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CDFA Bond Finance Update - February 21, 2023

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Bond Finance Update
February 21, 2023
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CDFA Bond Finance Update


Coming Up Next Month: CDFA's Intro and Advanced Bond Finance Courses!
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 13-14 followed by the Advanced Bond Finance Course on March 15-16. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

$209M Financing Agreement Brings 7-Story Charter School to Mott Haven in New York
A new charter school is heading to Mott Haven after a $209 million tax-exempt bond agreement was reached between the KIPP NYC and the city's Build NYC Resource Corporation, expanding the borough's charter school network. Hoping to open before the 2025-2026 school year, the new charter school will be KIPP's second high school charter in NYC and aims to serve a total of 2,800 high school students in the city.

Stifel Served as Sole Underwriter on Pledged Revenue Obligations in Pinal County, AZ
On July 28, 2022, Stifel served as sole underwriter on Pinal County's Pledged Revenue Obligations, Taxable Series 2022, issued to acquire approximately 1,366 acres of land in the City of Casa Grande, Arizona (the "Property"). The Property will be leased to Lucid USA, Inc. to develop additional production facilities to manufacture luxury electric vehicles.

California School Board to Discuss Lunch Program and Bond Financing
Assembly Bill 130, signed into law in July 2021, requires California to provide breakfast and lunch to all students, requires high-poverty schools to participate in a federal provision, and provides funding from the State Legislature to cover the meal reimbursement. The Santa Monica-Malibu Unified School District will provide an update on the nutrition program and reshuffle the District's general obligation bonds that allow them to save money in the current conditions of the bond market.

Greensboro Day School in New York Seeks Approval For $25M Bond
The Guilford County Board of Commissioners tends to hold a public hearing regarding a proposed $25 million bond issuance to fund new projects of the Greensboro Day School as well as refinance past projects of the school. Even though the bonds require approval of the Board of Commissioners, no county taxpayer funds will be put at risk – nor will the faith and credit of Guilford County be on the line.

Philadelphia, PA-Based Comcast Issues $1B Bond for Environmental Efforts
Philadelphia-based Comcast Corp. recently issued a $1 billion, 10-year green bond that will give investors the opportunity to support environmental efforts. Proceeds from the green bond may be allocated to efforts that will help Comcast reduce its carbon footprint.

Citigroup Dropped from Texas Municipal Bond Deal Over Gun Policy
Citigroup Inc. has been dropped from the group of banks poised to handle the biggest-ever municipal-bond transaction from Texas after the state's attorney general's office determined the firm "discriminates" against the firearms industry, barring it from underwriting most government borrowings in the state. The Texas Natural Gas Securitization Finance Corp. board took action to "reconstitute" the syndicate on the $3.4B deal.

Development Authority Approves Bond Sale, Agreement With Coweta County, GA
The Coweta County Development Authority approved the sale of bonds and a repayment agreement with Coweta County to help finance the Freyr battery plant. The members passed a resolution including two bonds, one for $20.8M and one for $3.5B along with an intergovernmental agreement that the county would provide the authority with the money to pay the bonds.

Market Reports

Weekly Market Outlook
Moody's Analytics | Feb. 20 | Bond Finance | Market Reports

Upcoming Events
Intro Bond Finance Course

Implementing Economic Justice in Development Finance Agencies
February 22, 2023 - 2:00 PM - 4:00 PM Eastern
During this webinar, join CDFA and our members at the St. Louis Development Corporation to learn about the bold strategies that St. Louis is taking to infuse economic justice principles into their development finance programs. Hear from the authors of the St. Louis Economic Justice Action Plan and how key stakeholders across the city are implementing the recommendations.

CDFA Food Systems Finance Webinar Series: Bonds & Food Systems
February 28, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we take a deeper look at a method of financing that has been building infrastructure, industry, and agriculture for over a century and explore its applications within the food system.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Infrastructure Contract Awards Jump a Record 25% as Federal Funds Flow
The value of contract awards spiked by a record 25% last year as federal infrastructure funds began to flow to state and local governments. The American Road & Transportation Builders Association, which tracks monthly data on the value of state and local government contract awards, said the 25% increase in calendar 2022 marked the largest growth rate since ARTBA began collecting the data in 1997.

California's Kathryn 'Kasey' O'Connor Wins 2022 NAST Award
Kathryn "Kasey" O'Connor, executive director of the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Program, was awarded the 2022 Chris Allen Memorial Award for Outstanding Advocacy in Public Finance from the National Association of State Treasurers.

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

Council in North Carolina Asked to Approve an Additional $5.8M for Parking Deck
Rhino Times | Feb. 20 | Bond Finance

Tallahassee, FL Committee Recommends $7M Loan for Affordable Housing Complex
Tallahassee Reports | Feb. 20 | Bond Finance | Housing Finance

Greenville, SC DDA Approves Bids for $1.5M Downtown Infrastructure Project
Daily News | Feb. 20 | Bond Finance | Infrastructure Finance

41-Unit Affordable Housing Complex Unwrapped in Eagle Rock, CO
Urbanize | Feb. 20 | Bond Finance | Housing Finance

American Dream Faces $389M Lawsuit by Construction Financing Lenders
NJBIZ | Feb. 15 | Bond Finance

IDB Invest Prices $1B 5-Year Fixed-Rate Sustainability Bond
Benzinga | Feb. 15 | Bond Finance | Green Finance

Developer Scores $375M Financing to Develop Vons Site in California
The Lookout News | Feb. 7 | Bond Finance | Housing Finance | Redevelopment

$35M in Bonds Approved for Kentucky CVG Project
LINK nky | Feb. 7 | Bond Finance | Infrastructure Finance

KIPP NYC Scores $209M for Bronx Charter School
Commercial Observer | Feb. 1 | Bond Finance | Infrastructure Finance

Minnetrista, MN to Bond $8M for Street Projects
Laker Pioneer | Jan. 23 | Bond Finance | Infrastructure Finance

Brooks Lands $185M for San Antonio, TX Community
MHN | Jan. 23 | Bond Finance | Community Development | Housing Finance

Cobb County, GA Apartment Complex Seeks Extra $1.5M in Financing
Yahoo! News | Jan. 23 | Bond Finance | Housing Finance

DISH Network Announces Secured Debt Offering
Yahoo! Finance | Jan. 19 | Bond Finance | Infrastructure Finance

$50M for Minnesota Lending Program Supporting Next Generation Farmers
Minnesota House of Representatives | Jan. 19 | Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

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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