Los Angeles - The Securities and Exchange Commission has inquired into the role played by Rauscher Pierce Refsnes Inc. as underwriter for a school district that issued taxable notes that were invested in the Orange County, Calif., investment pool, a school district official said.

The Newport-Mesa Unified School District issued S46.96 million of taxable notes in June that were then invested in the Orange County investment pool for purposes of earning arbitrage income, according to Michael H. Fine, director of fiscal services for the Newport Beach-based school district.

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