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CDFA Bond Finance Update - February 18, 2020

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Bond Finance Update
February 18, 2020
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CDFA Bond Finance Update

Features

Puerto Rico's Economy in Limbo as Governor Rejects Debt Deal
Puerto Rico's fragile economy is facing an uncertain future after the island's governor rejected a settlement announced with bondholders that would reduce the U.S. territory's public debt by 70%. The settlement is the biggest one to date since the island's government announced in 2015 that it was unable to pay its more than $70 billion public debt load and filed for the largest U.S. municipal bankruptcy in May 2017.

Manchester, CT Sells Bonds at Historically Low Interest Rate, Maintains High Ratings
High demand for municipal bonds, low-interest rates, and top marks for the town's financial operation have combined to give taxpayers the best deal possible on the money they borrowed for public projects, town officials said. The town just sold $15 million in general obligation bonds at a historically low net interest rate of 1.868 percent.

Tarrant County, TX Issues $193 Million in Hospital Revenue Bonds
The Tarrant County Cultural Education Facilities Finance Corporation is expected to issue $193 million in Hospital Revenue Bonds this week. The negotiated sale is scheduled for February 6th with J.P. Morgan as the lead manager. Proceeds from the sale of the Bonds will be used to refund Series 2010 Bonds and to finance and reimburse the costs of constructing a new capital project.

Public Finance Authority P3 Financings Help Bring Proton Cancer Treatment to South FL and AL
Thanks to a public-private partnership (P3) between the Public Finance Authority (PFA) and Proton International (PI), cancer patients in Delray Beach, FL, and Birmingham, AL will have access to all the benefits of proton therapy treatment. PFA and PI work with hospitals and physician groups to develop one- and two-room proton treatment centers, to help address cost and financing constraints.

House Ways and Means Committee Unveils Infrastructure Proposal
The House Ways and Means Committee has released its much-anticipated infrastructure proposal. It includes $760 billion over five years for transportation, broadband, water, wastewater, and brownfields redevelopment. It also would expand many existing clean energy financing programs as well as tax credits like the NMTC, LIHTC, and HTC.

Talk to Lawmakers about Bond Legislation at the CDFA Federal Policy Conference
As part of the CDFA Federal Policy Conference, we will head to Capitol Hill to conduct legislative briefings on the importance of bond legislation such as MAMBA. Join CDFA and our members and partners as we visit with Congressional leaders to reinforce the importance of federal economic development finance solutions and proactive approaches.

Municipal Securities Regulation Enforcement: Year in Review 2019 and Look Ahead 2020
The second half of 2019 saw U.S. Securities and Exchange Commission (SEC) enforcement activity focused on municipal advisor registration and investor protections in addition to continued review of Municipal Securities Rulemaking Board (MSRB) rules and guidance.

Market Reports

Weekly Market Outlook
Moody's Analytics | Feb. 13 | Bond Finance | Bond Finance\Market Reports

Capital Markets Insights
Wye River Group | Feb. 11 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA Federal Policy Conference

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF, is TIF the Right Tool For Your Project?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Commentary: Finding the Impact on Munis in CRA Reform
Over the last month, banks and community development professionals have grappled with the potential fallout brought by dramatic changes to the Community Reinvestment Act (CRA) proposed in a draft rule released by the OCC and the FDIC. To date, the remaining bank regulator, the Federal Reserve, has not joined the rulemaking process but the rule, if adopted, would impact 85% of banks subject to the CRA.

Issuers Oppose Broad Interim Disclosure
Issuers are pushing back against analysts and regulators seeking more frequent financial disclosures and say they want to know what specifically investors and analysts are looking for in their finances. At a GFOA debt committee meeting, issuers aired concerns about being asked to provide financial documents on a more frequent basis. Some said groups like the NFMA are asking for too much.

New Capital Program May Push New York MTA Debt to $50B
New York's Metropolitan Transportation Authority's debt could push $50 billion by the end of its coming five-year capital program, its chief financial officer said. Net debt, now $42.9 billion for the MTA's core credits, could rise by up to $7 billion, Robert Foran told members of the MTA board's finance committee on Tuesday.

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

MN Senate Leader Hints GOP Might Agree to Bonding Bill Over $1B
KFGO | Feb. 18 | Bond Finance | State Finance Program

City of Rosenberg, TX Refunds Bonds, Saves More Than $1M
Houston Chronicle | Feb. 18 | Bond Finance | Local Finance Program

City of Newburgh, NY Approves Bond for $15M in Capital Projects
Times Herald-Record | Feb. 18 | Bond Finance

Redwood City, CA Eyes $25M in Rehab Bonds for Apartments
The Daily Journal | Feb. 16 | Bond Finance | Housing Finance

State of NH Issues $80M in Capital Improvement Bonds
MuniNet Guide | Feb. 16 | Bond Finance | State Finance Program

CO Town Approves Amendment to Municipal Code, USDA Water Revenue Bond
Estes Park Trail Gazette | Feb. 15 | Bond Finance | Water Finance

True Green Capital Management Closes $84M in Debt and Tax Equity Financing
PR Newswire | Feb. 7 | Bond Finance | Energy Finance | Green Finance | Tax Credits

Muni Bond Surge Propped Up Global Green Issuance in January
Bloomberg | Feb. 4 | Bond Finance | Energy Finance | Green Finance

Funding Lined Up for $1.5B in Miami-Dade County, FL Water/Sewer Upgrades
Miami Today | Jan. 29 | Bond Finance | Infrastructure Finance | Water Finance

Boaz, AL Seeks $8.5M to Fund Outlet Property Renovations, Remaining Recreation Center Cost
The Sand Mountain Reporter | Jan. 28 | Bond Finance | Rural Development

A Deal on Bonding and a Drafted Transportation Bill Move CT Closer to Tolls
The Connecticut Mirror | Jan. 27 | Bond Finance | Infrastructure Finance | State Finance Program

VT Bond Bank to Issue $22M in College System Bonds
MuniNet Guide | Jan. 23 | Bond Finance | Social Finance

New Municipal Courthouse to Replace Downtown Park in Columbus, OH
The Columbus Dispatch | Jan. 23 | Access to Capital | Bond Finance

Miami's Plan to Survive Impacts of Climate Change: Figure out a Way to Pay for It
Miami Herald | Jan. 23 | Bond Finance | Revolving Loan Funds (RLFs) | Resiliency

Learn How Phase One of the Beulah Park Project is Spurring Growth in Grove City, OH
Columbus Franklin County Finance Authority | Jan. 21 | Bond Finance | Member News


Highlights from the Online Resource Database

Private Activity Bonds: Comparing How the Structure and Use of These Bonds in Kansas Compares to Other States
Bond Finance
The Kansas Legislative Division of Post Audit examined how Kansas and other states used private activity bonds in calendar years 2016 through 2018. In this audit, they used data from CDFA and other states to determine how states used private activity bonds from 2016 to 2018.

Hawkins Advisory: Revised IRS Form 8038-CP
Bond Finance
Please be advised that on Tuesday, January 21, 2020, the Internal Revenue Service released a revised Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds ("IRS Form 8038-CP").


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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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
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  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
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  • SB Friedman Development Advisors
  • Stern Brothers
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  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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