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CDFA Bond Finance Update - December 17, 2019

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Bond Finance Update
December 17, 2019
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CDFA Bond Finance Update


CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

Announcing the CDFA Federal Policy Conference: April 14-15, 2020 in Washington, DC
The CDFA Federal Policy Conference will highlight policies and programs at the federal level and will feature development finance experts and practitioners from key federal agencies, congressional offices, and policy organizations. Attendees will have access to networking opportunities with a dozen federal agencies, a federal grant application writing workshop, and so much more. Register now to secure your spot!

Wall Street's Muni-Bond Bankers Brace for a Record Year in 2020
The Federal Reserve's decision to keep interest rates low is providing stimulus to a once contracting Wall Street business: underwriting municipal bonds. State and local government debt sales may surge to a record in 2020, extending this year's boom, as borrowing costs hold near the lowest in over half a century, according to forecasts from some of the market's biggest underwriters.

Shawnee, KS Approves Revised Redevelopment Agreement, Smaller TIF Plan
The revised $90.2 million mixed-use redevelopment plan includes an estimated $15.2 million from a tax increment financing, $9.6 million from sales tax on a community improvement district for the project site, and $3 million in sales tax exemption from industrial revenue bonds issued for the project. The original plan was a $113.3 million project with $31.9 million in public funding.

P3 Approach to Large-Scale Green Stormwater Infrastructure Helps Build Climate Resilience
Many innovative concepts to mitigating climate change are taking hold in the Great Lakes region. The most notable example is in the Milwaukee area, where the Milwaukee Metropolitan Sewerage District (MMSD) recently issued a Request for Proposals (RFP) for an ambitious new public-private partnership (P3).

50 Shades of Green Finance: An Untapped Opportunity for Private Equity
The global sustainable finance market has expanded rapidly in recent years, approaching US$320 billion in new issuances in the first 10 months of 2019. Sustainable finance — which is dominated by green bonds, but also includes sustainable bonds, sustainability-linked bonds and loans, and social bonds — represents a growing opportunity for private equity-backed businesses.

Virgin Trains Updates Timeline for Las Vegas, NV to Southern CA Train
Virgin Trains has updated the timeline for a Southern California-to-Las Vegas train, but all plans are contingent on bond approval Virgin is seeking from both Nevada and California. That includes $950 million in total private activity bonds in Nevada, including $200 million in bonds from the state's debt limit allocation — which would allow Virgin to market $800 million in bonds — and $150 million through the U.S. DOT's bond program.

More States Facing Shortage in Private Activity Bonds for Rental Housing
Another affordable rental housing funding crisis is brewing–a crisis in the supply of private activity bonds (PABs). For many years, the demand for PAB cap has been less the supply. The national carryforward amount–the unused cap from the previous three years–has been at least $32 billion each year since 2008. That landscape is rapidly changing, already forcing some states to make difficult decisions.

Market Reports

Weekly Market Outlook
Moody's Analytics | Dec. 12 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | Dec. 9 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA Federal Policy Conference
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Washington, D.C. Area Plans Significant Debt Issuance as Population Surges
Over the next six years, Washington, D.C., plans to issue $5.1 billion in bonds to keep up with area population growth projected at more than a million people over the next two decades. The Metropolitan Washington Council of Governments predicted more than a million people will be added to the D.C. area by 2045, and the district plans to fund about $8.5 billion in projects in the next six years to meet its expected needs.

The Bond Buyer Announces 2019 Deal of the Year
The Bond Buyer has just announced its 2019 Deal of the Year. Finalists were selected in categories that included innovative, small issuer, midwest, southeast, P3, far west, healthcare, northeast, southwest, and ESG/green. CommonSpirit Health's $6.5 billion financing received the Deal of the Year award.

Advocates Want CA's Private Activity Bond Allocation Directed to Housing
A coalition of affordable housing organizations wants California's state treasurer to allocate $4 billion, the majority of the state's expected 2020 private activity bond allocation, to affordable housing.

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

Iowa Valley Community College Announces Next Steps on $32M Bond Issue
Tama News-Herald | Dec. 15 | Bond Finance | Social Finance

Nuclear Tech Company to Locate Research Center in NM
Times Union | Dec. 14 | Bond Finance | Innovation Finance

Bond Passage, Alliances Strengthen Sonoma Valley, CA Hospital
North Bay Business Journal | Dec. 13 | Bond Finance | Social Finance

Tupelo, MS $10M Bond Plan Draws Support
Daily Journal | Dec. 13 | Bond Finance

Greenbrier County, WV Commissioners Approve Issuing up to $20M in TIF Bonds
The Register-Herald | Dec. 13 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Terre Haute, IN Gives Nod to $70M Solid Waste Facility Bond Issue
Tribune Star | Dec. 12 | Bond Finance | Energy Finance

CA Treasurer Announces Sale of $272.6M in Green Bonds for CalSTRS Headquarters Expansion
Orange County Breeze | Dec. 11 | Bond Finance | Energy Finance | Green Finance

TX Medical Center's $91.5M Revenue Refunding Bonds
Global Legal Chronicle | Dec. 11 | Bond Finance | Social Finance

Los Angeles County, CA Approves General Obligation Bond Refund for College of the Canyons
Santa Clarita Valley Signal | Dec. 11 | Bond Finance | Social Finance

NJ Transit Set to Borrow $500M to Replace Old Trains and Buses
NJ.com | Dec. 9 | Bond Finance | Infrastructure Finance

Albany County, NY Airport Authority to Issue $42M in Special Obligation and Revenue Bonds
MuniNet Guide | Nov. 27 | Bond Finance | Infrastructure Finance

How State RLFs Can Be Used for Ag Conservation
Pork Business | Nov. 22 | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Senior Affordable Housing Project Breaks Ground In Southeast D.C.
Bisnow | Nov. 22 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

New Program in Madison Village, OH Could Help in Attracting Businesses to Community
The News-Herald | Nov. 21 | Bond Finance | Energy Finance | Special Assessment Districts

Carmel, IN City Council Proposing to Issue $39M in Bonds
You Are Current | Nov. 19 | Bond Finance | Tax Increment Finance (TIF)

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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