IRS Declares West Covina, Calif., USD Refunding Taxable; Cites Yield Burning

McConnell, Alison L.
August 2006
Bond Buyer;8/7/2006, Vol. 358 Issue 32439, p5
Trade Publication
The article reports on the U.S. Internal Revenue Service's (IRS) preliminary decision that a series of refunding bonds issued by West Covina Unified School District in California is taxable. According to the article, the IRS investigation has discovered evidence of yield burning. It adds that the school district has sold $20.4 million of debt in 2002 to advanced refund two sets of Series 2000 general obligation bonds.


Related Articles

  • IRS Finds $61M of Calif.'s Vallejo City USD's Debt Taxable. Hume, Lynn // Bond Buyer;1/10/2008, Vol. 363 Issue 32792, p5 

    The article reports on the move of Vallejo City Unified School District to disclose that the Internal Revenue Service (IRS) $61.06 million of Series A 2002 general obligation refunding bonds are arbitrage bonds in the U.S. The district sent material event notice to recognized repositories...

  • Utah Cooperative Suffers Setback In Ongoing Bond Dispute with IRS. Kinnander, Ola // Bond Buyer;04/24/2001, Vol. 336 Issue 31124, p1 

    Reports on the bond dispute between the Utah School District Finance Cooperative and the United States Internal Revenue Service. Taxation of a 1998 bond issue; Structure of the bonds.

  • IRS Determines Oxnard School GOs Are Taxable Arbitrage Bonds. Funk, Lynne // Bond Buyer;2/8/2008, Vol. 363 Issue 32812, p32 

    The article reports on the identification of the $19.89 million of 1997 Series A general obligation refunding bonds issued by Oxnard School District as arbitrage bonds and therefore taxable by the Internal Revenue Service (IRS) in California. The IRS determination was disclosed by the school...

  • IRS Tells Pa. School District Bonds May be Taxable. Hume, Lynn // Bondbuyer.com;12/7/2015, p1 

    The Internal Revenue Service told Woodland Hills School District in Allegheny County, Pa. that bonds it issued in 2005 and advance refunded in 2013 may violate tax requirements and be taxable.

  • IRS Notifies Fresno, Calif., USD That Its '04 Refunding GOs Are Taxable. Hume, Lynn; Scarchilli, Michael // Bond Buyer;1/15/2008, Vol. 363 Issue 32795, p5 

    The article reports on the disclosure made by the Unified School District in Fresno, California which states the notification from the Internal Revenue Service that $58.04 million of Series B general obligation refunding bonds the district issued in 2004 are arbitrage bonds and therefore...

  • Oxnard Becomes 3d California School District to Hear From IRS on Arbitrage. McConnell, Alison L. // Bond Buyer;9/19/2006, Vol. 357 Issue 32469, p5 

    The article reports that the U.S. Internal Revenue Service (IRS) has made a preliminary determination that the Oxnard Union High School District's refunding bonds are taxable. The decision was made after a municipal disclosure. The IRS believed that securities for the advance refunding escrow...

  • Draft Report Urges Changes to Texas School Bond Programs, PSF. Albanese, Elizabeth // Bond Buyer;12/1/2006, Vol. 358 Issue 32519, p60 

    The article reports that the legislature of Texas has been urged by the finance and education committees of the U.S. Senate to increase the rate of the multiplier used in the Permanent School Fund (PSF) bond-backing guarantee program. This guarantee allows districts to avoid the costs of private...

  • IRS Closes Audit of Pennsylvania School District. McConnell, Alison L. // Bond Buyer;8/16/2007, Vol. 361 Issue 32693, p4 

    The article reports that the Internal Revenue Service (IRS) has closed an audit of Scranton School District's $63 million of Series 2001 refunding notes without declaring them taxable in Pennsylvania. It is stated that the school district's transaction was sold to finance capital projects and...

  • Audit of Pennsylvania School District Focuses on 1993 Bonds. McConnell, Alison L. // Bond Buyer;10/3/2005, Vol. 354 Issue 32230, p44 

    Reports on the conduct of an investigation by the U.S. Internal Revenue Service on the School District in Coatesville, Pennsylvania. Focus of the investigation of the possible arbitrage violations of the tax code by the school district; Move of the school district to hire two firms to represent...


Read the Article


Sign out of this library

Other Topics