Many municipalities had utilized tax-exempt advanced refundings for debt service savings through interest cost reductions and debt restructuring. The loss of this valuable tool is a blow to the many agencies who acted as good stewards of their limited repayment resources. The beneficiaries of these savings ranged from taxpayers to operating budgets to obligors of the debt. While districts may still advance refund bonds, they now have to do so with taxable bonds, and taxable bonds are more expensive than tax-exempt bonds.