CHICAGO — Iowa, an earlier user of Build America Bonds, won't draw on that program again for two upcoming sales because the savings are not worth the worries over heightened scrutiny from the Internal Revenue Service, Treasurer Michael Fitzgerald said yesterday.
The state on Tuesday will sell $140 million of revenue bonds backed by its moral obligation pledge to finance construction of a new maximum security prison authorized by the Legislature last year. The deal also will retire $6 million of notes issued in April 2009 to fund initial planning for the facility.
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