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CDFA Bond Finance Update - May 21, 2024

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Bond Finance Update
May 21, 2024
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CDFA Bond Finance Update

Features

Join CDFA for Our Upcoming Intro Tax Increment Finance WebCourse
Register for CDFA's Intro Tax Increment Finance (TIF) WebCourse taking place on June 26-27. Join us to learn the guiding principles and appropriate application of TIF. Our panel of expert instructors will discuss TIF deal-making and best practices highlighted by projects from around the country.

Mayer Brown Advises on $5.35B Refinancing for Florida's High-Speed Rail System
Mayer Brown advised Morgan Stanley on transactions that provided financing to support the design, development, and construction of high-speed rail projects for Brightline Trains Florida (Brightline), a high-speed passenger rail system connecting major populations in Florida. The proceeds of the various financings were used to completely overhaul Brightline's capital structure by refinancing over $5 billion in debt and funding various reserve accounts.

Representative Sewell Introduces Legislation to Boost Local Infrastructure Investments
U.S. Rep. Terri Sewell (AL-07) introduced the Local Infrastructure Financing Tools (LIFT) Act, a bill that would expand commonsense bond financing opportunities for local governments and nonprofits. Specifically, the LIFT Act would: authorize the use of American infrastructure bonds, restore advance refunding of municipal bonds, and expand bank-qualified debt for small municipalities and nonprofits.

Tucson and Pima County, AZ IDAs Win 2024 Single Family Award of Excellence
The Pima County, AZ Industrial Development Authority (Pima IDA) won the 2024 Single Family Award of Excellence from the National Association of Local Housing Finance Agencies. The Pima IDA won for the PimaTucson Lighthouse program, in collaboration with the City of Tucson IDA, which is a joint issuance of $25 million in single family mortgage revenue bonds for first-time homebuyers.

Florida State University to Finance Stadium Renovations with $326.6M in Revenue Bonds
A preliminary offering statement posted to Florida's Division of Bond Finance revealed Florida State University (FSU) is looking to raise $326.6 million through revenue bonds to finance renovations to Doak Campbell Stadium and the construction of FSU's football-only facility. The bonds, to be issued by the State of Florida Board of Governors, are backed by revenue generated by the Seminoles, including conference payouts, ticket sales, annual booster donations, and sponsorships. 

Kutak Rock's Public Finance Group Rises to Second in National Bond Counsel Rankings
The Bond Buyer has released national rankings for bond counsel for the first quarter of 2024. Kutak Rock moved to second place, with 94 bond issues aggregating $5.25 billion, versus its third-place ranking with 74 issues aggregating $3.4 billion at the same time last year. 

Tax Code Constraints Limit Tribal Tax-Exempt Bonding
Tribal governments face both legal and debt service barriers to using tax-exempt bond financing. These barriers can create challenges for tribes seeking to access the half-trillion-dollar annual tax-exempt municipal bond market for low-cost capital financing.

Oklahoma City, OK Schools Approves $500M Agreement for Bond Construction Projects
A lengthy discussion and public comments revealed frustrations within Oklahoma City Public Schools over the planning, rollout, and oversight of its $955 million bond issue passed in 2022. The Oklahoma City Board of Education's eventful meeting featured a massive financing deal, the fate of two historic properties, a new school board member, and another's resignation. The board's eight members approved a $500 million lease-purchase financing agreement with the Oklahoma Industries Authority that will set in motion multiple bond construction projects. 

North Carolina Housing Finance Authority to Issue $750M Bond for Affordable Housing
The Local Government Commission approved the North Carolina Housing Finance Agency's request for $750 million in revenue bonds to address the nearly 200,000-home gap of affordable rental housing across the state. The agency is using the approved bond money to finance its NC 1st Home Advantage Down Payment program. This program provides a $15,000 down payment assistance to first-time home buyers and military veterans.

Market Reports

Weekly Market Outlook
Moody's Analytics | May. 16 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | May. 13 | Bond Finance | Market Reports

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-Bricker Graydon Webinar Series: Catalyzing Transformative Redevelopment with TIF
June 11, 2024 - 2:00 PM - 4:00 PM Eastern
Speakers on this event will present the basics of how these tools work and provide case studies highlighting how PACE and special assessment financing can be paired to create more environmentally sustainable projects.

CDFA // BNY Mellon Development Finance Webcast Series: Impacts of Inflation on Bond Yields, Arbitrage, and Rates
June 18, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will walk through the impact of rate hikes on yield and arbitrage and share best practices for managing these impacts.

Bond Finance Headlines

Miami-Dade County, FL Reapproves Expired $250M Bond for Seafood Company
Seafood Source | May. 16 | Bond Finance | Development Finance Toolbox | Food Systems Finance

Scranton, PA School District Refunds $13.5M in Bonds
Scranton Times-Tribune | May. 12 | Bond Finance

TD Bank Group Wins Green Bond of the Year
TD Bank Group | May. 8 | Bond Finance | Green Finance

Silicon Valley Leaders Push Multibillion-Dollar Housing Bond
Palo Alto Online | May. 6 | Bond Finance | Housing Finance

Fitch Rates Dormitory Authority of the State of New York's $974M Bonds 'AA-'
Fitch Ratings | May. 3 | Bond Finance | Bond Rating Agencies

MassDevelopment Provides $11M Bond for College Preparatory Day School
ReBusiness Online | May. 2 | Bond Finance

Pittsburgh, PA's Urban Redevelopment Authority Outlines $30M Affordable Housing Bond
Pittsburgh Post-Gazette | May. 2 | Bond Finance | Housing Finance

Fitch and S&P Give AAA Credit Rating to Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank | May. 1 | Bond Finance

Chicago, IL Plans to Scale Back Use of Tax Increment Financing
The Real Deal | May. 1 | Access to Capital | Bond Finance | Tax Increment Finance (TIF)

Kansas Considering Bond Package to Lure Kansas City Royals and Chiefs
KMBC News 9 | Apr. 30 | Bond Finance | Incentives

Global Academy of South Carolina Expands in Spartanburg with $31.4M in JEDA Bonds
JEDA | Apr. 24 | Bond Finance | Education

Allegany County, NY Gives Initial OK to $30M Bond for Alfred University
Olean Times Herald | Apr. 24 | Bond Finance | 501(c)(3) Bonds

Fitch Rates Oregon's $617M GOs 'AA+'; Revises Outlooks to Positive
Fitch Ratings | Apr. 16 | Bond Finance | Bond Rating Agencies



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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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