WASHINGTON - An "on behalf of" issuer can change its status and become an independent nonprofit organization that uses tax-exempt 501(C)(3) bonds to finance hospital improvements under a ruling published this week by the internal Revenue Service.

Private letter ruling 9335040 revolves around an unidentified non-profit organization that has issued tax-exempt governmental bonds on behalf of a city since 1974 to finance a hospital and related improvements and equipment.

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