DALLAS - The board for Oklahoma's Broken Arrow school district is expected to decide today how to respond to the IRS' demand for $1.26 million in arbitrage profits, penalties, and interest due to the district's participation in three cash management programs.

"The [Internal Revenue Service] wants a response by July 1," said Dwayne Thompson, the district's finance director. But, "there is no way we can pay that amount. We will have to look at alternatives," he said.

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