Investopedia explains 'Crossover Refunding'
When 90 days or fewer are left in the original bonds' terms, the refunding is called "current". When more than 90 days remain, the refunding is called "advance". Alternatives to a crossover refunding include net cash refunding, which is more common, and full cash or gross refunding, which is less common.
A locality might decide to refund its bonds in order to get a better interest rate, to get better debt covenants or to obtain a better debt service schedule.
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