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# Prerefunded

Type of bonds issued to refinance older bonds and to be paid-off at a predetermined date. This is accomplished by issuing a new bond issue and using the proceeds to purchase government obligations which will be escrowed and used to provide debt service on the original issue. The escrowed funds may provide debt service until maturity of the original issue (escrowed to maturity) or until the first call date (prerefunded to the call).