Which of the following statements concerning debt refundings is false?

a. Advance refundings do not result in immediate, direct retirement of existing long-term debt.

b. Often, resources of an irrevocable trust are used to service old long-term debt, even though the liability has been removed from the financial statements of the issuing government.

c. Both legal defeasance and in-substance defeasance may result in the removal of the old debt from the original issuer’s balance sheet.

d. Expenditures are reported in a legal defeasance and other financing uses are reported in an in-substance defeasance.