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CDFA Bond Finance Update - September 17, 2019

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Bond Finance Update
September 17, 2019
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CDFA Bond Finance Update


CDFA to Host Free Webinar on 2018 CDFA Volume Cap Report
The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. The free webinar will take place on October 15 at 1:00 PM Eastern time.

Greater Orlando, FL Aviation Authority Set to Issue $1.1B in Airport Facilities Bonds
The Greater Orlando Aviation Authority is scheduled to issue $1.1 billion in Airport Facilities Bonds to finance construction on its new South Terminal at the Orlando International Airport and to manage certain aspects of its current debt obligations.

BART Board Approves $227M for New HQ in Downtown Oakland, CA
BART will spend $227 million on a new headquarters in downtown Oakland, despite last-minute concerns that it's not a good use of taxpayer money. The agency will issue $227 million in sales tax revenue bonds to buy and renovate the new property.

Palmetto Goodwill Uses $19.3M in SC JEDA Bonds to Refinance Facilities
Palmetto Goodwill is using a $19.3 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to refinance its growth throughout its coastal territory. The bonds will be used to refinance acquisition costs for eight existing facilities.

Nassau County Approves $408M Bond For Sewage Conveyance Project
The Nassau County Legislature approved a $408 million bond resolution that will help fund the Bay Park Conveyance Project — a plan to stop discharging treated sewage into the Reynolds Channel and divert it to the Cedar Creek Sewage Treatment Plant, which discharges into the ocean. The bond builds on the $830 million in state and federal money already invested in the project.

Stevens Institute to Construct Three Buildings Using $270M in Bonds
The Stevens Institute of Technology is scheduled to construct two student residential towers and a three-story university center through $270 million in bonds approved by the NJ Educational Facilities Authority. The NJEFA says the financing is anticipated to include a tax-exempt and a taxable series of bonds, all or a portion of which are authorized to be issued as Green Bonds.

Chesterfield, NH Leverages Partnership and New State Bond Law to Finance Broadband
Chesterfield leveraged changes in New Hampshire state laws that let communities issue public bonds to fund broadband networks. The town's partnership with Consolidated Communications to build a town-wide FTTH network could serve as a model for other communities.

Baton Rouge, LA Council Approves Plan to Issue $200M for Roads Improvement
The Baton Rouge Metro Council, in a unanimous decision without any discussion, gave permission for the city to issue up to $200 million in bonds to kick-start a nearly $1 billion road improvement project. That project is budgeted for $1.9 million, but federal funds are covering 80 percent of that cost.

Market Reports

Weekly Market Outlook
Moody's Analytics | Sep. 12 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | Sep. 9 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA National Development Finance Summit

New York & New Jersey: Opportunity Zones & Beyond (2019)
October 3, 2019 - New York, NY
Join the New York & New Jersey: Opportunity Zones & Beyond conference on October 3, 2019 for a special one-day event hosted at the offices of BNY Mellon in New York City. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the New York/New Jersey economy going forward.

CDFA // BNY Mellon Development Finance Webcast Series: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

PAB Fees Nearly Universal Among Conduit Issuers
The newly-released CDFA Conduit Bond Fee Study found that fees are nearly universal among conduit bond issuers that work with hospitals, non-profit institutions, colleges and multi-housing developers to finance their projects with tax-exempt private activity bonds.

NABL Lobbying Grows on Capitol Hill
The short-term outlook for enactment of congressional legislation to reinstate advance refundings or expand the use of tax-exempt private activity remains pessimistic through the 2020 presidential election. That was the message Columbia, South Carolina Mayor Steve Benjamin gave attorneys attending a National Association of Bond Lawyers workshop in Chicago.

IN Finance Authority Adds WIFIA Bonds to Water Infrastructure Funding Options
The Indiana Finance Authority is restating its current bond trust indenture and its wastewater and drinking water state revolving fund trust indentures ahead of pricing $200 million of bonds from the program. The change comes as the IFA finalizes a drawdown loan of up to $436 million provided under the Water Infrastructure Finance and Innovation Act of 2014.

Gateway Project Sponsors Trim Costs in Bid for Federal Support
Proponents of a new Hudson River tunnel are hoping an updated plan lowering costs by $1.4 billion will be enough to obtain federal funding for the Gateway project that was blocked after the Trump administration took office in 2017. A revised application submitted to the Federal Transit Administration cuts the price tag for a new rail tunnel to $11.3 billion from $12.7 billion.

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

Renovation of Memorial Auditorium Moving Forward
VT Digger | Sep. 16 | Bond Finance | Historic Preservation | Public-Private Partnership (P3) Financing | Tax Credits

Green is Good – Green Bonds Continue Growth
JDSupra | Sep. 13 | Bond Finance | Energy Finance | Green Finance

Stonecrest, GA Development Authority Approves $700M Revenue Bond
On Common Ground News | Sep. 12 | Bond Finance | Economic Development

The Conservation Fund Announces Commencement Of Green Bond Offering
Yahoo Finance | Sep. 9 | Bond Finance | Energy Finance | Green Finance

NM Forgoes Green Bonds on Energy Efficiency Projects
U.S. News | Sep. 3 | Bond Finance | Energy Finance | Green Finance | Revolving Loan Funds (RLFs)

SC JEDA Bonds to Finance Charter School
SC JEDA | Sep. 1 | Bond Finance

Broadband Advocates Hope for Another Chance at State Bonding
Press Herald | Aug. 30 | Bond Finance | Infrastructure Finance

Covanta Receives $50M in Tax-Exempt Green Bonds
Waste Today | Aug. 29 | Bond Finance | Energy Finance | Green Finance

Santa Fe, NM Debates Issuing Bonds for Senior Housing Project
Albuquerque Journal | Aug. 29 | Bond Finance

Developers Flocking to PACE to Finance Green Buildings
The New York Times | Aug. 27 | Bond Finance | Property Assessed Clean Energy (PACE)

Mobile County, AL Greenlights $36M Issuance for Tire Recycler
Alabama Real-Time News | Aug. 26 | Bond Finance

Newport, KY Set to Approve $45M in Bonds for Ovation Project
The River City News | Aug. 22 | Bond Finance | Tax Increment Finance (TIF)

CNU Seeks $900M in Bonds for Hospital Project in Elk Grove, CA
Elk Grove Citizen | Aug. 22 | Bond Finance | Social Finance

Developer Acquires WY Property to Rehab 75 Apartments for Seniors and People with Disabilities
Affordable Housing Finance | Aug. 22 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

MassDevelopment Finances WHOI Campus Building through $75.5M Issuance
The Cape Cod Times | Aug. 21 | Bond Finance

Highlights from the Online Resource Database

CDFA Conduit Bond Fee Study
Bond Finance | CDFA Original Research
The CDFA Conduit Bond Fee Study evaluates the landscape of current conduit bond fees in order to share best practices and common structures employed by conduit bond issuers across the country. The CDFA Conduit Bond Fee Study only looks at fees related to the issuance and ongoing monitoring of conduit bonds and does not evaluate any rates, fees, or trends for governmental or treasury bonds.

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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CDFA National Sponsors

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