CDFA Bond Finance Update - April 18, 2017

Bond Finance Update
April 18, 2017

Features

Sens. Brown (OH) and Perdue (GA) Reintroduce MAMBA in the U.S. Senate

CDFA is pleased to announce that Senators Brown (D-OH) and Perdue (R-GA) have reintroduced the Modernizing American Manufacturing Bonds Act (MAMBA) in the U.S. Senate. MAMBA, and its companion bill in the House (H.R. 1115), represents a comprehensive reform package that will modernize and revolutionize Qualified Small Issue Manufacturing Bonds, commonly known as Industrial Development Bonds (IDBs).

Bipartisan Support Grows for Carbon Capture PABs

The Carbon Capture Improvement Act, introduced by Sen. Rob Portman (R-OH) and Michael Bennet (D-CO), would authorize states to use private activity bonds to help finance carbon capture equipment. A companion bill was introduced in the House by Rep. Carlos Curbelo (R-FL) and Marc Veasey (D-TX).

State and Local Groups Urge Congressional Action on HQLA Bills

Municipal issuer groups are urging members in both chambers of Congress to support legislation that they say would help the economy and infrastructure by including investment-grade, liquid municipal securities as high-quality liquid assets under banking regulations.

Ailing Highway Trust Fund Needs More Revenues to Avoid Bankruptcy by 2020

States would have to scale back or delay major highway and transit projects unless lawmakers take action now to raise the revenues needed to prevent the Highway Trust Fund from going broke in 2020, a coalition of 34 transportation and labor groups said in a letter to members of the Senate Budget Committee.

Costs Push Seattle Arena Bidders to Opposite Tactics

Instead of asking for new tax money or redirecting current tax revenues, a developer bidding to rebuild KeyArena seeks to use the municipality's ability to borrow money more cheaply than the rate for private borrowers from commercial lenders.

The Golden Infrastructure Opportunity That Government Missed

States had a cheaper option for investing in infrastructure, but they didn't take it. Now, they must pay the price.

Tool to Help Akron Grow, or How to Turn $2M into $14M

Pending County Council's approval, $2 million from the Summit County's budget reserves will go to the Development Finance Authority's bond fund aimed at stimulating economic development and job growth. The funding will support the issuance of an additional $14 million in bonds.

LISC Offers First CDFI Bond to Bring Private Capital to Low-Income Communities

The Local Initiatives Support Corporation, or LISC, announced it is issuing $100 million in general obligation bonds to raise capital for its community development work in the first offering of its kind. LISC is a community development financial institutions, certified by the U.S. Treasury.

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NABL Takes Complaints about SEC Disclosure Rule Proposal to OMB

NABL urges OMB to force SEC to be more realistic in estimating burdens for disclosure proposals. One reason for the taking matters up with the OMB is President Trump's executive order from January aimed at reducing regulation and controlling regulatory costs that is binding on OMB and is expected to be a guidepost for independent agencies like the SEC.

St. Louis Takes Aim at NFL, Rams over Team Move

St. Louis, St. Louis County and the agency that owns the Edward Jones Dome is seeking compensation from the NFL over the city's loss of the Rams franchise. The lawsuit alleges that the team violated league policy to "operate in a manner that maximizes fan support in their current home community."

Bill Would Ease PAB Restrictions for First-Time Farmers

Rep. David Young, R-Iowa, has introduced a bipartisan bill that would ease tax-exempt private activity bond restrictions for first-time farmers. HR 1750, the Faciliating Farmers' Access to Resources and Machinery Act, is strongly supported by CDFA and our partner, the National Council of State Agricultural Finance Programs.

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Legislative & Federal Affairs

CDFA is the national leader for development bond advocacy on Capitol Hill. A look at the latest discussions from Washington, DC:

Legislation Seeks to Define Munis as HQLA
The Bond Buyer | Apr. 17 | Bond Finance | Legislative

Visit CDFA's Legislative Affairs page for regular legislative updates, upcoming events, daily headlines, CDFA-led initiatives and more.

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The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net

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