Transcript Highlights:

• And then Highway 85, which is a bond of $155 million.
• able to the bond payment, which we'll get into further.
• Section 5 authorizes the bonding for Highway 85 of $155 million.
• Section 11 deals with bonding for Highway 85. There's 13 miles.
• of $55 million and $55 million of the bond.

Keywords: 908, all

Summary: The committee met to consider Senate Bill 2012, the Department of Transportation budget, with Representative Brandenburg presenting a detailed House amendment package and Speaker Robin Weisz explaining the overall funding strategy. The discussion focused on restructuring transportation funding streams, including moving Prairie Dog money into a flexible transportation fund, adjusting gas tax distributions, increasing the legacy earnings transfer from 7% to 8%, and authorizing a $155 million bond for Highway 85. Members also discussed DOT operations, bridge funding, rest areas, electronic titling, and the use of funds for grants to counties, cities, and townships. A separate provision would let the DOT consider whether local ordinances or policies unreasonably restrict permitted agriculture or energy projects when scoring grant applications, which drew significant debate about local control and whether the language was punitive. Testimony from Brandenburg and Weisz emphasized that the plan was intended to provide more predictable funding, preserve the ability to match federal dollars, and direct money where needs are greatest through a grant process. Weisz said the package was designed to simplify multiple revenue buckets, ensure DOT can meet federal match requirements, and free up money for the general fund while still supporting transportation needs. Several members raised concerns about whether cities, counties, and townships would receive as much as under the prior Prairie Dog structure, whether the bridge allocation was correctly reflected in the bill, and whether the local-policy language would penalize subdivisions that oppose energy projects. Supporters argued the state needed to protect revenue tied to energy development and that local governments would still receive distributions plus additional grant opportunities. The committee adopted the House amendment to SB 2012 by a vote of 19-1-3, then rejected an amendment to remove the local-policy language on a 5-15-3 vote. The committee then passed SB 2012 as amended on a 20-0-3 vote, with Representative Brandenburg designated as the carrier. The chair announced that Senate Bill 2014 would not be taken up at that time and the committee recessed until called back.

Transcript Highlights:

• The callable bonds outstanding, basis. The callable bonds outstanding, right? right? right?
• >> Uh<00:43:22.240> bond. >> Uh bond. >> Uh bond.
• 02:50.000> oversight capital projects and bonds oversight capital projects and bonds oversight
• as the bonds are outstanding. as the bonds are outstanding.
• Starkweather talked about with typical bonds, but it also had, um, there was a portion of the bonds,

Keywords: 958, all

Summary: The committee first received several information items, including University of Kentucky reports on medical and research equipment purchases, five school districts’ planned bond issues, and a School Facilities Construction Commission list of prior debt issues. Members then heard and approved an appropriation increase for a federally funded University of Kentucky project at the Central Kentucky Regional Airport in Richmond. The project will construct a terminal building and is tied to EKU’s airport operations and planned flight school; members asked about the public funding, the role of EKU, and possible aviation expansion, and the item was approved by roll call. The committee next approved a University of Kentucky lease purchase for an 85,000-square-foot facility at 415 West Sun Street in Morehead for $6.4 million. UK said the property, formerly the Rowan County Board of Education site, is directly across from UK St. Clair and will be used for multiple purposes; members questioned the quarterly payment structure and why the county preferred not to receive the full amount upfront, but the item was approved. The committee then heard three appropriation increases in the Tourism, Arts and Heritage Cabinet: a Fish and Wildlife pump project at Ballard Wildlife Management Area and two Lake Barkley State Resort Park repair projects. Finance staff explained the Lake Barkley increases were mainly to cover construction contingencies after bids came in close to available funding, and the committee approved the action items. Janice Thomas then presented four pool projects requiring no action: HVAC upgrades at the Future Farmers of America Leadership Training Center in Hardinsburg, geothermal and HVAC work at the Kentucky School for the Blind, a Brady Hall HVAC project at the Kentucky School for the Blind, and a renovation of Shanti Hall at Kentucky State University for the School of Engineering Technology. Members asked no substantive questions on those items. Finally, Natalie Broner presented a new CHFS lease in Wayne County and a Transportation Cabinet lease modification in Christian County. The Wayne County lease drew the most discussion, with members questioning the rent, the lack of other bids, and whether another county location might be preferable; CHFS said it maintains county-seat offices statewide and that the Wayne County site would replace an existing office. The Christian County item was described as a replacement site for driver licensing services with renovation costs largely absorbed by the lessor. Both lease items were presented for action after the discussion.

