When making a decision to refund, outflows in the form of financing costs related to redeeming and reissuing securities and inflows represented by savings in annual interest costs and tax savings are involved.

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When making a decision to refund, outflows related to redeeming and reissuing securities incur financing costs, while inflows are represented by savings in annual interest costs and tax savings.

When Making a Decision to Refund, Outflows in the Form