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McAllen ISD reports $444,215 IRS yield-reduction payment required for 2020 maintenance tax note
2903280 · April 9, 2025
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Summary
CFO Joel Garcia told trustees that the district earned $697,298 in interest on bond proceeds from Feb. 11, 2020 to Feb. 11, 2025; IRS limits allowed $253,083, requiring a $444,215 remittance. The payment will be made from bond interest, not operating funds.
Joel Garcia, chief financial officer for McAllen ISD, presented an informational report to trustees on Tuesday explaining that a yield-reduction (arbitrage) payment to the Internal Revenue Service is required for the district’s 2020 maintenance tax note.
Garcia…
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