Transcript Highlights:

• Think about the water bond.
• The bonds have got to stop. You've got to read the room.
• What are bonds?
• To folks who express concern about the bond, I do believe bonds should be judicious and should be for
• We know that because we passed a bond in 2018, a housing bond that is now out of resources, that has

Summary: The Assembly met after a quorum call and first dealt with a procedural dispute over four amendments to AB 1240. The Speaker ruled the amendments out of order as not germane, and the Assembly sustained that ruling on a 49-16 vote. Members then added co-authors to several consent-calendar resolutions, including measures on the National Conference of State Legislators, Suicide Prevention Awareness Month, ALS Awareness Month, and Men’s Mental Health Month, before adopting the consent calendar. The chamber also heard guest introductions, including a welcome for Oakland Mayor Barbara Lee, and took up a motion to bring AB 41 up out of file, which failed 19-48. The bulk of the meeting was floor action on a long series of bills and resolutions, many of which passed with broad bipartisan support. Measures approved included ACR 40 supporting immigrant students and FAFSA privacy; AB 917 on permanent status for certain school employees; AB 985 on anesthesia access; AB 7 and AB 42 on higher education and student services; AB 245 providing property tax relief for wildfire victims; AB 255 allowing funding for drug-free recovery housing; AB 279 updating K-12 library standards; AB 289 creating a pilot for automated speed enforcement in highway construction zones; AB 291 on an educator apprentice program; AB 327 addressing swatting; AB 340 on confidential union communications; AB 341 creating an oral health technical assistance center for people with disabilities; AB 356 on San Diego health care infrastructure; AB 410 on bot disclosure; AB 476 on copper theft enforcement; AB 477 on educator pay targets; AB 485 on stolen wages and business licensing; AB 487, the insurance committee’s technical omnibus bill; AB 573 on tobacco retail license fees; AB 598 on school mapping technology; AB 635 on mobile home law enforcement referrals; AB 651 on remote participation for incarcerated parents in dependency hearings; AB 654 on homelessness hotline assistance in Los Angeles County; AB 662 creating a South County higher education task force; AB 667 on language access in professional licensing; AB 669 limiting early denial of addiction treatment; AB 670 on naturally occurring affordable housing; AB 695 on online continuation of community college for deported students; AB 723 on disclosure for digitally altered real estate images; AB 727 placing Trevor Project information on student IDs; and AB 736, a $10 billion affordable housing bond for the June 2026 ballot, which passed on a 61-11 urgency vote after extensive debate. Debate on AB 736 was the most extensive of the day, with supporters arguing the bond would help address California’s housing crisis and give voters a chance to weigh in, while opponents criticized the state’s bond debt and past spending results. The Assembly then recessed for caucus meetings and later returned to continue the daily file, where additional measures were taken up, including AB 798 adding diapers and wipes to the emergency food bank reserve program, which passed 56-0, and AB 821 on career technical education, which was presented as bipartisan-supported as the transcript continued.

Transcript Highlights:

• to consolidate and get those on to a schedule, That can be challenging because they have multiple bond
• Number one, we feel it would increase voter turnout on these bond elections.
• It could also help by not having to delay a bond issue in local districts.
• Talk about the bonding.
• So this is just about the bond issues that schools would have. So just those ones.

Bills: SJR1, SM2

Keywords: school elections, partisan elections, voting rights, constitutional amendment, New Mexico, elector registration, pediatric palliative care, pediatric hospice, Medicaid, state plan amendment, Health Care Authority, children with serious illness, life-limiting conditions, complex medical conditions, curative care, concurrent care, family-centered care, hospice services, managed care, pain management

Transcript Highlights:

• Bonds for that.
• Think about the water bond.
• That's what this affordable housing bond.
• To folks who express concern about the bond, I do believe bonds should be judicious and should be for
• We know that because we passed a bond in 2018, a housing bond that is now out of resources, that has

Keywords: 988, house, all

Transcript Highlights:

