CDFA Bond Finance Update - March 7, 2017
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Features |
Dealers Say MSRB Minimum Denomination Rule Would Hurt Investors
Dealer groups are still opposed to a proposed standalone minimum denomination rule from the Municipal Securities Rulemaking Board after several changes, arguing it would hamper liquidity and should be abandoned for altered suitability requirements.
Grant Anticipation Revenue Vehicles (GARVEEs)
The Center for Innovative Finance Support summarizes GARVEEs as debt-financing instruments repaid with future Federal-aid funds. As of December 2016, 25 States and 3 territories have issued over $20.4 billion in GARVEEs. Projects financed with GARVEE proceeds must follow all Federal-aid requirements.
Primer On Monitoring Post-Issuance Compliance
This audio cast from the IRS covers the importance of implementing post-issuance compliance procedures and regularly monitoring those procedures to preserve the status of tax-advantaged bonds over the entire life of the bonds. Tax-advantaged bonds, includes tax-exempt bonds, tax credit bonds, and direct-pay bonds.
The Bond Buyer 2016 Annual Review: Munis Volume Ascends to an All-Time High
Total volume for 2016 finished 11.2% higher at $450.31 billion from $404.96 billion in 2015, according to The Bond Buyer's annual review. Refunding volume drove the surge in volume, as issuers rushed to market to take advantage of historically low rates
SEC to Propose Issuer Disclosures on Bank Loans, Private Placements
The Securities and Exchange Commission is set to propose changes that would require issuers and borrowers to disclose information about the growing number of alternative financial obligations to municipal bonds, such as bank loans, private placements, swaps, guarantees and leases.
MSRB Draft Rules Would Clarify CUSIPs Needed for Private Placements
The Municipal Securities Rulemaking Board has drafted rule amendments that would clarify that dealers must obtain C USIP numbers for private placements, including direct purchases when the dealer is acting as a placement agent.
MAMBA Introduced in House as HR 1115
CDFA is pleased to announce that Reps. Richard Neal (D-MA), Jim Renacci (R-OH), and Randy Hultgren (R-IL) have reintroduced the Modernizing American Manufacturing Bonds Act in the U.S. House of Representatives as H.R. 1115. Read the Bond Buyer article here.
The Case for Tax Exemption in the 21st Century
Mayor Steve Benjamin of Columbia, SC demonstrates the importance of tax-exempt municipal bonds to 21st Century America by explaining the numerous ways they support infrastructure investment nationally.
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Market Reports |
KPM Weekly Rate Update
KPM Financial | Mar. 6 | Bond Finance | Bond Finance\Market Reports
Municipal Market Snapshot
Hutchinson, Shockey, Erley & Co. | Mar. 1 | Bond Finance | Bond Finance\Market Reports
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
A Drive for More PACE Oversight in CA
California efforts to embed more consumer protections into PACE loans are advancing on two tracks. The largely unregulated PACE industry has faced criticism in recent months that homeowners are not being adequately informed about how the program works before they agree to the tax liens.
APPA Members Meet with Lawmakers about Muni Exemption
Roughly 600 members of the American Public Power Association met with US lawmakers on Tuesday and Wednesday to urge them to preserve the tax exemption for municipal bonds. APPA and CDFA are both members of Municipal Bonds for America.
GFOA OKs Best Practices on Refundings, Investing, and Financial Services
The Government Finance Officers Association's executive board has approved a series of new and revised best practices that make recommendations to issuers about refundings, investing their public funds, and procuring financial services.
Reps. Hultgren, Neal, & Renacci Reintroduce MAMBA in US House
The Modernizing American Manufacturing Bonds Act (H.R. 1115) was reintroduced in the US House of Representatives by Reps. Randy Hultgren, R-Ill., Richard Neal, D-Mass., and Jim Renacci, R-Ohio. MAMBA would would modernize and ease tax law restrictions for small bond issues used to finance manufacturing facilities.
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.
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Bond Finance Headlines |
Cavs' Arena Bond Deal No Slam Dunk for all Clevelanders
The Bond Buyer | Mar. 7 | Bond Finance
IL BAB Losses Mount
The Bond Buyer | Mar. 7 | Bond Finance
Lebenthal Sells Stake to South Street Securities
The Bond Buyer | Mar. 7 | Bond Finance
PFA to Issue $85M in Bonds to Support Maui Hospital Completion
Maui News | Mar. 6 | Bond Finance
Bonding Assistance Helps Small Contractors in LA
Beauregard Daily News | Mar. 3 | Bond Finance | Economic Development
Miami Worldcenter Procures $74M from Bond Sale
South Florida Business Journal | Mar. 3 | Bond Finance
San Felipe Council Approves $725K Bond
The Sealy News | Mar. 3 | Bond Finance | Infrastructure Finance | Community Development
CA's $2.4B GO Sale Will be Largest Yet in 2017
The Bond Buyer | Mar. 3 | Bond Finance
Bond Insurer Takes VA Golf Course Default to Federal Court
The Bond Buyer | Mar. 2 | Bond Finance
Infrastructure Advocates Frustrated by Trump's Lack of Details
The Bond Buyer | Mar. 2 | Bond Finance | Federal | Infrastructure Finance
White House Says It Will Kick Off Infrastructure Planning Thursday
Bloomberg News | Mar. 2 | Bond Finance | Economic Development | Federal | Infrastructure Finance
New JEDA Bonds Refinance Retirement Community in SC
SC JEDA | Mar. 1 | Bond Finance
WHEFA Completes $7.4M Bond Finance for Charter School
WHEFA | Feb. 27 | Bond Finance
Embracing Change in the Muni Market
The Bond Buyer | Feb. 23 | Bond Finance
New Youth Soccer Complex Moves Forward With Help of TIF
The Kansas City Star | Feb. 22 | Tax Increment Finance (TIF) | Community Development | Bond Finance | Special Assessment Districts
New JEDA Bonds Refinance Expansions at Wofford College
SC JEDA | Feb. 22 | Bond Finance | Redevelopment
FL Co-ops and PACE Keep Solar Moving Forward
pv magazine | Feb. 22 | Bond Finance | Energy Finance | Green Finance | Bond Finance\Property Assessed Clean Energy Bonds (PACE)
DPFG Closes $24.9M Bond Sale for School District
DPFG | Feb. 22 | Bond Finance
Sales Tax Increase Pays Off Washington City Bond
Peoria Journal Star | Feb. 21 | Bond Finance | Economic Development
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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