CHICAGO - Holders of $38.8 million of sports facility revenue bonds that were recently refunded by Polk County, Iowa, have until July 15, 1994, to tender their bonds, according to the bond trustee.

The revenue bonds, which financed construction of the formerly bankrupt Prairie Meadows racetrack, must be tendered by that date, or bondholders will be "precluded from sharing in any distribution," First Trust National Association said in a letter to bondholders dated June 18. After July 15 of next year, any funds held by the bond trustee will be returned to Polk County, the letter says.

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