CDFA Bond Finance Update - October 17, 2017

Bond Finance Update
October 17, 2017

Features

California is issuing $21.6 billion in general obligation bonds, with $509 million being federally-taxable various purpose bonds; $199 million in tax-exempt various purpose bonds, and $881 million in tax-exempt refunding bonds. Proceeds of the bonds will be used to fund a variety of projects around the state.

Ohio GO Deal to Finance R&D Projects, Infrastructure

The State of Ohio will sell $265 million of general obligation bonds to finance infrastructure improvements and the state's research and development program.

Greeley, CO Pushes TIF, PABs to Spur Development

Greeley, CO officials have put together a broad-ranging financial incentive plan to spur more downtown development. The incentives include DDA tax increment funds, a downtown redevelopment fund, tax credits, and private activity bonds for affordable housing.

Disaster Recovery Bonds, P3s, Can Support Infrastructure Development

Despite President Trump's apparent about-face on P3 support, lawmakers still value private support for infrastructure investment. With CDFA-supported disaster recovery legislation currently being debated in Congress, now may be the time for legislators to pass a major federal infrastructure package.

Proposed TEFRA Changes Get Positive Reception

Several bond attorneys have given newly proposed TEFRA rules a positive reception. The TEFRA rules proposed Sept. 28 by Treasury and the Internal Revenue Service would update public notice and approval requirements for private activity bonds from temporary rules that were issued back in 1983.

Exploring Bonds to Support CDFIs

The bond markets are a whole new ocean of capital, with different faces and different rules, and different procedures to learn, but also some key benefits. By going directly to the bond market, CDFIs can access much more patient and friendly capital than they're used to getting.

SC JEDA Bonds Finance New Senior Living Center

South Carolina Jobs-Economic Development Authority (JEDA) has issued $10.93 miilion in bonds to help build a new assisted living and memory care facility in Spartanburg County.

Indiana Finance Authority Selling Green Bonds

The Indiana Finance Authority plans to issue $141 million of state revolving fund new money and refunding bonds which will carry a green bond designation. $21 million of the issuance is earmarked to fund eligible projects that would improve the quality of Indiana's drinking water and water supply.

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Laredo, TX $66M Bond SaleThreatened by NAFTA Talks

Laredo, Texas, the nation's largest inland port, is preparing to market $66 million of debt as doubts about the future of the North American Free Trade Agreement cloud the border city's economic prospects. Moody's identified a change in trade policy as an event that could lead to a downgrade for some Laredo credit.

Committee on T&I Advised to Maintain Muni Exemption

Witnesses representing issuers and manufacturers made the case to lawmakers that tax-exempt bonds and other infrastructure financing tools need to be protected. The comments came during a hearing of the House Committee on Transportation and Infrastructure's subcommittee on highways and transit.

Jefferson Co., NY to Issue $99M for Med Center

The Jefferson County Civic Development Corp. will issue $99 million in tax-exempt revenue bonds for Samaritan Medical Center. The revenue bonds, which would be paid off over time by any revenue generated from Samaritan's facilities, would go toward several of the hospital's ongoing projects.

Surge in Multifamily Housing Issuance Linked to Tax Incentives

The 2016 surge in multifamiliy housing bond issuance reported in the 2017 CDFA Volume Cap Report was, according to experts, helped by the federal low-income housing tax credit program.

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