Citigroup's gas prepayment deal with Vernon

In 2006, a number of gas prepay deals took place in the US under new Internal Revenue Service (IRS) rules. One of the most interesting and innovative of these deals was completed by Citigroup on June 27. It was a $431 million tax-exempt prepayment transaction for the City of Vernon in California. The transaction, thought to be only the third deal under the new IRS rules at the time, and the first for a Californian municipality, is unique in that it has a fixed-price component and is for an

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