City to issue $145M in bonds to help Morongo Band

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)

Relevant Links:
Morongo Band of Mission Indians -