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CDFA Bond Finance Update - October 15, 2019

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Bond Finance Update
October 15, 2019
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CDFA Bond Finance Update

Features

CDFA Releases Annual Volume Cap Report
CDFA is pleased to announce the release of the Annual Volume Cap Report: An Analysis of 2018 Private Activity Bond & Volume Cap Trends. The report provides complete data of the use of volume cap and the issuance of cap-subject private activity bonds nationwide. CDFA collected the information for the report from surveys and interviews with the allocating authority in each state.

Officials Want $375M to Renovate Two Race Tracks in Baltimore, MD
The architects of an ambitious, $375 million proposal to renovate Baltimore's Pimlico Race Course and Laurel Park in Anne Arundel County are counting on using bonds and money from slot machines to pay for the work. The Maryland Stadium Authority would issue roughly $348 million of municipal bonds. Slots money would be used to pay back the bonds.

MA Governor Pushes $18B Transportation Spending Bill
Governor Charlie Baker's multiyear plan includes hundreds of millions of dollars for road and bridge repair, additional funding for the MBTA and tax incentives promoting telecommuting. Additionally, the bill supports the Transportation Climate Initiative, a regional effort to drive down emissions from vehicles to tackle climate change.

Stafford, TX $62M Bond-Financed School Projects Set to Transform the District
Officials are thrilled that projects funded via a $62M bond package are swiftly moving toward competition. Projects include the construction of a new middle school, a new administration building, a new grades three-to-12 magnet school for STEM, an outdoor learning and community gathering plaza, repurposing an existing building into a community center, and more.

NY State Dormitory Authority Issues $121M in Green Bonds
The New York State Dormitory Authority has announced that it will issue more than $121 million in green bonds that Cornell University will use to finance the construction of new residence halls on the school's north campus.

SC Ports Authority Issues $547M Revenue Bonds
The South Carolina Ports Authority will receive $547 million from bonds issuances, the largest in port history. The proceeds of the issuances will enable the port to finish the first phase of construction of a terminal in North Charleston. The proceeds for the terminal, which total $422 million, will fund construction and delivery purchases.

Albuquerque, NM Approves LEDA Funds, Industrial Revenue Bonds, Additional Incentives
The Albuquerque City Council approved a package of incentives, including $250,000 in Local Economic Development Act money and the sale of $35 million in Industrial Revenue Bonds from the city for the expansion of Jabil Inc.'s Albuquerque location. The money and bonds are part of a public-private partnership proposal.

CA Approves Plans for $4.2B Issuance to Finance High-Speed Rail
The California Debt Limit Allocation Committee approved the first step in the plans of Virgin Trains USA to sell $4.2 billion in tax-exempt debt to build a high-speed train to Las Vegas from a desert town in southern California. Combined with an expected allocation from the federal government, a California agency would issue up to $3.2 billion of tax-exempt debt on the train's behalf.

Brunswick County, NC Aims to Issue $260M in Bonds for Various Projects
Brunswick County Commissioners unanimously approved seeking two series of revenue bonds totaling $260 million to fund various infrastructure projects and refund existing bonds. The bonds include the county's plans to finance its much-needed expansion of the Wastewater Treatment Plant, a water supply main, and refund five previous bonds.

Market Reports

Weekly Market Outlook
Moody's Analytics | Oct. 10 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | Oct. 7 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA National Development Finance Summit

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12-5pm (Eastern)
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Regulatory Guidance on Libor Transition Welcomed
The municipal bond industry will have a window of more than two years to adjust to the phase out of Libor under the proposed transition regulations announced by Treasury and the IRS. The long-awaited rules announced Tuesday and published in the Federal Register are subject to public comment through Nov. 25.

Taxable Bonds Helped Issuance Soar in September
Municipal bond volume continues to accelerate, closing out the month of September 39.1% higher and the quarter 17.8% higher than a year earlier, as issuers flocked to market with taxable deals. September volume rose to $35.38 billion of municipal bonds sold in 894 transactions, from $25.43 billion in 768 issues in September 2018.

FL Preps First GARVEE Bond Deal
Florida plans to issue $1.3 billion of GARVEE bonds over five years to leverage revenues from the Federal Highway Trust Fund. It will sell the inaugural tranche of grant anticipation revenue vehicle bonds totaling $125.3 million as early as next week in a competitive deal.

