Abstract
In this ongoing era of fiscal stress, state and local governments have increasingly turned to financial measures to help balance their budgets. One financial tactic commonly employed is debt refinancing. This article details the common refinancing strategies employed by state and local governments. Based on these strategies, typical refinancing transaction types are constructed and evaluated based on an assessment framework that relies on four debt refinancing principles developed in this article. Based on this assessment framework, the article concludes with a series of general recommendations for state and local governments to consider when refinancing debt.
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