Crossover Refunding Bonds Definition

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Definition Of Crossover Refunding Bonds:

crossover refunding bonds Bonds issued for the purpose of paying off an existing bond issue.
Crossover bonds are secured initially by the escrow of investments created from the crossover bond proceeds while the bonds to be refunded continue to be secured by the original revenue stream. On a specified date the refunded bonds are redeemed from the funds held in escrow and the crossover bonds become payable from the original revenue stream.

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