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CDFA Bond Finance Update - September 21, 2021

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Bond Finance Update
September 21, 2021
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CDFA Bond Finance Update


House Committee Advances Infrastructure Bill - CDFA to Host Free Legislative Briefing
Several CDFA legislative priorities have been approved by the House Committee on Ways and Means to include in the Build Back Better Act. Notably, the bill includes CDFA's Modernizing Agricultural and Manufacturing Bonds Act. It also includes the restoration of Advance Refunding Bonds, a Bond Category for Electric Vehicle Charging Stations, a permanent extension to the New Markets Tax Credits, and much more. A detailed section-by-section breakdown of provisions is available in the CDFA Advocacy Center. CDFA will host an important Legislative Briefing on Wednesday, September 22 at 4 pm (Eastern) with updates on the status of the bill and next steps.

Ongoing Supply-Chain Issues to Constrain US Building Product Sales
Supply chain challenges in the US building products and materials sector are taking longer than expected to normalize, limiting companies' ability to fully benefit from strong end-market demand and grow sales, says Fitch Ratings. The disruption is causing production delays, which have been exacerbated by ongoing port congestion, pressuring sales volumes and leading to higher raw materials and transportation costs.

State Approves $600M in Borrowing for North Carolina Municipalities
Charlotte is poised to borrow more than $100 million for public safety and housing development projects. North Carolina's Local Government Commission (LGC) unanimously approved Charlotte's plan Tuesday to borrow nearly $125 million for police and fire stations, a police helicopter, and to fund other capital improvement projects. The Charlotte Housing Authority also received unanimous approval to borrow more than $40 million in bonds for two multiple-family housing developments.

Columbus-Franklin County Finance Authority Showcases Transformation of White Castle Headquarters Project
White Castle's $110 million multi-phase mixed-use development project at its current 19-acre Goodale location includes a new 90,000 sq. ft. corporate headquarters, a community center building with outdoor amphitheater, parking, and common green space; a 100,000 sq. ft. for-lease office building; a multi-family residential development consisting of 230 plus units, and an additional mixed-use building for retail and office space.

Extension of COVID Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to March 31, 2022
On August 31, 2021, the IRS released Revenue Procedure 2021-39, which extends until March 31, 2022, the period during which issuers will be permitted to conduct telephonic public hearings for tax-exempt bonds.

The World of Alternative Revenues: Low Carbon Fuel Standard Credits
For most municipal debt issuances, pledged revenue streams are often limited to sales tax, property tax, some form of utility user tax, or a combination of all three. However, with the constantly evolving capital markets and its investor base, issuers are demanding more creative ways to pledge alternative revenue sources to take the pressure off their other revenue streams.

Billion-Dollar Muni Deals a Rarity as Free Cash, Revenue Pile Up
U.S. states and localities have sold 15 bond deals of at least $1 billion this year, on pace to surpass the total of 18 offered in 2020 and potentially even challenge the record 26 issued in 2018, data compiled by Bloomberg show. The conditions are right: the amount that municipalities are paying to borrow is at rock-bottom generational lows, their credit has never been better, and investor demand is seemingly insatiable.

Downtown Colorado Springs, CO Sees Development Migrate to Its East; Catalyst Campus Plans Major Expansion
Started just six years ago, the Catalyst Campus for Technology and Innovation is bursting at the seams, triggering an ambitious expansion plan that will cost $68 million for infrastructure and overhaul a part of eastern Downtown. The Catalyst's districts would impose up to 50 mills on property tax bills to fund expansion and 10 mills for operations and administration. The proposal also calls for the authority to issue up to $90 million in bonds to finance the project.

Market Reports

Weekly Market Outlook
Moody's Analytics | Sep. 21 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Sep. 21 | Bond Finance | Market Reports

Upcoming Events

CDFA Legislative Briefing - September 22, 2021
September 22, 2021 - 4:00 PM Eastern
CDFA will host an important Legislative Briefing on Wednesday, September 22 at 4:00 pm Eastern with updates on the status of the infrastructure bill and next steps.

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

CDFA // BNY Mellon Development Finance Webcast Series: Exploring Local Economy Preservation Funds
Tuesday, October 19, 2021 - 2:00 PM - 3:00 PM Eastern
What is a Local Economy Preservation Fund you may ask? They are institutions that use capital for local broad-based wealth creation. They keep businesses locally owned by supporting transitions to employee and community ownership, and in doing so, help underserved populations to build and sustain wealth. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, you will hear from practitioners implementing this model in communities.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Ohio State University Tees up Green Bonds for Hospital Facility
Ohio State University hits the market Tuesday with $600 million of green-designated bonds to finance a hospital facility. Proceeds will go toward construction at the school's Wexner Medical Center, with opening expected in 2026. It will house up to 820 beds in private-room settings, 60 neonatal intensive care beds, and state-of-the-art diagnostic, treatment, and inpatient service areas.

