My problem is what happens after 7 days and you're stuck with a failer auction? Do you get a 20% return indefinitely? When will your investment become liquid again? Will your invstment become the underlying bond, And will that be callable? The Fidelity girl didn't know. but she sounded very sweet and actually suggested a CEF
If you click on a particular bond on Fidelity's reset list, you'll get a more detailed description, which includes a hyperlink to another site where the indenture can presumably be found.
I don't know whether these credits have uniform terms or not and can't think of a good general source offhand; but the information you want will most definitely be in that indenture document, and I sure wouldn't buy w/o reading it.
As I said, I try to avoid such detail whenever possible in the bond markets. I did read the TVC indenture, which cleared up a lot, but that was a special case--somewhat unique.
As regards your question about the yields of NY GOs and REVs, everybody's talking about the premium to Treasury paper of comparable maturities. The spread is positive and definitely high in historical terms, which is normally a strong buy point.
But the question is always whether we are looking at the norm--the rule--or the deadly exception to that rule.
Particularly in the case of the funds, one never knows what might happen if enough people give in to blind panic. That is, you can never entirely dismiss the fear, though experience and research tell you it's way overblown.