Series 53: 5.5.7.1. Types Of Refunding

5.5.7.1. Types of Refunding

When the bonds to be refinanced are fully retired within 90 days after the issuance of the refunding bonds, the refunding is referred to as a current refunding. An advance refunding refers to one in which more than 90 days elapse before the refunded bond may be retired.

There are two types of advance refunding. An advance refunding that redeems the refunded bonds at the earliest possible call date