Vol. 392 No. 35252 N.Y., N.Y. Tuesday, February 4, 2020 ......eral fund balance of $620 million, up by $452 million from the prior projection used for the fiscal 2020-2021 $82 billion

Tuesday, February 4, 2020

THE REGIONS

DAYS AFTER THE CALIFORNIA SENATE approved a bill that would fine investor-owned utilities for power shutoffs, the measure’s author is proposing legislation that would outline a plan to take over the bankrupt Pacific

Gas & Electric Co. . . . . . . . 5

WASHINGTON

A PROPOSED INTERNAL REVENUE Service regulation may allow owners of pass-through busi-nesses to turn a profit on donations to private school groups and avoid the $10,000

cap on state and local taxes. 4

WEB EXCLUSIVES

OBITUARY: ARMAND THEODORE ‘TED’ Palatucci, 77, a 40-year vet-eran of the municipal bond industry and U.S. Navy veter-an, died on Jan. 19.

POLITICAL OBSTACLES TO THE finalization of the Puerto Rico Electric Power Authority debt restructuring have grown in the last seven days.

PENNSYLVANIA TREASURER JOE Torsella will chair the National Association of State Treasurers’ pension and trust Investment committee for 2020.

PRIVATE SECTOR INVOLVEMENT WILL fuel timely completion of a large-scale overhaul of John F. Kennedy International Airport, according to head of the multi-billion-dollar moderniza-tion project.

TUESDAYwww.bondbuyer.com

Vol. 392 No. 35252 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE

Wisconsin’s latest fiscal projec-tions would bolster the state’s re-serve to more than $1 billion at the end of the current fiscal biennium.

The updated projections from the non-partisan Legislative Fiscal Bureau project that state will also now close the biennium with a gen-eral fund balance of $620 million, up by $452 million from the prior projection used for the fiscal 2020-2021 $82 billion budget adopted last year.

The general fund and reserve hikes would come from more than $800 million in additional tax rev-enue that’s now projected through the biennium that ends June 30, 2021. About $400 million would be transferred to the state’s reserve, known as the budget stabilization fund. State law requires half go into the account until a targeted level is reached.

About $189 million would be deposited at the end of the current fiscal year putting the reserve at $845 million and another $220 million next year pushing it up to nearly $1.1 billion.

Wisconsin’s Revenue ProjectionDelivers State a Bigger Reserve

By yvette ShieldS “If the assumptions hold up, it’s another significant deposit into the budget stabilization fund,” said Capital Finance Director David Erdman, who manages the state’s debt issuance and relationships with rating agencies.

Turn to Burgeoning page 5

SIFMA’s MAOrder PushAt the SEC

The Securities Industry and Financial Markets Association is making its own last push to limit or kill a Securities and Exchange Commission order that would grant non-dealer municipal advisors more latitude to facilitate private placements for their issuer clients.

SIFMA made its case in a letter to the commission dated Jan. 31 and provided to The Bond Buyer on Monday. It follows close behind a similar Bond Dealers of America letter, as dealers seek to restrict or potentially even completely kill the SEC’s proposal to allow non-deal-er MAs to facilitate at least some private placements of municipal bonds. Dealers view such activity as properly performed by a reg-istered broker-dealer acting as a placement agent, while MAs view it as consistent with their fiduciary duty under federal law.

“We believe the law is pretty clear on this issue,” Leslie Nor-wood, SIFMA’s head of municipals said in an interview.

To qualify for an exemption from dealer registration under the SEC proposal, the MA would have to make written disclosures to an investor saying that it represents

By Kyle Glazier

Turn to Letter page 4

proposal. Pimlico is home to the Preak-

ness Stakes, the second and shortest race of the Triple Crown, sandwiched between the Ken-tucky Derby and Belmont Stakes.

The Preakness Stakes is one of the largest events in Maryland,

with an estimated impact of $50 million a year, according to the proposed plan.

“All in all, in order to preserve and enhance the Preakness Stakes and Maryland’s important horse racing industries, those venues

A Maryland bill would funnel almost $350 million of bond pro-ceeds to Pimlico Race Course, known for thoroughbred horse racing and hosting the second leg of the Triple Crown, and associat-ed race tracks.

The bill, the Racing and Com-munity Development Act of 2020, will be co-introduced this week by House Speaker Adrienne Jones, D-Baltimore County and state Sen. Guy Guzzone, D-How-ard County, according to local news sites.

A plan was widely circulated late last year proposing $200 mil-lion in capital projects for a new racing surface at Pimlico and a clubhouse and community center, among other things. It is not clear if a bill would be similar to the

Pimlico in Baltimore is home to the Preakness Stakes, the second leg of horse racing’s Triple Crown.

MarylandMay BondFor Racing

Turn to Bonds page 4

By Sarah Wynn

Bloomberg News

INSIDE

The threat of a repeal referendum prompted Utah Gov. Gary Herbert and legislative leaders to walk back an enacted tax reform bill. Page 6

Bloomberg News

MONDAY’S YIELDS

Complete market coverage appears on page 2

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To Par Call2.37 Up 0.01

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001_BB020420 1 2/3/2020 5:35:57 PM

The Bond Buyer2 Tuesday, February 4, 2020

Manufacturing activity re-bounded in January with the Institute for Supply Man-agement’s PMI showing ex-pansion for the first month since July, but the coronavirus could cause a slump in manu-facturing next month.

The index increased to 50.9 from 47.8 in December. Economists polled by IFR Markets expected the index to remain contractionary, rising only to 48.5.

“Global trade remains a cross-industry issue, but many respondents were positive for the first time in several months,” said Timothy Fiore, chair of the ISM’s Man-ufacturing Business Survey Committee.

Respondents seemed to be generally positive. One said, “business has picked up considerably” and many suppliers returned to working at or above capacity, despite continuing concerns about tariffs.

“The worst of the trade dispute impacts on manufacturing may be behind,” said Mark Hamrick, senior economic analyst and Washington bureau chief, at Bankrate.com. “Unfortunately, the great unknown right now is the impact on global trade and growth related to the coronavirus. It isn’t a question whether it will be negative, only how much and how long, particularly regarding China.”

While the decreased trade tensions with China, including the signing of a phase one agreement mid-month, helped manu-facturers, the coronavirus may take away those gains. The spread of the virus could result in “a significant economic in slow-down in China,” and poses an economic risk, noted KBW’s Fred Cannon.

“The solid improvement was led by the production, new export orders and new orders components, while only two of the indexes declined,” according to Bank of the West Chief Economist Scott Anderson.

“The sizeable improvement in the ISM manufacturing in-dex in January is likely due to easing global trade tensions after the U.S. and China agreed to a phase one trade deal last month.”

Manufacturing “will be es-pecially interesting to follow over the next few months in light of the phase one trade deal,” said Emily Weis, mac-ro strategist at State Street. “Notably, there isn’t much

in the deal that will actively alter the eco-nomic outlook as tariffs are still in place but it could provide a boost to sentiment.”

Although the “manufacturing reces-sion” has not leaked into the services and consumer sectors, she said, it would “be a rough signal if the phase one deal is signed and manufacturing sentiment continues to deteriorate. That could point to a broader issue beyond the trade war.”

“While the coronavirus development does imply some downside to near-term growth, it should not derail the global re-covery,” according to Morgan Stanley Re-search’s Chetan Ahya. “From a global per-spective, the impact to growth will come through China’s GDP and its contribution to global growth, as well as spillover ef-fects on the rest of the world — principal-ly via the trade and tourism sectors,” Ahya said in a note. “How long business activity in China and global trade and tourism flows are disrupted will determine the final impact on global growth.”

“It is still too early to predict the peak of the virus, but we could learn a lot more over the next two weeks as containment measures appear firmly in place globally,” according to Edward Moya, senior market analyst, New York, OANDA. “It will take a couple more weeks before markets are confident that the virus was mostly con-tained to China.” q

Will Coronavirus Be The Next Woe Confronting Manufacturing Sector?

Gary SieGel

Government Securities Prices 10-year: 10131/32 to yield 1.53%, down 7/32

30-year: 1088/32 to yield 2.01%, down 8/32

Municipal Bond Index 13612/32, down 3/32

The Bond Buyer’s Total: $11.865 billion, up $265.9 million

30-Day Visible Supply Competitives: $3.541 billion, up $568.2 million

(as of 2/04) Negotiated: $8.324 billion, down $302.3 million

TheMuniCenter List Offering Total: $17.695 billion, up $223.0 million

Monday’s Data

Monday’s Economic Indicators

Indicator Last Report Forecast Actual

ISM Manufacturing Dec.: 47.8 Jan.: 48.5 Jan.: 50.9Construction Spending Nov.: +0.7% Dec.: +0.5% Dec.: -0.2% Forecasts represent the median of estimates by economists polled by IFR Markets

Revenue bonds, 54.09%

GO bonds, 40.86%

Taxables, 5.05%

Most actively traded munis

Source: IHS Markit (week ended Jan. 31)

The municipal market has been on a tear in terms of the fundamentals and technicals that are driving the market and there isn’t much in the near-term likely to stymie the tone.

Kim Olsan, senior vice president of mu-nicipal bond trading at FHN Financial, said that the combination of heavy fund inflows (both Lipper and ICI continue to report more than $1 billion weekly flows) and re-duced tax-exempt float should at minimum hold levels steady into February.

“Although munis have lagged the U.S. Treasury rally that has only had the effect of moderating ultra-rich relative values,” she wrote in a report Monday. “After reaching an all-time yield low in the 10-year AAA, the market is pausing to assess where yields have settled.”

She noted that intermediate- and long-dated bonds may find “piercing re-sistance levels an upward climb, if for no other reason than where both absolute yields

and relative value ratios stand.”

“A retracement of 20 basis points from current lev-els would put both the 10-year AAA closer to its six-month aver-age of 1.41% and the 30-year spot back towards its 2.04% average over the same pe-riod,” Olsan said.

She also added that the interplay between equity and bond markets shows the advan-tage that has accrued to the risk-off theme.

“Current returns in munis are 1.77%, more than 100 basis points ahead of the S&P’s gains for the month. That contrasts with last year when the S&P 500 earned 7.8% but munis trailed well behind with just

Market News

Inflows, Lower Tax-Exempt Float Should Hold Levels Steady

By Chip Barnett & aaron Weitzman

a 0.75% gain.”

PRIMARY MARKET

IHS Ipreo esti-mates the week’s volume at $7.06 billion in a calen-dar composed of $5.80 billion of negotiated deals and $1.26 billion of competitive

sales.The primary market was quiet on Mon-

day, as the issuance flow will pick up each day as the busiest day looks like Wednes-day. No surprise, but taxables are leading the way again.

“One component to the market’s strength is the growing share of taxable volume — a condition that cannot be overstated for both its effect on overall float and the impact on tax-exempt yields,” Olsan said.

She added that over the last 6 months, taxable municipals have grown steadily as a percentage of total issuance.

“In August 2019, Bloomberg data show the sector accounted for 25% of all supply, grew to 30% in October and reached 39% in December. January’s volume will likely close out around 30%,” she said.

One New York trader agreed, concluding

that a lot of people were missing that im-portant point.

“A lot of people say yeah, taxables are here to stay,” the trader said. “But no one is talking about taxable issuance and how its overall percentage of issuance is gradually growing.”

Barclays is expected to price Penn-sylvania State University’s (Aa1/AA/ / ) $410.475 million of bonds on Tuesday.

JPMorgan is slated to price the Reedy Creek Improvement District, Fla.’s (Aa3/AA-AA-/NR) $337 million of Series 2020A taxable ad valorem tax refunding bonds on Tuesday. Disney World is the major proper-ty owner in the district.

Citi is scheduled to price Berks County Municipal Authority, Pennsylvania’s (NR/BBB+/BBB/NR) $267.06 million of rev-enue bonds for Tower Health Project on Tuesday.

Topping the week’s slate is the California State University’s (Aa1/AA-/NR/NR) $813 million of Series 2020B taxable systemwide revenue bonds. BofA Securities is set to price the revenue bond deal on Wednesday. Proceeds will be used to improve school fa-cilities and to refund some debt for savings.

Raymond James & Associates is expect-ed to price the New York City Municipal Water Finance Authority’s (Aa1/AA+/AA+/NR) $465 million of Fiscal 2020 Series DD water and sewer second general resolution revenue bonds on Wednesday. q

002_BB020420 2 2/3/2020 5:35:59 PM

www.bondbuyer.com 3Tuesday, February 4, 2020

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A STRONGER BOND

Looking for secondary market bond insurance pricing?

It’s staring you in the face.

BLOOMBERG® and BLOOMBERG TERMINAL® are registered trademarks of Bloomberg Finance L.P. or its subsidiaries.

With the Bloomberg Terminal,® your ability to get indicative pricing for AGM and MAC secondary market bond insurance couldn’t be easier. Enter the bond’s CUSIP, go to Muni ALLQ, and it’s on your screen. If your bond is one of the more than 40,000 we’ve prequalifi ed, you’ll see our price per bond based on $1 million of par, and you can opt to see how much availability we may be o� ering.

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With the Bloomberg Terminal,® your ability to get indicative pricing for AGM and MAC secondary market

003_BB020420_001 3 2/3/2020 5:36:01 PM

The Bond Buyer4 Tuesday, February 4, 2020Washington

A New Loophole in SALT Cap Draws Fire In Comment LettersA proposed Internal Revenue Service

regulation may allow owners of pass-through businesses to turn a profit on dona-tions to private school groups and avoid the $10,000 cap on state and local taxes.

Pass-through businesses would be able to profit on their donations by classifying their payments as deductible business expenses rather than charitable contributions.

The proposed regulation published Dec. 17 is a follow up by the IRS on a regulation it finalized last June to prevent charitable donations to be used a workarounds for the $10,000 SALT cap that was part of the De-cember 2017 Tax Cuts and Jobs Act.

Last year’s regulation addressed state tax credits enacted by New York and New Jersey as workarounds for paying property taxes and state income taxes.

The June 2019 regulations limit a taxpay-er who claims a state tax credit to claiming only the portion of their charitable donation not covered by the state.

The public comment period on the new regulation ended Friday with mostly parents of learning disabled children in South Caro-lina among the 42 letters that were received.

The proposal allows people who make donations to private schools to use the $10,000 SALT deduction even though those payments aren’t made to a state or local government.

However, concerns about another provi-sion has raised concern about a loophole for pass-through businesses. Most U.S. busi-nesses are taxed as pass-through (or flow-through) entities that, unlike corporations, are not subject to the corporate income tax or any other entity-level tax, according to the Tax Policy Center.

Separate letters filed by the liberal-lean-ing Institute on Taxation and Economic Policy in Washington as well as Americans United for Separation of Church and State focused on that aspect of the proposed reg-ulation. A public hearing on the proposal is scheduled for Feb. 20 at IRS headquarters in Washington.

