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.
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