Join CDFA Renew Your Membership Follow CDFA on Twitter Partners
CDFA Upcoming Events

CDFA Summer School
Baltimore, MD
August 8-12, 2016

Fundamentals of Economic Development Finance Course
August 8, 2016
Baltimore, MD

Advanced Tax Increment Finance Course
August 9-10, 2016
Baltimore, MD

Intro Bond Finance Course
August 9-10, 2016
Baltimore, MD

Advanced Bond Finance Course
August 11-12, 2016
Baltimore, MD

Intro Tax Credit Finance Course
August 11-12, 2016
Baltimore, MD

CDFA // BNY Mellon Webcast Series: Manufacturing Finance: Bonds & Tax Increment Supporting the Industrial Renaissance
August 16, 2016
1:00 pm Eastern

CDFA Minnesota Conference
Minneapolis, MN
August 25, 2016

CDFA Wisconsin Conference
Milwaukee, WI
August 30, 2016

CDFA Brownfields Financing Webinar: Strategic TIF Structuring for Redevelopment
September 1, 2016
2:00pm Eastern

CDFA Texas Webinar: Tax Incentives: Exploring New Reporting & Disclosure Standards for Texas
September 9. 2016
11:00 am - 12:30 pm Eastern

Intro Energy & Water Finance Course
September 13-14, 2016
New York, NY

CDFA // BNY Mellon Webcast Series: Retail as Economy: The Math Behind Financing Retail Development
September 20, 2016
1:00 pm Eastern

CDFA Ohio Conference
Columbus, OH
September 21, 2016

CDFA North Carolina Conference
Research Triangle Park, NC
September 22, 2016

Intro Public-Private Partnership (P3) Finance Course
September 27-28, 2016
Daily: 12-5pm Eastern

CDFA Kentucky Conference
Lexington, KY
October 4, 2016

CDFA Michigan Conference
Grand Rapids, MI
October 6, 2016

CDFA Maryland Conference
Baltimore, MD
October 11, 2016

CDFA Washington Conference
Seattle, WA
October 11, 2016

Intro Rural Finance WebCourse
October 12-13, 2016
Daily: 12-5pm Eastern

CDFA Arizona Conference
Phoenix, AZ
October 13, 2016

CDFA Virginia Conference
Richmond, VA
October 18, 2016

CDFA Louisiana Conference
New Orleans, LA
November 1, 2016

CDFA's 30th National Development Finance Summit
New Orleans, LA
November 2-4, 2016

Intro Food Systems Finance Course
November 2, 2016
New Orleans, LA

Intro Property Assessed Clean Energy (PACE) Finance Course
November 2, 2016
New Orleans, LA

CDFA California Conference
Los Angeles, CA
November 15, 2016

CDFA Oregon Conference
Portland, OR
November 17, 2016

Intro Brownfields Finance WebCourse
December 14-15, 2016
Daily: 12-5pm Eastern

Advanced Bond Finance Course
Alaska Industrial Development and Export Authority Baker Tilly Virchow Krause Ballard Spahr LLP Bank of America, Merrill Lynch BNY Mellon Bricker & Eckler LLP Bryan Cave LLP Business Oregon CohnReznick FBT Project Finance Advisors LLC Frost Brown Todd, LLC Hawkins Delafield & Wood LLP Ice Miller LLP KeyBanc Capital Markets Kutak Rock LLP MB Financial Bank, NA McGuireWoods NW Financial Group, LLC Seyfarth Shaw LLP Squire Patton Boggs Stern Brothers & Co. Stifel Nicolaus S.B. Friedman & Company U.S. Bank Wells Fargo Securities
Z. The Bond Buyer
Apply for a scholarship

The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques, including the application of financial derivatives, advance refundings, investing bond proceeds and how to spot arbitrage issues. This course is an ideal opportunity to enhance your knowledge and maximize your community's ability to finance economic development using tax-exempt bonds.

This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.

The Advanced Bond Finance Course is a part of Summer School, which is a week long series of courses presented by the CDFA Training Institute. Held this August, CDFA Summer School will offer courses in the fundamentals of economic development finance, bonds, tax increment finance and tax credits. Participants may register for one, two, or three courses during CDFA Summer School. Click on the course names below to learn more about the specific topics and agendas:

CDFA Summer School: Course Schedule

August 8, 2016
Tuesday & Wednesday
August 9-10, 2016
Thursday & Friday
August 11-12, 2016
    By attending, you will:
    • Understand trends and forces impacting today's volatile bond market.
    • Examine the key principles of interest rate swaps, when to consider them, and the risks and benefits associated with swaps.
    • Discover best practices for negotiating professional fees in a bond transaction.
    • Learn about investing bond proceeds, how to spot arbitrage issues, calculating yield, advance refundings, and other complex municipal financing techniques.
    • Hear from representatives at the IRS and MSRB about current regulatory matters in the bond markets.
    • Discuss various forms of credit enhancement and the availability of this form of financing given current market conditions.
    • Be able to provide better guidance to customers after hearing expert panelists explain common challenges in bond transactions and how to overcome them.
    You will learn through:

    • Real life case studies
    • Presentations from industry experts
    • A comprehensive course book
    Topics covered include:

    • IRS and Financial Markets Update
    • Interest Rate Swaps
    • Arbitrage and Rebate Concepts
    • Advanced Refundings
    • Credit Enhancement Techniques
    • MSRB Rules and Disclosure Requirements
    • Investing Bond Proceeds
    Who should attend?

