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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

Refunded bond  

Definition 1.

Also called a prerefunded bond, a bond that originally may have been issued as a general obligation or revenue bond but that is now secured by an escrow fund consisting entirely of direct U.S. government obligations that are sufficient for paying the bondholders.
 

Definition 2.

A bond, originally issued as a regular or revenue bond, that is now secured by a second issue of bonds which are held in an "escrow fund" consisting of U.S. government debt until the first bond issue reaches maturity.
 
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