CDFA's Bipartisan Modernizing Agricultural and Manufacturing Bonds Act Introduced in U.S. Senate
The Council of Development Finance Agencies (CDFA) is pleased to announce that Senators Brown (D-OH) and Ernst (R-IA) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. Senate as S. 2723. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for manufacturing bonds and first-time farmers by making six key changes to the tax code.
Join CDFA at the 2023 National Development Finance Summit
CDFA is traveling to Philadelphia, PA for the 2023 National Development Finance Summit! The NDFS brings together leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. Early Bird registration rates end October 13 so register today!
SUNY Raises $113M from Sale of First Sustainability Bond Issuance
State University of New York (SUNY) and Dormitory Authority of the State of New York (DASNY) announced DASNY's first-ever issuance of sustainability bonds on behalf of SUNY to support its residence hall program. DASNY issued approximately $113 million SUNY dormitory facilities revenue bonds with a sustainability designation. Proceeds from the sustainability bonds will be used to develop projects to help SUNY meet Gov. Kathy Hochul's environmental goals.
South Carolina JEDA Issues $100M in Hospital Revenue Bonds for Prisma Health
The South Carolina Jobs-Economic Development Authority (JEDA) issued $100 million in bonds for Prisma Health to finance the continued expansion of the state's largest healthcare system. The new bonds will finance the acquisition, construction, renovation, and equipping of multispecialty ambulatory care centers, medical office buildings, and acute care hospital facilities.
Oklahoma Turnpike Authority's $500M Bond Proposal Conditionally Approved
The Oklahoma Turnpike Authority (OTA) received conditional approval to issue $500 million in second senior lien revenue bonds to fund its long-range expansion program. The OTA cleared another hurdle in the path to its 14-year plan as the Council of Bond Oversight, which must review all financing requests by state agencies, authorities, and departments, approved the agency's bond application with a 4-1 vote.
Green Bond Market Closes In on $1T Total Issuance in 2023
Green, social, sustainable, and sustainability-linked bond (GSSSB) issuance has continued to climb throughout 2023, with total issuance on track to reach $1 trillion by the end of the year according to new data from S&P Global Ratings. The data shows that the proportion of GSSSBs in the market continues to grow, with issuance forecast to rise by between five and 17% year-on-year, and is expected to account for 14-16% of total bond issuance throughout 2023.
FitchRatings Takes Actions on U.S. Enhanced Municipal Bonds and Tender Option Bonds
Fitch Ratings has taken various conforming rating actions on U.S. enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers, liquidity providers, or underlying bonds. All rating actions announced in this rating action commentary are directly driven by separately announced rating actions on associated enhancement providers, liquidity providers, or underlying bonds.
Nashville and State of Tennessee Secure $1.2B in Bonds for Tennessee Titans Stadium
Nashville and the State of Tennessee have secured $1.2 billion to finance a new Tennessee Titans stadium. The city, acting via the Metro Sports Authority, and the state split the debt into six packages, each marked by a different mixture of revenue sources and tax requirements. The state pledged a total of $500 million toward the project, while the city agreed to $760 million. According to bond documents, $280 million will be guaranteed by the city's general fund.
New York Receives $185M Federal Grant and Approves $189M Bond for Water Infrastructure
New York announced over $185 million in direct financial assistance for water infrastructure improvement projects statewide. The announcement authorizes municipal access to $94.7 million in low-cost, short-term financing and previously announced grants. The state also helped ensure continued, long-term affordability of existing projects, which includes a $189 million bond sale that will save municipalities an estimated $125 million in debt service payments for 25 projects statewide.
Join CDFA for Our Upcoming Intro Tax Credit Finance Course
Register for CDFA's Intro Tax Credit Finance Course taking place on September 27-28 to learn the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs including new markets, low-income housing, historic preservation, and state-specific programs.
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