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To: ExxonPatrolUs

Sloppy reporting. No mention is made about the interest rate and only a couple indefinite references to the length A ten times payout 30 years later would be just under 8%. If it is 40 years it would be just under 6%. Depending on when these were issued, like around 1980, those could have been great rates.


7 posted on 12/07/2012 4:13:51 PM PST by KarlInOhio (Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
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To: KarlInOhio

Exactly.These are pure discount instruments designed to get around statutory borrowing limits because only the initial payment counts against the debt limit of the municipality for credit rating purposes.


10 posted on 12/07/2012 4:18:56 PM PST by bt-99 ("Get off my Lawn")
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