Government Finance Officers Association Meeting

Washington, D.C.
February 2, 1999

Mr. Dubbs, then the attorney for named plaintiff Collier County, Florida, discussed yield burning, including addressing issues such as:

  • Negative arbitrage in which money is taken because of markup;
  • Positive arbitrage where money should have been refunded to the government and now municipalities owe to the government;
  • A mixed case of positive and negative arbitrage.