Refunding
A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.
bond-basics
Refunding Bond
Bonds issued in a Refunding. The proceeds of the Refunding Bonds are used to pay off the Refunded Bonds.
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In Contrast With
Refunded Bond
Outstanding bonds which are paid off with all or a portion of the proceeds of refunding bonds.
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Pledge
A promise to set aside, dedicate and use exclusively for specified purposes certain categories of property, generally money or other intangibles.