• And then Governor Dayton kept saying, why don't we use Garvey bonds?
• And then Governor Dayton kept saying, why don't we use Garvey bonds?
• And then Governor Dayton kept saying, why don't we use Garvey bonds?
• The regional levy supports bonds for Regional Transit bonds that help us undertake some of our capital
• for the question about the RTC bonds for the question about the RTC bonds because<01:09:35.199><

Keywords: 1187, senate, all

Summary: The Transportation Committee met on January 29, 2025, to hear the Metropolitan Council’s presentation on the Governor’s proposed agency budget requests. The Council outlined three main budget items: authorization to advance funds to MnDOT to help coordinate a highway project with arterial bus rapid transit construction; a proposal to make free regular-route transit rides permanent for eligible Metro Mobility riders, after a successful pilot that produced nearly 75,000 rides; and a reduction in general fund support for rail operations, which the Council said it could absorb in the near term. The Council also noted it was seeking $15 million in the bonding bill for bus rapid transit, including support for the H Line, and described other capital requests for an infill/infiltration program and regional parks. Council leadership said the advance-funds proposal would let two projects move together more efficiently, reduce disruption, and potentially lower costs by avoiding repeated reconstruction and maintenance. On the Metro Mobility fare pilot, they said the lower fare increased rider freedom and spontaneity while saving state money because fixed-route service is cheaper than individual Metro Mobility trips. On the general fund reduction, they said the agency is expanding service, opening the Gold Line, B Line, and E Line, and can manage the cut because of its diversified revenue sources, though it could affect future expansion. Senator Nelson raised concerns about the proposal to expand the Right-of-Way Acquisition Loan Fund to include regional parks and trails, warning that the legislation should clearly avoid creating condemnation authority for park or trail projects, especially where they are adjacent to MnDOT projects. Council staff responded that the program would finance local acquisitions rather than give the Met Council condemnation power, and said they would take the concern under advisement and ensure the legislation is carefully drafted. Members also discussed federal funding uncertainty; Council officials said federal transit operating support is about $30 million and that a pause or cut could affect future capital projects and some existing awards, while the region’s diversified funding base would help cushion operations. No votes or formal actions were taken at the meeting.

Transcript Highlights:

• The bond directs the bulk of the funding to proven programs in California.
• Funds from the last statewide housing bond ran out last year.
• that we've received in previous housing bond issues.
• And I kind of expect that's what he's going to do if the bond passes, frankly.
• And California's debt capacity doesn't allow us to do a $100 billion bond.

Summary: The committee heard a long housing agenda with several bills presented before quorum was established. AB 1725, as amended, would require disclosure of nearby oil wells and methane monitoring issues in a specific district; the author and community witnesses described serious health and safety risks in Vista Hermosa Heights, while the California Apartment Association, California Building Industry Association, and California Chamber of Commerce opposed, arguing the bill targeted the wrong industry and that the state should instead fix abandoned wells directly. AB 2110, a local finance tool to create tax increment districts for workforce housing for education, health care, manufacturing, and public safety workers, drew no witnesses in support or opposition and was presented as a way to help workers live closer to jobs. AB 1732 would expand CEQA streamlining for public university and college housing projects; UC and several housing and labor groups supported it, while housing advocates raised concerns about amendments affecting existing 100% affordable housing exemptions. AB 1771, amended into a study bill, would direct HCD to report on the long-standing resident manager requirement for apartment buildings with 16 or more units; the rental housing industry supported studying the issue, while the chair emphasized the need to consider tenant protections and the impact on current resident managers before changing the law. The committee also heard AB 2185, which would direct state affordable housing programs to update guidelines to better support factory-built housing; it drew broad support from housing, labor, technology, and local government groups, with no opposition. AB 2748 would delay new EV-readiness requirements for 100% affordable housing developments, keeping the prior 40% standard through 2035; supporters said the higher standard would add significant costs and threaten project feasibility, while clean air and transportation advocates argued the code changes are modest, important for equity, and should not be rolled back. Members split along those lines, with some emphasizing housing production and others urging more public subsidy for EV infrastructure rather than delaying the code. SB 417, a proposed $10 billion affordable housing bond for the November ballot, received extensive support from housing organizations, local governments, labor, and business groups, but Habitat for Humanity and the Los Angeles mayor’s office asked for specific allocations for CalHome and interim housing; the bill was ultimately moved to Appropriations on an 8-0 vote, with members noting ongoing negotiations over funding priorities. Finally, AB 1740 would create an urban multimodal community designation for Santa Monica, allowing local approval of certain low-impact coastal-zone activities—such as some housing, bike and bus lanes, outdoor dining, and building changes—without Coastal Commission review. The author and Santa Monica officials said the bill would reduce delays and uncertainty for infill housing and local economic recovery while preserving protections for sensitive coastal resources; supporters included housing, business, and city groups. The Coastal Commission and environmental organizations opposed, saying the bill would carve out broad exemptions, weaken public access and appeal rights, and bypass the local coastal program process that Santa Monica has not completed. Committee members debated the Commission’s role, with some criticizing it for opposing legislation and others arguing the bill was a common-sense way to modernize coastal permitting. A motion and second were made on AB 1740, and the bill was left pending with the committee’s action to be taken when appropriate.

