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CDFA // BNY Mellon Webcast Series: Forecasting the Bond Market in 2017
January 24, 2017
1:00 PM Eastern

Fundamentals of Economic Development Finance WebCourse
January 25-26, 2017
Daily: 12:00-5:00 pm Eastern

Learn More About CDFA's Free Technical Assistance for Brownfields
February 1, 2017
1:00 pm Eastern

Intro Tax Credit Finance WebCourse
February 15-16, 2017
Daily: 12:00-5:00 pm Eastern

CDFA Online Brownfields Project Marketplace
February 24, 2017
12:00 - 5:00 pm Eastern

Intro Bond Finance WebCourse
March 1-2, 2017
Daily: 12:00-5:00 pm Eastern

CDFA Brownfields Financing Webinar: Financing Brownfields with Private Activity Bonds (PABs)
March 9, 2017
2:00 pm Eastern

Intro Incentives WebCourse
April 5-6, 2017
Daily: 12:00-5:00pm Eastern

CDFA Missouri Conference
St. Louis, MO
April 20, 2017

Intro Tax Increment Finance WebCourse
May 10 - 11, 2017
Daily: 12:00-5:00 pm

CDFA Colorado Conference
Denver, CO
May 16, 2017

CDFA Texas Webinar: Financing Programs to Support Rural Development
May 17. 2017
11:30 am - 12:30 pm Eastern

CDFA Georgia Conference
Atlanta, GA
June 7, 2017

Intro Food Systems Finance WebCourse
June 6 - 7, 2017
Daily: 12:00-5:00 pm Eastern

CDFA Summer School
Minneapolis, MN
August 7-11, 2017

Fundamentals of Economic Development Finance Course
Minneapolis, MN
August 7, 2017

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

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

Intro Energy & Water Finance Course
Minneapolis, MN
August 10-11, 2017

Intro Revolving Loan Fund Course
Minneapolis, MN
August 10-11, 2017

Advanced Bond Finance WebCourse
OverviewAgendaLocationRegistration
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 Squire Patton Boggs Stern Brothers & Co. Stifel Nicolaus S.B. Friedman & Company U.S. Bank Wells Fargo Securities Wilmington Trust
Z. The Bond Buyer
Overview

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.

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
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. Mr. Cooper financial matters that range from credit strategy, debt issuance and management, financial operations, capital planning and support, management review and budgeting and forecasting.

Brian serves the Ohio public finance market and has worked with issuers large and small including the City of Akron, Development Finance Authority of Summit County, City of Wadsworth, the City of Grandview Heights and City of Tallmadge and the City of Cuyahoga Falls. Brian has also worked with regional authorities such as the Solid Waste Authority of Central Ohio (SWACO) and State level issuers including the State Treasurer and the Ohio Public Facilities Commission. Mr. Cooper has completed over 120 distinct project financings representing over $2.75 billion in financed projects.

Mr. Cooper graduated from the Ohio State University in 2001 and is registered as a municipal advisor with the Municipal Securities Rulemaking Board (MSRB) and the Securities and Exchange Commission (SEC). Mr. Cooper serves as a board member to the Ohio Tax Credit Authority and a trustee to the Worthington Education Foundation.

Cooper joined Umbaugh in 2015 when his practice, ACI Advisors, LLC, merged with Umbaugh. He is based in Umbaugh’s Columbus, Ohio, office and lives in Worthington, Ohio with his wife Patty and their three boys, Alex, Calvin and Ivan.

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Agenda
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. All times are in Eastern Time.

DAY ONE

12:00 – 12:30 pm EasternWelcome & Overview

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

12:30 – 1:15 pmMarket 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.

1:15 – 2:00 pmWho 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.

2:00 – 2:15 pmBreak

2:15 – 3:15 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.

3:15 – 4:00 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.

4:00 – 5:00 pmRegulatory 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.
trustees.

5:00 pmAdjourn

DAY TWO

12:00 – 12:15 pmRevisiting 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.

12:15 – 1:45 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).

1:45 – 2:30 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.

2:30 – 2:45 pmBreak

2:45 – 3:45 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

3:45 – 5:00 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.

5:00 pmAdjourn
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Location
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Registration

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

CDFA permits only one person to login and participate in the course. If multiple people are accessing the course without paying to attend, we will terminate your connection and access to GoToWebinar. CDFA offers group discounts for organizations that wish to register multiple people.

Register before August 18, 2017 for Early-Bird Rates.


Early-Bird RegistrationStandard Registration
Member$550.00$600.00
Non-Member$825.00$875.00
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