ATLANTA -- A $7.2 million taxexempt bond issue sold by the Highlands County (Fla.) Industrial Development Authority in 1991 has defaulted, according to the deal's trustee.

A spokeswoman for the trustee, First Union National Bank of Florida, confirmed Friday that the Church of All Faiths Inc. Project bond issue failed to make its latest interest payment of $332,109 on April 1.

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