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CDFA Bond Finance Update - March 17, 2020

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Bond Finance Update
March 17, 2020
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CDFA Bond Finance Update

Features

U.S. Rep. Danny Davis Co-Sponsors MAMBA, a Top Legislative Priority for CDFA
U.S. Representative Danny Davis of Illinois' 7th Congressional District just became a co-sponsor of H.R. 5422, the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA). The six reforms contained within MAMBA would lower capital access barriers for small manufacturers and first-time farmers by modernizing how the Internal Revenue Code regulates the issuance of small issue bonds.

The Economic Impact of Coronavirus (COVID-19)
Mark Zandi of Moody's Analytics discusses the looming threat of COVID-19 to the global economy, highly impacted sectors, and financial markets, and considers the monetary and fiscal policy response that would ease the fallout from the potential downturn.

IRS Publishes Population Figures to Determine PAB and LIHTC Caps for 2020
IRS Notice 2020-10 provides population figures to calculate calendar-year 2020 limits for private activity bonds (PABs) and low-income housing tax credit (LIHTC). The PAB cap is the greater of the population multiplied by $105 or $321,775,000. The LIHTC cap for each state is the greater of the population multiplied by $2.8125 or $3,217,500.

MN Gov. Proposes Scaled-Back Supplemental Budget, Urges Lawmakers to Pass Bond Bill
Gov. Tim Walz proposed a scaled-back supplemental budget that leaves nearly $1.2 billion unspent, warning that state dollars should be used to expand public reserves, recover from emergencies and prepare for the coronavirus outbreak. Walz said that given the outbreak, he hopes legislators work quickly this year to pass a bonding bill and supplemental budget, "then get back home."

Diverse Green Bonds Will Build the Future Faster
Investors are increasingly looking for bonds secured against the sustainable economy. Outstanding green bonds are now worth more than $600 billion globally, with issuance in 2020 expected to reach $250 billion. Amid this acceleration, different shades of green are emerging. Such diversity of green bonds has tangible benefits - to both investors and the planet.

SEC Adopts Amendments to Rules 3-10 and 3-16 of Regulation S-X
On March 2, 2020, the Securities and Exchange Commission (SEC) adopted amendments that reduce and simplify the financial disclosure requirements applicable to registered debt offerings for guarantors and issuers of guaranteed securities, as well for affiliates whose securities collateralize a registrant's securities.

CA Senate Bond Measure Would Put $5.5B Toward Fighting Climate Change
A proposed $5.5-billion bond measure from the California Senate aims to combat climate change by funding various environmental preservation and expansion projects throughout the state. Senate Bill 45 would allocate the money based on environmental hazards faced in California. The bill would still need to be approved by the Legislature before being placed on the November ballot.

New York, NY's MTA Subway System to Raise $1B in New Debt
The Metropolitan Transportation Authority approved issuing as much as $1 billion of bonds backed by sales taxes, a new borrowing vehicle for the agency as it faces a potential delay in congestion-pricing receipts needed to support its ambitious capital plan.

Market Reports

Weekly Market Outlook
Moody's Analytics | Mar. 12 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | Mar. 9 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

Intro Tax Increment Finance WebCourse
May 20-21, 2020 - Daily: 12-5pm (Eastern)
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

COVID-19 a Challenge for Muni Advocacy
Some muni market advocates have growing concerns that COVID-19 is limiting their ability to push important muni bond initiatives on Capitol Hill and elsewhere. Congress is still open with staffers and lawmakers present, but those offices could decide to minimize or ban face-to-face meetings as virus concerns grow.

Muni Yields Skyrocket, New Issues Pulled Amid COVID-19 Fears
The municipal market was hammered Wednesday by the rapidly spreading COVID-19 global pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion in an already complicated market.

Congressman Floats Treasury Infrastructure Bond Plan
The chairman of the House Transportation and Infrastructure Committee favors the creation of a series of Treasury bonds dedicated to transportation that would be paid for by indexing the federal gasoline tax. The last estimate was the added revenues from inflationary rises in the gas tax could allow $500 billion of bonds to be sold over 13 years.