CA Treasurer Puts a Call Out for Creative Finance Ideas
California Treasurer Fiona Ma asked public finance professionals to reach out to her office with creative financing ideas to help the state solve its social problems and build infrastructure. The state has a $21 billion housing surplus, but also substantial infrastructure needs and a housing crisis.

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

Branford, CT Sells $45M in Bonds, Biggest Bond Sale in Town History
Zip06 | Oct. 11 | Bond Finance

St. Louis, MO Airport Revenue Bonds Upgraded to A from A-
St. Louis American | Oct. 11 | Bond Finance | Infrastructure Finance

Chattanooga, TN Plans to Use TIF to Fund Bonds for Redevelopment
Chattanooga Times Free Press | Oct. 9 | Bond Finance | Tax Increment Finance (TIF)

City of Galveston, TX to Issue $32M in Capital Improvement Bonds
Muni Net Guide | Oct. 8 | Bond Finance | Infrastructure Finance

Northern KY Water District Expects to Save $500K on $17.8M Bond Issue Due to Improved Credit Rating
The Lane Report | Oct. 7 | Bond Finance | Rural Development | Water Finance

SC JEDA Issues $6.8M Bonds for Senior Living Facility Acquisition
SC JEDA | Oct. 3 | Bond Finance | Housing Finance | Social Finance | Social Finance\Health

IRS Seeks Comments on Private Activity Bond Election Form
Tax Notes | Oct. 3 | Bond Finance | Internal Revenue Service (IRS)

Mobile, AL Approves $36M Bond Issue for Tire Recycler Project
Birmingham Business Journal | Sep. 25 | Bond Finance | Green Finance

Los Angeles, CA City Council Approves $13.9M for Venice Community Housing Redevelopment
Yo! Venice | Sep. 24 | Bond Finance | Housing Finance

Plastic Waste Processor Plans $60M Plant, Adding 150 Jobs in MI
Plastics News | Sep. 24 | Bond Finance | Green Finance

Orlando, FL International Airport Receives Four AA Ratings from Bond Agencies
Aviation Pros | Sep. 23 | Bond Finance

CA Statewide Rent Control Will Likely Have Little Impact on LIHTC, Bond Properties
Novogradac | Sep. 21 | Bond Finance | Housing Finance | State Finance Program | Tax Credits

Morristown, TN to Issue $36M for Community Center Project
Citizen Tribune | Sep. 19 | Bond Finance

North Charleston, SC to Spend $22M in Infrastructure Improvements
The Post and Courier | Sep. 19 | Bond Finance | Redevelopment | Tax Increment Finance (TIF)

$25M in Bonds Issued for Austell, GA Senior Living Facility
Marietta Daily Journal | Sep. 19 | Bond Finance | Housing Finance

Merchants Capital Secures $16M for Affordable Housing Property in Minneapolis, MN North Loop District
PR Newswire | Sep. 17 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)


Highlights from the Online Resource Database

Public Banking in the Northeast and Midwest States
Bond Finance | Development Finance Toolbox | Infrastructure Finance
This report, authored by the Northeast-Midwest Institute, lays out the major models of public banking around the world and in the United States and examines their various advantages, obstacles, and feasibility of implementation. This report recommends that all NEMW states adopt a public bank and do so with close attention to their circumstances and needs.

Tax-Exempt Bond Financing for Beginning and Low-Equity Farmers: The Case of Aggie Bonds
Agriculture Finance | Bond Finance | Food Systems Finance | Rural Development
Established in the 1980s, the ‘‘Aggie Bond'' program provides beginning and low-equity farmers with access to capital. The bonds, which pay tax-exempt interest, may be used by qualifying famers for purchases of farm real estate and equipment. The authors use 25 years of data to examine whether the Aggie Bond program has had an impact on farm entrance, land ownership, and the size of operation.


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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CDFA National Sponsors

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  • BNY Mellon
  • Bricker & Eckler LLP
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  • FBT Project Finance Advisors LLC
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  • Ice Miller LLP
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  • NW Financial Group, LLC
  • Petros PACE Finance
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  • Stern Brothers
  • Stifel Nicolaus
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  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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