Carl Davis, research director for the In-stitute on Taxation and Economic Policy commended the overall IRS proposal as an attempt to “tie up some of the loose threads” that last year’s regulation did not cover.

“This is building on what was already finalized last year,” Davis said in an inter-view. “What was being dealt with last year was taxpayers getting a state tax credit and then still writing off their payment as a charitable donation. So the IRS changed the charitable regulations to deal with that.”

The new proposed regulation deals with a parallel issue involving pass through busi-nesses that claim a state tax credit and also claim a federal business expense.

“They would be writing their SALT pay-ments as business expenses,” said Davis.

The IRS published proposed Regula-tion 107431-19,“Treatment of Payments to Charitable Entities in Return for Con-sideration,” on Dec. 17. Americans United for Separation of Church and State said in its letter “the language in this proposed rule could allow certain businesses to con-tinue to turn a profit by donating to state tax credit voucher private school voucher programs.”

“We urge the department to revise the proposed regulation to ensure that no donor may receive tax benefits by donating to pri-vate school voucher programs,” the group said. q

By Brian TumulTy

Derivatives & Structured Products

Swap Rates vs

Bond Yields

0

1

2

3

4

5%

Graph shows cost of funds for a fixed-coupon bond compared with a synthetic bondcreated from variable-rate debt and a swap. Bond and swap rates reflect pricingon January 31 at 2:30 p.m. Note: Figures exclude remarketing and liquidity costs on any underlying variable-rate bonds. Sources: Swap Financial Group, Municipal Market Data

Swap Rate

GO Triple-A insured yield

Index-LinkedMuni Swaps

Term(Years)

Dealer PaysIndex & Receives

Fixed rate of:

Dealer ReceivesIndex & PaysFixed rate of:

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10

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10Rates are representative midmorning interdealer swap prices on January 29 using a quarterly net interest payment and weekly reset structure. The SIFMA rate in effect on that date was 0.94%.Source: Swap Financial Group

0.94

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0.84

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0.91

1.03Average yield on seven-day high-grade variable-rate demand obligations, as compiled by Municipal Market Data. Index was previously called theBMA Municipal Swap Index.Source: Municipal Market Data

Weekly Yields:January 29: 0.94%

0.4

1.1

1.8

2.5

JDNOSAJJMAMF

SIFMAMunicipal Swap Index

the interests of the issuer, not the investor. In return, the MA would have to get written acknowledgment of that disclosure from the investor.

The SEC opened a comment period on the proposal in October 2019.

To qualify for an exemption from deal-er registration under that proposal, the MA would also need to get written representation from the investor that they are capable of in-dependently evaluating the investment risks of the transaction. Also the entire issuance would have to be placed with a single inves-tor and the MA would have to continue to comply with regulations governing municipal advisors.

SIFMA’s nine-page letter is consistent with SIFMA’s previous comments, arguing that allowing muni advisors with a fiduciary duty to issuers but no duty to investors to sell

securities on behalf of their clients would negatively impact market transparency and put investors at risk. Norwood said she be-lieves the SEC is looking for ways to narrow the proposal, and while SIFMA believes the order is not appropriate it provided several suggestions along those lines in an effort to be productive in its discussions with the commission.

The suggestions, made in an appendix, include among other things a requirement that the bonds be investment-grade or are on parity with outstanding bonds of the issuer that are investment grade.

They would need to be subject to disclo-sure requirements and be sold to one investor. SIFMA also wants the offerings to be capped at $1 million, made only to certain “qualified providers,” and for the municipal advisor to have to receive a statement from the buyer that the investor intends to hold the bonds until maturity or redemption. q

Letter To SEC Lays Out SIFMA’s ViewOn Narrowing Scope Of MA Order

need to be modernized,” the plan said.The plan proposed moving training and

stable operations to Laurel Park, improving both Pimlico and Laurel tracks and trans-ferring ownership of Pimlico to the city of Baltimore. The tracks are currently owned by The Stronach Group, an entertainment and real estate company.

The bonds would be issued by the Mary-land Stadium Authority. The Maryland Jockey Club would use and operate Pim-lico during Preakness events, but not for year-round horse training, while Baltimore would use it for the rest of the year.

Pimlico’s accompanying Laurel Park would need a $175 million capital overhaul for new barns and stables as well as a new racing surface.

When Laurel race track goes under construction, operations will be moved to

Bowie Race Track, owned by The Stronach Group.

As legislators introduce the bill, Bowie city officials want Bowie Race Track to be considered to come under ownership of the city in partnership with Bowie State University, said Adrian Boafo, a Bowie council member.

“We want to have the land because our residents’ fear is that someone else will have the land and use it for residential de-velopment,” Boafo said.

Now, with legislation approaching Boafo believes they can get support from the state to get the land for the city.

In October, The Stronach Group pledged to donate Pimlico’s land to the city or an entity created by the city, according to The Baltimore Sun.

During the 2019 session, the Stronach Group sought bond funding to create a super track at Laurel which did not pass. q

Bonds for Pimlico Racetrack Would Renovate Historic Maryland Venue

Continued from page 1 Continued from page 1

004_BB020420 4 2/3/2020 5:36:02 PM


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Regions

California Senator Wants a Takeover of PG&E

Days after the California Senate approved a bill that would fine investor-owned utili-ties for power shutoffs, the measure’s author is proposing legislation that would outline a plan to take over the bankrupt Pacific Gas & Electric Co.

Sen. Scott Wiener, D-San Francisco, an-nounced Monday that he will introduce legislation this week to revoke the utility’s authority to serve its territory and direct the state to take control.

“PG&E is a failed utility with a track re-cord of prioritizing profits over safety,” Wie-ner said in a statement. “It’s time for a new start: A utility focused not on Wall Street and shareholder profits, but rather on safety, reliability, affordability, and ratepayers.”

The bill would establish a state power authority that would purchase all of PG&E’s assets and lead a five-year transition from investor to public ownership in consultation with the California Public Utilities Commis-sion. The cost of acquiring the company’s assets would be passed on to ratepayers over several decades.

California Gov. Gavin Newsom had

threatened a potential takeover two weeks ago in a filing to the bankruptcy court in which he said PG&E had not met the re-quirements to participate in a $21 billion bond fund being created to help utilities deal with wildfire liabilities.

The utility has to exit bankruptcy by June 30 in order to tap the fund and Newsom wrote in the filing that the utility is depen-dent on access to the fund to successfully exit bankruptcy.

PG&E filed a bankruptcy document Fri-day outlining why company officials believe they have met Newsom’s requirements and will be able to exit bankruptcy by the June 30 deadline.

The plan meets both the letter and spir-it of Assembly Bill 1054, legislation that created the bond fund, including being rate neutral on average to customers, according to the filing.

The seed money for the $21 billion bond fund comes from up to $10.5 billion in De-partment of Water Resources bonds to be matched with $10.5 billion from the utili-ties. It would act as a line of credit for utili-ties to cover wildfire damages and limit the financial obligations of ratepayers.

Wiener had suggested that he would in-troduce legislation to take over PG&E when SB 378, his legislation to hold PG&E and other utilities responsible for “the damage of the mass power blackouts it levied on the state” was approved in the Senate Jan. 27.

Moody’s Investors Service deemed Wie-ner’s power shut-off bill a credit negative for the state’s investor-owned utilities in a Friday report. In addition to levying fines on the companies, it would also allow cus-tomers to seek recovery for shut-off related costs.

SB 378 would hold PG&E and other utilities responsible for the damage of the mass power blackouts it levied on the state last fall, in part by requiring PG&E to com-pensate those impacted by the blackouts, Wiener said.

It’s credit negative for the state’s inves-tor-owned utilities PG&E, Southern Cal-ifornia Edison Co. and San Diego Gas & Electric Co. because “it would impose addi-tional costs and may deter them from using power shutoffs altogether,” Moody’s ana-lysts wrote. “That, in turn, could increase the risk of wildfire-related damage during extreme weather events.” q

By Keeley WeBster

In 2011, the state’s general fund balance and budget reserve held a combined $102.2 million, said the Wisconsin Policy Forum.

The reserves remain lean based on rec-ommended practices and Republicans who control the Legislature are expected to press to use the ending balance for tax cuts. Gov. Tony Evers and his fellow legislative Demo-crats may push for greater spending on pri-orities like education if the last budget debate provides a roadmap for the next.

“After money has been set aside in the rainy day fund, the Legislature should pri-oritize giving that money back to Wisconsin families in the form of a property tax cut,” Senate Majority Leader Scott Fitzgerald, R-Juneau, said in a statement.

While that debate awaits, the latest projec-tions may provide multiple benefits for the state’s credit profile.

The state’s pension system is fully funded so the state lacks the threat associated with rising liabilities that could prove a drain on reserves during an economic downturn.

“It’s a true reserve that’s there to help the state through budget stresses,” Erdman said.

A secondary benefit would be a further reduction in the state’s long-running deficit based on Generally Accepted Accounting Principles. While the state’s budget is bal-anced on a cash balance, the GAAP deficit is often noted as a negative factor in fiscal reviews of state finances.

Last year, the state continued to chip away at the negative GAAP balance lowering it by $480 million to a negative $773.5 million. That a more than $2 billion improvement over 2011 but Wisconsin trails most states, according to a Wisconsin Policy Forum re-view of the state’s latest financial results. Kentucky and Illinois are the other two states with a negative GAAP balance.

Under cash accounting, the state’s gen-eral fund ending balance and reserve had a combined $1.74 billion left over at the close of the fiscal year on June 30, 2019. The new budget incorporated some of the general fund balance.

“So far this year, state tax revenues have shown strong growth, which if sustained might help maintain the general fund bal-ance. However, at some point growth in the economy and tax collections will falter. That could bring a return to growth in the deficit similar to 2001, when the recession that year caused the negative balance to grow after several years of improvements,” the forum wrote.

Rating agencies pay close attention to both the GAAP and reserve figures.

Moody’s Investors Service lead Wisconsin analyst Joshua Grundleger listed among fac-tors that could lead to an upgrade from Aa1 an “established trend of recurring structural budget balance reflected in an elimination of negative unassigned GAAP fund balance.”

The trend is positive but Moody’s doesn’t have a specific target that would trigger an upgrade. The reserve numbers also remain on the lean side compared to other states.

The state’s GOs are rated AA-plus by

Kroll Bond Rating Agency and AA by S&P Global Ratings. Kroll revised its outlook to positive over the summer to reflect “the state’s continued fiscal discipline and the re-sulting improvement in its financial reserves.”

TERMINATING SWAPS

The state jumped into the market last week with a $623 million refunding of taxable 2008 appropriation-backed debt that’s been ready since October. The 2008 bonds re-funded debt issued in 2003 to pay unfunded accrued liabilities for sick leave conversion credits and unfunded pension liabilities for the Wisconsin Retirement System to reach fully funded status.

The deal generated savings of about $8 million and achieved a 2.3% true interest cost while shedding floating-rate risk and exposure on swaps linked to Libor, an acro-nym for the London Interbank Offered Rate, ahead of the conversion to a new benchmark.

Proceeds also covered swap termination costs on contracts with counterparties Citi-bank NA, UBS AG, and JPMorgan Chase Bank NA.

The amount was estimated at $140 million in the offering documents. q

Burgeoning Revenue Prospects Boosting State ReservesContinued from page 1

005_BB020420 5 2/3/2020 5:36:03 PM


DEAL IN FOCUSSouthwest

Utah Will Sell GO Bonds After QuickFlip-Flop on Reforming State Taxes

With its triple triple-A ratings intact after a dust-up over taxes on food, Utah will supply a hungry market with $450 million of general obligation bonds in a negotiated sale next week.

The tax-exempt, fixed-rate bonds are scheduled for pricing Feb. 11 with Zions Public Finance Inc. as financial advisor and a syndicate led by Wells Fargo Se-curities.

With final maturity in 2034, the bonds are earmarked for state highway projects.

The deal comes two weeks after the Utah Legislature killed a tax law passed in a December special session that was immediately threatened with repeal by a voter referendum. The aborted Senate Bill 2001 shifted taxes to unprepared food and a few services while lowering taxes on income.

Opponents noted that the bill increased the burden on the poor while easing de-mands on the wealthy. Backers countered that the law exempted food banks and those on food assistance while lowering state taxes overall by $160 million.

In his proposed budget, Gov. Gary Herbert referred to S.B. 2001 as “tax modernization,” and touted “a refundable grocery tax credit to offset adjusting the sales tax rate for groceries, a sizable per-sonal exemption to offset the exemptions eliminated with federal tax reform, a Social Security tax credit, and an earned income tax credit that rewards work for

those in inter-generational poverty.”After organizers brought petitions

with about 152,000 signatures to state officials, legislative leaders and Herbert announced on Jan. 23 that the law would be repealed.

“We applaud those who have engaged in the civic process and made their voices heard,” Herbert said in a joint statement with Senate President Stuart Adams and House Speaker Brad Wilson. “We are not foes on a political battlefield, we are all Utahns committed to getting our tax pol-icy right. That work is just beginning.”

The tax controversy had no impact on the Beehive State’s credit, which tops the charts at Moody’s Investors Service, S&P Global Ratings and Fitch Ratings, all of which maintain stable outlooks.

“Strong growth in Utah’s broad-based revenues reflects the breadth of the econ-omy, which has ongoing growth poten-tial,” Fitch analyst Alan Gibson wrote. “The state has complete control over its revenues, with an unlimited legal ability to raise operating revenues as needed.”

Before retreating on S.B. 2001, Her-bert cited the ratings agencies as one motivator for its enactment.

“Indeed, even the rating agencies in New York City, who impact our reputa-tion and borrowing costs, have suggested that changes to how we collect sales tax are necessary to ensure fiscal stability,” Herbert wrote in an op-ed for Utah news-papers in December. “Utah now enjoys a AAA credit rating, the highest-possi-ble score, and we hold that credit rating with all three rating agencies. We’re one of only 12 states that qualify for this distinction. Our rating could be jeop-ardized if we don’t move forward with meaningful changes. This is a serious consequence, and not one that we should be willing to risk.”

Moody’s analyst Marcia Van Wagner and her team acknowledged that the 2019 tax measure “would have broadened the

sales tax base, somewhat lowered the personal income tax rate and shifted more burden of funding transportation spending to user fees.”

“To mitigate the regressive impacts of aspects of the sales tax reforms, the package also included refundable tax credits for low and middle income house-holds and other targeted provisions,” she noted. “It is possible that a new set of reforms will be developed.”

Republicans’ quick reversal on S.B. 2001 forced Herbert’s office to recalcu-late revenues derived from the December state consensus forecast.

