Riverside will refund all of its outstanding auction-rate securities over the next three weeks, said chief financial officer Paul Sundeen.

The city began restructuring $430 million of ARS with $128 million of certificates of participation for the Riverside Renaissance Projects that priced yesterday. The net interest rate on the refunded COPs — insured by Ambac Assurance Corp. — jumped to about 7% from 3.4% after the auction-rate market blew up earlier this year.

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