Refunding
A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.
Outstanding Bonds which are paid off with all or a portion of the proceeds of Refunding Bonds.
See Also
A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.
In Contrast With
Bonds issued in a refunding to pay off the refunded bonds.
Investment property acquired to carry out the purpose of a governmental program for which the bonds are issued (i.e., conduit loans, mortgage notes, mortgage-backed securities and student loan obligations).