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CDFA Bond Finance Update - July 20, 2021

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Bond Finance Update
July 20, 2021
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CDFA Bond Finance Update


CDFA Sends Letter to Congress Asking for Bond Finance Provisions in Infrastructure Bill
CDFA and its coalition of partners have sent a letter to Congress asking for several key tax-exempt bond finance provisions to be included in the infrastructure bill. You can still sign the coalition letter to show your organization's support for tax-exempt bonds.

A Look Into Denver, CO's $400M Bond Proposal
Denver voters may soon choose whether to let the city take out a $400 million bond to fund numerous infrastructure projects as part of a long-term COVID-19 recovery plan. The city announced the proposed general obligation (GO) bond in April and the Denver City Council is set to begin voting on the proposal later this month. If approved by the council and the mayor, voters will see the bond on the ballot in November.

Brightline West Bond Effort Pushed Back to 2022
The effort to finance the Brightline West high-speed rail line between Las Vegas, Nev., and Victorville, Calif., will wait until 2022. The Las Vegas Review-Journal reports Brightline spokesman Ben Porritt said the plan to seek funding through private activity bonds was being pushed back because of the COVID-19 pandemic, and that the company had notified agencies involved in its effort of that plan beforehand.

CDFA Wants PABs for Electric Vehicle Charging Stations
The Council of Development Finance Agencies is including the enactment of tax-exempt private activity bonds for electric car charging stations among its top lobbying priorities for inclusion in federal infrastructure legislation. CDFA also wants Congress to enact enhancements for aggie bonds and industrial development bonds as well as reinstate the tax exemption for advance refunding bonds.

CTBH Partners LLC Announces Successful Issuance of $105.2M of Solid Waste Industrial Revenue Bonds
CTBH Partners LLC is pleased to announce the closing of $105.2 million aggregate principal amount of tax-exempt solid waste industrial revenue bonds for its client, Waste Pro USA, Inc. As financial advisor to the Borrower, CTBH represented Waste Pro in the issuance of the Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds Series 2021 for the benefit of Waste Pro.

Learn About Bonds at CDFA's Intro Bond Finance Course - August 4-5, 2021
The Intro Bond Finance WebCourse addresses 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, attendees will learn about the tax-exempt bond market, the ratings process, how to buy and sell bonds, and ongoing continuing disclosure.

Credit Rating Agencies See Improved Outlook for Alaska, but Note Risks From Budget Uncertainty
As Alaska lawmakers decide what to do about the budget, one group that's keeping an eye on the outcome are the agencies that rate the state's ability to pay off its debts. As the budget situation worsened in recent years, the agencies downgraded the state's credit rating 10 times between 2016 and 2020. But the rating agencies see improvement in Alaska's outlook.

CDFA Publishes New Private Activity Bond Volume Cap Data and Resource Center
CDFA has published private activity bond volume cap data for 2019 in the new Volume Cap Resource Center. Notably, states are issuing more bonds overall, with total issuances of cap-subject bonds hitting an all-time high. Issuance data from 2019 shows an increase in the issuance of multifamily housing bonds and mortgage revenue bonds, while Industrial Development Bond (IDB) issuance remained relatively flat.

Market Reports

Weekly Market Outlook
Moody's Analytics | Jul. 19 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Jul. 19 | Bond Finance | Market Reports

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Once Junk-Rated, Wayne County, Michigan, Leaps Into Single-A Territory
Wayne County, Michigan, received an upgrade from Moody's Investors Service this week that pushed the once speculative-grade credit into the single-A category six years after a financial crisis. Moody's raised the county's issuer rating and the general obligation and lease rental bonds issued by the Detroit Wayne County Stadium Authority to A3 from Baa1 and signaled the potential for further positive momentum by assigning a positive outlook.

Economists Find Underreporting Of Municipalities' Private Debt Obligations
The underreporting of bank debt remains a sizable risk for holders of municipal bonds two years after Securities and Exchange Commission rule changes designed to improve transparency. That was the conclusion of scholarly research performed by three economists and presented Monday at the Brookings Municipal Finance Conference. The paper examined the effectiveness of regulations designed to improve the transparency of private debt.

Green Bonds Offer an Opportunity for Muni Expansion, Climate Bonds Initiative Says
Between 2016 and 2020, green, social, and sustainability bond issuance grew by an average of 72% a year in the United States, according to a report issued by the Climate Bonds Initiative. Green municipal bonds issued by local government authorities and state-backed government entities made up 23% of the total volume of annual issuance in the U.S.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

Legislative & Federal Affairs

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

Bipartisan Infrastructure Plan 2-Pager Released
Politico | Jun. 21 | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing | Water Finance

Infrastructure Bill Deal: Congress Can Spend Now, Pay Later
Bloomberg | Jun. 15 | Bond Finance | Infrastructure Finance | Legislative

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to bond finance, get involved in CDFA-led initiatives, and more.

Bond Finance Headlines

Monroe, NJ Refinances Municipal Debt; Saves Nearly $2.4M in Interest
centraljersey.com | Jul. 19 | Bond Finance

Senate Democrats Agree to $3.5T for Budget Reconciliation Infrastructure Bill
The Hill | Jul. 14 | Bond Finance | Infrastructure Finance | Legislative

Bedford, IN TIF District Generates Approximately $2.2M for Redevelopment Commission
WBIW | Jul. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Indianapolis, IN Council Approves TIF Funding for Elanco HQ
WISH-TV | Jul. 13 | Bond Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Turnpike Bonds to Finance Project to Relieve Traffic Congestion in South Charleston, WV
WV MetroNews | Jul. 7 | Bond Finance | Infrastructure Finance

New York City, NY Approves Issuing Industrial Revenue Bonds to Create New Senior Living Facility
The Mercury News | Jul. 7 | Bond Finance | Housing Finance | Urban Development

Maryland DHCD Issues First Sustainability Bonds in Agency's History
NCSHA | Jun. 29 | Bond Finance | Energy Finance | Green Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Louisiana Housing Corporation Board Approves $2.9M of Additional Volume Cap for Multifamily Rental Properties
NCSHA | Jun. 29 | Bond Finance | Housing Finance | Tax Credits | Bond Volume Cap

Wisconsin Housing and Economic Development Authority Issues $156M Housing Revenue Bond
NCSHA | Jun. 29 | Access to Capital | Bond Finance | Economic Development | Historic Preservation | Housing Finance | Tax Credits

Fitch Rates Maine Municipal Bond Bank's $38M TransCap Revs 'AA-'; Outlook Stable
Fitch Ratings | Jun. 21 | Bond Finance

Green Trend Adoption is Becoming More Essential for the Financial Services Industry
Forbes | Jun. 18 | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Resiliency

Fitch Downgrades Syracuse IDA, NY PILOT Bonds to 'CC'; Removes Rating Watch Negative
Fitch Ratings | Jun. 15 | Bond Finance | Tax Credits

Investors Gobble Up Parkway Bonds; State Garners $423M for West Virginia Road Projects
MetroNews | Jun. 15 | Bond Finance | Infrastructure Finance

West Chester, OH Paying $2.7M for Work Around I-75 Interchange
Journal-News | Jun. 15 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Thirty-Year Treasury Bond Auction Attracts Average Demand
Nasdaq | Jun. 15 | Bond Finance | Federal | U.S. Dept. of Treasury

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

For more information about sponsoring one of CDFA's electronic newsletters, please contact CDFA or call 614-705-1300.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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