Question 12 (2 points) If general obligation debt is refunded to lower the interest rate and the proceeds are irrevocably placed with an escrow agent or trustee to pay off the old debt as it comes due, the government must O calculate the economic gain or Balance--Employer Contributions. provide a general description of the transaction in the newspaper. adjust the GLTDAG for the increase or decrease in the amount of long-term debt. Both b and c are correct.