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CDFA Bond Finance Update - October 17, 2023

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Bond Finance Update
October 17, 2023
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CDFA Bond Finance Update

Features

CDFA Presents the Bond Finance Reference Guide
As an enhanced and renewed version, the Bond Finance Reference Guide provides readers with a thorough understanding of the different types of bonds, key players in a bond transaction, strategies in structuring, sizing, and closing bonds, the process of issuing bonds, securities law basics, and additional legal issues. Get your guide today!

South Dakota Economic Development Finance Authority Issues $25M Bond for Large Dairy
The South Dakota Economic Development Finance Authority approved issuing a $25M bond under the Livestock Nutrient Management Bond program for the 12,500-cow Washington Dairy owned by Riverview, a Minnesota company already operating four other dairies and a feedlot in South Dakota. The funding will be used for site preparation, concrete collection lanes, lagoons, settling ponds, and other equipment to collect and dispose of manure. 

San Diego Airport Authority Completes $1B Bond Sale for Terminal Construction
The San Diego County Regional Airport Authority has completed bond financing totaling $1 billion at 5.18% interest to support construction of the new Terminal 1. The bond sale will provide funding for terminal and roadway construction, as well as airside projects as part of the New T1 program. Despite a volatile bond market and increasing interest rates, investors placed more than $3 billion of orders for the Airport Authority bonds. The $3.4 billion terminal is set to open in summer 2025.

Don't Miss the 2023 CDFA National Development Finance Summit
CDFA is traveling to Philadelphia, PA, for the 2023 National Development Finance Summit November 8-10! Join us for CDFA training courses, targeted breakout sessions, networking events, and workshops you can't get anywhere else. Register today!

Connecticut Bond Commission Approved $1.4B in Bonds for Transportation Projects
The Connecticut Bond Commission approved $1.4 billion for various transportation projects and hopes to leverage twice that amount in federal transportation aid. The commission also approved $25 million for new voting tabulators, which will be in place in time for the 2024 presidential election. The $1.1 billion in Special Transportation obligation bonds would fund a range of infrastructure projects, including road repair, bridge maintenance, and environmental upgrades. 

Loudon County, VA Seeking Voter Approval for $579M Bond for Government Operations
Loudoun County, VA voters will be asked to authorize bond financing in three areas of county government operations: school projects, public safety and parks and recreation projects, and transportation projects. For schools, the county is seeking to issue up to $362.7 million in bonds for school construction projects. For parks and recreation, the county is seeking $59.6 million in bonds. For transportation, the county is seeking $156.6 million for road upgrades and bridge safety improvements.

Fitch Ratings Takes Actions on U.S. Enhanced Municipal Bonds
FitchRatings has taken various conforming rating actions on U.S. enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers, liquidity providers, or underlying bonds.

DevelopOhio Economic Incentives Toolkit - An Effective Economic Development Toolkit for Growth and Job Creation
This guide from Bricker Graydon outlines the array of tools with which Ohio economic development practitioners can stimulate or induce development to occur in their communities. This guide also assists practitioners by identifying programs, clarifying changes to existing programs, and introducing effective new options to consider. This guide provides practitioners with the ability to empower their communities or businesses to accomplish a variety of economic development objectives.

Philadelphia, PA Prices $565M of Water and Wastewater Revenue Bonds
The City of Philadelphia, PA issued approximately $565 million of Water and Wastewater Revenue and Revenue Refunding Bonds. Along with below-market rate federally subsidized loans and pay-as-you-go capital dollars, the bonds will finance system-wide investments in water and wastewater infrastructure. A portion of the proceeds of the issuance were also used to refund prior bonds for savings in excess of $3 million.

Austin, TX Housing Department Closes $40M Bond for Affordable Housing Project
The City of Austin Housing Department closed $74.5 million in construction financing in District 1 for the development of city-owned land. Seabrook Square I is a 204-unit multi-family development financed by a $40M tax-exempt Bond issued by the City of Austin, $3.4M Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in Austin Housing Finance Corporation subordinate debt financing through Rental Housing Development Assistance. 

CDFI Fund Guarantees $300M Bond Financing in Low-Income and Distressed Communities
U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced that Treasury has agreed to issue three guarantees totaling $300 million under the Community Development Financial Institution (CDFI) Bond Guarantee Program. The guarantees will be issued on behalf of three Eligible CDFIs under the fiscal year (FY) 2023 round of the program. Nearly $2.5 billion has been guaranteed since the inception of the CDFI Bond Guarantee Program.

