Technical Assistance


CDFA Bond Finance Update - June 20, 2023

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Bond Finance Update
June 20, 2023
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CDFA Bond Finance Update


CDFA's Modernizing Agricultural and Manufacturing Bonds Act Introduced in U.S. House of Representatives
CDFA's Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) was introduced as H.R. 3787 in the U.S. House of Representatives with bipartisan support by Reps. LaHood (R-IL), Kildee (D-MI), Feenstra (R-IA), and Evans (D-PA). MAMBA modernizes 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 key changes to the tax code.

Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.

American Resources Closes Biggest Bond Financing for Wyoming County Coal Complex
American Resources Corporation closed the book on its largest financing to date, a $45 million revenue bond for its Wyoming County Coal complex in West Virginia. The bond, issued by the West Virginia Development Authority Solid Waste Disposal Facility Revenue Bonds, Series 2023, carries an interest rate of 9 percent and matures on June 8, 2038.

Water Reclamation District in Illinois Issues $100M Bonds for Sewage Treatment
The Bloomington-Normal Water Reclamation District is moving toward issuing $100 million in bonds for improvements to sewage treatment and runoff. This accounts for roughly a third of a larger effort to modernize the system and comply with tighter federal standards on phosphorous and other nutrient emissions.

Laura Allen Takes the Helm at Government Finance Officers Association
Laura Allen, budget analyst for the Maryland Department of Budget and Management, takes over as president of the Government Finance Officers Association from Terri Velasquez in a role she feels can be instrumental in bringing members together and addressing the most pressing challenges for the industry.

Tulare County, CA Approves $40M Bond for Four Countywide Projects
The Tulare County Board of Supervisors approved the issuance of tax-exempt bonds in a principal amount not to exceed $40 million by the California Municipal Finance Authority for Family Health Care Network (FHCN). FHCN has four proposed projects that half of the funding will go toward in Tulare County, which includes renovations as well as new builds throughout the county.

Nonprofit Launches $12M Forest Resilience Bond Catalyst Facility in Oregon
Blue Forest has announced the launch of its first pooled investment vehicle for Forest Resilience Bonds (FRBs): the FRB Catalyst Facility, with initial commitments of $12 million. The strategy will finance high-impact ecological restoration projects with revolving loans and catalyze Blue Forest's expansion to new landscapes and communities, beginning with Oregon's Rogue Valley region.

Infrastructure Bonds Created Under Bipartisan Senate Bill
A new class of direct-pay taxable municipal bonds would be created under a bipartisan bill introduced by U.S. Sen. Roger Wicker (R-MS). The American Infrastructure Bonds Act, S. 1695, which Sen. Wicker sponsored on May 18 alongside seven original cosponsors, aims to boost investment in infrastructure and other public projects by providing affordable access to the large taxable bond market, according to a bill summary provided by the senator's staff.

Market Reports

Weekly Market Outlook
Moody's Analytics | Jun. 15 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | Jun. 15 | Bond Finance | Market Reports

Upcoming Events
CDFA Virtual Summer School

SSBCI Learning Series - Emerging Models and Best Practices for Delivering Technical Assistance
June 22, 2023 - 2:00 PM - 4:00 PM Eastern
To date, Treasury has allocated $200 million in potential funding to states, U.S. Territories, and Tribal Governments, and another $100 million to the Minority Business Development Agency for its Capital Readiness Program. During the third module of the 2023 SSBCI Learning Series, speakers will provide insights on best practices for delivering TA to micro-enterprises and SEDI businesses and discuss current efforts to deploy funding made available through Treasury's SSBCI Technical Assistance Grant Program.

2023 Equitable Lending Learning Series: Fund Capitalization
June 27, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan funds are traditionally capitalized, provide best practices for establishing and growing loan funds, and share examples of programs that offer an evergreen source of capital to their community.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

S&P Cuts Baltimore, MD Mayor, Council Water Bonds Due to EPA Order
S&P Global Ratings cut the ratings on the Baltimore Mayor and City Council, Maryland's outstanding water bonds to A-plus from AA-minus, and lowered the ratings on the city's subordinate water obligations to A from A-plus.

North Carolina Commission Approves Bonds for Wilmington Building Buy
The North Carolina Local Government Commission gave approval for Wilmington officials to sell $70 million of bonds to buy a 12-story downtown building as it consolidates city agencies into one place.

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

Work Begins on $8M Mixed-Use Affordable Housing Project in Detroit, MI
City of Detroit | Jun. 15 | Bond Finance | Historic Preservation | Housing Finance | Rural Development

Evansville, IN City Council Approves Financing for Fifth and Main Project
The Gleaner | Jun. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cold Storage Facility in Lebanon, OH will Receive TIF Assistance
Tribune-Star | Jun. 13 | Bond Finance | Economic Development | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Greater Commercial Lending Completes $36.7M in Financing for Iowa Poultry Processing Plant
Cision PR Newswire | Jun. 13 | Access to Capital | Bond Finance | Economic Development | Food Systems Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | Loan Guarantees

How Bond Issuance and Ratings Can Impact Your Household
The Hamilton County Reporter | Jun. 12 | Bond Finance

Bipartisan Bill to Enhance Affordable Housing Bonds
The Ripon Advance | Jun. 12 | Bond Finance | Housing Finance

Genesee County, MI Considers $150M Bond for Countywide Water Project
The Daily News | Jun. 12 | Bond Finance | Infrastructure Finance | Water Finance

Ohio Port Board Approves $32M in Bond Financing for New Roundstone Headquarters
Port News | Jun. 11 | Bond Finance

$45M Loan for Oklahoma Rural Two-Lane Advancement and Management Plan Project
U.S Department of Transportation | Jun. 8 | Bond Finance | Infrastructure Finance | Rural Development | U.S. Dept. of Transportation (DOT)

Storm Lake, IA City Council OKs $6M TIF Bond
Storm Lake Times Pilot | Jun. 7 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Wilton, NH's $13.1M Bond Sale to Finance New Police Headquarters
The Wilton Bulletin | May. 30 | Bond Finance

City of Sunrise, FL Approves Development District for Condominium Project
Multifamily Biz | May. 30 | Bond Finance | Infrastructure Finance

Valparaiso, IN Considers Issuing Bonds for Journeyman Distillery Project
Lakeshore Public Media | May. 30 | Bond Finance | Food Systems Finance | Tax Increment Finance (TIF)

Dunwoody, GA City Council Approves Bond Referendum Vote for Parks, Trails
Rough Draft Atlanta | May. 30 | Bond Finance | Infrastructure Finance

More than $100M in Financing Requests Approved by North Carolina's LGC
North State Journal | May. 22 | Bond Finance | Infrastructure Finance

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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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