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CDFA Bond Finance Update - March 20, 2018

Bond Finance Update
March 20, 2018
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CDFA Bond Finance Update


CDFA Releases 2018 Policy Agenda
The Council of Development Finance Agencies is pleased to announce the release of the 2018 CDFA Policy Agenda. The policy areas highlighted seek to address market-based challenges to capital formation, access, and private leverage. To view the agenda, click here.

Senate Passes S. 2155, Approves Treatment of Munis as HQLA
The Senate has passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), a bill that would, among other things, treat investment grade municipal securities that are readily-marketable as level 2B liquid assets

MassDevelopment Issues $65M Tax-Exempt Bond
NEC Member MassDevelopment recently issued a $65.6 million tax-exempt bond for Lawrence General Hospital, an acute care community hospital serving the Merrimack Valley region in Massachusetts.

Boynton Beach, FL Moves Forward with $118M Redevelopment
Boynton Beach officials have given the final OK to pay about $118 million to redevelop 16 acres off Boynton Beach Boulevard into a pedestrian-friendly, town center to live, work and play.

PFA to Provide $140M in TEBs for Hotel Project
The Public Finance Authority will issue $140 million of tax-exempt bonds on behalf of the Lombard Public Facilities Corporation to refinance the Westin Lombard Yorktown Center in Lombard, IL. The restructuring frees up money to reinvest millions in necessary facility upgrades and improvements to the hotel.

Submit Your Proposal to Present at the 2018 CDFA National Summit
CDFA needs your help to source deals, projects and programs and will be accepting submissions for potential deals, projects and program presentations. If selected, each speaker will be given one complimentary registration to attend the CDFA National Summit.

Ameresco Partners with School District for Energy Contract
Ameresco is assisting the district with securing incentives, tax credits, loans and bonds, and has already helped the District in securing an SB1149 reimbursement of nearly $550,000 for the project, as well as Energy Trust of Oregon (ETO) incentives totaling around $70,000.

Combining TEBs with P3s under Current Law
Micheal Cullers of Squire Patton Boggs provides insight into how a typical stadium bond deal structure can provide a pathway for P3 projects to access tax-exempt debt.

New York Authority Issuing $18.5M in Solar-Panel Bonds
The New York State Energy Research and Development Authority is issuing a new round of green revenue bonds totaling $18.5 million to finance local residential solar-panel installations.

Olympic Legacy Foundation Requests $19.5M Issuance
The Olympic Legacy Foundation requested the county serve as a conduit for a $19.5 million tax-free municipal bond to finance infrastructure projects in Summit and Salt Lake counties.

Market Reports

Hawkins Advisory: Municipal Market Regulatory Update
Hawkins Delafield & Wood LLP | Mar. 20 | Bond Finance | Bond Finance\Market Reports

Weekly Rate Update
KPM Financial | Mar. 20 | Bond Finance | Bond Finance\Market Reports

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

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA Federal Financing Webinar Series: U.S. Department of Transportation (DOT)
April 12, 2018 - 2:00 PM Eastern
In this webinar, CDFA will convene transportation and infrastructure experts to discuss the financing tools available through the DOT. The main focus of the webinar will be on the Transportation Infrastructure Finance and Innovation Act (TIFIA), Transportation Investment Generating Economic Recovery (TIGER) Grants, and the Bicycle and Pedestrian Program.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

New CRS Report Details PAB Expansions
A newly updated report by the Congressional Research Service details how Congress has expanded private activity bonds to 27 different uses from their original purpose as industrial revenue bonds.

Natchez, MS Moves Closer to Refinancing $7M
Natchez moved a step closer toward the refinancing of more than $7 million in debt on the Natchez Convention Center. Natchez aldermen voted to hire an underwriter to aid in the refinancing and a "swap adviser" to terminate a complicated financial arrangement created in 2006 to allow the refinancing to proceed.

NJ Bill Would Spur Munis for Commercial Real Estate Development
New Jersey lawmakers are tackling legislation that would create an easier path for developers to finance large-scale economic development projects with bonds. The state assembly has approved a bill  designed to let developers issue bonds through host municipalities backed by NJEDA.

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

Community Development Partners Opens Housing for Homeless Veterans
PR Newswire | Mar. 19 | Bond Finance | Tax Credits

Greystone Affordable Development Closes Financing of $38.5M Transaction
GlobeNewswire | Mar. 19 | Access to Capital | Bond Finance | Tax Credits

3 Things Governments Should Know About the Banking Bill
Governing | Mar. 16 | Access to Capital | Bond Finance | Legislative

Philadelphia Schools Deal Tops $3.1B U.S. Muni Bond Sales
Reuters | Mar. 16 | Bond Finance

KS House Panel Considers Bill Rescinding Law Limiting Issuance of School Bonds
cjonline.com | Mar. 13 | Bond Finance | Legislative

University of Connecticut to Issue Special Obligation Bonds
MuniNet Guide | Mar. 12 | Bond Finance

Spiegel Associates Arranges $9M Construction Loan for Lippitt Mill
Nerej | Mar. 9 | Bond Finance | Tax Credits

Amazon Enters Missouri with 1,500-Job Fulfillment Center
Thomas | Mar. 8 | Bond Finance

Kansas Lawmakers Giving STAR Bonds, Economic Incentives, A Hard Look
KCUR | Mar. 8 | Bond Finance | Legislative

12 Vermont Towns Agree to Form Internet Municipality
U.S. News | Mar. 7 | Bond Finance | Infrastructure Finance

What Muni Market Groups are Saying About TEFRA Rules for PABs
The Bond Buyer | Mar. 7 | Bond Finance

Governors, Mayors Urge Action on Public Buildings Renewal Act
The Bond Buyer | Mar. 6 | Bond Finance | Legislative

Supervisors Move to Issue Bond Debt for Industrial Park
Daily Journal | Mar. 6 | Bond Finance

Distribution Facility Project Aims for $14.5M IDB
St. Louis Post-Dispatch | Mar. 6 | Bond Finance

IRS Releases Adjusted 2018 Caps for LIHTCs, PABs
Novogradac & Company | Mar. 5 | Access to Capital | Bond Finance | Federal | Tax Credits

What State and Local Officials Want Congress to do with PABs
The Bond Buyer | Mar. 2 | Bond Finance | Legislative

President Proposes Boost to Maritime Infrastructure Investment
JD Supra | Mar. 2 | Bond Finance | Incentives | Infrastructure Finance | Legislative

AR Organizations Support Water Infrastructure Bill
Newton County Times | Mar. 2 | Bond Finance | Infrastructure Finance | Legislative

Trump Infrastructure Plan Expands PABs, Light on Tax Credits
Novogradac & Company LLP | Mar. 1 | Bond Finance | Infrastructure Finance | Legislative | Tax Credits

Franklin County to Borrow $55M for Courthouse Project
Herald Mail Media | Mar. 1 | Bond Finance

Hultgren and Ruppersberger Intro Legislation to Restore Advance Refundings
Office of Rep. Randy Hultgren | Feb. 24 | 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

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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