U.S. Chamber of Commerce Urges Senate to Expand Bonding for Public Transit
Public transit advocates told a Senate committee that a significant increase in federal funding for new buses and rail cars along with flexibility for reaching rural populations should be included in the next transportation reauthorization bill. The U.S. Chamber of Commerce favors paying for those investments with an increase in gas and diesel taxes along with increased use of federal loan programs, private activity bonds, and public-private partnerships.

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.

Bond Finance Headlines

CA's Prop. 13 for $15B School Bond Officially Defeated
Santa Cruz Sentinel | Mar. 14 | Bond Finance | Social Finance | Social Finance\Education

KAO USA Plans to Expand; Powell Valves Moving After 174 Years of Operation
The Enquirer | Mar. 11 | Bond Finance | Tax Increment Finance (TIF)

MN Expected to Approve $50M in Loan Assistance for Farmers
KFGO | Mar. 6 | Access to Capital | Agriculture Finance | Bond Finance | Legislative | Revolving Loan Funds (RLFs)

Fast-Moving Senate Energy Bill Draws Dozens of Amendments
Roll Call | Mar. 3 | Bond Finance | Energy Finance | Green Finance | Legislative

Wells Fargo Asset Management Launches Municipal Sustainability Fund
Wells Fargo Asset Management | Mar. 2 | Bond Finance | Member News

Imlay City, MI Community Schools Sell $30M Bonds
The County Press | Mar. 1 | Bond Finance | Social Finance | Social Finance\Education

Hallsville, TX School District Making Headway on $55M Bond Project
The Marshall News Messenger | Mar. 1 | Bond Finance | Social Finance | Social Finance\Education

Standard Communities Leverages LIHTCs, OZ Funds, Partnerships, $200M Debt for Affordable Senior Apartments
Senior Housing News | Mar. 1 | Bond Finance | Community Development | Housing Finance | Opportunity Zones | State Finance Program | Tax Credits | Tax Credits\State Tax Credit Programs

Woodstock, VT Seeks $4.5M Bond for Emergency Services Building
Mountain Times | Feb. 26 | Bond Finance | Disaster Recovery & Relief

CA Deal Marks First Fannie Mae Green MTEB Transaction
Housing Finance | Feb. 26 | Bond Finance | Energy Finance | Green Finance | Housing Finance

South Haven, MI Water/Sewer Authority Expects $1.7M Savings by Refinancing Bonds
The Herald-Palladium | Feb. 25 | Bond Finance | Infrastructure Finance | Water Finance

Regents of the University of California; $1.5B in Pooled Hospital Revenue Bonds
MuniNet Guide | Feb. 25 | Bond Finance | Social Finance | Social Finance\Education | Social Finance\Health

Bond Issuance Sparks Construction Boom for East Prairie, MO Schools
Standard Democrat | Feb. 20 | Bond Finance | Social Finance | Social Finance\Education

Colorado Spings, CO Council Approves $50M for Downtown Upgrades
The Gazette | Feb. 19 | Bond Finance | Special Assessment Districts | Tax Increment Finance (TIF)

Pittsburgh, PA Council Members Propose $60M Bond for Affordable Housing
Trib Total Media | Feb. 19 | Bond Finance | Housing Finance | Opportunity Zones | Opportunity Zones\Opportunity Funds

City of Rosenberg, TX Refunds Bonds, Saves More Than $1M
Houston Chronicle | Feb. 18 | Bond Finance | Local Finance Program

City of Newburgh, NY Approves Bond for $15M in Capital Projects
Times Herald-Record | Feb. 18 | Bond Finance


Highlights from the Online Resource Database

Renewable Energy Finance Brief: Green Bonds
Bond Finance | Energy Finance | Green Finance | International
This brief, published by the International Renewable Energy Agency (IRENA), posits that reallocating global capital into sustainable solutions requires a greater supply of effective and desirable capital market instrument. Green bonds help bridge the gap between providers of capital and green assets, helping governments raise finance for projects to meet climate targets and enabling investors to achieve sustainability objectives.


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
info@cdfa.net

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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
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  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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