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CDFA Bond Finance Update - May 21, 2019

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Bond Finance Update
May 21, 2019
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CDFA Bond Finance Update


Treasury vs. Municipal Yield Curves: What Investors Need to Know
Most investors are familiar with interest rates, but it's important to look beyond the headline rate. By looking at yield curves, investors gain better insights into market sentiment. Normal yield curves suggest a healthy market, steep yield curves indicate the start of economic expansion, and inverted yield curves can be a sign of trouble.

Construction Begins at $5.5B Port Covington Project in Baltimore, MD
Construction work is underway at the $5.5 billion, 235-acre Port Covington waterfront redevelopment project in Baltimore, Maryland. The project is a public-private partnership between the city of Baltimore and Port Covington developers, and will be the beneficiary of bond financing to help pay for an estimated $1.4 billion of infrastructure. 

Restructuring Support Agreement Reached for PR Power Company
Puerto Rico's Financial Oversight and Management Board, Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym) and Electric Power Authority (Prepa) reached a restructuring support agreement Friday with holders of 51% of the public utility's revenue bonds.

$5.4M WHEFA Bond Financing Helps WI and IL Senior Housing
Bond financing facilitated by WHEFA will be used to help Wisconsin Illinois Senior Housing, Inc. ("WISH") finance the acquisition of Bell Tower Residence, Inc., an existing nonprofit community based residential facility, and certain real estate, improvements, and other assets in Merrill, Wisconsin.  Proceeds of the bond financing will also be used to finance the renovation and equipping of Fairs Oaks Health Care Center in Crystal Lake, Illinois, including upgraded skilled nursing resident rooms and enhanced common areas.

Bipartisan House Bill to Seek to Revive Advance Refundings
U.S. Representative Dutch Ruppersberger, a Maryland Democrat who leads the Municipal Finance Caucus, plans to introduce a bill later this month that would restore the tax exemption for state and local government bonds issued for so-called advance refundings. The new bill will be called the Investing in Our Communities Act.

$84M in Green Bonds Issued for Drinking Water in CA
California State Treasurer Fiona Ma announced the sale of $83.9 million in revenue bonds to provide financial assistance to local governments for safe drinking water projects. The sale represents the inaugural issuance of bonds by the California IBank for the Drinking Water State Revolving Fund Program.

Market Reports

Weekly Market Outlook
Moody's Analytics | May. 16 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | May. 7 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA Summer School

CDFA // BNY Mellon Development Finance Webcast Series: The Landscape of Mega Project Incentives
Tuesday, June 18, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers will provide an in-depth overview of the approaches currently being used by cities, counties, and states across the U.S. to attract mega projects.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

IRS Private Letter Ruling a Breakthrough for Ports, Airports
Government-owned ports and airports are expected to benefit from a recently released IRS Private Letter Ruling supporting a simplified method of calculating a safe harbor for private leases of tax-exempt bond-financed facilities. Private leases that go beyond 80% of the useful life of a port or airport jeopardize the public ownership of a port or airport that's required for these tax-exempt facility bonds.

Clean Energy Bonds Proposed by Senate Democrats
Senate Democrats' proposed Clean Energy Act would become the template for all federal tax preferences for the energy sector. It would replace temporary tax credits and repeal existing tax breaks for oil and gas production. As part of the proposal, public power companies, electric co-ops, and local governments would gain authorization to sell Clean Energy Bonds.

Bill Would Provide $5.8B Increase in DOT PABs
The proposed Building United States Infrastructure and Leveraging Development (BUILD) Act would raise the federal cap on private activity bonds for surface transportation and freight improvement projects by $5.8 billion. The Department of Transportation has just over $2.5 billion remaining in authorized PAB usage for surface transportation and freight improvement projects.

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

Columbus, OH Hits $2B Financing Milestone
Columbus-Franklin County Finance Authority | May. 20 | Access to Capital | Bond Finance | Housing Finance

Wichita, KS Developer Seeks Bonds, TIF for Project
KFDI FM 101.3 | May. 16 | Bond Finance | Tax Increment Finance (TIF)

Developer Seeks Approval for $125M Project in Kansas City, KS
Kansas City Business Journal | May. 14 | Bond Finance | Incentives

Senate Approves $200M in Garvee Bonds for Route 95 Viaduct in Providence, RI
State of Rhode Island General Assembly | May. 14 | Bond Finance | Infrastructure Finance

IRS Releases Private Letter Ruling for Calculating the Economic Life of Bond-Financed Property
National Law Review | May. 13 | Bond Finance | Economic Development | Internal Revenue Service (IRS)

Kingston, NY Needs More Bonds for Water Project
Daily Freeman | May. 9 | Access to Capital | Bond Finance | Infrastructure Finance | Water Finance

OH Town Gets Closer to Upgrades to Community Center
Journal-News | May. 8 | Bond Finance | Community Development | Property Assessed Clean Energy (PACE)

MD School District Looks to P3s to Solve $8.5B Backlog
Construction Dive | May. 8 | Bond Finance | Legislative | Public-Private Partnership (P3) Financing

K-12 Public Charter STEM School Finances Construction with $27M in SC JEDA Funding
SC JEDA | Apr. 30 | Bond Finance | Community Development | Member News

CA Must Lead the Way on Green Bonds for Climate Threat
The Sacramento Bee | Apr. 30 | Bond Finance | Energy Finance | Green Finance

NM to Issue $12M in Green Bonds
My High Plains | Apr. 26 | Bond Finance | Energy Finance | Green Finance | Water Finance

CDFA Releases 2019 Policy Agenda
CDFA | Apr. 25 | Access to Capital | Agriculture Finance | Bond Finance | EB-5 Visa | Energy Finance | Legislative | Tax Credits

CO: Support a Just and Equitable Transition via Securitization
NRDC | Apr. 24 | Bond Finance | Energy Finance | Green Finance

Newport Beach, CA Signs on Trust to Fund Housing for Homeless
Los Angeles Times | Apr. 24 | Bond Finance | Community Development | Housing Finance | Public-Private Partnership (P3) Financing

IL Village Issues $10M in Bonds for Water and Sewer Improvements
Journal & Topics | Apr. 22 | Bond Finance | Water Finance

Proposed Legislation Could Help Repair Public Facilities
Facility Executive | Apr. 22 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing

City Council Greenlights Red Cedar Project
Lansing City Pulse | Apr. 22 | Bond Finance | Brownfield Financing | Tax Increment Finance (TIF)

IRS Releases General Public Use Requirement for Qualified Residential Rental Projects
Hawkins Delafield & Wood LLP | Apr. 19 | Bond Finance | Internal Revenue Service (IRS)

$21M Culinary and Food Center Opens in MA
Mass Live | Apr. 19 | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing | U.S. Dept. of Agriculture (USDA)

Highlights from the Online Resource Database

Financing Low-Carbon Buildings and Energy Efficiency in the Green Bond Market
Bond Finance | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
There are substantial opportunities to leverage green bonds to finance low-carbon buildings and energy efficiency in the country. Issuance across the world shows that capital markets can be accessed to finance energy efficiency and buildings. Financing climate adaptation and resilience also presents opportunities.

Growing Green Bond Markets: The Development of Taxonomies to Identify Green Assets
Bond Finance | Energy Finance | Green Finance | Water Finance
Green bond guidelines are being implemented across the globe to support issuers and investors in selecting and reporting on suitable projects. However, a gap of adoption of green definitions remains, suggesting the need to develop consistent approaches that can increase the capability of issuers and investors to identify eligible green and sustainable assets.

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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