The December forecast anticipated fiscal 2020 general and education fund revenue growth at 5.2%, including ear-marked sales taxes, and 4.3% without them. Revenue growth with the addition-al taxes was forecast at 5.2% for fiscal 2021.

Herbert’s $20 billion executive budget proposal projects growth of 4.6% from fiscal 2019 spending and another 4.8% in fiscal 2021.

The U.S. Census Bureau says that Utah’s population has grown faster than that of any other state in the last decade. Population expected to reach 5.8 million by 2065.

Herbert, in his last full year as gov-ernor, identified education, the environ-ment, mental health and Medicaid as his priorities.

“Education has always been, and con-tinues to be, my number one budget pri-ority,” Herbert said. “That is why, this year, we are investing $4.9 billion in K-12 public education, and over $1.6 billion in higher education.”

Herbert’s recommended budget for the 2021 fiscal year beginning July 1 is $20 billion, including state, federal, and cer-tain local sources used in state funding formulas.

The recommended budget funded by state-collected funds makes up $12.3

billion. The recommended budget for the Gen-

eral Fund and the Education Fund, the state’s two largest discretionary accounts, total about $8.3 billion.

Herbert recommends no new general obligation bond authorizations in the next fiscal year and recommends rein-statement of the $110 million ongoing General Fund allocation to minimize bonding for the state’s $650 million re-location of its state prison from Draper to near the Salt Lake City Airport.

“By not authorizing any new bonds, the Governor’s budget further solidi-fies the state’s budget buffers,” Herbert’s budget says, adding that pay-go funding could be replaced by bonds in a down-turn.

Herbert recommends a $34 million transit budget increase to expand ser-vice and more frequent transit schedules during peak times, both of which are necessary to achieve more widespread ridership.

He also recommends $66 million for electric car infrastructure, including working with the private sector to in-crease the number of fast-charging sta-tions throughout the state and to fund a $3 million match for a Utah State Uni-versity National Science Foundation grant that focuses on electric vehicle transportation infrastructure build-out.

This will be the last budget recommen-dation that Herbert will oversee while in office. He and his staff will make a recommendation in December, but the newly elected governor will put his or her own budget with an updated plan for the 2021 Legislature. q

By RichaRd Williamson

For more content about this region, visit the Regional News tab on BondBuyer.com.

COMMENTLet us know what you think about this story at BondBuyer.com

Arizona Aa1/AA/NR 0.86 0.94 1.34 2.02

Arkansas Aa1/AA/NR 0.85 0.89 1.28 1.95

Colorado Aa1/AA/NR 0.85 0.93 1.32 1.98

Kansas Aa2/AA–/NR 0.85 0.94 1.33 2.00

New Mexico Aa2/AA/NR 0.84 0.89 1.25 1.92

Oklahoma Aa2/AA/AA 0.85 0.97 1.35 2.02

Texas Aaa/AAA/AAA 0.83 0.90 1.29 2.00

Utah Aaa/AAA/AAA 0.82 0.84 1.15 1.80

State Ratings One-Year Five-Year 10-Year 30-Year

General ObliGatiOn Yield Curves fOr Jan. 31, 2020

Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

Arizona 5 $74,492 2 $68,145 $6,347

Arkansas 4 51,315 6 40,415 10,900

Colorado 5 100,925 6 128,424 –27,499

Kansas 13 435,645 8 205,255 230,390

New Mexico 0 0 0 0 0

Oklahoma 7 59,885 6 116,025 –56,140

Texas 34 2,271,435 28 1,028,885 1,242,550

Utah 3 550,085 2 28,775 521,310Sources: Ipreo, The Bond Buyer

February 3, 2020 January 27, 2020State Issues Amount Issues Amount Chg in Amt

visible supplY bY state

Dollar amounts are in thousands

006_BB020420 6 2/3/2020 5:36:03 PM

www.bondbuyer.com 7Tuesday, February 4, 2020 Competitive Sales NoticesAPPENDIX A

CITY OF BUFFALO,IN THE COUNTY OF ERIE, NEW YORK

NOTICE OF $8,490,000* BOND SALE

SEALED PROPOSALS will be received by the Comptroller, City of Buffalo (the “City”), Erie County, New York, at the offices of Capital Markets Advisors, LLC (the “Municipal Advisor”), 4211 North Buffalo Street, Orchard Park, New York (Telephone No. 716-662-3910, Fax No. 716-662-6684), on Wednesday, February 12, 2020, until 11:00 A.M. (Prevailing Time) via iPreo’s Parity Electronic Bid Submission System (“Parity”) or by facsimile transmission, at which time they will be publicly opened and announced, for the purchase of $8,490,000* GENERAL IMPROVEMENT REFUNDING SERIAL BONDS - 2020A (the “Bonds”), maturing on April 1, in annual principal installments as shown below which, together with interest thereon, are expected to effectuate and provide for substantially level or declining annual debt service.

Date of Principal Date of Principal Maturity Amount* Maturity Amount* 2021 $1,650,000 2024 $1,720,000 2022 1,675,000 2025 1,745,000 2023 1,700,000

Delivery and Payment Dates for the BondsThe Bonds will be dated the date of their delivery, which is expected to be February 27, 2020,

and will bear interest at the rate or rates per annum specified by the successful bidder therefor in accordance herewith, payable on April 1, 2020, October 1, 2020 and semi-annually thereafter on April 1 and October 1 in each year to maturity.

Post-sale Adjustment of Par Amount of the BondsThe amount of the issue, purchase price and amounts of the maturities of the Bonds

are subject to change depending upon the actual interest rates bid and the successful bidder’s initial reoffering yields in order to effectuate the City’s plan of refunding certain outstanding bonds. Accordingly, the City reserves the right, in its discretion, but only to the extent necessary, to increase or decrease the size of the issue and the maturities of the Bonds, in order that the City can effectuate the most cost effective refunding of outstanding bonds. The annual maturities of the Bonds may also be adjusted for the purpose of attaining debt service that is substantially level or declining, as provided pursuant to Section 21.00(d) of the New York State Local Finance Law (the “Law”). Such adjustments will be made by 3:00 P.M. (Prevailing Time) on the date of the bid opening. The successful bidder may neither withdraw nor modify its bid as a result of any such post-bid adjustment. Any such adjustment shall be conclusive, and shall be binding upon the successful bidder.

The Bonds of each maturity, as adjusted, will bear interest at the same rate and must have the same initial reoffering yields as specified for that maturity by the successful bidder for the Bonds. It is the intent of this provision to hold constant, on a per bond basis, the successful bidder’s underwriting spread. However, the award will be made to the bidder whose bid produces the lowest true interest rate, calculated as specified herein, solely on the basis of the Bonds offered, without taking into account any adjustment in the amount of Bonds pursuant to this paragraph.

Changes to the Time and/or Date of Bid OpeningThe City reserves the right to change the time and/or date of the bid opening, and notice of

any change thereof shall be provided at least one (1) hour prior to the time set forth above for the opening of sealed proposals, by means of a supplemental notice of sale to be transmitted over the Thomson Municipal Newswire or TM3.

No Optional Redemption for the BondsThe Bonds will not be subject to redemption prior to maturity. Form of BondsThe Bonds will be issued in the form of fully registered bonds, in denominations corresponding

to the total principal amounts due in each year of maturity. As a condition to delivery of the Bonds, the successful bidder will be required to cause the Bond certificates to be (i) registered in the name of Cede & Co., as nominee of DTC, and (ii) deposited with DTC to be held in trust until maturity. DTC is an automated depository for securities and clearinghouse for securities transactions, and will be responsible for establishing and maintaining a book-entry system for recording the ownership interests of its participants, which include certain banks, trust companies and securities dealers, and the transfers of the interests among its participants. The DTC participants will be responsible for establishing and maintaining records with respect to the beneficial ownership interests of individual purchasers in the Bonds. Individual purchases of beneficial ownership interests in the Bonds may only be made through book entries (without certificates issued by the City) made on the books and records of DTC (or a successor depository) and its participants, in denominations of $5,000 or integral multiples thereof. Principal of and interest on the Bonds will be payable by the City or its agent by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The City will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.

Submission of BidsEach proposal must be a bid of not less than $8,490,000 for all of the Bonds. Each proposal must

state in a multiple of one-hundredth of 1% or a multiple of one-eighth of 1%, the rate or rates of interest per annum which the Bonds are to bear and may state different rates of interest for Bonds maturing in different calendar years, provided, however, that only one rate of interest may be bid for all Bonds maturing in any one calendar year. Any number of rates may be named provided that

the highest rate of interest stated for any maturity may not exceed 5.50% per annum. In no event shall the true interest cost for the issue exceed 5.00%. Variations in rates of interest so bid may be in any order.

Sealed proposals may be submitted electronically via Parity or via facsimile transmission at 716-662-6684, in accordance with this Notice of Sale, until the time specified herein. No other form of electronic bidding services nor telephone proposals will be accepted. No proposal will be accepted after the time for receiving proposals specified above. Bidders submitting proposals via facsimile must use the “Proposal for Bonds” form attached hereto. Once the proposals are communicated electronically via Parity or via facsimile to the City, each bid will constitute an irrevocable offer to purchase the Bonds pursuant to the terms therein provided.

Bidding using Parity Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers

of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to become a customer. By submitting an electronic bid for the Bonds, a bidder represents and warrants to the City that such bidder’s bid for the purchase of the Bonds is submitted for and on behalf of such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, valid and enforceable contract for the purchase of the Bonds.

Each prospective bidder who wishes to submit an electronic bid shall be solely responsible to register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and in compliance with the requirements of this Notice of Sale. Neither the City nor Parity shall have any duty or obligation to undertake such registration to bid for any prospective bidder or to provide or assure such access to any qualified prospective bidder, and neither the City nor Parity shall be responsible for a bidder’s failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by Parity. The City is using Parity as a communications mechanism, and not as the City’s agent, to conduct the electronic bidding for the City’s Bonds. The City is not bound by any advice or determination of Parity as to whether any bid complies with the terms of this Notice of Sale. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via Parity are the sole responsibility of the bidders, and the City is not responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, or submitting or modifying a bid for the Bonds, it should telephone Parity and notify the City’s Municipal Advisor at 716-662-3910 (provided that the City shall have no obligation to take any action whatsoever upon receipt of such notice).

If any provisions of this Notice of Sale shall conflict with information provided by Parity, as approved provider of electronic bidding services, this Notice of Sale shall control. Further information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. The time maintained by Parity shall constitute the official time with respect to all bids submitted.

Bidders submitting bids via facsimile do not need to register to bid. Good Faith DepositAs a condition precedent to the consideration of the bidder’s proposal, a good faith deposit (the

“Deposit”) in the amount of $84,900 is required for each bid to be considered. Such Deposit may be in the form of: (i) a certified or cashier’s check payable to the order of “City of Buffalo, County of Erie, New York,” or (ii) a wire transfer in accordance with instructions set forth herein. If a check is used, it must be sent to Capital Markets Advisors, LLC at 4211 North Buffalo Street, Orchard Park, New York 14127. If a wire transfer is used, it must be sent to the account so designated by the City for such purpose, not later than 10:00 A.M. on the date of the sale; however, the City reserves the right to award the Bonds to a successful bidder whose wire transfer is initiated but not received by such time provided that such successful bidder’s fed wire reference number has been received. A wire reference number must be provided when the bid is submitted. Bidders must contact the City’s Municipal Advisor (Telephone No. 716-662-3910), no later than 24 hours prior to the bid opening to obtain the City’s wire instructions. The City shall not incur any liability from delays of or interruptions in the receipt of the Deposit by fed wire or return of the Deposit to any unsuccessful bidder. Under no circumstances shall interest accrue on the Deposit occasioned by a delay in the return of the Deposit to any unsuccessful bidder. No interest on the Deposit will accrue to the Purchaser. The Deposit will be applied to the purchase price of the Bonds.

Award of BondsThe Bonds will be awarded and sold to the bidder complying with the terms of sale and offering

to purchase the Bonds at such rate or rates of interest per annum as will produce the lowest true interest cost over the life of the issue, and if two or more such bidders offer the same lowest true interest cost, then to one of said bidders selected by the Sale Officer by lot from among all said bidders. True interest cost shall be determined for each bid by doubling the semi-annual interest rate, compounded semiannually, necessary to discount all interest and principal payments from the payment dates thereof to the dated date of the Bonds, so that the sum of the present value of said payments equals the price bid, such price bid excluding interest accrued to the date of delivery. The true interest cost shall be calculated from the dated date of the bonds. The successful bidder must also pay an amount equal to the interest on the Bonds, if any, accrued to the date of payment of the purchase price.

Award of the Bonds will be made without taking into consideration any adjustment to be made to the principal amount of the Bonds described herein.

The City reserves the right to reject any and all bids (regardless of the interest rate bid), to reject any bid not complying with this official Notice of Sale and, so far as permitted by law, to waive any irregularity or informality with respect to any bid or the bidding process.

When the successful bidder has been ascertained, the Sale Officer will promptly return all Deposits made to the persons making the same, except the deposit made by such bidder. Award of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly after opening of the bids, but the successful bidder may not withdraw his proposal until after 3:00 o’clock P.M. (Prevailing Time) on the day of such bid-opening and then only if such award has not been made prior to the withdrawal. The successful bidder will be promptly notified of the award

continued on next page

007_BB020420 7 2/3/2020 1:51:02 PM

The Bond Buyer8 Tuesday, February 4, 2020Competitive Sales Noticesto him, and if he refuses or neglects to pay the agreed price of the Bonds less the amount deposited by him, the amount deposited by him shall be forfeited to and retained by the City as liquidated damages for such neglect or refusal.

Bond InsuranceIf the Bonds qualify for issuance of any policy of municipal bond insurance or commitment

therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any such commitment therefor shall be at the sole option and expense of such bidder and any increased costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept delivery of and pay for said Bonds in accordance with the terms hereof.

Use of ProceedsThe proceeds of the Bonds will be issued to refund certain outstanding serial bonds of the City

issued in 2010.Payment and Security for the BondsThe Bonds are general obligations of the City and shall contain a pledge of the faith and credit

of the City for the payment of the principal thereof and interest thereon. The State Constitution requires the City to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the Bonds.

For the payment of such principal of and interest on the Bonds, the City has the power and statutory authorization to levy ad valorem taxes on all taxable real property in the City, subject to certain statutory limitations imposed by Chapter 97 of the New York Laws of 2011, as amended (the “Tax Levy Limit Law”). See “Tax Levy Limitation Law” in the Preliminary Official Statement.

