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Bond Finance Update
January 16, 2018
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CDFA Bond Finance Update

Features

Tri-Cities Airport Awarded $4.1M Grant to Expand Aerospace Park
In November, the mayors of Kingsport, Johnson City and Bristol, Tennessee, and the counties of Sullivan and Washington signed the Aerospace Park intergovernmental financing agreement, giving Tri-Cities Airport the go-ahead to purchase $8.5 million in revenue bonds to fund the expansion.

KC Hospital Receives $125.6M in Bonds
BSA LifeStructures designed the tower, with lead architect Jackie Foy, and McCownGordon Construction LLC will be the general contractor. Children's Mercy received $125.6 million in fixed-revenue bonds, to be split between the research tower and an office building it previously constructed.

State PAB Volume Caps Boosted 5.2%
States can issue up to $37.55 billion in new tax-exempt private activity bonds in 2018, 5.2% more than last year, after these bonds barely escaped termination in the recently enacted tax overhaul legislation.

Muni Market Set for Slow January After Tax-Fueled Rush to Market
Bond sales last month broke the previous monthly issuance record set in December 1985, which was driven by Congress' overhaul of the tax code. The next month, municipal bond issuance was a paltry $1.69 billion, according to Bond Buyer data. Bond sales are unlikely to fall below that figure.

Colorado Senate Republicans Will Introduce Road-Bonding Bill
Not content just to say that Colorado transportation funding is their top priority, state Senate Republicans will introduce a bill on the opening day of the legislative session Wednesday that seeks bonding voter approval for as much as a $3.5 billion bond sale.

Fiberight Waste-to-Energy Plant on Track to Open in the Spring
Fiberight LLC has completed the $70 million project financing necessary to complete construction on the first phase of the municipal solid waste-to-energy plant it's building in Hampden.The financing includes a $45 million Finance Authority of Maine tax-exempt bond issuance.

Lincoln County, NM Considers IRBs for Wind Projects
Lincoln County, NM commissioners are considering issuing industrial revenue bonds for one or more of the companies pursuing development of wind farms in northern areas of the county.

Tax Reform's Cost to Municipal Issuers
With the passage of the Tax Cuts and Jobs Act, issuers of tax-exempt debt no longer have the authority to advance refund bonds with tax exempt debt after December 31, 2017. The new law amends Section 149(d) of the U.S. tax code.

Market Reports

Weekly Market Outlook
Moody's | Jan. 12 | Bond Finance\Market Reports

Municipal Market Update
Stern Brothers | Jan. 10 | Bond Finance | Bond Finance\Market Reports

Weekly Rate Update
KPM Financial | Jan. 8 | Bond Finance\Market Reports

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

House Group Calls for Expansion of Private Activity Bonds
The Problem Solvers Caucus, a bipartisan group of House lawmakers, released a report late Wednesday that recommends raising the state volume caps for all private activity bonds used to help finance infrastructure projects.

Winter Storm Surge Boosts Call for $10B Boston Seawall
Freezing floodwaters that engulfed downtown Boston prompted Mayor Martin Walsh to call for resilience measures including a seawall along Boston Harbor. In September, the Massachusetts Bay Transportation Authority issued tax-exempt sustainability bonds as part of a $574 million competitive sale.

Wildfires Burn Through Property Taxes Securing California County Bonds
The property taxes securing 40 Sonoma County, Calif. bond issues face an estimated shortfall of $2.4 million because of the October California wildfires. That estimate was recently released by Erick Roeser, auditor-controller-treasurer-tax collector for Sonoma County.

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

Whiplashed Planners Fear GOP Swerve on Infrastructure
Roll Call | Jan. 11 | Bond Finance | Infrastructure Finance | Legislative

Governor McAuliffe Announces 900 Jobs Created Towards Clean Energy
WTKR.com | Jan. 11 | Bond Finance | Energy Finance

Work Begins on Third Saint John's Tower
Urban Milwaukee | Jan. 10 | Bond Finance | Historic Preservation

Beckley Common Council Abuzz with Building Plans
The Register-Herald | Jan. 10 | Bond Finance | Community Development | Infrastructure Finance

This Year's Planned Wake School Bond Vote Will Come Later Than Expected
The News & Observer | Jan. 8 | Bond Finance | Community Development

High-Tech Waste-to-Energy Facility Set to Open in May
Bangor Daily News | Jan. 5 | Bond Finance | Energy Finance

Cuyahoga County Officials Reallocate Bond Money to Preserve Tax-Exempt Status
Cuyahoga County Insider | Jan. 4 | Bond Finance

New Sewer System Causes Stir in Wimberley Over Fears it Digs Financial Hole
KXAN.com | Jan. 4 | Bond Finance | Infrastructure Finance

Cuyahoga County Discovers $36M in Unspent Bond Funds
Cuyahoga County Insider | Jan. 3 | Bond Finance

PABs May Still Face Scrutiny
Tax Analysts | Jan. 2 | Bond Finance | Legislative

$99.3M Aggie Expressway Expansion Phase II Under Way
Construction Equipment Guide | Jan. 2 | Bond Finance | Infrastructure Finance

Butler County, OH Projects Mean $86M of Investment
Journal News | Dec. 31 | Bond Finance

Muni Investors Take Refuge in the Known
Reuters | Dec. 29 | Bond Finance | Legislative

Trinity Health Bond Sale Complete
Minot Daily News | Dec. 29 | Bond Finance

$18.7M WHEFA Financing Assists Dodgeville, WI Health Center
WHEFA | Dec. 28 | Bond Finance

Financing for Food Hall and Food Court Among $400M in Bonds in Atlanta, GA
Bisnow | Dec. 28 | Food Systems Finance | Bond Finance | Infrastructure Finance

Commissioners Consider Industrial Revenue Bonds for Wind Projects
Ruidoso News | Dec. 28 | Bond Finance | Energy Finance

US Tax Changes Mean Good and Bad News for the Energy Efficiency Sector
Decentralized Energy | Dec. 27 | Bond Finance | Energy Finance | Legislative | Tax Credits

Osawatomie Plans for New Electric Shop
The Miami County Republic | Dec. 27 | Bond Finance | Energy Finance

Florida Train Project Gets $1.15B Private Activity Bond Allocation
The Bond Buyer | Dec. 27 | Bond Finance | Infrastructure 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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