Market Reports

Weekly Market Outlook
Moody's Analytics | Oct. 5 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | Oct. 2 | Bond Finance | Market Reports

Upcoming Events
CDFA National Development Finance Summit

CDFA Tribal Finance Webinar Series: Funding Healthcare Facilities on Tribal Nation Reservations
October 24, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers will discuss financing tools and programs that tribal nations are using for healthcare facilities that better serve their unique community needs.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Aggie Bond Legislation Revived in Senate
Our President and CEO, Toby Rittner, is featured in The Bond Buyer to discuss our supportive role in introducing The Modernizing Agricultural and Manufacturing Bonds Act to the Senate.

Omaha Public Power District to Bring $650M of Double-A Bonds
The Omaha Public Power District will sell $650.5 million of double-A rated bonds within the next 10 days as a step to finance its aggressive capital program over the next few years.

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

MassDevelopment Provides $5M Tax-Exempt Bond for Senior Community Improvements
MassDevelopment | Oct. 11 | Bond Finance | Green Finance | Housing Finance

Moody's Maintains Bristol, VA's A2 Rating Ahead of $32M GO Bond Issue
Bristol Herald Courier | Oct. 11 | Bond Finance | Bond Rating Agencies

Albuquerque, NM Voters to Decide on $35M GO Bond for City Parks
KRQE News | Oct. 11 | Bond Finance

Fitch Rates Philadelphia, PA School District's $352M GOs "A+"
FitchRatings | Oct. 11 | Bond Finance | Green Bonds | Bond Rating Agencies

Fitch Rates Arlington County, VA IDA's $165M AA+, Outlook Stable
FitchRatings | Oct. 10 | Bond Finance | Bond Rating Agencies

Bremer County, PA to Sell $4.7M in GO Bonds to Overhaul Emergency Communications Infrastructure
WCF Courier | Oct. 10 | Bond Finance

Cape Coral, FL Issues $140.8M in GO Bonds for Water Utilities Extension Project
News-Press | Oct. 5 | Bond Finance | Infrastructure Finance | Water Finance | Drinking Water | Sewage & Waste

MassDevelopment Issues $2.6M Tax-Exempt Bond for Springfield Technology Park
MassDevelopment | Oct. 4 | Bond Finance | 501(c)(3) Bonds

Why You Should Care About the Glob Rout in Government Bonds
CNN | Oct. 4 | Bond Finance

Tax-Free Municipal Bonds can be a Solid Investment
Yahoo! Finance | Oct. 2 | Bond Finance

New York Bond Issuance and Tax Credits to Fund 188 Unit Affordable Housing Deal
New York State | Sep. 27 | Bond Finance | Food Systems Finance | Housing Finance | Tax Credits

Rochelle City, IL Considers $2.5M Bond Issuance for Improvements to Downtown Area
Rochelle News-Leader | Sep. 27 | Bond Finance | Community Development | Infrastructure Finance | Tax Increment Finance (TIF)

Improvement Authority Bond Rating Assists Denville, NJ in Saving Nearly $600K
Tap Into Denville | Sep. 27 | Bond Finance

Cedar Rapids, IA Schools Proposes $220M Bond Referendum
The Gazette | Sep. 20 | Bond Finance


Highlights from the Online Resource Database

DevelopOhio Economic Incentives Toolkit - An Effective Economic Development Toolkit for Growth and Job Creation
Bond Finance | Brownfield Financing | Economic Development | Energy Finance | Historic Preservation | Infrastructure Finance | Opportunity Zones | Redevelopment | Rural Development | Tax Credits
This guide from Bricker Graydon outlines the array of tools with which Ohio economic development practitioners can intervene to stimulate or induce development to occur — or occur sooner than market forces sometimes allow — in their communities. This guide also assists practitioners by identifying programs, clarifying changes to existing programs, and introducing effective new options to consider. If knowledge is power, this guide provides practitioners with the unique ability to empower their communities or businesses to accomplish a variety of economic development objectives.

2023 Rural Development Finance Toolkit
Access to Capital | Bond Finance | Incentives | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tax Increment Finance (TIF)
The purpose of this toolkit is to provide an overview of the tools in the development finance toolbox -- such as bonds, tax increment finance, tax credits, and revolving loan funds -- and how they can direct and attract capital to rural businesses and projects. This toolkit features comprehensive case studies to provide recent project and program examples of how tools can be implemented to spur growth and resiliency in rural communities. By understanding the development finance toolbox, economic development professionals can increase public and private financing opportunities for the rural communities they serve.


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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor