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CDFA Bond Finance Update - November 21, 2017

Bond Finance Update
November 21, 2017
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CDFA Bond Finance Update


Lots of Noise in the Muni Market as Confusion, Concern Surround PABs, Refundings
George Friedlander of Court Street Group outlines the state of the tax reform debate, as well the projected impact of tax legislation on municipal finance.

Denver Transportation Gets a $430M Funding Boost
A healthy majority of Denver voters elected to approve $937 million in bond sales to support infrastructure projects across the city, with nearly half of the investment dedicated to transportation and mobility.

Tax Bill Could Crush Private Bond Work
The House GOP tax reform bill would repeal the tax-exempt status for qualified PABs, which could lead up to a 50 percent reduction in such projects and could lead to the loss of tens of thousands of low-income housing units. Tim Fisher of CDFA is quoted in the piece.

American Cities Stuck With Part of Tab for Republicans' Tax Cuts
Congress's plan to cut taxes by more than $1 trillion sends part of the bill to America's states and cities. The proposed tax changes would likely result in higher interest costs for municipal borrowers and strain their budgets, according to S&P Global Ratings.

House Votes to End PABs, Advance Refundings, Part of SALT Deduction
House Republicans passed a far-reaching overhaul of the nation's tax system that would terminate private activity bonds and advance refundings after Dec. 31 as well as most of the deduction for state and local taxes.

Springfield, MA, Approves $7.5M in Bonds to Fund Food Service Center
The Springfield, Massachusetts, City Council approved a bond order of $7.5 million for the second phase of an estimated $21 million, state-of-the-art food service building on Cadwell Drive in East Springfield.

$62.7M WHEFA Bond Financing Supports Wausau, WI Hospital
Bond financing facilitated by WHEFA will be used to help Aspirus Wausau Hospital finance the construction, renovation, equipping and expansion of its intensive care units, palliative care nursing unit, emergency department, cancer center and cafeteria. 

Industry Groups Come Out Swinging to Save PABs
Supporters of tax-exempt private activity bonds have been working overtime since the Tax Cuts and Jobs Act was introduced in an effort to save PABs. CDFA's Tim Fisher is quoted in the article.

Tax Bill Eyes End to Project Finance, Stadium Bonds Deductions
Under the bill, income from private activity bonds, a tool that state and local governments offer to help private entities raise money for projects that are deemed to have public benefit, would no longer be tax exempt. The provision would increase revenue by $38.9 billion over 10 years, according to the JCT.

CDFA Disaster Bond Proposal Introduced in U.S. House
The Give A HAND Act, an extensive disaster relief bill, would codify the CDFA proposal to create a new category of tax-exempt private-activity bonds to finance the reconstruction and rehabilitation of property following natural disasters.

Market Reports

Moody's Market Report Nov-20-2017
Moody's | Nov. 20 | Bond Finance | Bond Finance\Market Reports

Weekly Rate Update November 20-2017
KPM Financial | Nov. 20 | Bond Finance | Bond Finance\Market Reports

Wye River Weekly Capital Markets Update
Wye River | Nov. 17 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Build America Bonds Could Be Zeroed Out by Pending Tax Bills
Hundreds of millions of dollars of outstanding Build America Bonds would have to be zeroed out in fiscal 2018 if Congress passes the Republican tax bills by year-end, according to the Congressional Budget Office.

Loss of Tax-Exempts Would Widen the Gap Among Healthcare Issuers
Already bruised this year by GOP efforts to dismantle the Affordable Care Act and pressured on operations, the not-for-profit healthcare sector would also face higher capital costs should the House Republican tax bill pass.

Hatch Claims Tax Bill Wouldn't Trigger Spending Cuts
Senator Orrin Hatch has rebuffed the idea that his tax bill would fall under the Pay-As-You-Go Act of 2010 and trigger billions of dollars in across-the-board spending cuts in Medicare and other federal mandatory programs, zeroing out subsidy payments for direct-pay bonds.

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

Ohio Mayors to Congress on Tax Reform: ‘Get it Right'
Dayton Daily News | Nov. 20 | Bond Finance | Legislative

Lincoln Looking at Building Two New Parking Garages in Downtown Area
Lincoln Journal Star | Nov. 19 | Bond Finance

Tax Plan Faces Backlash over Repeal of Incentives
Washington Post | Nov. 16 | Bond Finance | Legislative

Council Saves Nearly $650,000 by Refunding Municipal Bonds
Daily Star Journal | Nov. 16 | Bond Finance

Green Bond Issuance Surpasses US$100B in 2017
PV Tech | Nov. 16 | Bond Finance | Energy Finance

Revenue Bonds for Three Projects Totaling $565M Approved
The Bond Buyer | Nov. 16 | Bond Finance | Economic Development

Abilene City Council Refinances Bonds
Abilene Reporter-News | Nov. 16 | Bond Finance | Legislative

California Tax Credit Allocation Committee Prepares ‘Dual Track' Strategy for Bonds
Novogradac | Nov. 15 | Bond Finance | Tax Credits

Evergreen Public Schools Seeks $695M Bond Issue
The Bond Buyer | Nov. 15 | Bond Finance | Community Development

Tax Bill Would Affect Veterans Seeking Homes
89.3 KPCC | Nov. 14 | Bond Finance | Legislative

Tax Bill Would Eliminate 1M Affordable Housing Units
Novogradac | Nov. 14 | Bond Finance | Legislative

Senate Bill Keeps LIHTCs and Private-Activity Bonds
Affordable Housing Finance | Nov. 13 | Bond Finance | Tax Credits

MN Supports Veterans Using LIHTC and State Housing Infrastructure Bonds
Affordable Housing Finance | Nov. 13 | Bond Finance | Tax Credits

Muni Market Relieved by Senate Plan
Reuters | Nov. 13 | Bond Finance | Legislative

Senate Tax Reform Retains LIHTC, PABs, HTC, and NMTC
Novogradac | Nov. 10 | Bond Finance | Brownfield Financing | Tax Credits

HSBC Pledges $100B of Finance by 2025 to Combat Climate Change Worldwide
Reuters | Nov. 6 | International | Bond Finance | Green Finance | Energy Finance

GOP Tax Plan Puts Billions in Muni Market Savings at Risk
Governing | Nov. 3 | Bond Finance | Economic Development | Legislative

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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