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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Kirk © who wrote (41785)12/30/2008 1:50:34 PM
From: Midwest_Investor3 Recommendations  Read Replies (1) of 42834
 
Kirk Said: BTW, since the state borrowed money at a lower rate to call the bonds on the call date, CA has SAFE CASH that it could use to pay the bond off immediately. Instead, CA invests the money in Treasuries until the call date so it can make some of the difference. I bet if it got a negative return, it might consider paying the money back immediately rather than escrow it.

Kirk, they can't "pay off" or call the bond until the call date has been reached.
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