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.
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.