Quote:
Originally Posted by Big O
Didn't they just issue new taxable bonds replacing some of the old tax exempt bonds saving us mucho dinero?
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True, but what was not said was that tax exempt bonds would have given an even lower interest rate. The transaction was just to take advantage of current lower interest rates, across the board, as compared to those in effect in earlier years.
Just like refinancing your old home mortgage. You save some interest over the years but pay today a pot of money to accountants, lawyers, bankers and brokers. In the end it is a net savings to you.