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Palm Bay to mail IRS arbitrage rebate after bond investments outpaced spending
Summary
Council authorized payment of an IRS arbitrage rebate tied to earlier bond proceeds after staff said investments earned more than federal allowances; staff said a check was prepared and would be mailed immediately to meet federal timing requirements.
Palm Bay City Council voted April 6 to approve returning arbitrage earnings tied to prior bond proceeds to the U.S. Treasury, a required step under federal tax rules when investment yields on bond proceeds exceed allowable thresholds.
Finance staff said the issue stems from investment yields on bonds issued for road paving in 2021. Finance Director Larry Wojciechowski explained the federal…
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