DALLAS -- The Internal Revenue Service has demanded that Tulsa County, Okla., pay $1.6 million in arbitrage profits, penalties, and interest for its participation in three controversial cash management programs from 1990 through 1992.

In a document sent to the county, the IRS claimed that the municipality owed the arbitrage rebate because it sold more than $57 million of taxexempt tax anticipation notes based on overstated budget deficits for the three years, a county official said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.