Refunding

The sale of an new IssueA specific identified issue of securities (e.g., "Water and Sewer Revenue Demand Bonds, Series 1983")., the proceeds of which are to be used to pay debt serviceThe total payments of principal and interest required in a given time period. on and retire an outstanding Issue. The purpose of refunding may be to save interestThis is the amount that is imposed when payment is remitted after the due date. cost, extend the maturityThe time when a note, bond or other investment option comes due for payment to investors. of the debtThat which is due from one person or another; obligation, liability. or remove restrictive covenantsPrivate restrictions limiting the use of real property. are created by deed and may "run with the land," in the securityThe property that will be pledged as collateral for a loan. documentsLegal instruments such as mortgages, contracts, deeds, options, wills, bills of sale, etc..