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" ... About $8 billion of Heyman's munis are prerefunded--refinanced with the proceeds put in U.S. Treasurys. He is picky; of the tens of thousands of municipal issuers out there he owns only 800 or so. He focuses on credits with contractual obligations, making sure he knows where the principal and interest money is coming from and what the legal protections are. He likes the bonds issued by the Orange County, N.C. water and sewer authority and the Portland, Ore. water system because both are situated in good economies and offer protections like rate covenants. But Heyman wouldn't go near the highly rated bonds recently sold by rich Vadnais Heights, Minn., even though he loves the suburb's credit, because the bonds are backed only by revenues from a new ice arena. ... "