The Tulsa school district could owe the Internal Revenue Service more than $3 million in arbitrage profits, penalties, and interest for its participation in alleged cash management schemes, and its representatives are expected to proposed tonight that general funds be used to settle at least part of the bill.

The move comes in the wake of reports prepared by Dallas-based First Southwest Co. that calculate that the school district could have to pay $2.084 million in arbitrage rebates for its involvement in cash management programs in fiscal years 1990-91, 1991-92, and 1992-93.

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