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CDFA Bond Finance Update - August 16, 2022

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Bond Finance Update
August 16, 2022
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CDFA Bond Finance Update


The CDFA Ohio Financing Roundtable is Back!
Join CDFA on September 14, 2022, in Columbus, Ohio for a one-day conference to share best practices within the development finance industry. Experts from across the state will discuss the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward. If you have a stake in Ohio's economic development finance industry, you won't want to miss this event. Space is limited, register today!

Charlotte, NC Seeks Approval for $1B for Sewer and Water Projects
The City of Charlotte hopes to issue $500 million in bond anticipation notes for the city to obtain short-term funding over the next two years. The notes will be paid off later with long-term bonds and the funds would pay for an extension of existing water and sewer lines, rehabilitation of water and wastewater treatment plants, new water and sewer mains, and equipment.

Inflation Reduction Act: Initial Takeaways for Green Technology, Taxes, and Healthcare
The Inflation Reduction Act of 2022, passed by the US Senate on August 7, 2022, will dramatically affect a range of climate change, healthcare, prescription drug pricing, and tax matters. With an investment of more than $400 billion in spending, the act is expected to bring in more than $700 billion in revenue.

Clearinghouse CDFI Secures $4M to Finance Affordable Housing Development
Clearinghouse Community Development Financial Institution announced that it was awarded $4 million from the United States Treasury Community Development Financial Institution Fund.  Clearinghouse CDFI will use the assistance to finance the development of affordable housing, targeting projects which benefit homeless and other disenfranchised populations in California, Arizona, Nevada, New Mexico, and Texas.

$86.6M from U.S. DOT to the Louisiana State Bond Commission for Infrastructure Projects
The U.S. Department of Transportation announced that its Build America Bureau has provided a low-interest loan for $86.6 million to the Louisiana State Bond Commission. The Bureau helps communities across the country reduce the costs of infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act loans, known as TIFIA loans, and other types of financing.

Capital Help Crucial for Beginning Farmers
Getting started can often be the hardest part of any operation, but resources for young and beginning farmers are available. Programs such as loans and tax credits help farmers in acquiring agricultural property by offering reduced rates and assisting in the purchase of agricultural land, depreciable machinery, or equipment and buildings.

BRIDGE Housing, U.S. West Coast, Secures $250M Affordable Housing Commitment
BRIDGE, a leading nonprofit developer, owner and manager of affordable housing on the U.S. West Coast, estimates this commitment will leverage up to $1B in additional capital for affordable housing. BRIDGE will use the funding to acquire multifamily properties, portfolios and/or land, as well as for refinancing, capital improvements and acquisition of general partner interests.

PepsiCo Issues Green Bond with Focus on Regenerative Ag, Plastic Waste, Water Impacts
PepsiCo has closed on a $1.25 billion 10-year green bond that the company will use toward decarbonization of its operations, plastic waste reduction, regenerative agriculture, and pursuing net-positive water impact. A top use of the funds will be toward adopting regenerative agriculture practices across its supply chain, including watershed enhancement, reduction in fertilizer use, farmer training, and improvement projects.

Baltimore, MD Spending Board Approves $39.3M in TIF Bonds for Harbor Point
Baltimore's spending board approved $39.3M more in tax increment finance bonds for the city's Harbor Point development, the final piece of public financing for the high profile waterfront project. In 2013, the city approved $125 million worth of public financing for Harbor Point in what's known as tax increment financing or TIF bonds.

Market Reports

Capital Market Insights
Wye River Group | Aug. 11 | Bond Finance | Market Reports

Weekly Market Outlook
Moody's Analytics | Aug. 11 | Bond Finance | Market Reports

Upcoming Events
CDFA National Development Finance Summit

CDFA Federal Financing Webinar Series: Funding Community Energy Needs with the Department of Energy
Tuesday, August 23, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Energy for renewable energy and energy efficiency infrastructure needs.

CDFA Ohio Financing Roundtable
September 14, 2022 - Columbus, OH
During this special one-day conference, we will share knowledge of best practices within the state's development finance industry. This event will feature economic development finance experts from around the state discussing the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Muni Bonds for Firefighting Firm Aid Smooth Flight to SPAC Equity Deal
A total of $160 million of taxable municipal bonds for Bridger Aerospace priced in July and August. The bond proceeds will help pay for the financing of two airplane hangars at Gallatin Field in Belgrade, Montana, and the acquisition of four new SuperScooper firefighting aircraft.

States Turn Next to RFPs for Electric Vehicle Charging Network
States could begin releasing RFPs as early as the first quarter of 2023 to build out a national public electric vehicle charging network that's a top priority for the Biden administration. All 50 states, the District of Columbia and Puerto Rico met the Aug. 1 deadline to submit an EV charging station deployment plan. That marks the first step to unlocking the $5 billion National Electric Vehicle Infrastructure formula program.

Dallas, TX Voters to Decide on Bond-Financed Convention Center Revamp
The Dallas City Council on Wednesday put a measure on the Nov. 8 ballot that would allow for the planning, financing, and construction of a replacement of its convention center, partly financed by an increase in the hotel occupancy tax.

