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CDFA Bond Finance Update - October 18, 2022

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Bond Finance Update
October 18, 2022
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CDFA Bond Finance Update

Features

Join Us in Denver, CO to Discuss Bond Financing in an Unpredictable Market
The CDFA National Development Finance Summit, Presented by CHFA is happening in Denver, CO on November 2-4. During our bond financing session, experts will discuss how the ongoing pandemic has affected the municipal bond market and analyze the challenges and opportunities facing the industry as we move forward. Together, we will look at the future of bond financing and how investors and communities can make the most of the capital markets.

Baker Tilly Achieves Approved Verifier Status for Green Bonds in the U.S.
As worldwide efforts to reduce carbon emissions grow, governments and companies are increasingly turning to green bonds to finance major sustainability projects. Leading advisory CPA firm Baker Tilly US, LLP announces its award of the Approved Verifier status under the Climate Bonds Standard and Certification Scheme, which is an industry standard for labeling bonds, loans and other debt instruments.

Camden, NJ City Council Supports $55M Bond for Water Treatment Improvements
A $55 million bond issue to reconfigure drinking-water treatment and remove pollutants at the city-owned Morris-Delair wells was approved recently by Camden City Council. The wells, now offline, would be used again after the improvements.

North Carolina Commission Approves Nearly $2.5B in School Bonds for Four Counties
North Carolina's Local Government Commission approved nearly $2.5 billion in school bonds for four counties on Thursday, including $1.7 billion for Guilford County that was delayed during a previous meeting.

Sarasota, FL City Commission OKs Bond Funding for The Bay Phase 2
Minus $12 million in government grants and $5 million in private funding, a city bond of $48 million in tax increment financing-backed bonds makes up the balance of the funding. That revenue is derived from an additional tax on new development and rising property values in the area immediately surrounding the 53-acre city-owned property west of U.S. 41 between Boulevard of the Arts and 10th Street.

Select Connecticut Cities Could Receive $76.5M for Economic Development Projects
A new state panel tasked with revitalizing Connecticut's poor urban centers is recommending $76.5 million in financing for more than two dozen economic development projects in 12 communities. The initial report from the Community Investment Fund advisory board, which includes brownfield remediation along the Connecticut River in Middletown and an expansion of Waterbury's downtown district, now must be reviewed by Gov. Ned Lamont's budget office.

How Cryptocurrency Could Help to 'Crowdfund' Public Projects
The idea of leaning on emerging technology to issue municipal bonds in small denominations has the potential to benefit governments and investors alike. But can the muni market adapt? This article answers this question by discussing the use of blockchain technology in the municipal bond market.

New York, NY Preps Inaugural ‘Social' Bonds as Part of $1.4B Debt Sale
New York City plans to sell about $1.4 billion of debt next month, in part to address its deepening housing crisis. The deal includes $400 million of taxable debt that will be the city's first-ever issuance of bonds explicitly earmarked to tackle social issues. Proceeds from these social bonds are expected to finance more than 3,000 units of affordable housing. The remaining $950 million will be sold as tax-exempt debt, and will be used for general capital purposes. 

Market Reports

Weekly Market Outlook
Moody's Analytics | Oct. 13 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Oct. 13 | Bond Finance | Market Reports

Upcoming Events
CDFA National Development Finance Summit

CDFA Federal Financing Webinar Series: Tools for Rural Communities from USDA
Tuesday, October 25, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Agriculture for financing broadband, food systems, healthy food access, and small businesses – all with a focus on rural areas.

CDFA // BNY Mellon Development Finance Webcast Series: Funding Childcare Facilities
Tuesday, November 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA// BNY Mellon Development Finance Webcast Series, presenters will look across the development finance spectrum for ways to invest in child care facilities with tools like bonds, RLFs, tax credits, and more. Experts will also highlight various case studies that have successfully utilized these tools.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Ohio Gets Second Dose of Good Rating News
Tuesday's action came one month after Fitch Ratings lifted Ohio's rating to AAA and on the same day Gov. Mike DeWine announced a major economic development project with Honda and LG Energy Solution.

White House Sends States $60B for Roads, Bridges
The Biden administration Tuesday announced it is sending states $59.9 billion of fiscal year 2023 transportation funds allocated under the bipartisan infrastructure law. The money marks a $15.4 billion increase in formula highway funding over fiscal year 2021 allocation, administration officials said on a press call.

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

Housing Project Needs Fairfield Council in California Nod for Bond Financing
Daily Republic | Oct. 17 | Bond Finance | Housing Finance | Infrastructure Finance

New Jersey Creates $305M Fund to Complete Affordable Housing Projects
Day Pitney | Oct. 13 | Bond Finance | Housing Finance | Tax Credits

Whiteland Council in Indiana OKs $3.5M Tax Break for Patch Development
Daily Journal | Oct. 13 | Bond Finance | Tax Credits | Tax Increment Finance (TIF)

California School District Saves $70M With 8.1 MW Solar Installation
PV Magazine | Oct. 13 | Bond Finance | Energy Finance

Los Angeles, CA Approves $40M for Affordable Housing in North Hills and Eagle Rock
Urbanize | Oct. 13 | Bond Finance | Housing Finance

Bath, OH Seeks Support for $13M Bond Question to Build Safer Fire Station
The Times Record | Oct. 13 | Bond Finance

RIHEBC Closes on $85M Bond to Finance Johnston School Upgrades in Rhode Island
Johnston Sunrise | Oct. 10 | Bond Finance | Tax Credits

Devils Lake, ND Votes on $31.8M Bond to Build New Middle School, Expand Elementary School
Devils Lack Journal | Oct. 10 | Bond Finance

Carmel, IN Approves Comprehensive Plan, Bonds for Mixed-Use Developments
Current | Oct. 10 | Bond Finance | Redevelopment

UBS Dropped From $3.4B Texas Municipal Bond Deal
Financial Advisor | Oct. 7 | Access to Capital | Bond Finance | Energy Finance | State Finance Program | State Energy Finance Programs

Bond Sales Helping Stark County, OH Finance Ongoing Development for Hall of Fame
The Repository | Oct. 2 | Access to Capital | Bond Finance | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF)

Harrisburg, PA Voters Pass $30M Bond for New Elementary School
Argus Leaser | Sep. 28 | Bond Finance | Community Development | Education

New York, NY Issues $400M in Social Bonds to Finance 3,000 Affordable Housing Units
NYC Comptroller | Sep. 20 | Access to Capital | Bond Finance | Housing Finance | Social Finance | Urban Development | Understanding Access to Capital | Case Studies | Understanding Housing 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
info@cdfa.net

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