27 



wnri.aA4iiaN.xi.3nA«*»:ij n>4 



FEDERAL PERSPECTIVE: 

 REFINANCING BONDS NOT TREATED AS OBLIGATIONS OF U.S. GOVERNMENT 



8PA Dtbt S«rvic« Paym«nt« lo Tr*»«ury 



L*giaiativ« Prspoaat; Open Marfcat Buv-Out 



FY 1996 Repayment Study RaiuHa 



laaucno* «4.020. with Net Prooaadi to Tiea«urv in FV 1996 of S3.980 



No Zara Caupan Bonda: 60 bp Spread en 30-Yaar SariaVTerm Band* 



Nominal ar>d Pretant VaKiaa 

 (» Miniona) 



V Fy 1886 rapaymanl alu«ea aonalatant wtth »PA'a 1993 t 



