WASHINGTON - The Internal Revenue Service has notified the Okahoma City School District that it may owe more than $1 million in arbitrage profits, interest, and penalties from a $30 million cash-flow financing that appears to have violated tax laws.

The school district issued the $30 million of tax-exempt tax and revenue anticipation notes in 1990 to help cover an expected short-term cash flow deficit during the 1990-1991 school year.

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