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Article: Tulsa, Oklahoma City school districts settle IRS arbitrage dispute.
- Article from:
- The Bond Buyer
- Article date:
- June 9, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DALLAS -- The Tulsa and Oklahoma City school districts have agreed to pay a total of $776,656 in arbitrage profits to the Internal Revenue Service to settle a long-standing dispute over cash management programs and to prevent blacklisting of bond issues.
The settlements, which amount to $500,000 for Tulsa and $276.656 for Oklahoma City, represent a small fraction of what the IRS Could have assessed the districts if penalties and interest had been charged.
According to estimates last year, Tulsa could have owed $3.5 million and Oklahoma City more than $1 million to the IRS in arbitrage profits, penalties, and interest for sale of tax anticipation notes ...