The keystone of the five-point plan was a refinancing of the original $259 million bond that financed the corporation.

The other $500 note would pay a fixed rate of 17 percent, and would not be due until June 15, 1997, five years after the original bonds.

Fred's original bond had been set at $ 10,000.

Another group of bondholders, with $55 million worth of the securities, turned down all offers and kept their original bonds.

If demand for zeros is lower, the trader can buy all the pieces and "reconstitute" them at the Fed into the original bond.

For example, falling interest rates may prevent bond coupon payments from earning the same rate of return as the original bond.

Each phase of construction is financed individually, but the original $10 million bond in 2006 was enough to cover the first three phases of construction.

Reissued bonds retain the same issue dates and interest earnings as the original bonds.

Chemistry, again: if you introduce a new element, you never know how stable the original bond is.

Between 1974 and 1986, the turnpike experienced little change other than maintenance as the original bonds on the road were being paid off.