Advance Refunding Offer Law and Legal Definition

According to 31 CFR 306.2 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter II -- Fiscal Service, Department of the Treasury; Subchapter B -- Bureau of the Public Debt; Part 306 -- General Regulations Governing U.S. Securities; Subpart A -- General Information], advance refunding offer is “an offer to a holder of a security, usually a year or more in advance of its call or maturity date, to exchange it for another security.”