IRS: Exempt Debt Cannot Refund Obligations to Pension Systems

Kinnander, Ola
September 2000
Bond Buyer;09/20/2000, Vol. 333 Issue 30979, p36
Trade Publication
Reports that the United States Internal Revenue Service has determined in a private letter ruling that the Racine, Wisconsin, Unified School District cannot use tax-exempt debt to refund its obligations to the state's pension system. Tough stance by the IRS against local governments using tax-exempt bonds to achieve savings; Ruling in 1997 in the City of Columbus vs. Ohio case.


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