Holders of both state and federal bonds were thus offered a basket of long-dated bonds, some with an interest rate of 3%, and others with 6 % (with a ten-year grace period). The basket was designed in such a way as to result in an average debt-service cost of 4%.
州债券和联邦债券持有者将获得一篮子长期债券，其中一些利率为3%，另一些为6%（但有10年宽限期）。这个债务篮子的平均债务利息成本的4%。从现代观点看，这样一来，与以当时常见的到期收益率9%相比，总债务（包括联邦债务和州债务）的“净现值”被削减了一半。