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CDFA Bond Finance Update - August 21, 2018

Bond Finance Update
August 21, 2018
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CDFA Bond Finance Update

Features

The World Bank Is Preparing for the World's First Blockchain Bond
The World Bank has mandated Commonwealth Bank of Australia to arrange the world's first blockchain bond. According to the institution, the bond will be the first in the world to be created, allocated, transferred and managed with blockchain technology.

Montefiore Health System in NY Raises Nearly $1.2B in Bond Financing
Montefiore Health System in NY has raised a total of $1.17 billion in the bond market, including $685 billion in bonds issued through the Dormitory Authority of the State of New York (DASNY). The $685 million issued by DASNY was offered as a $309 million tax-exempt series and a $376 million taxable series. In addition, Montefiore issued $482 million in bonds on its own.

$1.15B Bond Will Fund Seattle, WA Convention Center Project
Seattle wants to capitalize on its status as one of the nation's top travel destinations with a $1.7 billion plan to double the size of its downtown convention center. Construction will start soon on the project which will be funded primarily through $1.15 billion in bond financing.

CA to Implement a Green Bonds Strategy
California's treasurer has signed on to a document committing to fight climate change through a strategy using green financing. Green bonds may be sold by governments, as well as by private entities, to finance projects that have positive environmental or climate attributes. The projects can range from clean transportation to renewable energy.

Pasadena, CA Art Center Sells $103M in Bonds
Pasadena's Art Center College of Design in CA has sold $103 million in tax-free bonds to refinance its debt and renovate its buildings. Approximately $61 million will be used to finance existing debt, with the remaining amount of approximately $42 million to be used for renovations at the Raymond Ave. and Lida Street buildings,

Toledo, OH Approves $45M in Bonds
The Toledo-Lucas County Port Authority has approved bond financing for housing and commercial space at a Marina District site. The bond issuance resolution authorizes up to $45 million in taxable bonds to finance Marina Lofts Acquisition LLC's planned 289,000-square-foot project in East Toledo, OH.

WA State Tribe Closes on $53.5M Bond for Capital Improvements
The Kalispel Tribe of Indians has closed a $53.5 million bond deal that will allow it to pursue several capital improvement projects on reservation land. The tribe will use the bonds to build new roads, offices for the tribal police department and upgrades to its sewer system.

Municipalities Could Benefit from Issuing More Green Bonds
Yields at issue for green municipal bonds are on average 0.06 percentage points below yields paid on otherwise equivalent bonds. This is important for municipal bond issuers because it means investors may be willing to accept lower returns in order to hold bonds identified as socially responsible.

Environmental Impact Bonds Could Help Pay for Rehab of LA Coastline
The bonds are a financing tool in which repayment to investors is linked to the achievement of a desired environmental outcome. In this case, the outcome is sustained wetlands that help curb land loss and provide risk reduction for coastal residents and businesses. 

Newport, TN Approves Utilities Bond Issue up to $22.5M
Members of the Newport City Council have approved the issuance of up to $22.5 million in revenue bond anticipation notes for Newport Utilities. The bonds will be used to fund a project offering a fiber Internet and TV service to all of the utility's customers.

Technological Change and the Impact On Public Governance Investment
Court Street Group Research and The Municipal Impact Coalition held a webinar recently discussing the impact of technological change on public governance investment. Webinar panelists were George Friedlander, Joseph Krist, Matt Posner, and Mac Hughes-Cromwick.

Market Reports

Weekly Capital Markets Update
Wye River | Aug. 20 | Bond Finance | Bond Finance\Market Reports

Weekly Rate Update
KPM Financial | Aug. 13 | Bond Finance | Bond Finance\Market Reports

Weekly Market Outlook
Moody's Analytics | Aug. 9 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

P3 Bill Signals New Infrastructure Path for NJ
Governor Phil Murphy has signed a bipartisan bill that enables local governments, school districts, public authorities and state colleges to enter into P3s for capital projects. P3 opportunities in New Jersey previously only applied to public colleges and universities.

Bonds, Grants Help Fight Rising SF Bay
A coalition of South Bay cities and other local agencies were recently awarded $177 million in federal funding to improve levees along Santa Clara County's bayshore. In San Francisco, voters will decide in November whether to approve a $425 million bond measure to strengthen a seawall.

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

For Muni Bond Sales, Brand Matters
Governing | Aug. 2 | Bond Finance

$3.7M Bond Will Pay for Zoo Improvements in South Bend, IN
WNDU | Aug. 9 | Bond Finance

Warren County, IA Approves Bonds for New Courthouse and Jail
US News | Aug. 9 | Bond Finance

Allegheny Health Network in PA Issues $914.9M in Bonds
MuniNet Guide | Aug. 8 | Bond Finance

Faribault, MN Approves Bond Sale
The Sentinel | Aug. 9 | Bond Finance

Morristown,TN Approves $69M Bond Issue
Citizen Tribune | Aug. 9 | Bond Finance

Warren County, OH to Finance $1.5M in Debt
WHIO | Aug. 8 | Bond Finance

Hickory, NC Looks to Issue $15M in Bonds
Hickory Record | Aug. 7 | Bond Finance

Jackson, MS Approves $65M School Bond Issue
Clarion Ledger | Aug. 8 | Bond Finance

$44.8M in Bond Financing Arranged in Seattle, WA
Rebusiness Online | Aug. 7 | Bond Finance

Little River, SC Uses $18.1M Bond for New Senior Facility
South Carolina Jobs-Economic Development Authority | Aug. 7 | Bond Finance

$21.6M in Renovations Planned for Housing Complexes in Central PA
Central Pen Business Journal | Aug. 3 | Bond Finance | Tax Credits

LA County, CA Uses P3 Bonds for Office Tower
The Bond Buyer | Aug. 2 | Bond Finance | Public-Private Partnership (P3) Financing

$46.9M WHEFA Bond Financing Supports La Crosse, WI
WHEFA | Jul. 31 | Bond Finance

EDA Approves $80M in Bonds for WV Parks
The Bond Buyer | Aug. 20 | Bond Finance | Infrastructure Finance | State Finance Program

Rochester, NH Approves $2.43M More in TIF
Foster's Daily Democrat | Aug. 15 | Bond Finance

Bastrop County, TX Issues $9M in Bonds
Statesman | Aug. 14 | Bond Finance

Richmond County, GA Approves $230M Bond Issue
The Augusta Chronicle | Aug. 6 | Bond Finance

KC to Issue $25M in IRBs for Crop Science Plant
Kansas City Business Journal | Aug. 1 | Bond Finance | Incentives

Fargo, ND to Issue $17.8M for Block 9 Project
The Forum of Fargo-Moorhead | Aug. 1 | Bond Finance

Pittsburgh, PA Approves $40M Bond Issuance to Purchase Downtown Building
Trib Live | Jul. 26 | Bond Finance | Urban Development

Akron, OH to Issue $2M in Bonds for Bowery Project
The Plain Dealer | Jul. 25 | Bond Finance

NV Board of Finance to Discuss $47M for Biofuels
Nevada Appeal | Jul. 23 | Bond Finance

Palmyra, MO Approves $4M in IRBs for Business Park
Hannibal Courier-Post | Jul. 22 | Bond Finance

Green-Bond Sales Surge Toward Record as Borrowers Burnish Brands
Bloomberg | Jul. 18 | Bond Finance | Energy Finance | Green Finance

Columbia, MO Leans on Bonds for Utility Projects
Columbia Daily Tribune | Jul. 17 | Bond Finance | Infrastructure Finance



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
info@cdfa.net


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