One percent or 1%. A Bond that is discounted two Points is quoted at 98% of its Par (Principal amount) value. Because the dollar prices of municipal Bonds are quoted as a percentage of $1,000, a Point is worth $10 regardless of the actual Denomination of a particular Bond. For example, a bond discounted 2 Points, or $20, is quoted at “98” (98% of its Par Value), or $980 per $1,000.

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Hudson Yards Rail Yards

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Net Cash Refunding

The most common type of refunding in which the proceeds, together with interest earnings thereon, are structured to produce sufficient funds to pay the principal, interest, and other expenses on the refunded bonds.