The Bonds are issued subject to the provisions of the Capital Debt Service Act of the City of Buffalo, constituting Chapter 12 of the Laws of 1977 of the State of New York (the “Act”), and the Enabling Resolution adopted by the Common Council of the City of Buffalo on March 8, 1977 and approved by the Mayor on said date (the “Resolution”). A copy of the Resolution is on file at the office of the City Clerk and at the office of Manufacturers and Traders Trust Company (the “Trustee”), in Buffalo, New York.

The Bonds are entitled to the benefits of the Act and the Resolution, including certain covenants of the City authorized by the Act and set forth in the Resolution. Reference to the Resolution, and any and all modifications thereto, and to the Act, is made for a description of the nature and extent of such covenants, the rights and remedies of the holders or registered owners of the Bonds with respect thereto, and a statement of the rights, duties and obligations of the City and of the Trustee.

To the extent and in the respects permitted by the Resolution, the provisions of the Resolution may be modified or amended by action on behalf of the City taken in the manner and subject to the conditions and exceptions prescribed in the Resolution.

For more information see “PAYMENT AND SECURITY FOR THE BONDS,” in the Preliminary Official Statement. Summaries of the Act and Resolution appear as Appendix D and Appendix E respectively, to the Preliminary Official Statement.

Debt Statement The population of the City is estimated to be 261,310. The debt statement to be filed pursuant

to Section 109.00 of the Local Finance Law in connection with the sale of the Bonds, prepared as of September 30, 2019, shows the average five-year full valuation of real property subject to taxation by the City to be $9,731,062,380, its debt limit to be $875,795,614, and its total net indebtedness to be $166,803,332. The issuance of the Bonds is expected to increase the City’s total net indebtedness by $8,490,000.

Delivery of the Bonds and Assignment of CUSIP NumbersThe Bonds will be delivered to the Purchaser or to DTC and shall be paid for in Federal Funds

on or about February 27, 2020 at such place in New York City, and on such business day and at such hour, as the Sale Officer shall fix on three business days’ notice to the successful bidder, or at such other place and time as may be agreed upon with the successful bidder. The deposit of the Bonds with DTC under a book-entry system requires the assignment of CUSIP numbers prior to delivery. It shall be the responsibility of the City’s Municipal Advisor to obtain CUSIP numbers for the Bonds within one day after distribution of the Notice of Sale for the Bonds. The City will not be responsible for any delay occasioned by the inability to deposit the Bonds with DTC due to the failure of the City’s Municipal Advisor to obtain such numbers and to supply them to the City in a timely manner. The CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the winning bidder; however, all expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid for by the City.

Legal OpinionThe successful bidder will be furnished without cost with the approving opinion of the law firm

of Hawkins Delafield & Wood LLP (“Bond Counsel”) substantially as set forth in Appendix F to the Preliminary Official Statement dated February 3, 2020 (the “Preliminary Official Statement”) circulated in connection with the sale of the Bonds, which shall be supplemented by the final official statement to be dated February 12, 2020 (the “Official Statement”).

Tax Exemption The successful bidder may at its option refuse to accept the Bonds if prior to their delivery the

opinion of Bond Counsel is not delivered or if any income tax law of the United States of America is hereafter enacted which shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal income tax purposes, and in such case the deposit made by it will be returned and it will be relieved of its contractual obligations arising from the acceptance of its proposal.

The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain ongoing requirements that must be met subsequent to the issuance and delivery of the Bonds in order that interest on the Bonds be and remain excludable from gross income under Section 103 of the Code. Concurrently with the delivery of the Bonds, the City will execute a Tax Certificate, which will contain provisions and procedures relating to compliance with the requirements of the Code

and a certification to the effect that the City will comply with the provisions and procedures set forth therein and that it will do and perform all acts and things necessary or desirable to assure that interest paid on the Bonds is excludable from gross income under Section 103 of the Code.

Upon delivery of the Bonds, Bond Counsel will deliver an opinion that states that, under existing statutes and court decisions and assuming continuing compliance with the provisions and procedures set forth in the Tax Certificate, (i) interest on the Bonds is excluded from gross income for federal income tax purposes pursuant to Section 103 of the Code; and (ii) interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. In addition, the opinion of Bond Counsel will state that, under existing statutes, interest on the Bonds is exempt from personal income taxes of New York State and its political subdivisions, including The City of New York.

The City will NOT designate the Bonds as “qualified tax-exempt obligations” pursuant to the provisions of Section 265 of the Code.

Obligation of Winning Bidder to Deliver an Issue Price Certificate at ClosingBy submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a

good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy bid” being submitted for the purpose of assisting in meeting the competitive sale requirements relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, including the requirement that bids be received from at least three (3) underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning bidder if the Competitive Sale Requirements were met at the same time it notifies the winning bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not satisfied.

The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as of the date of the award.

By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Bonds for its own account and not with a view to distribution or resale to the public) that if the Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option (2) described below. Such election must be made on the bid form submitted by each bidder. In the event a bidder submits a bid via Parity, such bidder must notify the Municipal Advisor by email ([email protected]) as to such election at the time such bid is submitted.

(1) Hold the Price. The winning bidder:(a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering

Prices and provide Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,

(b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the date on which the winning bidder has sold to the public at least 10 percent of the Bonds of such maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of such maturity or (ii) the close of business on the 5th business day after the date of the award of the Bonds, and

(c) has or will include within any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the limitations on the sale of the Bonds as set forth above.

(2) Follow the Price. The winning bidder:(a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices

and provide the Issuer with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,

(b) will report to the Issuer information regarding the first price that at least 10 percent of the Bonds within each maturity of the Bonds have been sold to the public,

(c) will provide the Issuer with reasonable supporting documentation or certifications of such sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may extend beyond the closing date of the Bonds, will continue until such date that the requirement set forth in paragraph (b) above for each maturity of the Bonds is satisfied, and

(d) has or will include within any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the reporting requirement described above.

For purposes of the “hold the price” or “follow the price” requirement, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms.

Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder shall submit to the Issuer a certificate (the “Reoffering Price Certificate”), satisfactory to Bond Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form of Reoffering Price Certificate is available by contacting Bond Counsel or the Municipal Advisor.

If the winning bidder has purchased the Bonds for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Reoffering Price Certificate will recite such facts and identify the price or prices at which the purchase of the Bonds was made.

For purposes of this Notice, the “public” does not include the winning bidder or any person that agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the Bonds to the public (such as a retail distribution agreement between a national lead underwriter and a regional firm under which the regional firm participates in the initial sale of the Bonds to the public). In making the representations described above, the winning bidder must reflect the effect on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in connection with the initial sale of any of the Bonds.

continued from previous page


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www.bondbuyer.com 9Tuesday, February 4, 2020 Competitive Sales Noticesand a certification to the effect that the City will comply with the provisions and procedures set forth therein and that it will do and perform all acts and things necessary or desirable to assure that interest paid on the Bonds is excludable from gross income under Section 103 of the Code.

Upon delivery of the Bonds, Bond Counsel will deliver an opinion that states that, under existing statutes and court decisions and assuming continuing compliance with the provisions and procedures set forth in the Tax Certificate, (i) interest on the Bonds is excluded from gross income for federal income tax purposes pursuant to Section 103 of the Code; and (ii) interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. In addition, the opinion of Bond Counsel will state that, under existing statutes, interest on the Bonds is exempt from personal income taxes of New York State and its political subdivisions, including The City of New York.

The City will NOT designate the Bonds as “qualified tax-exempt obligations” pursuant to the provisions of Section 265 of the Code.

Obligation of Winning Bidder to Deliver an Issue Price Certificate at ClosingBy submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a

good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy bid” being submitted for the purpose of assisting in meeting the competitive sale requirements relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, including the requirement that bids be received from at least three (3) underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning bidder if the Competitive Sale Requirements were met at the same time it notifies the winning bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not satisfied.


By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Bonds for its own account and not with a view to distribution or resale to the public) that if the Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option (2) described below. Such election must be made on the bid form submitted by each bidder. In the event a bidder submits a bid via Parity, such bidder must notify the Municipal Advisor by email ([email protected]) as to such election at the time such bid is submitted.

(1) Hold the Price. The winning bidder:(a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering

Prices and provide Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,

(b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the date on which the winning bidder has sold to the public at least 10 percent of the Bonds of such maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of such maturity or (ii) the close of business on the 5th business day after the date of the award of the Bonds, and



and provide the Issuer with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,

(b) will report to the Issuer information regarding the first price that at least 10 percent of the Bonds within each maturity of the Bonds have been sold to the public,

(c) will provide the Issuer with reasonable supporting documentation or certifications of such sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may extend beyond the closing date of the Bonds, will continue until such date that the requirement set forth in paragraph (b) above for each maturity of the Bonds is satisfied, and


For purposes of the “hold the price” or “follow the price” requirement, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms.

Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder shall submit to the Issuer a certificate (the “Reoffering Price Certificate”), satisfactory to Bond Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form of Reoffering Price Certificate is available by contacting Bond Counsel or the Municipal Advisor.

If the winning bidder has purchased the Bonds for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Reoffering Price Certificate will recite such facts and identify the price or prices at which the purchase of the Bonds was made.


Official Statement, Continuing Disclosure and Compliance HistoryThe City will provide a reasonable number of Official Statements to the successful bidder

within seven (7) business days following receipt of a written request therefor made to the City and its Municipal Advisor. Such request may specify the applicable (a) offering price(s), (b) selling compensation, (c) rating(s), (d) credit enhancement and (e) identity and complete name of such bidder and any participating underwriters, and if so, the Preliminary Official Statement will be modified or supplemented by the information so specified. Neither the City nor its Municipal Advisor shall be liable in any manner for any delay, inaccuracy, or omission on the part of the successful bidder with respect to such request, nor shall the City’s failure, as a result thereof, to provide the Official Statement within the above time period, constitute cause for a failure or refusal by such bidder to accept delivery of and pay for the Bonds in accordance with the terms hereof.

The Preliminary Official Statement is in a form “deemed final” by the City for the purpose of Securities and Exchange Commission Rule 15c2-12 (“Rule 15c2-12”) but may be modified or supplemented as noted above. In order to assist bidders in complying with Rule 15c2-12 and as part of the City’s contractual obligation arising from its acceptance of each successful bidder’s proposal, at the time of the delivery of the Bonds the City will provide an executed copy of its “Undertaking to Provide Continuing Disclosure” (the “Undertaking”). The form of said Undertaking is set forth in Appendix G in the Preliminary Official Statement.

Except as otherwise set forth in the Preliminary Official Statement (see the caption entitled “DISCLOSURE UNDERTAKING”), the City is in compliance in all material respects with all previous undertakings made pursuant to Rule 15c2-12 during each of the past five years.

Documents Accompanying the Delivery of the BondsThe obligation hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on

the delivery to the successful bidder at the time of delivery of the Bonds of: (i) the opinion of Bond Counsel; (ii) a certificate of the Corporation Counsel, dated the date of delivery of the Bonds, to the effect that there is no controversy or litigation of any nature pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any of the proceedings taken with respect to the issuance and sale thereof or the application of moneys to the payment of the Bonds, and further stating that there is no controversy or litigation of any nature now pending or threatened by or against the City wherein an adverse judgment or ruling could have a material adverse impact on the financial condition of the City or adversely affect the power of the City to levy, collect and enforce the collection of taxes or other revenues for the payment of its Bonds, which has not been disclosed in the Official Statement; (iii) a certificate of the Comptroller of the City to the effect that as of the date of the Official Statement and at all times subsequent thereto, up to and including the time of the delivery of the Bonds, the Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements herein, in the light of the circumstances under which they were made, not misleading, and further stating that there has been no adverse material change in the financial condition of the City since the date of the Official Statement to the date of issuance of the Bonds (and having attached thereto a copy of the Official Statement); (iv) certificates signed by the Comptroller of the City evidencing payment for the Bonds; (v) a signature certificate evidencing the due execution of the Bonds, including statements that (a) no litigation of any nature is pending or, to the knowledge of the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning the proceedings and authority under which the Bonds were authorized or affecting the validity of the Bonds thereunder, (b) neither the corporate existence or boundaries of the City nor the title of the signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of the Bonds have been repealed, revoked or rescinded, and (vi) a Tax Certificate executed by the Comptroller of the City, as described under “TAX MATTERS” in the Preliminary Official Statement.

Additional InformationCopies of this Notice of Sale and the Preliminary Official Statement are available in electronic

format on the website of the City’s Municipal Advisor, Capital Markets Advisors, LLC (“www.capmark.org”) or may be obtained upon request from the offices of Capital Markets Advisors, LLC, 4211 North Buffalo Street, Orchard Park, New York (Telephone No. 716-662-3910).

Dated: February 3, 2020BARBARA MILLER-WILLIAMS

Comptroller and Chief Fiscal Officer

* Preliminary, subject to change as noted herein.

NOTICE OF BOND SALE

$9,795,000*DEPEW UNION FREE SCHOOL DISTRICT

ERIE COUNTY, NEW YORKSCHOOL DISTRICT REFUNDING BONDS, 2020

(DESIGNATED/BANK QUALIFIED)

Dated Date: March 4, 2020Maturity Dates: June 1, 2020-2024Sale Date: February 13, 2020Bids Accepted Until: 11:00 A.M. (Prevailing Time)Location: Capital Markets Advisors, LLC 4211 North Buffalo Road, Suite 19 Orchard Park, New York 14127

Sealed proposals or, at the option of bidders, electronic proposals delivered via facsimile or via Ipreo’s Parity electronic bid submission system (“Parity”) will be received at the offices of Capital Markets Advisors, LLC (the “Municipal Advisor”), 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127 (Phone: 716.662.3910, Fax: 716.662.6684) and considered by the undersigned President of the Board of Education (the “Board President”), or his designated agent, of the Depew Union Free School District, Erie County, New York (the “District”) as outlined above for the purchase of $9,795,000* School District Refunding Bonds, 2020 of the District (the “Bonds”). The Bonds are being issued to refund $9,555,000 outstanding principal amount of the District’s $27,500,000 School District Serial Bonds, 2011, being specifically those of such bonds maturing in the years 2021 through 2024, inclusive.

The Bonds will be valid and legally binding general obligations of the District, for the payment of which the District has pledged its faith and credit. Unless paid from other sources, all the taxable real property in the District will be subject to the levy of ad valorem real property taxes to pay the principal of the Bonds and the interest thereon, without limitation as to rate or amount (subject to certain statutory limitations imposed by Chapter 97 of the 2011 Laws of New York). The New York State Constitution requires the District to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon, and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the Bonds. The Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the Bonds and certain other obligations of the District, a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes. The Board President may be required to set apart and apply such revenues as aforesaid at the suit of any holder of the Bonds.

