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CDFA Bond Finance Update - September 20, 2022

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Bond Finance Update
September 20, 2022
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CDFA Bond Finance Update

Features

Join Us in Denver, CO to Discuss Bond Financing in an Unpredictable Market
The CDFA National Development Finance Summit, Presented by CHFA is happening in Denver, CO on November 2-4. During our bond financing session, experts will discuss how the ongoing pandemic has affected the municipal bond market and analyze the challenges and opportunities facing the industry as we move forward. Together, we will look at the future of bond financing and how investors and communities can make the most of the capital markets.

Detroit Lakes, MN Approves Tax Levy Increase for 2023; Seeks $18.3M in Bond Issuances
The Detroit Lakes City Council approved the preliminary budget and a 9.86% tax levy increase for 2023 during their most recent meeting. Council members also approved an $18.3 million bond issuance to finance payments for the city's new public works building, West Lake Drive projects, and other street and utility projects that are currently underway.

Williamsburg, VA Moves Forward with Financing Capital Improvement Projects
Williamsburg City Council voted Thursday to authorize the issuance of general obligation bonds, bank loans or bond anticipation notes for financing specific capital improvement projects. The bulk of the $25,750,000 in funds received from the bonds will go toward the new police station, with additional funds for other projects like school projects and the library design project as well as covering the approved increase to the budget for the new fire station.

Annapolis, MD Finalizes Financing for Largest Municipal Project in City's History
The city of Annapolis has finalized a long-awaited financial agreement with developers and a state economic agency to fund the reconstruction of Noah Hillman Garage and the redevelopment of City Dock. City officials announced that they had signed an agreement with the development group Annapolis Mobility and Resilience Partners, with backing from the Maryland Economic Development Corp. to pay for what is expected to be the largest municipal project in city history with an estimated cost of $70 million.

Hamilton County, ID Eyes $63M Fairgrounds Improvement
Hamilton County officials are finalizing plans for an overhaul of the county fairgrounds in Noblesville that would cost $63 million over several years but modernize the site to permit improved and increased programming. The revamp would take several years and would be completed in three phases. The county council, which approves financing for projects, has agreed to dedicate $15 million in a bond issue for the first phase, which would be an estimated $26 million in all. The county commission will try to close that gap by seeking private investment or fundraising.

Allen, OH Commissioners Approve Bonds for Mercy Health
Bon Secours Mercy Health-St.Ritas entered into an annual partnership with the Allen County Commissioners on Thursday Morning. According to the resolution, the goal is to determine the necessity of and authorize the issuance of hospital facilities and revenue bonds. A hospital revenue bond is a type of municipal bond that is issued to raise financing for the construction of a hospital, nursing home or other hospital facilities.

JPMorgan Boosts Lending to States and Cities in Turbulent Market
JPMorgan Chase & Co. led US banks in increasing direct loans to states and local governments last quarter as the firms filled a void left by mutual-fund investors who fled the traditional municipal-bond market amid soaring inflation and surging yields.

Charlotte, NC Seeks Approval for $1B for Sewer and Water Projects
The Local Government Commission has approved $1 billion in funding requested by the city of Charlotte for infrastructure work related to water and sewer projects. The city hopes to issue $500 million in bond anticipation notes for the city to obtain short-term funding over the next two years. The notes will be paid off later with long-term bonds and the funds would pay for an extension of existing water and sewer lines, rehabilitation of water and wastewater treatment plants, new water and sewer mains, and equipment.

Market Reports

Weekly Market Outlook
Moody's Analytics | Sep. 19 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Sep. 19 | Bond Finance | Market Reports

Upcoming Events
CDFA National Development Finance Summit

CDFA Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will provide a detailed review of the released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply, provide an overall timeline for when communities can expect to access funding, and discuss using IIJA funds in coordination with local funding through bond finance, tax credits, tax increment financing, and other development finance approaches.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

NYC Comptroller Urges Bond Use to Finance Better Social Outcomes
New York City could use municipal bonds as a way to finance better outcomes for migrants coming to New York from Ukraine and the southern border, city Comptroller Brad Lander said.

California Treasurer Highlights Role of Bonds to Fight Housing Crisis
California State Treasurer Fiona Ma delivered an update on state finances Monday to attendees of The Bond Buyer's California Public Finance conference in Los Angeles, vowing to protect bond issuance and explaining the relief package that will return some of the state's surplus to taxpayers.

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

Montana Fairgrounds Supporters Launch Campaign for $19M Bond for Ice, Livestock
Missoula Current | Sep. 19 | Bond Finance

Iowa Voters Approve $3.1M Bond for Hamburg School Improvements
The Hamburg Reporter | Sep. 19 | Bond Finance

Stillwater School Board in Oklahoma Hears Plans for $195M Bond Issue
Stillwater News Press | Sep. 19 | Bond Finance

Dare Commissioners in North Carolina Approve Housing Agreements
The Coastland Times | Sep. 19 | Bond Finance | Housing Finance

Louisiana Authority Approves $1.1B in Revenue Bonds to Finance Green Fuels Project
Biodiesel Magazine | Sep. 12 | Bond Finance | Energy Finance | Green Finance

Dickson, TN City Council Approves Bond Issuance for Electric Broadband Project
Public Power | Sep. 2 | Bond Finance | Energy Finance | Infrastructure Finance

Challis, ID Awarded $3M Loan to Rebuild Water System
Idaho Capital Sun | Aug. 23 | Access to Capital | Bond Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

The Gloversville Common Council in New York Set to Vote on $10M Sewer Plant Bond
The Leader-Herald | Aug. 22 | Bond Finance | Water Finance

$150M in Bonds Up for Approval After Wasatch County School Board Public Hearing in Utah
KPCW | Aug. 22 | Bond Finance

Prisma Health Refinances Health Facilities Bonds Through JEDA
JEDA | Aug. 16 | Bond Finance

Wells Fargo Issues $2B Inclusive Communities and Climate Bond
Environment and Energy Leader | Aug. 16 | Bond Finance | Energy Finance | Green Finance | Housing Finance

Inflation Reduction Act: Tax Implications for Public Finance Transactions
Kutak Rock | Aug. 16 | Access to Capital | Bond Finance | Development Finance Toolbox | Economic Development | Federal | Tax Credits | Urban Development | Bond Volume Cap | Understanding Housing Finance | Legislative Activities

Monterey, CA School District Explores Funding Options for Affordable Employee Housing
Monterey Herald | Aug. 15 | Bond Finance | Housing Finance | Tax Credits

Kentucky Agricultural Finance Corporation Approves Over $2M in Loans
The Lane Report | Aug. 12 | Access to Capital | Agriculture Finance | Bond Finance | Revolving Loan Funds (RLFs) | State Finance Program



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

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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