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.


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