TUCSON - Some vendor lease offerings may not be tax-exempt, as their sponsors are claiming, because they may have failed to comply with all the tax code restrictions governing such offerings, bond attorneys said at a leasing conference here Friday.

"We've got all kinds of securitizations of leases out there these days, and we here in this room are partly responsible for it," Thomas S. Hay, a partner with Dorsey & Whitney, told lease dealers gathered at a meeting of the Association for Governmental Leasing and Finance.

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