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CDFA Bond Finance Update - December 26, 2017

Bond Finance Update
December 26, 2017
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CDFA Bond Finance Update

Features

Grim's Financing Survives Tax Overhaul
Financing mechanisms essential to the Hotel Grim's renovation survived the congressional tax reform process, and the project is expected to continue as planned. The tax bill President Trump signed Friday preserves historic tax credits and private activity bonds, two parts of the multi-pronged financing package assembled by the city of Texarkana, Texas, and developer Jim Sari to fund renovating the long-derelict downtown hotel into a combined retail and residential building.

Legislative Victory! PABs Fully Preserved in Tax Bill
U.S. House and Senate leaders have released their final tax bill, which will maintain the entire current category of Private Activity Bonds (PABs). The future of PABs had been in jeopardy since the November 2nd release of the Tax Cuts and Jobs Act, which repealed in full the tax exemption for PABs. CDFA and its partners have tirelessly advocated in defense of PABs, and the full inclusion of PABs in the final bill represents a major legislative victory for the development finance industry.

Final Tax Bill Preserves PABs
The final tax bill will preserve PABs and tax-exempt bonds for professional sports stadiums. However, advance refundings and tax credit bonds are eliminated by this bill effective January 1, 2018. Tim Fisher of CDFA is quoted in the piece.

The City of Philadelphia Airport Revenue Bonds – $721M
These revenue bonds are being issued as two separate series. Series 2017A is $141 million in revenue bonds treated as traditional government bonds, while Series 2017B is $580 million in revenue bonds treated as qualified airport private activity bonds.

KEDFA Considers $585 IRB Issue for Jim Beam
Industrial Revenue Bonds may be issued by state and local governments in Kentucky to help finance industrial buildings, according to the Kentucky Cabinet for Economic Development's website. The issuer — in this case, Bullitt County — serves as a conduit to provide a lower interest rate to the borrower — Jim Beam.

How AZ Will Use $1B State Bond Issue
The goal is to make sure Arizona's public universities have research and education facilities that can launch new discovery, attract new investment and educate students in new ways with more modern technology, says Arizona Board of Regents President Eileen Klein. 

Refinancing Bonds Could Save Combined GHS-Palmetto Health $100M
Greenville, South Carolina, Health System officials say the new integrated health system created to oversee a new partnership between GHS and Palmetto Health could save between $80 million and $100 million if it is allowed to refinance a combined $1.5 billion in debt.

Disaster Bonds Can Support Carbon Capture Projects
The 1986 tax bill allowed states and municipalities to issue PABs for carbon-capture projects under special circumstances — such as following disasters. Unfortunately, all private activity bonds are on the chopping block as the Tax Cuts and Jobs Act works its way through Congress.

Green Bond Market Heats Up
Issuance of so-called green bonds reached a record $110 billion through mid-October this year, according to a recent report, signaling the fast-growing popularity of an asset class that was created just a few years ago.

Market Reports

KPM Financial
KPM Financial | Dec. 26 | Bond Finance\Market Reports

Wye River Weekly Capital Markets Update
Wye River | Dec. 22 | Bond Finance\Market Reports

Moody's Credit Outlook December 21, 2017
Moody's | Dec. 21 | Bond Finance\Market Reports

The Latest on Bond Financing across Florida
Dec. 11 | Access to Capital | Bond Finance | Development Finance Toolbox | Economic Development

The Latest in Bond Financing across Florida
Dec. 11 | Access to Capital | Bond Finance | Development Finance Toolbox | Economic Development

Florida Legislative Update
Dec. 11 | Access to Capital | Bond Finance | Economic Development | Federal | Legislative

Upcoming Events
Fundamentals of Economic Development Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

All Aboard FL Won't Rush Next Financing
The Florida Development Finance Corp. canceled an emergency meeting Monday that had been called to approve $1.15 billion of private activity bonds for the All Aboard Florida passenger train project.

Advance Refundings Helped Florida Create Debt Capacity
Because of refundings and revenue growth, Florida can issue new money bonds over the next decade and not violate the state's debt cap, an annual affordability analysis says. That's partly due to aggressive refinancing and advance refunding activity since 2011 spurred by historically low interest rates, according to Division of Bond Finance Director Ben Watkins. The state's outstanding debt has also declined during that period by $5.5 billion.

Connecticut Transportation Crisis May Drive Bond Strategy Change
Sharp cuts in capital spending and a switch to more general obligation borrowing are among contingencies as Connecticut officials look to grasp a transportation funding crisis.

Notre Dame University Deal Underscores its Affinity for Taxable Debt
The triple-A University of Notre Dame plans to sell $400 million of taxable bonds. Roughly $253 million of bond proceeds will be used to reimburse the South Bend, Indiana-based university for various capital projects and $147 million will be used to refund a series of tax-exempt bonds that were issued through conduit St. Joseph County.