Transcript Highlights:

• And then when those bonds are paid off, the MUD dissolves.
• One of the unique things they do with MUD bonds…” “One of the unique things they do with MUD bonds is
• But as the bonds are sold, that tax rate comes down.
• We are able to sell bonds at 4.5 to 4.75 percent.
• After the bonding program is completed.

Summary: The committee heard testimony first from the Texas General Land Office and School Land Board. GLO officials described the agency’s role in managing more than 13 million acres of state lands and mineral interests for the Permanent School Fund, overseeing the Alamo, coastal programs, veterans’ services, and federal disaster recovery. They said the agency has generated about $6 billion for the Permanent School Fund since Commissioner Buckingham took office, and that its disaster recovery portfolio is about $14 billion across multiple events, with more than 22,000 housing units rebuilt or reconstructed since Hurricane Harvey. Members asked about land purchases such as Brewster Ranch, rare earth mineral leasing, SpaceX-related beach access, and whether the lands are public access lands; GLO staff said the holdings are managed to maximize revenue for education, that most land is leased rather than open to public access, and that they are coordinating on coastal access and compliance. On the School Land Board, members sought clarification on the difference between GLO-managed lands and the Permanent School Fund Corporation’s investment role, and staff explained that GLO generates the revenue while the separate corporation invests it. No votes or formal actions were taken. The Board for Lease of University Lands then testified. University Lands officials explained that they steward 2.1 million acres of surface and mineral interests in West Texas for the Permanent University Fund, which supports UT and Texas A&M institutions. They said a 2025 lease sale produced about $50 million in bonus revenue from 28,000 acres, and described the Board for Lease’s role in approving lease forms, lease sales, and development agreements. Members asked about the size and use of the PUF, how distributions work through UTIMCO, whether PUF money can be used for athletics, and how the land is managed; the witness said the fund is a constitutional endowment, the land is largely leased rather than sold, and distributions are generally used for buildings, labs, and other permanent structures, with some institutions also using a portion for operations. No votes or formal actions were taken. The committee then took up municipal utility districts. Testimony from a law firm, the Texas Municipal League, Fort Bend County Commissioner Vincent Morales, and Johnson Development largely supported MUDs as a financing tool for infrastructure tied to growth. Witnesses said MUDs help fund water, sewer, drainage, roads, parks, and related infrastructure, allowing development to proceed without shifting costs to existing taxpayers and helping keep housing affordable. They emphasized that MUDs are created with disclosure to homebuyers, are subject to the Open Meetings Act and Public Information Act, and are overseen by TCEQ for bond issuance and related financial stress tests. Members questioned whether MUDs are taxing entities, whether they can be created inside city limits or ETJs, how much control cities and counties retain, and whether MUDs are becoming permanent local governments; witnesses acknowledged they levy taxes and debt, can exist within city limits with city consent, and often function as long-term local entities. The committee did not take any formal action during the hearing.

Transcript Highlights:

• Rural low income areas that can't get enough bonding capacity to build.
• That will have to happen before any bonds are issued. So Mr.
• with the requirement that the legislature approve propose issuances and bonds.
• Thus, the property tax would not be a suitable bonding pledge.
• It'll go out to bonding.

Transcript Highlights:

• of discussion about the state's bond of discussion about the state's bond rating. rating. rating
• <00:21:34.800> rating<00:21:35.080> in the impacts of the state bond rating in the
• impacts of the state bond rating in having<00:21:35.800> a<00:21:35.840> structural<00:
• what is the impact of the state's bond what is the impact of the state's bond rating<00:21:41.240
• Mingay about whether or not we typically talk about fraud in determining bond ratings.

