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Bond Finance Update
July 18, 2017
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CDFA Bond Finance Update


New Public Finance Funding Sources Spark Transparency Concerns
A decreased reliance on bonds to finance capital investments has created a need for more municipal market research tools to analyze alternative forms of public financing, according to industry experts.

Study Finds EMMA Has Reduced Price Volatility, Price Differentials
The MSRB's introduction of EMMA and its subsequent requirements for dealers to disclose near-real time information on the system has narrowed measures of market inefficiencies like price volatility and price differentials but has not eliminated the advantage institutional investors have over retail investors, according to a study from Komla Dzigbede.

Can Communities Finance Their Own Projects?
Today, cities are experimenting with new financial technologies that can tap financial resources from more people at the local level, giving residents investment opportunities and a stake in the project's success. They're called "mini-bonds."

The Constitution Prevails as the Political Subdivision Regulatory Project Gets Trumped 
The Treasury released Notice 2017-38, which acknowledged the proposed regulations that would re-define the term "political subdivision" for issuance of tax-exempt bonds as one of eight unduly burdensome regulatory projects and should be reconsidered for modification or repeal.

S&P Affirms IL BBB- Rating as IL Avoids "Junk" Status
Illinois avoided being saddled with a junk credit rating from S&P, which affirmed the state's BBB-minus rating, citing eased concerns over a possible liquidity crisis in the wake of last week's budget enactment.

Restructured Federal Freight Grants to Offer 'More Bang for the Buck'
The Trump administration has reconfigured and renamed a $4.5 billion discretionary grant program dedicated to freight-related transportation infrastructure to put more emphasis on projects that can leverage additional state, local, or private financing.

Bill Would Lift Caps on PABs Used to Finance Water, Sewer Infrastructure
Advocates of removing state volume caps for tax exempt private activity bonds used to finance water and sewer projects have once again reintroduced bipartisan legislation in the House.

Market Reports

KPM Weekly Rate Update
KPM Financial | Jul. 17 | Bond Finance | Bond Finance\Market Reports

Municipal Market Snapshot
Hutchinson, Shockey, Erley & Co. | Jul. 17 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
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News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

About $330M Left in New Clean Renewable Energy Bond Program
About $329.7 million of New Clean Renewable Energy Bonds can still be allocated to states, localities and other users, according to the Internal Revenue Service.

TIFIA Loans Alone Cannot Cure Infrastructure Woes, Experts Say
The low-interest loans provided by the Transportation Infrastructure Finance and Innovation Act are a key source of funding for infrastructure projects but cannot replace direct and robust federal outlays, experts told members of the Senate Environment and Public Works Committee on Wednesday.

Federal TIFIA Loan Helps Fund $2 Billion Rail Station P3 in NYC
A $537.5 million low-interest federal loan will provide most of the state's contribution to the $1.85 billion redevelopment of an old post office in Manhattan into a modern train station being financed as a public-private partnership.

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

Opinion: The Benefits of Private Financing for Public Works
The New York Times | Jul. 17 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing

NJ's American Dream Mega Mall Secures Additional $3B
Philly Voice | Jul. 13 | Bond Finance

Oklahoma Bond Downgrade Could Impact Borrowing Costs
News OK | Jul. 13 | Bond Finance

St. Joseph County, IN Commits $18.25M in Bonds to Track Project
NWI Times | Jul. 13 | Bond Finance

Congress Will Rethink Investing in Cities
Next City | Jul. 12 | Bond Finance | Infrastructure Finance | Legislative | Urban Development

Bonds May Support Fredericksburg, TX Sports Park Expansion
Fredericksburg Standard | Jul. 12 | Bond Finance

IL Bonds Rally After Ending Budget Impasse
Financial Advisor | Jul. 10 | Bond Finance

IL Financial Challenges Remain Despite Passing of Budget
Chicago Tribune | Jul. 8 | Bond Finance

City Center Closes $210M Tax-Exempt Bond Sale in Allentown, PA
The Morning Call | Jul. 7 | Bond Finance

Free Interactive Course Simulates Decision-Making about Investing in Municipal Bonds
MSRB | Jul. 6 | Bond Finance | Municipal Securities Rulemaking Board (MSRB)

Hudson Companies Closes Second Phase of $107M Brooklyn Project
Commercial Observer | Jul. 5 | Bond Finance | Redevelopment

GASB Issues New Guidance on Leases by State and Local Governments
The Bond Buyer | Jun. 29 | Bond Finance

NY's MTA is in a State of Emergency, Says Cuomo
The Bond Buyer | Jun. 29 | Bond Finance | Infrastructure Finance

IN's P3 Takeover Underscores Risks, Moody's Says
The Bond Buyer | Jun. 29 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | State Finance Program

Public vs. Private Financing for KCI? Officials Say the Details Will Count
The Kansas City Star | Jun. 29 | Bond Finance | Infrastructure Finance

$22.5M WHEFA Bond Financing Supports Student Housing
WHEFA | Jun. 29 | Bond Finance

Two OK Congressman Introduce Bill Which Bars Use of Tax-Exempt Bonds for Stadiums
Tulsa World | Jun. 27 | Bond Finance | Incentives | Legislative

Bond Revenue Funding Auxiliary Gym in Laffayette, VA
The Virginia Gazette | Jun. 24 | Bond Finance

City of Hutto, TX, Moving Forward on Bond to Improve Downtown
KVUE | Jun. 23 | Infrastructure Finance | Bond Finance

Tulsa Museum Clears Hurdle with $25M Bond Approved
Tulsa World | Jun. 23 | Bond Finance

American Dream Bonds Price after Delays
The Bond Buyer | Jun. 22 | Bond Finance

Study Puts Coastside County, CA Recycled Water Costs at $5.2M
Half Moon Bay Review | Jun. 22 | Bond Finance | Infrastructure Finance | Water Finance

$42.5M WHEFA Bond Supports Carthage College
WHEFA | Jun. 22 | Bond Finance

$937M Bond Package for Infrastructure Improvements to be Voted on in OK
Red Dirt Report | Jun. 21 | Infrastructure Finance | Bond Finance

Phoenix IDA Issues Bonds to Support Low-Income Housing Rehab
Phoenix IDA | Jun. 21 | 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.

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Columbus, OH 43215
(614) 705-1300

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