Mississippi Development Bank's $96M in Bonds Deemed Taxable

McConnell, Alison L.
July 2006
Bond Buyer;7/3/2006, Vol. 357 Issue 32415, p5
Trade Publication
The article reports on the declaration of the $93.6 million of Series 1999 special obligation bonds by Mississippi Development Bank taxable by the Internal Revenue Service. The decision was based on the grounds that the bank lacked reasonable expectations to use the proceeds to originate loans. Action against the bank follows a series of audits of pooled bond deals by the agency.


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