Quote:
Originally Posted by JBR
This wouldn't actually work. Prior to selling any bonds, they must secure commitments for all $100M... only then are the bonds sold.
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Well it wouldn't work with the deal as structured now, but knowing that the GI would certainly challange the deal, a structure that split the issue, creating a smaller test issue first or something of that nature must have been a possibility.
There is a law and a group that works to uphold it so it is a good idea, if you are the council, to find some way of answering the question of the legality of the bond issue first.