Louisiana Commission OKs Bond Sales, Holds New Orleans Deal Over Abortion
The Louisiana Bond Commission approved the­ Louisiana Community Development Authority's request for up to $600 million of insurance assessment revenue notes for the Louisiana Insurance Guaranty Association. Proceeds from the note sale, which are not to exceed 6% or 12 years, will pay for covered claims of insolvent insurance companies and stock a reserve fund.

SEC Enforcement Actions Emphasize Issuers, MAs
The Securities and Exchange Commission's four enforcement actions this year were all leveled against municipal issuers, a signal that the Commission could be taking a more holistic approach when looking at municipal securities violations.

Do Fund Flows Affect Bond Issuance?
Municipal bond fund flows have a direct impact on borrowing decisions made by issuers held in the fund, argues an academic paper presented Tuesday at Brookings Municipal Finance Conference. But the relationship may appear less clear in the real-world experiences of some market participants.

Northwest Indiana Rail Commuter Projects Reach Financial Milestones
Final financing deals are nearly complete for two long-planned commuter rail projects billed as transformational for the Northwest Indiana corridor that sits in the shadow of Chicago along the Lake Michigan shoreline.

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

Prisma Health Refinances Health Facilities Bonds Through JEDA
JEDA | Aug. 16 | Bond Finance

MPUSD in California Explores Funding Options for Affordable Employee Housing
Monterey Herald | Aug. 15 | Bond Finance | Housing Finance | Tax Credits

Berks, PA Commissioners OK Financing for Senior Living Projects
Berks Regional News | Aug. 11 | Bond Finance | Housing Finance

Chattanooga, TN Approves $79.5M Baseball Stadium
KPVI | Aug. 11 | Bond Finance

Big Rapids, MI to Issue Bonds for Hemlock Park Project
The Pioneer | Aug. 11 | Bond Finance

Residents to Weigh in on $97M Bond Package to Transform Fayetteville, NC
ABC11 | Aug. 11 | Bond Finance | Infrastructure Finance

Board of Regents Approves $68.5M Project to Upgrade Home of Georgia Bulldogs Football
Yahoo.com | Aug. 10 | Bond Finance | Infrastructure Finance

Pennsylvania Ag Secretary Encourages Farmers to Take Advantage of Farm Bill Investments
Pennsylvania Pressroom | Aug. 9 | Access to Capital | Agriculture Finance | Bond Finance | State Finance Program | Tax Credits

Amid "Shortage" of Industrial Sites, 7 in Hamilton County, OH Get Money for Clean Up
WCPO - Cincinnati | Aug. 3 | Brownfield Financing | U.S. Environmental Protection Agency (EPA) | State Brownfield Programs

Dakota Partners Moves Ahead on New Hampshire Development
Affordable Housing Finance | Aug. 3 | Bond Finance | Community Development | Federal | Housing Finance | Tax Credits

Arizona Autism Charter Schools Expands to the West Valley
West Valley View | Aug. 2 | Bond Finance | Education

Las Cruces, NM Sets 2022 GO Bond Ballot Questions, Hikes Amount for Affordable Housing
Las Cruces Sun News | Aug. 2 | Bond Finance | Housing Finance | Infrastructure Finance

AppHarvest Announces $50M in USDA-Guaranteed Funding for a Farm in Somerset, KY
AppHarvest | Aug. 1 | Access to Capital | Agriculture Finance | Bond Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Lucas School District in Ohio Puts New Bond Issue Back on November Ballot
Richland Source | Jul. 28 | Bond Finance

Town of Batavia, New York Approves Adding New Sewer Main as Part of Park Road Project
The Daily News | Jul. 28 | Bond Finance | Infrastructure Finance

Flemington, NJ Council Introduces Million Dollar Bond Ordinance for New Police Headquarters
TAP Into Flemington/Raritan | Jul. 28 | Bond Finance

Clarke, VA Supervisors Support Bond Issuance for New Airport Terminal
The Winchester Star | Jul. 28 | Bond Finance | Infrastructure Finance | U.S. Dept. of Agriculture (USDA)

Richmond, TX Advances $12.7M Bond Talks
Fort Bend Herald | Jul. 24 | Access to Capital | Bond Finance | Infrastructure Finance | Water Finance | Case Studies | Green Stormwater Infrastructure | Water Finance | Drinking Water | Sewage & Waste | Stormwater

Rice County, MN Approves Financing for Public Safety Center
Faribault | Jul. 19 | Bond Finance | Community Development

$12.7M Bond Proposal for New Gym, Agriculture Barn at a Michigan High School
MLive | Jul. 18 | Access to Capital | Agriculture Finance | Bond Finance

Massachusetts House Approves Bill with Tax Relief, Health Care Investments
Boston Globe | Jul. 14 | Bond Finance | Community Development | Economic Development | Federal | Food Systems Finance | Healthcare | Legislative | Tax Credits

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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