    • Bond Issuers
    • Economic Development Professionals
    • Community Development Professionals
    • Broker/Dealers and Underwriters
    • Elected Officials
    • Government and Nonprofit Finance Officers
    • Corporate Trustees
    • Legal Counsel
    • Underwriters
    • Commercial Bankers
    • Accountants
    Return to the top
    The following is the preliminary agenda for this course. This agenda will be updated and modified slightly to accommodate speakers and content. However, the main areas of content as outlined in this agenda will be covered.


    8:00 – 8:30 am EasternContinental Breakfast & Registrations

    8:30 – 9:00 amWelcome & Overview

    Welcome participants, introduce CDFA, and set the stage for the course.

    9:00 – 10:00 amMarket Update

    The course starts with an update on market conditions during a time of exceptional volatility in the capital and municipal markets. We will explain the challenges issuers are facing and other forces affecting the bond markets.

    John Wooten 
    Director, Head of Municipal Placements
    Wells Fargo Securities

    John Hallacy 
    Managing Director
    Assured Guaranty

    10:00 – 10:15 amBreak

    10:15 – 11:00 amWho Buys Bonds?

    A whole world of investors exists outside of the private placement option. This session will look at the variety of buyers participating in the bond markets, including mutual and pension funds, insurance companies, institutional investors, among others. The panel will discuss how market forces affect investors’ choices and how to engage investors in a deal.

    11:00 – 12:00 pmCredit Enhancement

    In the past, over 60% of tax-exempt bonds were issued with some form of credit enhancement. Since 2008, this percentage has declined dramatically, yet some forms of credit enhancement are still viable. This session reviews forms of credit enhancement other than letters of credit, including senior and subordinate bond structures, bond insurance, and state credit enhancement programs.

    John Hallacy 
    Managing Director
    Assured Guaranty

    12:00 – 1:30 pmLunch

    1:30 – 2:30 pmRefundings

    This session explains how advance refundings work and why issuers utilize them. Material covered includes: general prohibitions, limitations, and how the arbitrage rules apply. Several case studies will be reviewed as well.

    Michael Graff 
    McGuireWoods LLP

    Robert Kaplan 
    Senior Counsel
    McGuireWoods LLP

    2:30 – 2:45 pmBreak

    2:45 – 4:30 pmNegotiating Professional Fees

    The key to negotiating fees paid to bond professionals is to make their selection as competitive as possible. This session will discuss how to select the most competent and qualified professionals, including bond counsels, underwriters, placement agents, financial advisors, and trustees.

    4:30 pmAdjourn


    8:00 – 8:30 amContinental Breakfast & Registration

    8:30 – 8:45 amRevisiting Day 1

    At the start of Day 2 of the Advanced Bond Finance Course, we will review some important terms and set the stage for the remaining sessions.

    8:45 – 10:15 amRegulatory Update

    This session will discuss the role of the Internal Revenue Service and the Municipal Securities Rulemaking Board with particular attention paid to regulations that are most critical to issuers in the bond financing process.

    Ritta McLaughlin 
    Chief Education Officer
    Municipal Securities Rulemaking Board

    10:15 – 10:30 amBreak

    10:30 am – 12:00 pmArbitrage, Rebate, and Calculating Yield

    Understanding arbitrage and rebate is a necessary component of the bond financing process. During this session, basic tax restrictions on arbitrage will be explained, as well as adjustments for guarantee fees and adjustments for payments and swaps. This session will also cover rules associated with rebate, how to calculate yield, and other considerations for fixed rate and variable rate issuances.

    Kristen Kalinowski 
    Vice President
    BNY Mellon Corporate Trust

    12:00 – 1:30 pmLunch

    1:30 – 2:30 pmInterest Rate Swaps

    The key principles of interest rate swaps are the focus of this session. The speakers will explain common types of swaps, why issuers consider swaps, the risks involved, and pricing and financial benefits. Case studies of various interest rate swap structures will also be presented.

    Bryan Kern 
    KPM Financial, LLC

    2:30 – 3:30 pmLeveraging Resources

    An issuing authority has the ability to do more than simply issue bonds. This session will look at creative ways to leverage authorities, such as developing special loan programs, creating new bond funds, or providing guarantees. Also included in the discussion are some of the essential rules for investing bonds proceeds (like rating agency requirements and potential arbitrage restrictions).

    David Rogers 
    Attorney at Law
    Frost Brown Todd, LLC

    Courtney Jenkins 
    Senior Advisor
    CleanSource Capital

    3:30 pmAdjourn
      Return to the top

      CDFA Summer School will be held at the Renaissance Baltimore Harborplace Hotel. Steps away from the city's storied waterfront, this hotel is at the center of downtown Baltimore's most exciting district.

      Renaissance Baltimore Harborplace Hotel
      202 East Pratt Street
      Baltimore, MD 21202
      Phone: 410-547-1200

      >>>Reserve Your Room

      CDFA has arranged a significantly reduced room rate of $189.00 (plus tax) per night for a standard room (single or double occupancy). A select number of hotel rooms are available from August 7-12, 2016 at the reduced rate if reservations are made before July 23, 2016. This rate is not guaranteed if reservations are made after the cut-off date or if the hotel is sold-out. Please reserve your room early. For individual reservations call 410-547-1200 and reference CDFA Summer School.

      Return to the top

      This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.

      Scholarships are available to attend this event. Learn more about the CDFA Scholarship Program, Presented by PFM and submit your application today.

      Register before July 8, 2016 for the Early-Bird Rates.

      Participants can register for one, two or three courses throughout the week. When you register for three courses during CDFA Summer School, you will receive a $200 discount off the total registration fee.

      Early-Bird RegistrationStandard Registration

      Register Today!
      Return to the top