* Preliminary; subject to change

The Bonds are payable in annual installments which, together with interest thereon, are expected to provide for substantially level or declining annual debt service with respect to the Bonds, as defined and described in paragraph (d) of Section 21.00 of the New York Local Finance Law, on June 1 in each year as follows:

Year Amount* Year Amount* 2020 $50,000 2023 $2,455,000 2021 2,375,000 2024 2,500,000 2022 2,415,000

*The amount of the issue, purchase price and amount of the maturities of the Bonds are subject to change depending upon the actual interest rates bid and the successful bidder’s initial reoffering yields in order to effectuate the District’s plan of refunding of the outstanding debt. Accordingly, the District reserves the right, in its discretion, to increase or decrease the size of the issue and the maturities of the Bonds, in multiples of $5,000, to the extent necessary to meet the requirements of substantially level or declining annual debt service. Such adjustments will be made within 24 hours following the opening of the bids. The successful bidder may neither withdraw nor modify its bid as a result of any such post-bid adjustment. Any such adjustment shall be conclusive, and shall be binding upon the successful bidder.

The Bonds are not subject to redemption prior to maturity.Following the sale of the Bonds, the aggregate par amount of the Bonds may be decreased in an

amount not in excess of the premium offered by the successful bidder to the extent necessary in order that the total proceeds, which include the total par amount of the Bonds plus the original issue premium, if any, received by the District, do not exceed the maximum amount permitted under applicable provisions of the Internal Revenue Code of 1986, as amended. In such event, the premium shall also be adjusted to the extent necessary to achieve the same net interest cost which served as the basis for the award to the purchaser.

The Bonds will be dated their date of delivery and will mature on June 1 in the years and amounts stated above (subject to adjustment, as described above), and will bear interest payable on June 1, 2020, December 1, 2020 and semi-annually thereafter on June 1 and December 1 in each year until maturity. The record date of the Bonds will be the fifteenth day of the calendar month preceding each respective interest payment date.

The Bonds will be issued in registered form by means of a book entry system, and no physical distribution of bond certificates will be made to the public. One bond certificate for each maturity will be issued to the Depository Trust Company, New York, New York (“DTC”) or its nominee and will be immobilized in its custody. The book-entry system will evidence ownership of the Bonds in the principal amount of $5,000 or any integral multiple thereof, with transfer of ownership effected



To reach the widest audiencewithin the marketplace, advertise your competitive bond sales in The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected].

THE DAILY NEWSPAPER OF PUBLIC FINANCE

009_BB020420 9 2/3/2020 1:51:03 PM

The Bond Buyer10 Tuesday, February 4, 2020Competitive Sales Noticeson the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The successful bidder, as a condition to delivery of the Bonds, shall be required to deposit the bond certificates with DTC, registered in the name of Cede & Co., its nominee, to be held in trust until maturity. Interest on the Bonds and the principal of the Bonds will be payable to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners of the Bonds by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The District will not be responsible or liable for such transfer of payments or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.

THE BONDS WILL BE DESIGNATED AS “QUALIFIED TAX-EXEMPT OBLIGATIONS” PURSUANT TO SECTION 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

Each written proposal must be for all of the Bonds and may state different rates of interest for Bonds maturing in different calendar years; provided, however, that (1) only one rate of interest may be bid for all Bonds maturing in any one calendar year and (2) all rates of interest bid must be stated in a multiple of one-eighth or one-hundredth of one percentum per annum. No proposed purchase price may be less than the total par value of the Bonds. No proposal for less than all of the Bonds will be considered. The date of delivery is currently anticipated to be the same as the dated date. If the date of delivery changes, the successful bidder shall be obligated to pay the price bid plus accrued interest, if any, on the Bonds from March 4, 2020 to the date of delivery.

Each proposal must be either (1) enclosed in a sealed envelope, the outside of which should be marked “Proposal for School District Refunding Bonds, 2020”, and addressed as follows to the Sale Officer, viz.: David Sheff, Board President of the Depew Union Free School District, c/o Capital Markets Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127 or (2) submitted electronically via Parity. In the case of a facsimile bid, neither the District nor its agents will assume liability for any inability of the bidder to reach the above-named fax number prior to the time of sale outlined above; time of receipt will be the time recorded by the facsimile receiver. In the case of a Parity bid, each qualified prospective bidder shall be solely responsible for making the necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and in compliance with the requirements of this Notice of Bond Sale. If any provisions of this Notice of Bond Sale shall conflict with information provided by Parity, as an approved provider of electronic bidding services, this Notice of Bond Sale shall control. Further information about Parity, including any fee charged, may be obtained from Parity at 212.849.5021. The time maintained by Parity shall constitute the official time with respect to all bids submitted. Prospective bidders wishing to submit electronic bids via Parity must be contracted customers of Parity. Bidders not having a contract with Parity may call 212.849.5021 to become a customer.

As a condition precedent to the consideration of a proposal, a good faith deposit in the amount of $48,975 (the “Deposit”) in the form of (1) a certified or cashier’s check or (2) a wire transfer issued for the benefit of the District is required. If a check is used, it must be drawn upon an incorporated bank or trust company to the order of “Depew Union Free School District” and must accompany the bid. If a wire transfer is used, it must be sent to the account so designated by the District for such purpose, not later than 10:00 A.M. on the date of the sale, and the wire transfer reference number must be provided on the “Proposal for Bonds” that is utilized when the bid is submitted. Bidders are instructed to contact Capital Markets Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127 (Phone: 716.662.3910, Fax: 716.662.6684), the District’s Municipal Advisor, no later than 24 hours prior to the bid opening to obtain the District’s wire instructions. No interest on the Deposit will accrue to the purchaser. The Deposit will be applied to the purchase price of the Bonds. The check or wire transfer deposited by the bidder to whom the Bonds are awarded will be retained by the District, and the amount thereof will be applied as provided by law. No interest will be allowed upon the Deposit. The right is reserved to reject any or all bids, and except as hereinafter provided, any bid not complying in all material respects with the terms of this notice may be rejected.

Unless all bids are rejected, the Bonds will be awarded to the bidder complying with the terms of sale and offering to purchase the Bonds at such rate or rates of interest as will produce the lowest true interest cost. True interest cost shall be determined for each bid by doubling the semi-annual interest rate, compounded semi-annually, necessary to discount all interest and principal payments from the payment dates thereof to the dated date of the Bonds, so that the sum of the present value of such payments equals the price bid, excluding interest accrued to the date of delivery. The true interest cost shall be calculated from the dated date of the Bonds. In the event that the District receives two or more bids specifying the same lowest true interest cost, then the successful bidder shall be selected by the Board President by lot from among all such bidders. Notwithstanding anything herein to the contrary, the District reserves the right to waive any technical defects, omissions or other deficiencies in the form of any proposal submitted for consideration.

Award of the Bonds to a successful bidder, or rejection of any bids, is expected to be made promptly after the opening of the bids, but a successful bidder may not withdraw its proposal until after 5:00 P.M. (Prevailing Time) on the day of such bid opening and then only if such award has not been made prior to the withdrawal.

If the Bonds qualify for the issuance of any policy of municipal bond insurance or commitment therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any such commitment therefor shall be at the sole option and expense of such bidder and any increased costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept delivery of and pay for the Bonds in accordance with the terms of this Notice of Bond Sale.

The Bonds must be paid for in federal funds or other funds available for immediate credit in New York, New York on March 4, 2020, or at such other place and time as may be agreed upon with the successful bidder.

THE DISTRICT RESERVES THE RIGHT TO CHANGE THE DATE AND TIME FOR THE

OPENING OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS OF A SUPPLEMENTAL NOTICE OF BOND SALE TO BE DISSEMINATED VIA TM3. IN ADDITION, SUCH NOTICE SHALL BE GIVEN TO THE NEWS MEDIA AND SHALL BE POSTED IN ONE OR MORE DESIGNATED PUBLIC LOCATIONS WITHIN THE DISTRICT AT LEAST ONE HOUR PRIOR TO THE TIME AND DATE SET FOR THE OPENING OF BIDS.

In the event that prior to the delivery of the Bonds, the income received by owners from bonds of the same type and character becomes includable in the gross income of such owners for federal income tax purposes, the successful bidder may, at its election, be relieved of its obligations hereunder to purchase the Bonds, and in such case, the Deposit accompanying its bid will be returned.

The population of the District is estimated to be approximately 17,371. The debt statement to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the Bonds, prepared as of February 4, 2020 will show the full valuation of real property subject to taxation by the District to be $982,274,945, its debt limit to be $98,227,494 and its total net indebtedness (after factoring in all applicable exclusions and prior to the issuance of the Bonds) to be $32,924,184.

CUSIP identification numbers will be printed on the Bonds if Bond Counsel is provided with such numbers by the close of business on the date of sale of the Bonds, but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accordance with the terms of this Notice of Bond Sale. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid for by the District, provided, however, that the CUSIP Service Bureau charge for the assignment of CUSIP numbers shall be the responsibility of and shall be paid for by the purchaser.

As a condition to the purchaser’s obligation to accept delivery of and pay for the Bonds, the purchaser will be furnished, without cost, the following, dated as of the date of the delivery of and payment for the Bonds: (1) a certificate of the Board President certifying that (a) as of the date of the official statement furnished by the District in relation to the Bonds (the “Official Statement”), the Official Statement did not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, subject to the condition that while information in the Official Statement obtained from sources other than the District is not guaranteed as to accuracy, completeness or fairness, the Board President has no reason to believe and does not believe that such information is materially inaccurate or misleading, and (b) to the knowledge of the Board President, since the date of the Official Statement, there have been no material transactions not in the ordinary course of affairs entered into by the District and no material adverse changes in the general affairs of the District or in its financial condition as shown in the Official Statement other than as disclosed or contemplated by the Official Statement, (2) a closing certificate, evidencing receipt for the proceeds of the Bonds and a signature certificate, which will include a statement that no litigation is pending or, to the knowledge of the signers, threatened, affecting the Bonds, (3) a tax certificate executed on behalf of the District which includes, among other things, covenants, relating to compliance with the Code, with the owners of the Bonds that the District will, among other things, (a) take all actions on its part necessary to cause interest on the Bonds to be excluded from the gross income of the owners thereof for federal income tax purposes, including, without limitation, restricting, to the extent necessary, the yield on investments made with the proceeds of the Bonds and investment earnings thereof, making required payments to the federal government, if any, and maintaining books and records in a specified manner, where appropriate, and (b) refrain from taking action which would cause interest on the Bonds to be includable in the gross income of the owners thereof for federal income tax purposes, including, without limitation, refraining from spending the proceeds of the Bonds and investment earnings thereon on certain specified purposes, and (4) the approving opinion of Hodgson Russ LLP, of Buffalo, New York, Bond Counsel, to the effect that the Bonds are valid and legally binding general obligations of the District for which the District has pledged its faith and credit and, unless paid from other sources, all the taxable real property within the District is subject to the levy of ad valorem real property taxes to pay the Bonds and interest thereon, without limitation as to rate or amount (subject to certain statutory limitations imposed by Chapter 97 of the 2011 Laws of New York).

Bond counsel will deliver at closing its written opinion that interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals, with certain exceptions described in the body of the Official Statement, and that such interest is exempt from New York State and New York City personal income taxes.

The Official Statement, dated February 4, 2020 relating to the Bonds is in a form “deemed final” for purposes of SEC Rule 15c2-12 (the “Rule”), except for the omission therefrom of those items allowable under the Rule.

Any party executing and delivering a bid for the Bonds agrees, if its bid is accepted by the District, to provide to the District in writing, within two business days after the date of such award, all information which the purchaser determines is necessary for it to comply with the Rule, including all necessary pricing and sale information, information with respect to the purchase of bond insurance, if any, and underwriter identification. Within five business days following receipt by the District thereof, the District will furnish to the purchaser, in reasonable quantities as requested by the purchaser, copies of the Official Statement, updated as necessary, and supplemented to include such information. Failure by the purchaser to provide such information will prevent the District from furnishing the Official Statements as described above. The District shall not be responsible or liable in any manner for the purchaser’s determination of information necessary to comply with the Rule or the accuracy of any such information provided by the purchaser or for failure to furnish the Official Statements as described above which results from a failure by the purchaser to provide the aforementioned information within the time specified. Acceptance by the purchaser of the final Official Statements shall be conclusive evidence of the satisfactory completion of the obligation of the District with respect to the preparation and delivery thereof.

By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy



010_BB020420 10 2/3/2020 1:51:04 PM

www.bondbuyer.com 11Tuesday, February 4, 2020 Competitive Sales NoticesOPENING OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS OF A SUPPLEMENTAL NOTICE OF BOND SALE TO BE DISSEMINATED VIA TM3. IN ADDITION, SUCH NOTICE SHALL BE GIVEN TO THE NEWS MEDIA AND SHALL BE POSTED IN ONE OR MORE DESIGNATED PUBLIC LOCATIONS WITHIN THE DISTRICT AT LEAST ONE HOUR PRIOR TO THE TIME AND DATE SET FOR THE OPENING OF BIDS.

In the event that prior to the delivery of the Bonds, the income received by owners from bonds of the same type and character becomes includable in the gross income of such owners for federal income tax purposes, the successful bidder may, at its election, be relieved of its obligations hereunder to purchase the Bonds, and in such case, the Deposit accompanying its bid will be returned.

The population of the District is estimated to be approximately 17,371. The debt statement to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the Bonds, prepared as of February 4, 2020 will show the full valuation of real property subject to taxation by the District to be $982,274,945, its debt limit to be $98,227,494 and its total net indebtedness (after factoring in all applicable exclusions and prior to the issuance of the Bonds) to be $32,924,184.

CUSIP identification numbers will be printed on the Bonds if Bond Counsel is provided with such numbers by the close of business on the date of sale of the Bonds, but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accordance with the terms of this Notice of Bond Sale. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid for by the District, provided, however, that the CUSIP Service Bureau charge for the assignment of CUSIP numbers shall be the responsibility of and shall be paid for by the purchaser.

