Senior refunding
Senior refunding
Replacement by the issuer of securities with 5-to 12-year maturities with securities of 15-year or longer maturities, in order to delay, reduce, or consolidate payment.
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Senior refunding TABs are secured by a first lien on gross tax increment on all taxable property within the former agency's project area and net of senior pass-through payments, if any, and tax administration fees.
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