IRS Seeks City Records on 2003 Bond Issue
The Internal Revenue Service has requested information on $15.2 million in bonds the city issued in 2003 with the San Diego Metropolitan Transit Development Board.
The proceeds were used to refinance the balance of $19.5 million in bonds sold in 1993 to extend the city’s trolley line. City officials plan to send all documents related to both bond issues to the IRS this week.
“We can’t undo whatever was done,” City Atty. Michael Aguirre said. “All we can do ... is provide all the information they request and hope for the best.”
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