Bonds are the bedrock of development finance and are used to help build roads, bridges, sewers, city halls, hospitals and thousands of public and private projects. For over a century, bonds have been spurring development and redevelopment and are a major driver for job creation and economic growth.
CDFA’s highly acclaimed Intro Bond Finance Course provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.
The Intro Bond Finance Course will address the basic requirements for issuing a bond, the rules and regulations that govern tax-exempt and taxable bonds, the major players involved in a bond transaction, and the roles and responsibilities of both public and private sector participants. Plus, learn about the tax-exempt bond market, the ratings process, how to buy and sell bonds, and ongoing continuing disclosure.
This course is essential for public leaders, economic development professionals, financial experts and anyone working to address local economic challenges. Learn how to bring economic growth to your community by utilizing the vast resources of the development bond finance industry.
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.
|By attending, you will:
- Discuss the difference between governmental and private activity bonds and when to use them.
- Learn which projects qualify for financing using industrial development bonds, 501(c)(3) bonds, and other forms of private activity bonds.
- Discover best practices employed by successful issuing authorities from across the country.
- Gain a greater understanding of the various players involved in a bond transaction and why each of their roles is important.
- Examine the bond transaction process from start to finish.
- Review federal tax rules and filing requirements.
||You will learn through:
- Real life case studies
- Interactive, online discussions
- Presentations from industry experts
|Topics covered include:
- Governmental and Qualified Private Activity Bonds
- Small Issue and 501(c)(3) Bonds
- Internal Revenue Code Rules
- Roles of Bond Counsel, Underwriters and Trustees
- Bond Ratings and Credit Analysis
- Structuring and Sizing Bond Issues
- How Bonds are Sold
- Ongoing Continuing Disclosure
||Who should attend?
- Bond Issuers
- Economic Development Professionals
- Community Development Professionals
- Broker/Dealers and Underwriters
- Elected Officials
- Government and Nonprofit Finance Officers
- Financial Advisors
- Policy Makers
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.
Brian Cooper, Principal at Umbaugh, serves as CDFA's Bond Finance Course Advisor. A twelve year veteran to the Public Finance and Economic Development arena, Brian specializes in general obligation and revenue based project and public finance, including income tax revenue, non-tax revenue and special revenue bonds. Mr. Cooper serves as financial advisor to several municipalities and development authorities in Ohio. Previously, he served as Director of Public Finance at Robert W. Baird & Co., Inc., a global firm specializing in private wealth management, equity capital markets, fixed income capital markets and public finance. In his career, Mr. Cooper has completed over 120 distinct project financings representing over $2.75 billion in financing. Mr. Cooper graduated from the Ohio State University and is registered with the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB).
|8:00 – 8:30 am|
|Continental Breakfast & Registration|
Welcome participants, introduce CDFA, and set the stage for the course.
|8:30 – 9:00 am||Welcome & Overview|
Tax-exempt bonds help stimulate public and private investment in job creation, business and industry expansion, economic and physical redevelopment, transportation and infrastructure, and renewable energy production, among many other projects. In fact, tax-exempt bonds are issued by over 50,000 state and local governments and authorities representing a three trillion dollar industry. To begin the course, we will look at the importance of tax-exempt bonds, the types of projects and businesses they support, and discuss why tax-exempt bonds are one of the nation’s most critical economic engines.
|9:00 – 10:00 am||Why Bond Financing?|
Bonds are the bedrock of development finance and are the cornerstone of most development finance projects. This session will introduce the basics, including the various types of bonds (both tax-exempt and taxable), the general process for issuing bonds, important terms, and key players in the transaction. A case study will be introduced.
|10:15 am – 12:00 am||The Basics of Bond Finance|
|12:00 – 1:30 pm||Lunch on Your Own|
Every bond transaction requires the careful involvement of many players. This session will look at the roles that the issuer, underwriter, financial advisor, bond counsel, trustee, and rating agencies play in a bond transaction. We will discuss the responsibilities of each player, selecting the right team of partners, and any special documents that need to be produced. We will also look at the case study and consider the role that each partner would play.
|1:30 – 3:15 pm||The Partners Involved|
Knowing the differences between governmental and private activity bonds is an essential element of issuing bonds. This session will explain the key differences, and then outline the variety of tax-exempt bonds available, focusing primarily on industrial development bonds, 501(c)(3) bonds for non-profits, exempt facility bonds, among others. We will discuss the types of projects that may qualify for this form of financing, and the caveats for their use. The type of bond that would be the best fit for the case study will be determined.
|3:30 – 4:30 pm||Types of Tax-Exempt Bonds|
|8:00 – 8:30 am|
|Continental Breakfast & Registration|
The first day of the Intro Bond Finance WebCourse looked at bonds from a global perspective and introduced the basic concepts and players involved. At the start of Day 2, we will review some important terms and set the stage for the remaining sessions focused on the more technical aspects of bond financing, including the rules and structuring the bond issue.
|8:30 – 8:45 am||Revisiting Day 1|
Tax-exempt bonds are governed by a series of strict rules depending on the type of project and bond being used. This session will discuss the basic rules for issuing tax-exempt bonds, including the private business use test, alternative minimum tax, volume cap, use of proceeds, TEFRA hearings, and other important rules from the federal government. We will also look at post issuance compliance policies and provide a brief overview of the important items to monitor during compliance, including bond proceeds and arbitrage and rebate. We will discuss the rules applicable to the case study as well.
|8:45 – 10:15 am||Issuing Bonds - The Rules|
The structure of a bond issue will influence several other decisions, including the size and borrowing costs. This session will look at the sources and uses of funds and explain how best to structure a bond to meet the needs of the borrower. We will consider the variety of tools that could be combined with bonds when structuring a deal, including loan funds, tax credits, tax increment financing, credit enhancement, and others. The panel will also address repayment, maturity schedules, legal limitations, market conditions, how bonds are sold, and the process of bringing a bond deal to market. Discussion of the case study will continue.
|10:30 am – 12:00 pm||Structuring the Deal|
|12:00 – 1:30 pm||Lunch On Your Own|
Bond financing is a source of capital for businesses of all sizes and from several different types of industries. This session will look at a few exemplary bond financing deals across the country to put the themes of the two-day course in context.
|1:30 – 2:30 pm||Bond Financing Case Studies|
A bond issue can only be successful if it is closed properly. This session will pull all of the themes of the course together and explain the final important steps to closing the deal. Case study examples of deals will be presented, as well as lessons learned, potential continuing disclosure requirements, and last-minute problem solving techniques.
|2:30 am – 3:30 pm||Closing the Deal|
Check back for upcoming course dates or email CDFA to find out when this course will next be offered.
The Intro Bond Finance Course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.
|Early-Bird Registration||Standard Registration|