Keywords: 1183, house

Summary: The committee took up House File 3683, which would require the state budget forecast to estimate the budgetary impacts of fraud committed against state programs. Chair Nash argued that fraud has real fiscal effects on the state, that those costs should be quantified in the forecast much like inflation was previously incorporated, and that doing so would help lawmakers understand the true cost of money lost to fraud. He also said the bill was intended to give MMB direction to develop a way to forecast fraud’s impact and that the issue should be treated as part of the state’s fiscal outlook. Deputy Commissioner Anna Mingy of Minnesota Management and Budget testified in opposition to the bill’s approach, saying fraud is unacceptable and MMB is committed to combating it, but that the twice-a-year forecast is not the right tool for this analysis. She said forecasts are forward-looking budget tools based on projected revenues and spending, while fraud analysis is retrospective and involves legal definitions and processes. She also warned that requiring MMB to consult with legislative chairs on fraud estimates before public release could politicize the forecast and would be a departure from current practice. Members raised concerns about how fraud would be defined and quantified, whether the bill would cover known or potential fraud, and whether it would duplicate existing budget adjustments. Chair Nash responded that the bill was modeled on prior inflation-forecast language and said fraud’s fiscal impact should be estimated even if the exact number is debated. Other members questioned whether the proposal would add value or create subjective numbers, while supporters said audits and program integrity data provide a basis for estimating a range. Deputy Commissioner Mingy also answered questions about bond ratings, saying Minnesota maintained its AAA rating and that rating agencies focus on governance and long-term obligations, not specific fraud estimates. She later said the administration’s anti-fraud package includes permanent bans on state contracts and grants for individuals convicted of fraud. The discussion ended without a recorded vote or final action in the excerpt.

Transcript Highlights:

• The funding and bonding capacity, I'd like to read this.
• These were going to be the ones we sell bonds for.
• have sold some of the bonding packages and some of those bond proceeds for.
• and use that new revenue to pay back bonds.
• or sponge bond capacity at all.

Transcript Highlights:

• So this is SB 190, the Heal Regional Cancer Center bonds.
• This bill allows NMFA to sell bonds that are backed by the existing tobacco tax.
• Bonding is an excellent finance mechanism to get these projects done.
• We just had the big bonding bill come in.
• It's an investment interest, just the same as stocks and bonds are.

Bills: SB190, SB152, SB77, SB150, SB151, SB156, SB172, SB182, SB185, SB212, SB170, SB133, SB174, SB163

Keywords: cancer treatment, revenue bonds, Gila Regional Medical Center, Nor-Lea General Hospital, healthcare funding, telecommunications, low-income assistance, lifeline, broadband, rural broadband, universal service fund, public regulation commission, PRC, 911 surcharge, telecommunications relay service, VoIP, mobile service, internet affordability, digital equity, digital inclusion

Transcript Highlights:

• You know, costs for bonded capital projects are excluded.
• You know, costs for bonded capital projects are excluded.
• bonded capital projects are excluded. bonded capital projects are excluded.
• It'll it'll still bonded capital costs.
• capital cost shall include principal or interest on bonds or notes only if the bonded indebtedness is

Keywords: 1191, senate, all

Transcript Highlights:

• Sorry, the FI is fixed income bonds, like bonds.
• As we just heard from our investment council, they even use bonds, fixed income bonds, as a store of
• You look at bonds around the world, $318 trillion is stored in bonds.
• You'll get the S&P 500. 14.6%, silver 14.5%, gold 12.7%, and bonds.
• IEF is basically a 7 to 10 year trend Treasury bond fund.

Transcript Highlights:

• say like in the like early 2010s but those and those were those are tacked on to the last housing bond
• before that bond we passed in 2018 that was funding all those major core programs was in 2006 so those
• We need a system where all financing, including tax credits and bonds, are packaged together and the
• tax-exempt bond program, thereby unlocking additional federal 4% tax credits.
• We do not have a bond that actually is moving forward right now.

Keywords: 988, house, all

Transcript Highlights:

• The bill will ease pressure on general obligation bond capacity for major academic projects like the
• The bill will ease pressure on general obligation bond capacity for major academic projects like the
• And when she talked about the time frame on the geo bonds, so a geo bond is presented in the odd years
• So the GEO bond projects, from the time they're first proposed, is about a five-year time period.
• Institution Bond Act, property tax levies, federal or tribal support.

