CDFA Bond Finance Update - March 21, 2017

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Bond Finance Update
March 21, 2017
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CDFA Bond Finance Update

Features

San Antonio Water Faces IRS Audit on $89M of Bonds
The Internal Revenue Service is examining the tax-exempt status of $89 million of bonds issued by the San Antonio Water System, according to a notice on the Municipal Securities Rulemaking Board's EMMA Web site. The IRS called the audit "routine" in a letter to SAWS Chief Financial Officer Doug Evanson.

CenterPoint Inland Port Back for More PABs
One of the only intermodal freight facilities to take advantage of a 12-year-old federal private activity bond program is readying its fourth round of financing. The CenterPoint Joliet Terminal Railroad LLC in Illinois plans to privately place up to $150 million of unrated Surface Freight Transfer Facilities Revenue Bonds as soon as this spring.

Charter School Bond Bill Passes OK Senate
A bill guaranteeing charter schools the right to seek bond financing has gained approval in the Oklahoma Senate. Senate Bill 359 would still require local public school districts to approve the bond request.

Cambridge, MA Issues $2M in Minibonds
Cambridge, Mass., raised $2 million through a sale of community-sourced minibonds, which the city and its underwriter say could further a trend in the $3.8 trillion municipal bond marketplace.

Rocky Mount, NC Complex Supported by NMTC
Ground has been broken in downtown Rocky Mount for the construction of a new community sports complex. The 160,000 square foot facility costs $36.5 million, and will be financed through bonds, new market tax credits, and a property tax hike.

Bond Documents Being Revised for Issue Price Rules
Bond lawyer and dealer groups are drafting revisions to bond documents for market participants to begin using by June 7 when the Internal Revenue Service's issue price rules take effect.

Port Authority to Help Finance Massive Blue Ash Development
The Port of Greater Cincinnati Development Authority $24 million in TIF revenue bonds has been approved to finance public infrastructure improvements for a mixed-use development  in Blue Ash, Ohio. The economic impact is expected to be $110.5 million in direct spending plus another $14.9 million in indirect spending.

Water Infrastructure Funding: Where Do We Go from Here?
With the future of tax-exempt bonds in question, and with growing uncertainity over which communities will benefit from WIFIA, water finance officials are speculating on how the industry will overcome the $600 billion funding gap for water and wastewater infrastructure.

OH House OK's Plan to Create State Bond Bank
The Ohio House voted to create a state bank to provide low-cost loans to help local governments that have struggled to maintain their roads and buildings, let alone build anew. Under House Bill 54 the State Bond Bank would be created to make loans to local governments for permanent improvements expected to have a life span of at least five years.

Muni Finance Caucus Sends Letter to W&M
Reps. Randy Hultgren and Dutch Ruppersberger, leaders of the Municipal Finance Caucus, sent a letter defending tax-exempt bonds to Chairman Kevin Brady and Ranking Member Richard Neal of the House Ways and Means Committee. 154 House Members signed the letter in support of the Municipal Finance Caucus.

Dealers Say MSRB Minimum Denomination Rule Would Hurt Investors
Dealer groups are still opposed to a proposed standalone minimum denomination rule from the Municipal Securities Rulemaking Board after several changes, arguing it would hamper liquidity and should be abandoned for altered suitability requirements.

Market Reports

KPM Weekly Rate Update
KPM Financial | Mar. 20 | Bond Finance | Bond Finance\Market Reports

Municipal Market Snapshot
Hutchinson, Shockey, Erley & Co. | Mar. 20 | Bond Finance | Bond Finance\Market Reports

Upcoming Events

Impact Investing and Development Finance Agencies Webinar
March 23, 2017 - 1:00 - 2:30 PM Eastern
In January 2017, The Kresge Foundation made a $5 million investment with the Port of Greater Cincinnati Development Authority to establish a commercial development loan program, which is geared toward neighborhood revitalization and transformation through mixed-use, mixed-income projects. This investment demonstrates the potential for development finance agencies and impact investors to work together to create new financing mechanisms that leverage social, community, and economic priorities. This webinar will bring together the partners in the ground-breaking Cincinnati investment to discuss the details and ways that DFAs across the country could work to replicate this model with their local foundations.

Intro Incentives WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

P3 Plan Revs Up Stalled Oklahoma Highway
Oklahoma plans to complete an unfunded Tulsa highway project that's been on the books for 50 years with a seven-way partnership that would include an expected $100 million investment from the one private sector partner.

Lawyers Concerned About Burdens From SEC Disclosure Amendments
The SEC's proposed changes to its Rule 15c2-12 will create many new disclosure obligations that will be costly and burdensome for issuers, especially those that are smaller, said bond lawyers meeting on Thursday.

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

Issue Closed: Cardinal McCloskey Community Services
GATES Capital | Mar. 21 | Bond Finance | Member News

TX Budget Wall Could Stop Bullet Train Plan
The Bond Buyer | Mar. 21 | Bond Finance | Infrastructure Finance

Artificial Intelligence Is Radically Changing Muni Risk Assessments
The Bond Buyer | Mar. 21 | Bond Finance

New Affordable Apartments Financed Across Western WA
Washington State Housing Finance Commission | Mar. 20 | Bond Finance | Tax Credits

How Long Can IL Hold Onto Investment Grade Ratings?
The Bond Buyer | Mar. 16 | Bond Finance | State Small Business Credit Initiative (SSBCI)

Cuyahoga Co. Will Back MetroHealth'sTransformation Bonds, Saving Metro up to $160M
Cleveland Plain Dealer | Mar. 16 | Bond Finance

Atlanta OKs $40M Affordable Housing Bond
WABE | Mar. 8 | Bond Finance

Abilene's Extra Funds Could Go Towards New Fire Stations
Abilene Reporter-News | Mar. 8 | Bond Finance | Infrastructure Finance

Cavs' Arena Bond Deal No Slam Dunk for all Clevelanders
The Bond Buyer | Mar. 7 | Bond Finance

IL BAB Losses Mount
The Bond Buyer | Mar. 7 | Bond Finance

Lebenthal Sells Stake to South Street Securities
The Bond Buyer | Mar. 7 | 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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