Friday, July 11, 2008

More Variable Rate Bond Messes

From West Virginia is this news today: High Gas Prices Taking Toll on Turnpike.

Which has TWO big stories in it. One is the decline in use of the turnpike which is the headline. But read the story, almost hidden in there is another variable rate bond crisis for their Turnpike Authority and an:
“The emergency meeting was held to address the situation forced upon us with the downgrade of our bond insurance company,” Martin said. “The immediate effect of that refund was to drop the interest rates the parkway was paying on its outstanding debt.”

There just has to be more stories like this lurking all around.


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