Bills: SB234, SB210, SB243, SB244, SM16, HB8

Keywords: foster children, school transportation, education funding, public education, child welfare, New Mexico Highlands University, soccer field, women's sports, infrastructure improvement, funding allocation, student athletes, appropriation, New Mexico State University, nutrition, travel support, funding, education, university support, financial assistance, parenting students

Transcript Highlights:

• capital projects statewide, which includes $445 million in general fund $444 million in severance tax bonds
• and then $280 million in supplemental severance tax bonds.
• $392.5 million for three bond issues.
• And can you explain to me the process for these entities accessing these bonds? Just briefly, Mr.
• I think this doesn't replace bonding reform.

Keywords: 996, all

Transcript Highlights:

• , and the fidelity bond program coverage limit is $300,000 per occurrence.
• Payment by the bond trust fund is also indicated when applicable.
• Additionally, 11 claims are pending with the bond board.
• On the bond trust fund, it's been used a number of times. Who pays for that trust fund?
• It's the bond trust fund that is a fidelity bond to help ensure that if there's theft by employees of

Keywords: 1204, all

Transcript Highlights:

• districts and one Board of Education tax levy to pay debt service, reported upcoming general obligation bond
• They reported an upcoming revenue bond to finance new projects in Henderson County and Jessamine County
• The project was originally authorized at $7 million in bond funds in the 2022-2024 budget.
• The bonds will not be KHC or Commonwealth debt.
• The bonds will not be KHC or Commonwealth debt.

Keywords: 00:01 Call to Order and Roll Call 00:30 Approval of Minutes 00:59 Information Items 03:34 Finance and Admin Cabinet 12:31 KY Infrastructure Authority 21:47 Office of Financial Mgmt 23:27 Adjournment, 958, all

Summary: The committee first handled informational reports on several bond and lease matters, including school district and board of education debt-service items, upcoming revenue bond issues in Henderson and Jessamine counties, and three advertised lease-space requests for state agencies. Members also reviewed prior lease transactions that had not been approved in November and December; the Finance and Administration Cabinet later canceled and rebid the Harlan County lease and moved ahead with the Perry County lease modification. Additional information items included a Kentucky Communications Network Authority quarterly capital projects report and Eastern Kentucky University asset preservation revisions. The committee then heard from Deputy State Budget Director Janice Thomas on four action items. She reported a $2.85 million USDA-funded renovation at Kentucky State University’s Betty White Building, a $294,000 increase for the Kentucky School for the Deaf’s Middleton Hall renovation, and a $6.1 million restricted-funds scope increase for the KCTCS Science Building Expansion in Elizabethtown. Members asked about how often the statutory 15% increase authority is used for school dormitory and cottage projects and about the competitiveness of construction bids; Thomas said bids are typically competitive but recent estimates have been difficult because of higher material and equipment costs. The committee approved the three action items unanimously and also received a no-action report on a $3.918 million Corrections project to repair and replace the KCIW kitchen drain line. Next, the Kentucky Infrastructure Authority presented seven loans and grants, all of which the committee approved unanimously. The package included sewer and water projects for Frankfort, Sturgis, Scottsville, Morganfield, Western Pulaski County Water District, and Springfield, plus an emergency $5.487 million Kentucky Waters grant for Eddyville after a catastrophic sewer plant failure and weather-related emergency declarations. The projects covered wastewater interceptor and treatment upgrades, sewer collection rehabilitation, water transmission main installation, and planning/design work, with loan terms ranging from five to 30 years and interest rates from 0.5% to 2.25%. Finally, the committee considered a $38.4 million Kentucky Housing Corporation conduit issuance for a 322-unit multifamily rental project in Jefferson County. A member asked how the committee participates in the transaction, and staff explained that it is a conduit issuance and not state debt. The committee then moved to approve the issuance.

Transcript Highlights:

• The cost of $12.5 million required a 20-year bond.
• The cost of $12.5 million required a 20-year bond.
• And that renovation 20-year bond.
• <01:40:12.400> when in interest on the 20-year bond when in interest on the 20-year bond when
• have an option of paying down the bond. have an option of paying down the bond.

Keywords: 1189, house, all