Local & Regional
8:42 am
Sun November 18, 2012

IRS Auditing $52M Bond Issue for Cleveland County

The Internal Revenue Service is auditing a $52 million bond issue that funded a new Cleveland County Jail north of Norman.

Cleveland County Commissioner Ron Cleveland said Friday that he is confident there will be no problems uncovered about how the money has been handled.

The jail opened in February and cost only $24 million to build as prices were driven down by the 2008 economic collapse.

The Oklahoman reports that county officials won't release certain documents sent by the IRS, saying the law allows information to be kept secret if litigation may later result.

Cleveland County residents are funding the jail bond repayment with a quarter-cent sales tax.

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Information from: The Oklahoman,