-Agenda
Wednesday, August 26, 2026
| Wed 11:00 AM - 11:10 AM |
Welcome & Overview
Welcome to the course! This session will introduce CDFA, explain how to use the online software, and discuss the framework for the Intro Bond Finance Course.
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| Wed 11:10 AM - 11:40 AM |
Bonds as a Foundation of Development Finance
Tax-exempt bonds are one of the most utilized financing tools available to state and local governments, development finance agencies, and nonprofit organizations. They help finance manufacturing facilities, affordable housing, healthcare, education, infrastructure, renewable energy, and other projects that strengthen communities and create jobs. This opening session provides an overview of the municipal bond market, explains why tax-exempt financing exists, and explores how bonds support economic growth and community development across the country.
Speaker(s)
- Toby Rittner, President & CEO, Council of Development Finance Agencies
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| Wed 11:40 AM - 12:10 PM |
Bond Finance Fundamentals
This session introduces the essential concepts of bond finance, the bedrock tool of development finance. Participants will learn the differences between taxable and tax-exempt bonds, how bond financing works, common financing structures, key terminology, and the basic lifecycle of a bond transaction.
Speaker(s)
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| Wed 12:10 PM - 1:25 PM |
The Bond Financing Team
Bond transactions depend on collaboration among experienced professionals. This session explores the roles and responsibilities of each member of the financing team—including issuers, borrowers, bond counsel, financial advisors, underwriters, trustees, and rating agencies—throughout the bond lifecycle. Participants will also review the major transaction documents and considerations when assembling the right team.
Speaker(s)
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| Wed 1:25 PM - 1:35 PM |
Break
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| Wed 1:35 PM - 2:20 PM |
Types of Tax-Exempt Bonds
Not all tax-exempt bonds are the same. This session examines the major categories of tax-exempt bonds, including governmental bonds, private activity bonds, industrial development bonds, exempt facility bonds, and 501(c)(3) financings. Participants will learn which projects may qualify, the policy objectives behind each program, and important limitations that affect their use.
Speaker(s)
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| Wed 2:20 PM - 3:35 PM |
Rules, Requirements, and Compliance
Issuing tax-exempt bonds requires careful attention to federal tax law and ongoing compliance requirements. This session provides an overview of key regulatory concepts, including private business use, qualified use of proceeds, volume cap, TEFRA approvals, arbitrage and rebate, and post-issuance compliance. Participants will gain an understanding of the responsibilities that continue long after the bonds are issued.
Speaker(s)
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| Wed 3:35 PM - 3:45 PM |
Break
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| Wed 3:45 PM - 4:25 PM |
Structuring a Bond Issuance
Every financing must be tailored to meet the needs of both the borrower and the market. This session explores how bond issues are structured, including sources and uses of funds, repayment options, maturity schedules, security features, and credit enhancement. Participants will also learn how bonds can be combined with other development finance tools such as loan funds, tax credits, tax increment financing, grants, and other public-private financing strategies.
Speaker(s)
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| Wed 4:25 PM - 4:55 PM |
Bond Closing and Beyond
The closing marks the beginning—not the end—of a bond deal. This final session walks through the closing process, highlights common challenges and lessons learned, and discusses ongoing responsibilities such as continuing disclosure and post-closing compliance. Participants will conclude the course by reviewing real-world case studies that illustrate how bond financings move from concept to completion.
Speaker(s)
- Seth Crone, Vice President, Relationship Management, U.S. Bank
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| Wed 4:55 PM - 5:00 PM |
Closing Discussion / Final Questions
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