BRADENTON, Fla. — Broward County, Fla., is working on a plan to refund up to $110 million of auction-rate securities and replace the debt with variable-rate demand obligations with a new, triple-A rated bond insurance policy.

The transaction will refund Series 2004M of ARS and replace the former insurer, Ambac Assurance Corp., which lost its triple-A ratings and now is rated in the double-A category by all three major rating agencies.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.