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Bond Finance Update
September 5, 2017
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CDFA Bond Finance Update

Features

Reforms May Be Needed to Better Track Volume Cap
The difficulty of tracking how states are allocating private activity bonds under their volume caps begs the question of whether reforms are needed. "There is some question with regard to is it time for volume cap reform," said Pete Mathews, CDFA's manager of research & resources.

Governments Are Turning to Banks for Easy Money
In the years since the Great Recession, state and local governments have increasingly borrowed money directly from banks instead of issuing public bonds. They say direct loans aren't as much of a hassle as issuing bonds. That may be true, but they're also riskier.

NABL Urges Creation of New PABs for Infrastructure
The National Association of Bond Lawyers recommends the creation of new categories of private activity bonds and taxable, direct-pay bonds to help finance national infrastructure projects. NABL submitted their recommendations to the Trump administration and the Congressional tax writing committees.

Counting Munis as Liquid Even If Markets Are Dry
Congress is pushing to pass legislation that would qualify certain municipal bonds as High-Quality Liquid Assets. The question is whether that label might get slapped on bonds that are certainly high quality, but may not be really, truly liquid.

IRS Focuses on Tax Exempt Financings Involving Developers
For a number of years, the IRS Office of Tax-Exempt Bonds ("TEB") has expressed concerns about potential tax abuses that may exist in what it has characterized as "developer-driven deals" involving the use of tax-exempt bonds.

Statler Hotel Project Finances Under SEC Investigation
Federal regulators are investigating the TIF-backed, bond financing behind the massive Statler Hotel redevelopment in downtown Dallas.

Hoover, AL Reinstates Industrial Development Board, Will Hire Economic Developer
In an effort to diversify the city's economy, the Hoover City Council is reinstating the Industrial Development Board. Councilman Derrick Murphy said the board hasn't met in more than 10 years. Once reinstated, the board will meet on an as-needed basis, he said.

Market Reports

KPM Weekly Rate Update
KPM Financial | Sep. 5 | Bond Finance | Bond Finance\Market Reports

Municipal Market Snapshot
Hutchinson, Shockey, Erley & Co. | Aug. 31 | Bond Finance | Bond Finance\Market Reports

Upcoming Events

Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for the Summit.

Advanced Bond Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

IRS Sets New Deadlines for Issuers to Recover Muni-Related Overpayments
The Internal Revenue Service has extended the deadline for issuers of tax-exempt and tax-advantaged bonds that file claims for the recovery of excess arbitrage they inadvertently rebated to the federal government.

Commentary: Duty of Care Enforcement for Municipal Advisors
The Securities and Exchange Commission this month announced a significant enforcement action against an Oklahoma municipal advisor, Municipal Finance Services, Inc., and two officers of the firm, including its founder and president.

FL CDDs Rebuke Residents Opposing Bond Deal
Two central Florida community development districts contend their residents used "sophistry" in trying to persuade a judge not to approve the district's bonds, attorneys said in final briefs.

IN Completes Takeover of P3 Road Project
Indiana completed a settlement agreement to take over a road project that's been cited as an example of the pitfalls of public private partnerships and will sell $180 million of state backed bonds next week to wrap up the financing piece of the agreement.

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

How Green Bonds Can Bridge Infrastructure Financing Gaps
GreenBiz | Aug. 31 | Bond Finance | Green Finance | Infrastructure Finance

WV Plans $1B in Road Project With Bond Sale
MetroNews | Aug. 28 | Bond Finance | Infrastructure Finance

NY State Quietly Stopped Funding a Key Affordable Housing Program
The Real Deal | Aug. 24 | Bond Finance

MD Receives Top Bond Rating Once Again
The Garrett County Republican | Aug. 24 | Bond Finance

KS Utility Revamps a Coal Plant with $250 in Bonds
American Public Power Association | Aug. 22 | Energy Finance | Bond Finance

State Commission Approves Sulphur, LA, Infrastructure Projects
American Press | Aug. 21 | Bond Finance | Infrastructure Finance

Atlanta City Council approves $26M in Bonds for Homelessness Project
The Signal | Aug. 18 | Bond Finance | Social Finance | Community Development | Tax Increment Finance (TIF)

IFA Teeing Up State Revolving Fund Bond Deal
The Bond Buyer | Aug. 18 | Bond Finance | Water Finance

Billions in New Spending for Housing, Water, and Parks Considered in CA
Los Angeles Times | Aug. 17 | Bond Finance

University of Pittsburgh Medical Center Seeking $750M in Tax-Exempt Bonds
Lancaster Online | Aug. 17 | Bond Finance

Russellville, AR Considers Authorizing Issuance of IDBs
The Courier | Aug. 17 | Bond Finance

Denver Airport Terminal Set for $1.8B P3 Reconfiguration
The Bond Buyer | Aug. 17 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing

Midland, TX Council Votes to Put $100M Road Bond on Ballot
Midland Reporter-Telegram | Aug. 16 | Bond Finance | Infrastructure Finance | Water Finance

Infrastructure Improvements to be Funded with Bonds in Allen, TX
Allen American | Aug. 16 | Infrastructure Finance | Special Assessment Districts | Bond Finance

Bonds to Fund $99M in Street Infrastructure and Water Drainage in San Antonio
News 4 San Antonio | Aug. 16 | Infrastructure Finance | Bond Finance



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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