As a condition to the purchaser’s obligation to accept delivery of and pay for the Bonds, the purchaser will be furnished, without cost, the following, dated as of the date of the delivery of and payment for the Bonds: (1) a certificate of the Board President certifying that (a) as of the date of the official statement furnished by the District in relation to the Bonds (the “Official Statement”), the Official Statement did not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, subject to the condition that while information in the Official Statement obtained from sources other than the District is not guaranteed as to accuracy, completeness or fairness, the Board President has no reason to believe and does not believe that such information is materially inaccurate or misleading, and (b) to the knowledge of the Board President, since the date of the Official Statement, there have been no material transactions not in the ordinary course of affairs entered into by the District and no material adverse changes in the general affairs of the District or in its financial condition as shown in the Official Statement other than as disclosed or contemplated by the Official Statement, (2) a closing certificate, evidencing receipt for the proceeds of the Bonds and a signature certificate, which will include a statement that no litigation is pending or, to the knowledge of the signers, threatened, affecting the Bonds, (3) a tax certificate executed on behalf of the District which includes, among other things, covenants, relating to compliance with the Code, with the owners of the Bonds that the District will, among other things, (a) take all actions on its part necessary to cause interest on the Bonds to be excluded from the gross income of the owners thereof for federal income tax purposes, including, without limitation, restricting, to the extent necessary, the yield on investments made with the proceeds of the Bonds and investment earnings thereof, making required payments to the federal government, if any, and maintaining books and records in a specified manner, where appropriate, and (b) refrain from taking action which would cause interest on the Bonds to be includable in the gross income of the owners thereof for federal income tax purposes, including, without limitation, refraining from spending the proceeds of the Bonds and investment earnings thereon on certain specified purposes, and (4) the approving opinion of Hodgson Russ LLP, of Buffalo, New York, Bond Counsel, to the effect that the Bonds are valid and legally binding general obligations of the District for which the District has pledged its faith and credit and, unless paid from other sources, all the taxable real property within the District is subject to the levy of ad valorem real property taxes to pay the Bonds and interest thereon, without limitation as to rate or amount (subject to certain statutory limitations imposed by Chapter 97 of the 2011 Laws of New York).

Bond counsel will deliver at closing its written opinion that interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals, with certain exceptions described in the body of the Official Statement, and that such interest is exempt from New York State and New York City personal income taxes.

The Official Statement, dated February 4, 2020 relating to the Bonds is in a form “deemed final” for purposes of SEC Rule 15c2-12 (the “Rule”), except for the omission therefrom of those items allowable under the Rule.

Any party executing and delivering a bid for the Bonds agrees, if its bid is accepted by the District, to provide to the District in writing, within two business days after the date of such award, all information which the purchaser determines is necessary for it to comply with the Rule, including all necessary pricing and sale information, information with respect to the purchase of bond insurance, if any, and underwriter identification. Within five business days following receipt by the District thereof, the District will furnish to the purchaser, in reasonable quantities as requested by the purchaser, copies of the Official Statement, updated as necessary, and supplemented to include such information. Failure by the purchaser to provide such information will prevent the District from furnishing the Official Statements as described above. The District shall not be responsible or liable in any manner for the purchaser’s determination of information necessary to comply with the Rule or the accuracy of any such information provided by the purchaser or for failure to furnish the Official Statements as described above which results from a failure by the purchaser to provide the aforementioned information within the time specified. Acceptance by the purchaser of the final Official Statements shall be conclusive evidence of the satisfactory completion of the obligation of the District with respect to the preparation and delivery thereof.

By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy

bid” being submitted for the purpose of assisting in meeting the competitive sale requirements relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, including the requirement that bids be received from at least three (3) underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning bidder if the Competitive Sale Requirements were met at the same time it notifies the winning bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not satisfied.


By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Bonds for its own account and not with a view to distribution or resale to the public) that if ten percent of each maturity of the Bonds (as hereinafter defined) is not sold on the Sale Date and if the Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option (2) described below. Such election must be made on the bid form submitted by each bidder.

For purposes of the “hold the price” or “follow the price” requirement described below, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms.

(1) Hold the Price. The winning bidder:(a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices

and provide the District and Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,

(b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the date on which the winning bidder has sold to the public at least ten percent of the Bonds of such maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of such maturity or (ii) the close of business on the 5th business day after the date of the award of the Bonds, and



and provide the District and Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,

(b) will report to the District and Bond Counsel information regarding the actual prices at which at least ten percent of the Bonds within each maturity of the Bonds have been sold to the public,

(c) will provide the District and Bond Counsel with reasonable supporting documentation or certifications of such sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may extend beyond the closing date of the Bonds, will continue until such date that ten percent of each maturity of the Bonds has been sold to the public, and


Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder shall submit to the District and Bond Counsel a certificate (the “Issue Price Certificate”), satisfactory to Bond Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form of Issue Price Certificate is available by contacting Bond Counsel or the Municipal Advisor.

If the winning bidder has purchased the Bonds for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Issue Price Certificate will recite such facts and identify the price or prices at which the purchase of the Bonds was made.


Unless the Bonds are purchased for the buyer’s own account, as principal for investment and not for resale, the District will agree in a continuing disclosure undertaking (the “Disclosure Undertaking”) to provide, or cause to be provided, in accordance with the requirements of the Rule, certain financial and other information, as well as timely notice of the occurrence of certain designated events. Reference is made to the Official Statement for further details regarding the Disclosure Undertaking. A purchaser buying for its own account shall deliver a municipal securities disclosure certificate that documents such intent (in form satisfactory to bond counsel) establishing that an exemption from the Rule applies.

Requests for copies of the Official Statement of the District relating to the Bonds offered hereby, additional copies of this Notice of Bond Sale or any other additional information may be directed to Capital Markets Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127 (Phone: 716.662.3910, Fax: 716.662.6684).

Dated: February 4, 2020 David Sheff President of the Board of Education

OPTIONAL DTC BOOK-ENTRY-ONLY

OFFICIAL NOTICE OF SALE$1,825,000

SUMMERFIELD SCHOOLSCOUNTY OF MONROESTATE OF MICHIGAN

2020 SCHOOL BUILDING AND SITE BONDS(GENERAL OBLIGATION - UNLIMITED TAX)

BIDS for the purchase of the above 2020 School Building and Site Bonds (the “Bond” or “Bonds”) will be received by Summerfield Schools, Monroe County, Michigan (the “Issuer”), at the administrative offices of the Issuer, 17555 Ida West Road, Petersburg, Michigan 49270-9564, on Wednesday, the 12th day of February, 2020, until 11:00 o’clock in the a.m., prevailing Eastern Time, at which time and place said bids will be publicly opened and read. BIDS also will be received on the same date and the same hour by an agent of the undersigned at the offices of the Municipal Advisory Council of Michigan, 26211 Central Park Blvd., Suite 508, Southfield, Michigan 48076, where the bids will simultaneously be opened and read. Bidders may choose either location to present bids but not both locations. Award of the bids will be considered by the Board of Education of the Issuer at 7:00 o’clock in the p.m., prevailing Eastern Time, on that date.

FAXED BIDS: Bidders may submit signed bids via facsimile transmission to the Issuer at (734) 279-1448 or the Municipal Advisory Council at (313) 963-0943, provided that the faxed bids are received prior to the time and date fixed for receipt of bids. Bidders submitting faxed bids bear the full risk of failed or untimely transmission of their bids. Bidders are encouraged to confirm the timely receipt of their full and complete bids by telephoning the Issuer at (734) 279-1035 or the Municipal Advisory Council at (313) 963-0420.

ELECTRONIC BIDS may be presented via PARITY on the date and at the time shown above. To the extent any instructions or directions set forth in PARITY conflict with this Notice, the terms of this Notice shall control. For further information about PARITY, potential bidders may contact PFM Financial Advisors LLC, at (734) 994-9700 or PARITY at (212) 849-5021.

OPTIONAL DTC BOOK-ENTRY-ONLY: Unless otherwise requested by the winning bidder (the “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”) under DTC’s Book-Entry-Only system of registration. If DTC Book-Entry-Only is used, purchasers of interests in the Bonds (the “Beneficial Owners”) will not receive physical delivery of bond certificates, and ownership by the Beneficial Owners of the Bonds will be evidenced by book-entry-only. As long as Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the DTC participants for subsequent disbursement to the Beneficial Owners.

BOND DETAILS: Said Bonds will be fully registered Bonds, of the denomination of $5,000 each or multiples thereof up to the amount of a single maturity, shall be dated the date of delivery, numbered in order of issue from 1 upwards and will bear interest from their dated date payable on November 1, 2020, and semiannually thereafter.

The Bonds will mature on May 1 as follows:

Year Amount Year Amount 2021 $60,000 2029 $85,000 2022 65,000 2030 90,000 2023 65,000 2031 95,000 2024 65,000 2032 240,000 2025 75,000 2033 245,000 2026 80,000 2034 250,000 2027 80,000 2035 250,000 2028 80,000

Interest payable November 1, 2020, is to be paid out of the proceeds from the sale of the Bonds, and an amount sufficient therefor shall be deposited in the Debt Retirement Fund immediately upon receipt of such proceeds.

MATURITY ADJUSTMENT: The Issuer reserves the right to decrease the aggregate principal amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if necessary, will be made in increments of $5,000 and may be made in any maturity.

ADJUSTMENT TO PURCHASE PRICE: In the event of a maturity adjustment, the purchase price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the winning bid.

TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in any year as serial bonds or term bonds, or both. The bidder must designate whether each of the principal amounts shown above represent a serial maturity or a mandatory redemption requirement for a term bond maturity. There may be more than one term bond maturity. In any event, the above principal amount schedule shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. Any such designation must be made within one (1) hour of the Bond sale.

PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified to act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer may hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior to any change in Paying Agent. In the event the Bonds cease to be held in book entry form only, the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check



011_BB020420 11 2/3/2020 1:51:04 PM

The Bond Buyer12 Tuesday, February 4, 2020Competitive Sales Noticesmailed to the owner as shown by the registration books of the Issuer as of the close of business on the 15th day of the month preceding any interest payment date and the Bonds will be transferable only upon the registration books of the Issuer kept by the Paying Agent. See “Optional DTC Book-Entry-Only” above.

PRIOR REDEMPTION:A. Mandatory Redemption - Term Bonds.Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption,

in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer.

B. Optional Redemption.Bonds of this issue maturing in the years 2021 through 2029, inclusive, shall not be subject

to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue maturing in the year 2030 and thereafter shall be subject to redemption prior to maturity, at the option of the Issuer, in such order as the Issuer may determine and by lot within any maturity, on any date occurring on or after May 1, 2029, at par and accrued interest to the date fixed for redemption.

Notice of redemption of any Bond shall be given not less than thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the registered address shown on the registration books kept by the Paying Agent. Bonds shall be called for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for redemption, provided funds are on hand with the Paying Agent to redeem the same.

If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate trust office of the Paying Agent, such Bonds shall be paid and redeemed.

INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not exceeding five percent (5%) per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest rate. The difference between the highest and lowest interest rates bid shall not exceed two percent (2%) per annum. No proposal for the purchase of less than all of the Bonds or at a price less than 100% or greater than 105% of the par value will be considered. The interest rate borne by bonds maturing in any year shall not be less than the interest rate borne by Bonds maturing in the preceding year.

PURPOSE AND SECURITY: The Bonds were authorized at an election on November 5, 2019, for the purpose of remodeling, furnishing and refurnishing, and equipping and re-equipping school buildings; purchasing school buses; and preparing, developing, improving, and equipping playgrounds, athletic fields and facilities, and sites. The Bonds will pledge the full faith, credit and resources of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, and Article IX, Section 16, of the Michigan Constitution of 1963.

STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to enable the Issuer to make the payment.

AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest true interest cost which is the rate that will discount all future cash payments so that the sum of the present value of all cash flows will equal the Bond proceeds computed from March 6, 2020 (the anticipated date of delivery).

LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun Law Firm, P.C., Novi, Michigan, bond counsel, the original of which will be furnished without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, P.C. for services rendered in connection with such approving opinion are expected to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has not examined or reviewed, any financial documents, statements or other materials that have been or may be furnished in connection with the authorization, marketing or issuance of the Bonds and, therefore, has not expressed and will not express an opinion with respect to the accuracy or completeness of any such financial documents, statements or materials.

TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes, as described in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross income for federal income tax purposes.

OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sales date, but in no event later than seven (7) business days after such date, the Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a reasonably available electronic version of the same. The Issuer will determine which format will be provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any underwriter identification necessary to complete the Official Statement within twenty-four (24) hours after the award of Bonds. Additional copies of the final Official Statement may be obtained up to three months following the sale of the Bonds by a request and payment of costs to the financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the date of delivery the information contained in the Official Statement, and any supplement to the Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, and that the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal year of the Issuer, commencing with the fiscal year ended June 30, 2020, certain annual financial information and operating data, including audited financial statements for the preceding fiscal year, generally consistent with the information contained or cross-referenced in the Official Statement relating to the Bonds, (ii) timely notice of the occurrence of certain significant events with respect to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial information on or before the date specified in (i) above.

CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix G to the Preliminary Official Statement for the Bonds, dated February 4, 2020, for information and requirements concerning establishing the issue price for the Bonds.

CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents will be in substantially the same form as the drafts provided. Closing documents will not be modified at the request of a bidder, regardless of whether the bidder’s proposal is accepted.

DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day is not a business day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations and names in which it wishes to have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity registered in the name of the Purchaser, subject to the election under the “Optional DTC Book-Entry-Only” provisions herein.

CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.

BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq.

FURTHER INFORMATION may be obtained from PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone: (734) 994-9700.

THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ENVELOPES containing the bids should be plainly marked “Proposal for Summerfield Schools

2020 School Building and Site Bonds.”

Kelly Sweeny

Secretary, Board of Education


Advertise your competitive sales

in The Bond Buyer.

For more information,

contact or Kerry-Ann C. Parkes

at 212-803-8436 or at

[email protected]

GIVE NOTICE you can save some money

012_BB020420 12 2/3/2020 1:51:05 PM

www.bondbuyer.com 13Tuesday, February 4, 2020 Competitive Sales NoticesOFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official

Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sales date, but in no event later than seven (7) business days after such date, the Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a reasonably available electronic version of the same. The Issuer will determine which format will be provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any underwriter identification necessary to complete the Official Statement within twenty-four (24) hours after the award of Bonds. Additional copies of the final Official Statement may be obtained up to three months following the sale of the Bonds by a request and payment of costs to the financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the date of delivery the information contained in the Official Statement, and any supplement to the Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, and that the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal year of the Issuer, commencing with the fiscal year ended June 30, 2020, certain annual financial information and operating data, including audited financial statements for the preceding fiscal year, generally consistent with the information contained or cross-referenced in the Official Statement relating to the Bonds, (ii) timely notice of the occurrence of certain significant events with respect to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial information on or before the date specified in (i) above.

CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix G to the Preliminary Official Statement for the Bonds, dated February 4, 2020, for information and requirements concerning establishing the issue price for the Bonds.

CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents will be in substantially the same form as the drafts provided. Closing documents will not be modified at the request of a bidder, regardless of whether the bidder’s proposal is accepted.

DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day is not a business day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations and names in which it wishes to have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity registered in the name of the Purchaser, subject to the election under the “Optional DTC Book-Entry-Only” provisions herein.

CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.

BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq.

FURTHER INFORMATION may be obtained from PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone: (734) 994-9700.

THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ENVELOPES containing the bids should be plainly marked “Proposal for Summerfield Schools

2020 School Building and Site Bonds.”

Kelly Sweeny

Secretary, Board of Education

SUMMARY NOTICE OF SALE

$49,057,000COUNTY OF MERCER, NEW JERSEY

GENERAL OBLIGATION BONDS, SERIES 2020(Callable)

ELECTRONIC PROPOSALS will be received via the BiDCOMP®/Parity® Electronic Competi-tive Bidding System (“PARITY”) of i-Deal LLC (“i-Deal”) in the manner described below, until 11:00 a.m. (Eastern), on

February 11, 2020

at which time they will be publicly opened and announced for the purchase of the following bonds (“Bonds”), due on February 15, as follows:

Year Principal Amount Year Principal Amount 2021 $2,500,000 2027 $4,750,000 2022 2,500,000 2028 4,750,000 2023 2,750,000 2029 5,000,000 2024 3,557,000 2030 5,000,000 2025 4,000,000 2031 5,000,000 2026 4,250,000 2032 5,000,000

The Bonds will be dated February 25, 2020 and bear interest at the rates per annum specified by the successful bidder therefor, payable semiannually on February 15 and August 15, commencing February 15, 2021, in each year until maturity or earlier redemption. The Bonds are subject to redemption prior to their stated maturity dates as set forth in the Preliminary Official Statement, dated February 4, 2020, prepared in connection with the issuance of the Bonds (“Preliminary Of-ficial Statement”).

Upon initial issuance, the Bonds will be issued in book-entry-only form and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of the Bonds may be made in the principal amount of $5,000, or any integral multiple thereof, and in integral multiples of $1,000 in excess thereof, or in such amount necessary to issue the principal amount of the Bonds, through book entries made on the books and records of DTC and its participants. The Bonds will be issued subject to the approving legal opinion of Parker McCay P.A., Mount Laurel, New Jersey, Bond Counsel.

ELECTRONIC BIDS must be submitted to PARITY, in accordance with the rules and require-ments of PARITY, at the place and time on the sale date indicated above. Electronic bids will be subject to the terms and conditions of the complete official Notice of Sale. Further information about PARITY, including any fee charged, may be obtained from BiDCOMP®/Parity®, 1359 Broad-way, Second Floor, New York, New York (212) 849-5153. The County will not be responsible or liable for bids submitted electronically through PARITY.

If any provision of the complete official Notice of Sale shall conflict with the information pro-vided by PARITY as the approved provider of electronic bidding services, the official Notice of Sale shall control.

NO ELECTRONIC BID WILL BE ACCEPTED UNLESS THE BIDDER HAS SUBMITTED CASH WIRE OR A BID CHECK IN THE AMOUNT REQUIRED FOR THE GOOD FAITH DEPOSIT.

The County reserves the right to postpone, from time to time, the date and time established for receipt of bids. ANY SUCH POSTPONEMENT WILL BE PUBLISHED IN THOMSON MUNICIPAL NEWSWIRE, BEFORE 11:00 A.M. ON THE DAY BEFORE THE SALE. If any date fixed for the receipt of bids and the sale of the Bonds is postponed, an alternative sale date will be announced via Thomson Municipal newswire at least forty-eight (48) hours prior to such alternative sale date. On any such alternative sale date, any bidder may submit a bid for the purchase of the Bonds in conformity in all respects with the provisions of the Notice of Sale, except for the date of sale and except for the changes announced on Thomson Municipal Newswire at the time the sale date and time are announced.

The Preliminary Official Statement, complete official Notice of Sale and Official Form of Proposal relating to the Bonds is available for review through the internet facilities of McElwee & Quinn, L.L.C. at www.mcelweequinn.com. Copies of the complete official Notices of Sale, Official Forms of Proposal and Preliminary Official Statement may also be obtained by contacting the County’s Bond Counsel, Parker McCay P.A., 9000 Midlantic Drive, Suite 300, Mount Laurel, New Jersey 08054. Calls should be directed to Craig A. Gargano, Esquire, at (856) 985-4033. The County’s Financial Advisor, NW Financial Group, LLC (“Financial Advisor”), may also be contacted at 2 Hudson Place, Hoboken, New Jersey 07030. Calls should be directed to Heather Litzebauer at (201) 656-0115.

DAVID MILLER, Chief Financial Officer/Treasurer

Dated: February 4, 2020

NOTICE OF INTENTION TO SELL BONDS

NOT TO EXCEED $20,000,000SANTA CRUZ LIBRARIES FACILITIES FINANCING AUTHORITY

COMMUNITY FACILITIES DISTRICT NO. 2016-12020 SPECIAL TAX PARITY BONDS

NOTICE IS HEREBY GIVEN, that pursuant to section 53692 of the California Government Code, the Santa Cruz Libraries Facilities Financing Authority (the “Authority”), California, intends to sell not-to-exceed $20,000,000 principal amount of its 2020 Special Tax Parity Bonds (the “Bonds”) at public sale. All-or-none bids for the Bonds, dated the date of delivery and maturing in annual installments on the 1st day of September in each of the years 2021 to 2046, inclusive, are to be submitted electronically via the Ipreo BiDCOMP/PARITY© system until 9:30 a.m. Pacific Time on Thursday, February 20, 2020.

The Bonds will be offered for public sale subject to all of the terms and conditions of the Official Notice of Sale and the Preliminary Official Statement. Each bid must be submitted electronically via Ipreo BiDCOMP/PARITY©, in the manner described in the Official Notice of Sale and conform to the terms and conditions set forth therein. The Authority reserves the right to cancel, postpone or reschedule the sale of the Bonds as more fully described in the Official Notice of Sale.

When available, the Preliminary Official Statement and the Official Notice of Sale may be obtained from the Authority’s Municipal Advisor, Harrell & Company Advisors, LLC, Orange, California, telephone (714) 939-1464 or by contacting BiDCOMP/PARITY© at (212) 849-5021.

Reach your target audiencePlace your redemption advertising in

For more info e-mail [email protected]

Employers: Are you looking for a...

Bond CounselFinance DirectorResearch Analyst

SalespersonMuni Bond TraderPortfolio ManagerInvestment Banker

UnderwriterOr other Public Finance

Professionals?

If so, The Bond Buyer’s Classified Section canhelp you. For information on employment

advertising options, including online advertising inour Career Zone section, please contact:

Victor Kuo at 212-803-8612or e-mail [email protected],

[email protected] [email protected].

THE DAILY NEWSPAPER OF PUBLIC FINANCE

013_BB020420 13 2/3/2020 1:51:07 PM


For more information, contact:

John Hester (212) 849-5125

James Kellum (212) 849-5156

Full service electronic document delivery and tracking system

www.i-dealprospectus.com

I-Deal Prospectus

Electronic Official Statements Negotiated

Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020

Granbury (City of), TX ComboTax&Rev COO, Series 2020

Washington County, TX Limited Tax Refunding Bonds, Series 2020

**THE S&P RATING REPORT HAS BEEN ADDED.**

Joaquin ISD, TX Unlimited Tax School Building & Refunding Bonds, Series 2020

Arlington ISD, TX Unlimited Tax School Building Bonds, Srs 2020

Wolfforth (City of), TX Go Refunding Bonds & Tax Notes, Series 2020

Regional School District No. 18, CT GO Refunding Bonds, Issue of 2020

**Page one of Appendix B has been replaced to reflect that the bonds are subject to redemption prior

to maturity.**

Hubbard ISD, TX Unltd Tax Refunding Bonds, Series 2020

Eastmark CFD No. 2, AZ Assessment Dist A Spl Assess Rev Bonds, Series 2020

Washington County, TX Limited Tax Refunding Bonds, Series 2020

Ferris (City of), TX Tax & WW&SS (Limited Pledge) Revenue COO, Series 2020

Regional School District No. 18, CT GO Refunding Bonds, Issue of 2020

Alamo CCD, TX Maintenance Tax Notes, Srs 2020

Port Arthur (City of), TX Combination Tax & Revenue COO, Srs 2020A

Lancaster (City of), TX General Obligaiton Refunding Bonds, Series 2020

Live Oak Creek MUD No. 1 of Tarrant County, TX Unlimited Tax Refunding Bonds, Series 2020

Richardson (City of), TX, GO Ref Bonds & Combo Tax & Rev COO, Series 2020

Balmorhea ISD, TX Unlimited Tax School Building Bonds, Srs 2020

Humble ISD, TX Unlimited Tax School Building Bonds, Series 2020

Kerrville ISD, TX Unlimited Tax School Building Bonds, Series 2020

Williamson County, TX Unltd Tax Road & Ltd Tax Refunding & Park Bonds, Srs 2020

La Vega ISD, TX Unlimited Tax Refunding Bonds, Series 2020

Splendora ISD, TX Unlimited Tax Refunding Bonds, Series 2020

Corsicana (City of), TX GO Refunding Bonds & Combination Tax & Revenue COO, Srs 2020

Georgetown ISD, TX Unlimited Tax School Building Bonds, Series 2020

Birdville ISD, TX Unlimited Tax School Building Bonds, Series 2020

Bexar County HD, TX Certificates of Obligation & Ltd Tax Ref Bonds, Srs 2020

Jacksonville (City of), TX Combination Tax & Revenue COO, Series 2020

Riverside Special UD, TX Water System Revenue Refunding Bonds, Srs 2020

Keller ISD, TX Unlimited Tax School Building Bonds, Series 2020

El Paso ISD, TX Unlimited Tax School Building Bonds, Srs 2020

Conroe ISD, TX Unlimited Tax School Building Bonds, Series 2020

Richardson ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020

Ysleta ISD, TX Unltd Tax School Building Bonds, Series 2020

Cleveland ISD, TX Unlimited Tax Refunding Bonds, Series 2020

New Canaan (Town of), CT GO Refunding Bonds, Issue of 2020

I-Deal Prospectus

Electronic Official Statements Competitive

2/10-Highland CSD, IA GO School Bonds, Srs 2020

1/30-Ocean View School District, CA Election of 2016 GO Bonds, Series B

2/3-ISD No. 12, OK (Edmond School District) GO Combined Purpose Bonds, Srs 2020

2/4-Athens-Clarke County Unified Government, GA GO Sales Tax Bonds, Srs 2020

2/12-Harris County MUD No. 460, TX Unlimited Tax Road Bonds, Series 2020

2/13-Iowa Western Community College, IA GO School Refunding Bonds, Series 2020B

1/30-Edison (Town of), NJ Bond Anticipation Notes and Special Emergency Notes

2/4-Bedford (Town of), NH GO Bonds, 2020 Srs A

2/4-Tarrant RWD, TX WC & Improv Dist, Water Rev Ref Bonds, Taxable Srs 2020

2/5-Bryan (City of), TX Combo Tax & Rev COO, Series 2020

2/5-Bossier (Parish of) Parishwide SD, LA GO School Bonds, Series 2020

2/5-Canyons SD (BOE), UT GO Bonds (Utah School Bond Guaranty Prog), Srs 2020

2/3-Krum (City of), TX Certificates of Obligation, Series 2020

2/12-Parker County, TX Unlimited Tax Road Bonds, Series 2020

2/6-Fort Bend County MUD No. 24, TX Unlimited Tax Bonds, Series 2020

2/11-Lake Worth (City of), TX Combination Tax & Revenue COO, Srs 2020

2/12-Cameron County, TX Tax Notes, Series 2020

2/10- ISD No. 29, OK GO Combined Purp Bonds & Building Bonds, Srs 2020

2/11-Greensboro (City of), NC General Obligation Bonds, Series 2020A and 2020B

2/11-Richland County, SC General Obligation Bond Anticipation Notes, Series 2020

2/18-Denton County Fresh Water Supply District No. 1-C, TX Unlimited Tax Road Bonds, Srs 2020

2/4 - State of Washington (WA), WA

2/4 - City of Baldwin City (KS), KS

2/4 - Unified Government of Athens-Clarke County, GA

2/4 - Town of Sharon (MA), MA

2/4 - Village of Garden City, NY

2/4 - Village of Garden City, NY

2/4 - Mid Michigan Community College (MI), MI

2/4 - Mastic Beach Fire District (NY), NY

2/4 - Town of Sharon (MA), MA

2/4 - Lakeview Public Schools, MI

2/5 - Board of Regents, State of Iowa, IA

2/5 - Board of Regents, State of Iowa, IA

2/13 - Unified Government of Wyandotte County/Kansas City, KS

2/13 - Unified Government of Wyandotte County/Kansas City, KS

BiDCOMP®/Parity®

www.newissuehome.i-deal.com

THE DAILY NEWSPAPER OF PUBLIC FINANCE THE DAILY NEWSPAPER OF PUBLIC FINANCE

NEWSFLASH!We will not be publishing on

Monday, February 17, 2020in observance ofPresidents’ Day

For more information and/or to find out our holiday deadlines, please send an

e-mail to: [email protected]

GIVE NOTICE buyers want to knowAdvertise your competitive sales in The Bond Buyer.For more information, contact or Kerry-Ann C. Parkes at 212-803-8436 or at [email protected]

014_BB020420 14 2/3/2020 1:51:07 PM

15www.bondbuyer.comTuesday, February 4, 2020 New Issues

Tuesday, February 4 Siloam Springs SD #21 AR Ref *42,385 11 am C First Sec Beardsley Friday Eldredge 21-39 --- Aa2 --- --- --- --- 30-Jan

South Windsor (Town) CT GO 13,500 12 pm E Phoenix Advisors Robinson & Cole 21-40 --- --- AA+ --- --- --- 24-Jan

Athens-Clarke Co Unified Gov GA GO Sales Tax *26,855 10:30 am E First Tryon Advisors Smith Gambrell 20-30 --- Aa1 AA --- --- --- 27-Jan

Harlem SD #122 IL GO Sch *2,240 10:30 am C PMA Securities Chapman and Cutler 21-25 --- --- --- --- --- BQ 22-Jan

Highland Pk Park Dt IL GO Park *6,470 10 am C PMA Securities Chapman and Cutler 20-33 --- --- --- --- --- BQ 23-Jan

Plainfield Twp Pk Dt IL GO Park *345 10:15 am C Speer Financial Chapman and Cutler 20-22 --- --- --- --- --- BQ 27-Jan

Randolph Co IN Rev *3,000 11 am E Baker Tilly MA Barnes & Thornburg 25-35 --- --- A+ --- --- BQ 29-Jan

Baldwin City KS GO Temp *2,920 10 am C Baker Tilly MA Gilmore & Bell 21 --- --- --- --- --- BQ 17-Jan

Pittsfield MA GO *8,350 11:30 am E Hilltop Securities Locke Lord 20-39 --- --- AA --- --- --- 30-Jan

Sharon (Town) MA GO Muni Purp Loan *97,860 11 am E Hilltop Securities Locke Lord 21-40 --- --- AA AA --- --- 24-Jan

