Series 50: Transferred Proceeds

Taken from our Series 50 Online Guide

Transferred Proceeds

If a municipality decides to issue an advance or current refunding, then any proceeds that are left over from the previous issue, also known as the refunded issue, are considered transferred proceeds.

This means that when the refunded issue is paid off by the new issue, any leftover proceeds from the refunded bond “transfer” to the new issue and must be invested at a rate that meets the yield restrictions for the new issue.

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