December 31, 2010, Is End of Window for Non-Profit Organizations to Manage Debt Via Refinancing Tax-Exempt Bonds

OPEN MINDS Weekly News Wire Social Services Non-profit or municipal issuers of tax-exempt bonds can refinance their bond debt at better rates through a provision of the 2008 Federal Housing and Economic Recovery Act. Congressionally-chartered Federal Home Loan Banks (FHLBs) have been able to facilitate this refinancing since July 30, 2008. The window for this provision will expire on December 31, 2010. FHLBs work with their community member banks and pledge to make debt holders whole should both the member institution and the debt issuer fail to satisfy the notes. The letter of credit boosts the credit . . .