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Definition fromBusiness & FinanceDictionaries & Glossaries
Campbell R. Harveys Hypertextual Finance Glossary
Municipalityissuedbondsissued intended to gain aninterest rateadvantage by refunding a higher-ratebondin ahead of theircall date. Lower-raterefundingissueproceeds are invested inTreasuriesuntil the firstcall dateof the higher-rateissue.
Copyright © 2000,Campbell R. Harvey. All Rights Reserved.
Obligations issued by a state or a political subdivision in contravention of the Internal Revenue Code which results in the obligations becoming taxable.