DALLAS -- The Tulsa and Oklahoma City school districts have agreed to pay a total of $776,656 in arbitrage profits to the Internal Revenue Service to settle a long-standing dispute over cash management programs and to prevent blacklisting of bond issues.

The settlements, which amount to $500,000 for Tulsa and $276.656 for Oklahoma City, represent a small fraction of what the IRS Could have assessed the districts if penalties and interest had been charged.

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