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Intro Bond Finance Course
August 8 - 9, 2017
Minneapolis, MN

Alaska Industrial Development and Export AuthorityBaker Tilly Virchow KrauseBallard Spahr LLPBNY MellonBricker & Eckler LLPBryan Cave LLPBusiness OregonCohnReznickFBT Project Finance Advisors LLCFrost Brown Todd, LLCHawkins Delafield & Wood LLPIce Miller LLPKeyBanc Capital MarketsKutak Rock LLPMB Financial Bank, NAMcCarter & English, LLPMcGuireWoodsMiles & Stockbridge P.C.NW Financial Group, LLCSB Friedman Development AdvisorsSquire Patton BoggsStern Brothers & Co.Stifel NicolausU.S. BankWells Fargo SecuritiesWilmington TrustZ. The Bond Buyer

-Overview

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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. Participants may register for one, two, or three courses during CDFA Summer School. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program. Join us in Minneapolis, and start down the road to personal and professional advancement today.

The schedule for CDFA Summer School is outlined below. Click on the course name to learn more about the topic and agenda:

CDFA Summer School: Course Schedule

Monday
August 7, 2016
Tuesday & Wednesday
August 8-9, 2016
Thursday & Friday
August 10-11, 2016


Register

Course Objectives

  • 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.

Topics Covered

  • 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
  • Attorneys
  • Accountants
  • Financial Advisors
  • Policy Makers

Course Advisor

Brian S. Cooper Brian S. Cooper
CDFA Bond Finance Course Advisor
Umbaugh- Ohio
Principal
A twelve year veteran to the Public Finance and Economic Development arena Brian specializes in general obligation and revenue based project and public finance. Mr. Cooper financial matters that range from credit strategy, debt issuance and... (More)

-Agenda

Tuesday August 08, 2017

Tue 08:00 AM - 08:30 AM
Breakfast & Registration
Breakfast & Registration
Tue 08:30 AM - 09:00 AM
Welcome & Overview
Welcome participants, introduce CDFA, and set the stage for the course.
Speaker(s)
  • Brian S. Cooper, Principal, Umbaugh- Ohio
  • Toby Rittner, President & CEO, Council of Development Finance Agencies
  • Tue 09:00 AM - 10:00 AM
    Why Bond Financing?
    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.
    Speaker(s)
  • Brian S. Cooper, Principal, Umbaugh- Ohio
  • Toby Rittner, President & CEO, Council of Development Finance Agencies
  • Tue 10:00 AM - 10:15 AM
    Break
    Tue 10:15 AM - 12:00 PM
    The Basics of Bond Finance
    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.
    Tue 12:00 PM - 01:30 PM
    Lunch on Your Own
    Tue 01:30 PM - 03:15 PM
    The Partners Involved
    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. There will be a 15 minute break in the middle of this session.
    Speaker(s)
  • Chris Burnham, President, Development Finance Authority of Summit County
  • Bob R. Swanger, Managing Director, Stern Brothers & Co.
  • Tue 03:15 PM - 03:30 PM
    Break
    Tue 03:30 PM - 04:30 PM
    Types Tax-Exempt Bonds
    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.
    Tue 04:30 PM
    Adjourn

    Wednesday August 09, 2017

    Wed 08:00 AM - 08:30 AM
    Breakfast
    Wed 08:30 AM - 08:45 AM
    Revisting Day 1
    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.
    Wed 08:45 AM - 10:15 AM
    Issuing Bonds - The Rules
    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.
    Wed 10:15 AM - 10:30 AM
    Break
    Wed 10:30 AM - 12:00 PM
    Structuring the Deal
    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.
    Wed 12:00 PM - 01:30 PM
    Lunch on Your Own
    Wed 01:30 PM - 02:30 PM
    Bond Financing Case Studies
    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.
    Speaker(s)
  • dennis Enright, Principal, NW Financial Group
  • Wed 02:30 PM - 03:30 PM
    Closing the Deal
    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.
    Wed 03:30 PM
    Adjourn & Cocktail Reception

    -Location


    CDFA Summer School will be held at the Renaissance Minneapolis Hotel, The Depot. Located in the Gateway District, this hotel is at the center of downtown Minneapolis' most exciting new neighborhood.

    Renaissance Minneapolis Hotel, The Depot
    225 3rd Avenue South
    Minneapolis, MN 55401
    Phone: 612-375-1700

    >>>Reserve Your Room

    CDFA has arranged a significantly reduced room rate of $199.00 (plus tax) per night for a standard room (single or double occupancy). A select number of hotel rooms are available from August 7-12, 2017 at the reduced rate if reservations are made before July 13, 2017. 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 612-375-1700 and reference CDFA Summer School.

    -Registration

    This course will be offered at CDFA Summer School. CDFA Summer School is a week long series of courses presented by the CDFA Training Institute. These courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for one, two, or three courses during CDFA Summer School. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program. Join us in Minneapolis, MN for CDFA Summer School, and 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 14, 2017 for Early-Bird Rates.

    When you register for three courses during CDFA Summer School, you will receive a $200 discount off the total registration fee.

    The registration fee for each course is displayed below. Click the Register button to view the total fees and discounts available for CDFA Summer School.
    Early Bird Rates
    (Ends July 14)
    CDFA Member: $350
    Non-Member: $500
    Standard Rates
    (After July 14)
    CDFA Member: $400
    Non-Member: $550


    Register