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extraordinary call

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Extraordinary call
Early redemption of a revenue bond because the revenue source paying the interest on the bond has been eliminated or has disappeared.
extraordinary call
Redemption of a debt security due to unusual circumstances. For example, some bond issues can be redeemed prior to the scheduled maturity because of the destruction of the facility that was financed by the bonds. Extraordinary calls are most frequently used to retire single-family mortgage revenue bonds when homeowners refinance their mortgages. Extraordinary calls, generally made at par, nearly always work to the disadvantage to bondholders. Also called extraordinary redemption. See also optional call.


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The series 2004A bonds have an extraordinary call feature that allows them to be redeemed from proceeds of land sales, which is likely to occur now that development is set to commence at FAU.
Fitch Rates Palm Beach County, Florida's $15.5MM Non-Ad Valorem Bonds ... by Business Wire
The series 2004A bonds have an extraordinary call feature that allows them to be redeemed from proceeds of land sales, which is likely to occur now that development is set to commence at FAU.
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The series 2004A bonds have an extraordinary call feature that allows them to be redeemed from proceeds of land sales, which would occur if the state approves the new site and the Mecca Farms land is sold.
Fitch Rates Palm Beach County, Florida GOs (Waterfront Access ... by Business Wire
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