Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.
McGuireWoods' Public Finance Team Earns Top Rankings for Bond Transactions
McGuireWoods' public finance team delivered another strong performance for clients in 2023, ranking among the top bond counsel in the Southeast United States and retaining its position as No. 1 bond counsel in Virginia, according to data published by The Bond Buyer, the daily newspaper of public finance.
South Dakota Issues $55M Bond for Dairy Operation
The South Dakota Governor's Office of Economic Development (GOED) Board of Economic Development and the Economic Development Finance Authority (EDFA) approved a $55 million Livestock Nutrient Management Bond to Riverview LLP of Kingsbury County. Proceeds will be used for acquisition, site preparation, and solid waste management for their 15,000-20,000 milking cows dairy operation.
New York City Announces Details of $450M Bond for Water and Sewer System
The New York City Municipal Water Finance Authority (NYW) announced the details of its upcoming sale of approximately $450 million of tax-exempt, fixed rate bonds. Proceeds from the bond sale will be used to fund improvements to the New York City Water and Sewer System, refund certain outstanding bonds, and pay for the costs of issuance.
Billions to Trillions: How Municipal Bonds Can Multiply the Reach of the US ‘Green Bank'
The Environmental Protection Agency announced the slate of entities that will take on the responsibility of shepherding the $27 billion Greenhouse Gas Reduction Fund programs into thousands of green projects across the country. This is a significant start, but it represents just a fraction of the investment needed. The municipal market, with its $4 trillion valuation, emerges not just as a potential solution, but as a critical leverage point for accelerating and scaling up climate initiatives across the country.
Housing-Bond Sales Hit 10-Year High as Mortgage Rates Stay High
State and local governments borrowed nearly $9 billion for affordable housing so far this year — the most for the period in at least a decade — as buying a home in the US remains expensive. The 57% year-over-year jump in issuance of housing bonds coincides with a period of lower borrowing costs in the muni market. The yield on the 10-year AAA benchmark is down 1.1 percentage points since Nov. 1, while mortgage rates continue to be twice as high as they were in 2021 before rate hikes began.
Kutak Rock Serves as Bond Counsel for Douglas County, CO Multifamily Housing Project
Kutak Rock served as bond counsel to the Douglas County, CO Housing Partnership in connection with the issuance of its $30 million Multifamily Housing Revenue Notes (The Sophia Project) Series 2024 which financed a portion of the costs of the acquisition, construction, improvement, and equipping of a senior 55 and older affordable housing facility, consisting of approximately 158 units, which will provide dwelling accommodations within the means of families of low or moderate income.
Novant Health Requests $750M Bond from Forsyth County, NC
Novant Health is requesting the Forsyth County Board of Commissioners to approve a resolution allowing the nonprofit healthcare system to issue tax-exempt bonds valued at $750 million. The bonds would be issued by the National Finance Authority, which was created for the sole purpose of issuing bonds on behalf of nonprofit organizations nationwide to facilitate the financing or refinancing of projects on a tax-exempt basis.
Americans' Growing Wealth Points to Boom in Tax-Exempt Bond Market
Americans' wealth is growing, and with it, so could their demand for investments that can protect some of that wealth from taxes. The market for municipal bonds should be a hot target for the growing ranks of the wealthy. Growing net worth makes muni bonds more attractive as a tax shield, especially as investors anticipate the first rate cut on the horizon from the Federal Reserve, which would push bond values up.
Chicago, IL City Council to Mull $1.25B of Bonds
The Chicago City Council's Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds that Mayor Brandon Johnson has urged the City Council to approve. Chicago would not have to raise property taxes to issue the bonds because about 45 tax increment financing (TIF) districts are going to expire by Dec. 31, 2027. As the TIF districts expire and the overall tax base grows, the amount of property taxes flowing to the city will increase.
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