The Poway Unified School District has been fielding questions about the billion-dollar bond it issued in 2011 since the media began covering it in August. But reporters aren’t the only ones asking questions.
The IRS launched an examination of the bond deal earlier this year, according to a story posted on Voice of San Diego.
The district received a letter from the IRS dated Feb. 6, 2012, asking for documents pertaining to the bond, which will eventually cost taxpayers around $1 billion. An attorney for the school district told Voice of San Diego that it is a random audit that is ongoing and no issues have been found with the deal.
The letter from IRS agent Edna Diaz begins: “We have selected the debt issuance named above for examination. The IRS routinely examines municipal debt issuances to determine compliance with Federal tax requirements.”
The IRS letter is attached in the PDF section of this article. Click to read the full report on Voice of San Diego.