IRS says interest on Louisiana Facilities 2003 revenue bonds taxable

By Cristal Cody

Tupelo, Miss., Oct. 27 - The Louisiana Public Facilities Authority received a notice from the Internal Revenue Service that the interest paid on the $50 million sold in series 2003 variable-rate lease purchase revenue bonds should not be excluded from gross income, according to a material event notice released Monday.

The authority said it will contest the finding and is preparing a response to the IRS.

The bonds matured June 1, 2008.

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