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City to issue $145M in bonds to help Morongo Band
Wednesday, July 28, 2004
The Morongo Band of Mission Indians has won the support of the city of Banning, California, for a tax-exempt bond deal.
The city council voted unanimously to issue $145 million in tax-exempt bonds to the tribe. The bonds will be used to finance a new casino resort. In exchange, the tribe is paying the city a $1 million fee.
According to The Riverside Press-Enterprise, the IRS is currently auditing a bond deal for the Seminole Tribe Florida. The IRS is questioning whether bonds can be used to finance tribal projects like casinos.
Get the Story:
Tribe gets an ally on bonds
(The Riverside Press-Enterprise 7/28)
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