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.