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

Brightline Wins Federal Approval for $1.2 B Bond Sale
My Palm Beach Post | Dec. 26 | Bond Finance | Infrastructure Finance

A New Christmas Home for Roaring Fork Teachers
Post Independent | Dec. 24 | Bond Finance | Community Development

Edgerton Approves Coldpoint Expansion
The Gardner News | Dec. 23 | Bond Finance | Community Development

Tax Act Could Pose Challenge for Municipal Bond Market
Insurance Journal | Dec. 22 | Bond Finance | Legislative

Private Activity Bonds and Stadium Bonds Saved in GOP Tax Reform Bill
The National Law Review | Dec. 21 | Bond Finance | Legislative

Transportation Groups Weigh in on Tax-Reform Legislation Passed by Congress
Progressive Railroading | Dec. 21 | Bond Finance | Infrastructure Finance | Legislative | Tax Credits

Bill Preserves LIHTC, NMTC, HTC
Novogradac & Company | Dec. 20 | Bond Finance | Legislative | Tax Credits

What Did and Didn't Make the Final GOP Tax Bill
CityLab | Dec. 20 | Access to Capital | Bond Finance | Legislative | Tax Credits

Hawkins Advisory: TEB Provisions in Final Tax Bill
Hawkins Delafield & Wood | Dec. 19 | Bond Finance | Legislative

Overview of the Tax Cuts and Jobs Act
The National Law Review | Dec. 19 | Access to Capital | Bond Finance | Legislative | Tax Credits

7 Tax Credit and 9 Bond Programs Included in New NCOSAFP State Programs Directory
NCOSAFP | Dec. 18 | Agriculture Finance | Bond Finance | Tax Credits | Food Systems Finance

Tax Bill Saves PABs & Stadium Bonds, Kills ARs & Tax Credit Bonds
The National Law Review | Dec. 18 | Bond Finance | Legislative

Skidmore Eyes $67.5M Science Center Expansion
Saratogian News | Dec. 12 | Bond Finance | Community Development

Apartment Project Approved for Bonds, Historic School to Come Down
The River City News | Dec. 12 | Bond Finance | Community Development

Hospitals May Lose Project Fund Aid
Watertown Daily Times | Dec. 11 | Bond Finance | Legislative

Round Rock Council Approves Engineering Contracts to Address Flooding
Statesman | Dec. 11 | Bond Finance | Infrastructure Finance

City Working on Water Project Bonds
Washinton Times Herald | Dec. 11 | Bond Finance | Water Finance

Georgetown Settles on Ratio for Repaying Revenue Bonds for Utility Projects
South Strand News | Dec. 6 | Bond Finance | Infrastructure Finance

Richmond Officials Say $13M in Savings from Bond Refunding Will Free Up Resources for City Priorities
Richmond Times-Dispatch | Dec. 6 | Bond Finance

City of Fortuna, CA, Refinances $17M in Bonds for Water Infrastructure
Redheaded Blackbelt | Dec. 5 | Bond Finance | Water Finance | Infrastructure Finance

New Hangar, More Jobs in the Works for This Aviation Service Company
The Wichita Eagle | Dec. 5 | Bond Finance | Infrastructure Finance

Jefferson City, MO Approves Axium Plastics Bonds
News Tribune | Dec. 5 | Bond Finance


Highlights from the Online Resource Database

Strengthening Access to Capital Programs
Access to Capital | Bond Finance | Local Finance Program | Public-Private Partnership (P3) Financing
James Key-Wallace, Executive Director at New Hampshire Business Finance Authority, discusses access to capital and the benefits of leveraging public sector support for even greater private sector investment and explore a variety of programs available in the region.

Successful Bond Financing Strategies throughout New England
Access to Capital | Bond Finance | Economic Development | Infrastructure Finance
Carlos Mello, the Director of Business and Finance at the Finance Authority of Maine, walks through bond financing deals and explore strategies for maximizing the tool in New England, particularly focusing on providing capital to existing businesses and critical infrastructure.

Successful Bond Financing Strategies throughout New England
Access to Capital | Bond Finance | Economic Development | Infrastructure Finance
John Ruth, Managing Partner at CTBH Partners, LLC, walks through bond financing deals and explore strategies for maximizing the tool in New England, particularly focusing on providing capital to existing businesses and critical infrastructure.

Successful Bond Financing Strategies throughout New England
Access to Capital | Bond Finance | Economic Development | Infrastructure Finance
Rebecca Sullivan, Senior Vice President of MassDevelopment, walks through bond financing deals and explore strategies for maximizing the tool in New England, particularly focusing on providing capital to existing businesses and critical infrastructure


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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