The Menlo Park Community Redevelopment Agency completed the restructuring of its impaired variable-rate bond portfolio Wednesday.

Remarketing rates for the agency’s variable-rate demand obligations, which reset daily, had spiked past 5% beginning in January as market participants began penalizing debt wrapped by Ambac Assurance Corp., which insured the agency’s $72.4 million tax-allocation refunding VRDO deal in 2006.

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