Presiding Officer Peter Schmitt (R - Massapequa) blamed NIFA for putting the county at risk by issuing variable rate debt. (newsday.com)
Auction rate securities are variable rate debt instruments with interest rates that, unless they fail to settle, are reset approximately every 7, 28 or 35 days. (sec.gov)
It is used by normal issuers who want variable rate debt as well as TOBs. (accruedint.blogspot.ru)