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The Feds Outlawed a Key State and Local Refinancing Tool. Now What?
Route Fifty: Vermont Treasurer Beth Pearce recognizes that the demise of tax-exempt advance refunding bonds, and what it means for state and local public finance, may not be a front-and-center issue for many Americans.
“It's not something that is readily apparent,” she told Route Fifty in late April.
But that doesn’t mean the change is inconsequential. “It’s going to increase borrowing costs for state and local governments, which will ultimately be borne by the taxpayers,” Pearce said.
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