CHRISTUS Health Settles With IRS, Won't Pay Penalty

Duff, Susanna
May 2003
Bond Buyer;5/15/2003, Vol. 344 Issue 31636, p5
Trade Publication
Christus Health System of Arlington, Texas, has announced on May 15, 2003 that it reached a settlement on May 9 with the U.S. Internal Revenue Service (IRS) that does not require it to pay a monetary penalty or redeem any of its debt. The settlement is the last of the seven hospital system merger-acquisition audits to be closed by the IRS, but the agency may settle with more systems that voluntarily come in for an agreement. The agreement closes an audit the IRS opened in May 2000 that investigated 411 million dollar in bonds issued in 1999 by the Harris County Health Facilities Development Corp. that allowed the newly created Christus Health System to acquire the Sisters of Charity of the Incarnate Word of Houston and the Incarnate Word Health System of San Antonio.


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