-Overview
Bonds are the bedrock of development finance and are used to help build roads, bridges, sewers, city halls, hospitals, and thousands of public and private projects. For over a century, bonds have been spurring development and redevelopment and are a major driver for job creation and economic growth.
CDFA’s highly acclaimed Intro Bond Finance Course 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.
The Intro Bond Finance Course addresses the basic requirements for issuing a bond, the rules and regulations that govern tax-exempt and taxable bonds, the major players involved in a bond transaction, and the roles and responsibilities of both public and private sector participants. Plus, attendees will learn about the tax-exempt bond market, the ratings process, how to buy and sell bonds, and ongoing continuing disclosure.
This course is essential for public leaders, economic development professionals, financial experts, and anyone working to address local economic challenges. Learn how to bring economic growth to your community by utilizing the vast resources of the development bond finance industry.
For professionals who already have an understanding of tax-exempt bond financing and seek detailed instruction on complex financing techniques, CDFA offers an Advanced Bond Finance Course.
This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Join us online and start down the road to personal and professional advancement today.
Course Objectives
- Discuss the difference between governmental and private activity bonds and when to use them
- Learn which projects qualify for financing using industrial development bonds, 501(c)(3) bonds, and other forms of private activity bonds
- Discover best practices employed by successful issuing authorities from across the country
- Gain a greater understanding of the various players involved in a bond transaction and why each role is important
- Examine the bond transaction process from start to finish
- Review federal tax rules and filing requirements
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Topics Covered
- Governmental and qualified private activity bonds
- Small issue and 501(c)(3) bonds
- Internal Revenue Code rules
- Roles of bond counsel, underwriters, and trustees
- Bond ratings and credit analysis
- Structuring and sizing bond issues
- How bonds are sold
- Ongoing continuing disclosure
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Who Should Attend?
- Bond Issuers
- Economic Development Professionals
- Community Development Professionals
- Brokers/Dealers and Underwriters
- Elected Officials
- Government and Nonprofit Finance Officers
- Attorneys
- Accountants
- Financial Advisors
- Policy Makers
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-Agenda
Day 1
| 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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| 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.
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| 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.
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| 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.
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| 1:25 PM - 1:35 PM |
Break
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| 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.
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| 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.
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| 3:35 PM - 3:45 PM |
Break
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| 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.
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| 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.
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| 4:55 PM - 5:00 PM |
Closing Discussion / Final Questions
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-Location
CDFA Training Institute Courses take place on Zoom from 11:00 AM - 5:00 PM Eastern. Attendees must have access to a computer and the internet to attend the course. Please note that CDFA Training Courses are not recorded.
The next Intro Bond Finance Course is not currently on the schedule. Please check back for updates or contact info@cdfa.net for more information about the CDFA Training Institute.
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-Registration
This training course qualifies for the CDFA Training Institute's
Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.
CDFA Foundation Scholarship Program
Scholarships are available for CDFA Members in need to attend CDFA Training Courses. Learn more about the
CDFA Foundation Scholarship Program and submit your application today.
Please note that the application deadline is two weeks prior to the course start date.
Group Discount
Organizations registering five or more attendees qualify for a group discount. Register four attendees at the full price, and each additional registration receives 50% off. To receive the discount, contact
info@cdfa.net before registering.
CDFA permits only one person to log in and participate in the course. If multiple people are accessing the course without paying to attend, we will terminate the connection and access.
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CDFA Member: $625
Non-Member: $950
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Register