[John Semmens]

Bolobaby is correct. Paying off maturing bonds with new bonds can be done within the ceiling limit.

[jjsheridan5]

Bolobaby is correct. Paying off maturing bonds with new bonds can be done within the ceiling limit.

Since you seem to know what you are talking about, do you know the answer to my question. If the delay between the issuing of a new bond, and the paying of the old one, were to cause a very temporary jump in the debt above the ceiling, would that constitute a violation of the law? I know that there are ways around this (using incoming receipts to pay the principle on the maturing bond, and then the new bond to make other payments -- assuming that the bonds are not all due at same time), I am just curious whether this would result in a technical violation.