Refunding
A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.
bond-basics
Refunded Bond
Outstanding Bonds which are paid off with all or a portion of the proceeds of Refunding Bonds.
See Also
In Contrast With
Refunding Bond
Bonds issued in a refunding to pay off the refunded bonds.
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Purpose Investment
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).