LOS ANGELES — The Metropolitan Water District of Southern California has been restructuring its portfolio through refundings and other methods over the past two years to capture interest rate savings.

But the massive district that spans 5,200 square miles differs from others in that it carries such a strong rating -- triple-A across the board on its general obligation bonds -- that it also was able to refund one of its variable-rate demand obligations to a self-liquidity VRDO with no reserve fund required.

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