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Public finance lawyers ‘keeping the lights on’ amid changed government bond market

AUGUST 14, 2019 | by David Gialanella | NEW JERSEY LAW JOURNAL

“… Advance refundings—whereby government entities essentially refinance existing debt at better interest rates, but before the original bond matures—were eliminated in the revised tax code. … Government authorities also have found ways to refinance non-mature bonds within the confines of the more restrictive tax code … A ‘Cinderella refunding’ is essentially an advance refunding carried off by issuing debt as taxable and then converting it to tax-exempt debt. …”

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