Tax Law Changes, Bond Provisions to Alter Muni Landscape
Tax law changes and bond provisions included in the $3.5 trillion reconciliation package being debated in Washington likely will shift the demand components for and the makeup of the muni market in dramatic ways in the coming decade. The market is closely watching Washington to see whether the proposed tax law changes and new municipal bond tools — the return of tax-exempt advance refundings, a higher bank-qualified limit, and direct-pay taxable bonds — come to fruition.

Time to Fight for Muni Tax Changes
Municipal market advocates got great news over the weekend when the House Committee on Ways and Means unveiled tax provisions granting all their major wish list items, and now they have to be prepared to fight for the continued inclusion of those items as Congress moves forward on the Democrats' massive budget reconciliation package.

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.

Legislative & Federal Affairs

CDFA is the national leader for development bond advocacy on Capitol Hill. A look at the latest discussions from Washington, DC:

House Committee Advances Key Portion of Democrats' $3.5T Infrastructure Bill
The Hill | Sep. 15 | Bond Finance | Infrastructure Finance | Legislative

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to bond finance, get involved in CDFA-led initiatives, and more.

Bond Finance Headlines

SEC Charges School District With Misleading Bond Investors
Financial Regulation News | Sep. 20 | Bond Finance | Education

Greenville, TX Council Approves $120M in Bonds
Herald Banner | Sep. 20 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Edgerton, KS Plans $98M Mixed-Use Development Near I-35
Fox 4 KC | Sep. 20 | Bond Finance | Tax Increment Finance (TIF)

JEDA Finances Last Step Recycling in Chester County, SC
SC JEDA | Sep. 9 | Bond Finance | Energy Finance | Green Finance | Member News

‘Solar Bond' Demand Goes Through the Roof
Wall Street Journal | Sep. 4 | Bond Finance | Energy Finance | Housing Finance | Resiliency

Delaware County, DE Saves Hundreds of Thousands on Bonds and Will Repave Streets
Muncie Journal | Sep. 1 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Ohio Capital Fund Shrinks Dependence on State Tax Credits
Ohio Business Journal | Aug. 30 | Bond Finance | State Finance Program | Tax Credits

Committee Approves $19M for New Affordable Apartment Complex in East Colfax, CO
Colorado Politics | Aug. 30 | Bond Finance | Community Development | Housing Finance | Redevelopment

JEDA Finances Affordable Housing Acquisitions throughout South Carolina
SC JEDA | Aug. 25 | Bond Finance | Housing Finance | Member News

City Council Approves Bond Program to Revitalize Downtown Edinburg, TX
Texas Border Business | Aug. 25 | Bond Finance | Redevelopment | Rural Development

Ames, IA Public Hearing Set Ahead of $21.2M Bond Approval to Fund Aquatics Center
Ames Tribune | Aug. 25 | Bond Finance | Rural Development

Oconee County, GA Approves Agreements To Bring Costco To Epps Bridge Centre
Oconee County Observations | Aug. 25 | Bond Finance | Rural Development

Rose Associates Lands $182M Loan for White Plains, NY Multifamily Project
The Real Deal | Aug. 25 | Bond Finance | Housing Finance | Incentives | Redevelopment | Rural Development | Tax Credits

Westminster College Announces Closing of $13M Bond Financing
Westminster College | Aug. 25 | Bond Finance | Education

Park City, UT School Board Plan $79M Bond For November
KPCW | Aug. 20 | Bond Finance | Education | Rural Development

Hackensack, NJ's Municipal Bond Rating Raised by Standard & Poor's
Tap Into Hackensack | Aug. 13 | Bond Finance

Broomfield, CO City Council Approves Allotment Contract for Windy Gap Firming Project
Times-Call | Aug. 13 | Bond Finance | Energy Finance | Water Finance

Norfolk, VA Unveils 3 Proposals to Redevelop Mall Area
The Virginian-Pilot | Aug. 13 | Bond Finance | Opportunity Zones | Redevelopment

Highlights from the Online Resource Database

California 2020 Report on Allocation of Qualified Private Activity Bonds
Bond Finance
This report from the California Debt Limit Allocation Committee (CDLAC) analyzes the allocation of the state's annual debt ceiling in 2020 and allocation of private activity bonds. Until recently, the state's debt ceiling wasn't reached. In 2020, however, California was incredibly over-subscribed.

ESG Disclosure in Municipal Offerings
Bond Finance | Energy Finance | Green Finance | Social Finance
This Ballard Spahr white paper describes current market standards for ESG bond labeling, verification, and disclosure, with a focus on green bonds and social bonds, best practices for primary and secondary market disclosure and post-issuance reporting, and key considerations to guide municipal issuers and their financing teams when preparing to issue ESG bonds.

Repaying California's Federal Unemployment Insurance Loan
Bond Finance | Disaster Recovery & Relief | Economic Development | Resiliency
The Governor's 2021‑22 May Revision budget proposes $36 million General Fund to pay the first, partial payment on the state's outstanding federal Unemployment Insurance (UI) loan and proposes to direct $1.1 billion in federal American Rescue Plan (ARP) Act funds to pay down a portion of the outstanding loan.

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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