. DATE
February 2005
SOURCE
Bond Buyer;2/3/2005, Vol. 351 Issue 32063, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the South Georgia Hospital Authority has reached a settlement with the Internal Revenue Service to protect the tax-exempt status of an $86.5 million pooled variable-rate bond deal that was alleged to have violated the arbitrage rules of the tax code, partly because of bid rigging that occurred in conjunction with a guaranteed investment contract used to invest the proceeds of the issue. The settlement comes after several others this year that have focused on the bidding relationship between George K. Baum & Co., the underwriter of the deal, and CDC Funding Corp., which sources said provided the guaranteed investment contract.
ACCESSION #
15938593

 

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