WASHINGTON -- Municipal bond issuers that make final arbitrage rebate payments to the federal government early should get the same benefit as those that wait, an arbitrage consultant told the Treasury recently.

Terence P. Burke, a vice president at First Southwest Co. in Dallas, said in a recent letter to the Treasury that rebate rules allow issuers making their final payments after bonds mature to ignore interest earned during the 60 days between the arbitrage computation and payment dates.

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