CDFA Bond Finance Update - September 18, 2018
New Private Activity Bond Legislation Introduced in Senate
In August, Senators Bob Menendez (D-N.J.) and Mike Crapo (R-Idaho) re-introduced bipartisan legislation, S.3358, the Sustainable Water Infrastructure Investment Act of 2018, which would modify the tax code to remove state volume caps on the issuances of government private activity bonds (PABs) used by water and wastewater systems for infrastructure investment.
Houston, TX Eyes Designer Bonds to Pay for $15B Ike Dike
A massive dike to hold back storm-driven floods surging in from the Gulf of Mexico was first proposed after Hurricane Ike devastated the Houston-area coast a decade ago. Now city and state officials in Texas are studying a possible partnership with private industry to create a new kind of bond to help pay for a $15 billion system of seawalls and floodgates.
Rail System in FL Wins Approval to Issue Tax-Exempt Bonds
Florida got the go-ahead from a state board to issue $1.75 billion in federal tax-exempt bonds for its Brightline passenger-rail system. The Florida Development Finance Corp. Board of Directors backed issuing what are known as "private activity" bonds needed to extend Brightline north from West Palm Beach.
Palm Beach, FL to Issue up to $60M in Bonds
Palm Beach is moving forward and will soon issue bonds to finance a bulk of the cost of burying all overhead utility lines on the island. The Town Council unanimously approved up to $60 million in bonds to be issued for 30 years. The town can expect to "lock in" an interest rate of around 3.8 percent in mid-September, and the money will be available in early October.
IL to Issue $920M in GO Bonds
The State of Illinois is issuing $920.2 million in general obligation bonds for the purposes of refunding certain outstanding bonds and to pay necessary termination payments in connection with outstanding to the providers of interest rate exchange agreements in connecting with such refunding and pay costs of issuance.
Colorado Springs, CO OKs $33M in Bonds
Bonds can be issued to raise up to $33 million for the new Summit House atop Pikes Peak, the Colorado Springs City Council unanimously agreed. Construction on the $55 million, 38,000-square-foot Summit House began in June and is expected to be completed in the fall of 2020.
Rock Hill, SC Uses $21.5M in JEDA Bonds for Refinancing, Renovations
Acts Retirement-Life Communities issued a $21.5 million bond through the South Carolina Jobs-Economic Development Authority (JEDA) to refinance and renovate Park Pointe Village in Rock Hill. The tax-exempt Retirement Community Revenue Bonds will be used to refund bonds used to finance the continuing care retirement community in 2012, and to finance new renovations and upgrades.
MD Proton Treatment Center More Financially Stable after $277.4M Bond Sale
The Maryland Proton Treatment Center is more financially stable and better able to focus on its core mission of treating cancer patients after raising $277.4 million in a tax-exempt bond sale and converting to a nonprofit. The proton center was able to reduce debt and strengthen its balance sheet by refinancing its bank loan at a lower interest rate through sale of the bonds.
West Chatham, GA Housing Authority OKs $13.5M in Bonds
The Housing Authority of Savannah's Board of Commissioners approved the adoption of a supplemental bond resolution for $13.5 million for the Preserve at Chatham Parkway, an affordable housing complex planned for a 15-acre site at 1325 Chatham Parkway.
Weekly Market Outlook
Moody's Analytics | Sep. 17 |
Weekly Capital Markets Update
Wye River | Sep. 17 |
Weekly Rate Update
KPM Financial | Sep. 17 |
|News from |
The latest municipal finance headlines from The Bond Buyer.
House Panel Releases Tax Reform 2.0
House Republicans released the text of three bills making up their Tax Reform 2.0 legislation, which would make permanent the cap on the deduction for state and local taxes as well as the higher threshold for individuals subject to the alternative minimum tax.
How Munis Could Play a Role in Disaster Legislation
Based on legislation previously adopted by Congress in response to 9/11, Hurricane Katrina, and flooding in the Midwest, the recommendations lay out what the National Association of Bond Lawyers suggests are the most important components of comprehensive, permanent disaster recovery legislation.
NY Dormitory Authority Makes the Most of PABs' Survival
The Dormitory Authority of the State of New York has had a lively year after surviving an effort in Congress to eliminate one of its major missions. DASNY finished the first half of 2018 as the nation's second largest issuer with $3.2 billion in bonds sold through 12 deals, according to Thomson Reuters data.
SEC Approves Narrower 15c2-12 Disclosure Amendments
The Securities and Exchange Commission has released a final set of more narrowly tailored amendments to its Rule 15c2-12, which will create new disclosure obligations for issuers who incur debt outside of the municipal bond market. The compliance date for the rules will be 180 days after they are published in the Federal Register.
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|
Catastrophe-Bond Investors Hard to Rattle as Florence Approaches
Bloomberg | Sep. 14 |
Early Bird Rates Extended to September 21st for 2018 National Summit in Dallas, TX!
CDFA | Sep. 14 |
New York's MTA to Issue First SOFR Muni Bond
Risk.net | Sep. 17 |
Can Booming Green Bonds Finance Sustainable Cities?
Environmental Defense Fund | Sep. 15 |
$39M Bond Measure Approved for Northeast Iowa Community College
The Gazette | Sep. 13 |
Wausa, SD OKs $3M Bond Issue
Yankon Daily | Sep. 13 |
Cherokee, IA Approve $12M Bond for Elementary School
Sioux City Journal | Sep. 13 |
Easton Valley, IA Voters Approve $9.95M Bond Issuance
Telegraph Herald | Sep. 12 |
City Council Approves New Ballpark for Downtown Wichita, KS
KWCH | Sep. 12 |
Madison, WI to Sell Bonds for Expansion of Olbrich Botanical Gardens
WKOW | Sep. 12 |
Memphis, TN to Issue $125M in Bonds
Memphis Business Journal | Sep. 11 |
St. Petersburg, FL Utility Refunding Revenue Bonds
MuniNet | Sep. 11 |
Cigna Corp Sells $20B in Bonds
Bloomberg | Sep. 7 |
World Bank to Launch First Sustainable Water Bond
Business Green | Sep. 4 |
Warren County Port Authority's New Bond Fund Closes Second Transaction
Warren County Port Authority | Aug. 31 |
Bellevue, NE Proposes $10M Public Safety Bond Issue
Omaha World-Herald | Aug. 28 |
DFA of Summit County, OH Announces S&P Global Ratings Upgrade
DFA of Summit County | Aug. 28 |
Columbus, NE OKs Issuance of Bonds for Fire and Police Projects
The Columbus Telegram | Aug. 24 |
Bellmawr, NJ Authorizes Issuance of $9.1M Bond
South Jersey Observer | Aug. 23 |
Berkeley, CA Making Bold Bet on "Cryptobonds"
Governing | Aug. 22 |
Essentia, MN Looks to Bonds to Finance Campus Overhaul
Duluth News Tribune | Aug. 22 |
$2.2M to Go Toward Flood Control, Infrastructure
Norfolk Daily News | Aug. 21 |
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