crossover refunding bonds

Crossover Refunding Bond

A bond that is issued to redeem another bond before maturity. It differs from other refunding bonds in that proceeds from a crossover refunding bond are held in escrow until the date at which the first bond is actually redeemed.

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.
References in periodicals archive ?
85-1 Improvement Area B 1988 crossover refunding bonds
NEW YORK -- The 'AA+' rating assigned to New York City Municipal Utility Water Finance Authority (NY) crossover refunding bonds series 2001E, 2002C and 2002F were not affected by the crossover to first general resolution from second general resolution that occurred on June 15, 2007 for the series 2002F bonds and on June 15, 2010 for the series 2001E and 2002C bonds.
III, 1987 Tax Allocation Crossover Refunding Bonds are rated 'BBB' by Fitch.
Paul, MN Housing and Redevelopment Authority hospital facility revenue crossover refunding bonds (HealthEast Project), series 1993 (1).
5 million Senior Lien, Crossover Refunding Bonds, Series 1993A, and $26.
Paul, MN Housing and Redevelopment Authority, hospital facility revenue crossover refunding bonds (HealthEast Project), series 1993.