WASHINGTON -- An Internal Revenue Service ruling that clarifies which of a chemical company's waste disposal facilities can be financed with tax-exempt private-activity bonds is both helpful and harmful to issuers, several bond lawyers said this week.

The private-letter ruling, which the IRS published last week, helps issuers because it concludes that semisolid wastes, such as sludge and dewatered wastes, qualify as solid wastes so the facilities used to dispose of them can be financed with tax-exempt bonds, the lawyers said.

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