Wayland (Town) MA GO Muni Purp Loan *17,820 11 am E Hilltop Securities Locke Lord 20-39 --- Aaa --- --- --- --- 27-Jan

Flint Pub Lib MI Bldg *12,600 11:30 am E PFM Fin Advisors Foster Swift 21-31 --- --- A- --- --- --- 24-Jan

Lakeview Pub Schs MI Sch Bldg *15,800 1:30 pm E Baker Tilly MA Thrun Law Firm 20-39 --- --- --- --- --- --- 22-Jan

Mid Michigan Comm Coll MI Comm College *6,670 11 am E Baird Dickinson Wright 21-40 --- Aa3 --- --- --- BQ 22-Jan

Canton MS GO Pub Imp 2,000 3 pm C Daylight Cap Advs Jones Walker 21-40 --- --- --- --- --- BQ 3-Feb

Cleveland MS GO Pub Imp 1,900 4 pm C Municipal Official Jones Walker 21-30 --- --- --- --- --- BQ 3-Feb

Bedford (Town) NH GO *10,000 11 am E PFM Fin Advisors Devine Millimet 21-30 --- --- --- --- --- --- 28-Jan

P Garden City Vlg NY Pub Imp *5,884 11 am E Capital Markets Adv Hawkins Delafield 21-29 --- --- --- --- --- --- 27-Jan

Mastic Beach Fire Dt NY Fire District 300 11 am E Munistat Services Hawkins Delafield 21-25 --- --- --- --- --- BQ 23-Jan

Canadian Co ISD #76 OK Comb Purp (Tax) 1,630 11:45 am C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 23-Jan

Anderson Co SD #1 SC GO Ref *24,510 11 am E Compass Muni Adv Burr Forman McNair 21-33 --- Aa1 AA --- --- --- 29-Jan

Lufkin ISD TX Sch Bldg & Ref *25,500 10 am C U.S. Capital Adv Orrick Herrington 23-45 PSF --- --- --- --- --- 30-Jan

Tarrant Reg Wtr Dt TX Wtr Sys Rev Ref (Tax) *130,845 10 am C Hilltop Securities McCall Parkhurst 21-52 --- --- AAA AA --- --- 29-Jan

Washington WA COPs *22,020 8 am P Piper Sandler Foster Garvey 21-40 --- Aa1 --- --- --- --- 16-Jan

Wednesday, February 5 Danville SD #36 AR Ref *2,380 11 am C First Sec Beardsley Friday Eldredge 22-43 --- Aa2 --- --- --- BQ 30-Jan

Iowa BOR IA Util Sys Rev *16,455 10:30 am C Baker Tilly MA Ahlers & Cooney 20-40 --- --- --- --- --- --- 6-Jan

Iowa BOR IA Rev *63,860 10 am C Baker Tilly MA Ahlers & Cooney 21-40 --- --- --- --- --- --- 6-Jan

North Polk Comm SD IA GO Sch Ref *5,865 10 am C PFM Fin Advisors Ahlers & Cooney 21-30 --- --- --- --- --- --- 30-Jan

Highland Comm Coll Dt #519 IL GO Com Sch Fac *5,200 10 am C PMA Securities Chapman and Cutler 21-25 --- --- --- --- --- BQ 22-Jan

Brookston (Town) IN Rev 995 11 am E Baker Tilly MA Barnes & Thornburg 21-40 --- --- --- --- --- BQ Today

Bossier Parishwide SD LA GO Sch *25,000 11:30 am C Raymond James Foley & Judell 21-40 --- --- AA- --- --- --- 29-Jan

Barnstable (Town) MA GO Muni Purp Loan *12,130 11 am E Hilltop Securities Locke Lord 21-40 --- --- --- --- --- --- 31-Jan

Groton (Town) MA GO Muni Purp Loan *6,250 11 am E UniBank Fiscal Adv Locke Lord 21-40 --- --- --- --- --- BQ 31-Jan

Lexington (Town) MA GO Muni Purp Loan *9,570 11 am E Hilltop Securities Locke Lord 21-30 --- Aaa --- --- --- --- 31-Jan

St Joseph Pub Schs MI Sch Bldg & Site Ref *8,255 1:30 pm E PFM Fin Advisors Thrun Law Firm 21-29 --- --- AA --- --- BQ 23-Jan

Las Vegas Vly Wtr Dt NV GO Ref *22,815 8:15 am P Hobbs, Ong Sherman & Howard 21-38 --- Aa1 AA+ --- --- --- 13-Jan

Las Vegas Vly Wtr Dt NV GO Wtr *134,425 7:45 am P Hobbs, Ong Sherman & Howard 21-34 --- Aa1 AA+ --- --- --- 13-Jan

Sodus Center Fire Dt NY Pub Imp *150 11 am E Bernard P. Donegan Timothy R. McGill 20-23 --- --- --- --- --- BQ 23-Jan

Bryan TX Certs of Oblig *72,970 9 am C Specialized Pub Fin Orrick Herrington 22-50 --- --- AA --- --- --- 29-Jan

Canyons SD BOE UT GO *80,005 9:30 am M Stifel Nicolaus Gilmore & Bell 21-36 --- --- --- AAA --- --- 30-Jan

Madison Area Tech Coll Dt WI GO Prom *4,250 10 am C PMA Securities Quarles & Brady 23-25 --- --- AAA --- --- --- 23-Jan

Thursday, February 6 Bryant SD #25 AR Cons Bds *5,140 11 am C First Sec Beardsley Friday Eldredge 21-47 --- Aa2 --- --- --- BQ 30-Jan

Hanover Park Vlg IL GO Ref *13,340 11 am C Speer Financial Chapman and Cutler 20-30 --- --- --- --- --- --- 29-Jan

Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details

Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.

Compiled by IHS Markit

A letter “P” signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar.

This monitor signifies the Notice of Sale is available on www.bondbuyer.comTo Report or Obtain Information

Competitive / Negotiated Offerings

Joycelyn Gumbs 212-849-3870

Priya Khandai 646-679-3128

Competitive / Negotiated Sales Results

Ruth-Ann Medina 212-849-3873

Anthony Andino 212-849-3868A “+” under Insurer in the Negotiated Bond Offerings and Negotiated Note Offerings signifies that insurance is available.

Email: [email protected]

015_BB020420 15 2/3/2020 4:16:43 PM

16 The Bond Buyer

Tuesday, February 4, 2020New Issues

Riverside Vlg IL Limited Oblig *1,015 10:15 am C Speer Financial Chapman and Cutler 20-24 --- --- --- --- --- BQ 27-Jan

Merrillville Consv Dt IN Ref *5,495 11 am E Baker Tilly MA Ice Miller 20-27 --- --- --- --- --- BQ 14-Jan

Templeton (Town) MA GO Sch *9,000 11 am E Hilltop Securities Locke Lord 21-45 --- Aa3 --- --- --- --- 31-Jan

Haddonfield Borough NJ Gen Imp *14,800 11:15 am E Municipal Official McManimon Scotland 21-40 --- --- --- --- --- --- 21-Jan

Fort Bend Co MUD #24 TX Unltd Tax 3,260 10 am C Rathmann & Assoc Allen Boone 22-48 --- --- --- --- --- BQ 22-Jan

Merton Vlg WI GO Prom *1,200 10 am C Ehlers Quarles & Brady 21-30 --- --- --- --- --- BQ 30-Jan

Monday, February 10 Highland Comm SD IA GO Sch *3,700 1 pm C Piper Sandler Ahlers & Cooney 21-29 --- --- --- --- --- BQ 23-Jan

McPherson Co USD #423 KS GO *5,385 11 am C Piper Sandler Gilmore & Bell 22-39 --- --- A+ --- --- BQ 30-Jan

International Falls EDA MN Lease Rev Ref (Tax) *8,620 10:30 am C Northland Securities Taft Stettinius 20-31 --- --- --- --- --- --- Today

St Charles ISD #858 MN GO Sch Bldg *9,570 11 am C Ehlers Knutson Flynn 21-42 --- --- --- --- --- BQ 31-Dec

Beckham Co ISD #2 OK Comb Purp (Tax) 2,155 11:45 am C Stephen H. McDonald State Atty General 23-24 --- --- --- --- --- --- 29-Jan

Cleveland Co ISD #29 OK GO Bldg (Tax) 2,800 1:30 pm C BOK Fin Secs State Atty General 22-25 --- --- --- --- --- --- Today

Cleveland Co ISD #29 OK Comb Purp 18,600 1 pm C BOK Fin Secs State Atty General 22-25 --- --- --- --- --- --- Today

Harris Co MUD #401 TX Unltd Tax 1,030 1 pm C Masterson Advisors State Atty General 24-34 --- --- --- --- --- BQ 28-Jan

Harris Co MUD #401 TX Unltd Tax 3,360 1 pm C Masterson Advisors State Atty General 21-43 --- --- --- --- --- BQ 28-Jan

Oak Creek-Franklin Jt SD WI GO Ref *1,555 9:30 am C Ehlers Quarles & Brady 21-24 --- --- --- --- --- BQ 10-Jan

Tuesday, February 11 Lakeville Comm SD MI Sch Bldg & Site *4,900 1 pm E PFM Fin Advisors Collins & Blaha 21-32 --- --- --- --- --- BQ 30-Jan

Natchez Adams SD MS Bond *25,000 11 am C MuniGroup Chambers & Gaylor 21-40 --- --- --- --- --- --- Today

Greensboro NC GO Hsg Ref (Tax) *13,490 10:30 am E First Tryon Advisors Womble Bond 21-24 --- --- --- --- --- --- 3-Feb

Greensboro NC GO Pub Imp *37,380 11 am E First Tryon Advisors Womble Bond 24-40 --- --- --- --- --- --- 3-Feb

Mercer County NJ GO 49,057 11 am E NW Financial Group Parker McCay 21-32 --- --- --- --- --- --- Today

Rumson Boro BOE NJ Sch 25,743 11 am E Acacia Fin Group McManimon Scotland 21-40 --- --- --- --- --- --- 28-Jan

Nye Co SD NV GO Ref *15,660 8:30 am P JNA Consulting Sherman & Howard 21-30 --- --- --- --- --- --- 3-Feb

New Rochelle NY Pub Imp *23,993 11 am E Capital Markets Adv Norton Rose 21-50 --- --- --- --- --- --- 3-Feb

Ohio Pub Facs Comm OH GO 8,000 11 am E Acacia Fin Group Taft Stettinius 21-30 --- --- --- --- --- --- Today

Ohio Pub Facs Comm OH GO 31,490 10:45 am E Acacia Fin Group Taft Stettinius 21-35 --- --- --- --- --- --- Today

Ohio Pub Facs Comm OH GO 50,000 10:30 am E Acacia Fin Group Taft Stettinius 21-34 --- --- --- --- --- --- Today

Creek Co ESD #34 OK Bldg 150 12 pm C Stephen H. McDonald State Atty General 22-24 --- --- --- --- --- BQ 3-Feb

Fort Bend Co MUD #194 TX Unltd Tax Road 1,170 9 am C Masterson Advisors Allen Boone 21-44 --- --- --- --- --- --- 28-Jan

Fort Bend Co MUD #206 TX Unltd Tax 5,000 9:45 am C Masterson Advisors Allen Boone 21-44 --- --- --- --- --- --- 28-Jan

Lake Worth TX Certs of Oblig *5,660 10 am C Hilltop Securities Naman Howell 21-40 --- --- --- --- --- BQ 3-Feb

Lakeside Wtr Cntr & Imp #2-C TX Unltd Tax 4,815 10:30 am C Specialized Pub Fin State Atty General --- --- --- --- --- --- BQ 29-Jan

Jefferson County WI GO Corp Purp 7,600 11 am C Ehlers Quarles & Brady 21-39 --- --- --- --- --- BQ 31-Jan

Plymouth WI GO Ref 4,065 10 am C Ehlers Quarles & Brady 21-31 --- --- --- --- --- BQ 28-Jan

Waukesha Co Area Tech Coll WI GO Prom 2,900 9:30 am C Baird Quarles & Brady 21-25 --- --- --- --- --- BQ 21-Jan

Wednesday, February 12 Urbana IA GO Urban Renewal (Tax) *500 11 am C Speer Financial Dorsey & Whitney 22-28 --- --- --- --- --- --- 31-Jan

Urbana IA GO Corp Purp *950 10:30 am C Speer Financial Dorsey & Whitney 21-30 --- --- --- --- --- BQ 31-Jan

Monroe County MI Sch Bldg 1,825 11 am E PFM Fin Advisors Thrun Law Firm 21-35 --- --- --- --- --- BQ Today

Saint Paul MN GO Street *5,360 10 am C Baker Tilly MA --- 21-32 --- --- --- --- --- --- 27-Jan

Saint Paul MN GO Tax Increment *5,475 10 am C Baker Tilly MA --- 23 --- --- --- --- --- --- 27-Jan

Saint Paul MN GO Var Purp *10,565 10 am C Baker Tilly MA --- 21-30 --- --- --- --- --- --- 27-Jan

Saint Paul MN Swr Rev Ref *16,060 10:30 am C Baker Tilly MA --- 20-39 --- --- --- --- --- --- 27-Jan

Waubun ISD #435 MN GO Sch Bldg *7,515 10 am C Ehlers Dorsey & Whitney 29-39 --- --- --- --- --- BQ 6-Jan

Buffalo NY Gen Imp *8,490 11 am E Capital Markets Adv Hawkins Delafield 21-25 --- --- --- --- --- --- Today

Grady Co ISD #56 OK Comb Purp (Tax) 1,845 1 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 3-Feb

Cameron County TX Tax Notes *5,610 11 am C Estrada Hinojosa Winstead 21-25 --- --- --- AA --- --- 31-Jan

Harris Co MUD #460 TX Unltd Tax Road 6,045 9:30 am C GMS Group Sanford Kuhl 23-47 --- --- --- --- --- BQ 22-Jan

Mason Creek Util Dt TX Univ Rev 2,650 1 pm C Blitch Associates State Atty General 20-39 --- --- --- --- --- BQ 30-Jan

Parker County TX Unltd Tax Road *31,405 10 am C Hilltop Securities McCall Parkhurst 22-46 --- --- --- AA+ --- --- 31-Jan

Washington WA Motor Vehicle Fuel *60,220 8 am P Montague DeRose Foster Garvey 21-45 --- --- --- AA+ --- --- 7-Jan

Washington WA Motor Vehicle Fuel *120,420 8:30 am P Montague DeRose Foster Garvey 21-45 --- --- --- AA+ --- --- 7-Jan

Washington WA Var Purp GO *619,730 7:30 am P Montague DeRose Foster Garvey 21-45 --- --- --- AA+ --- --- 7-Jan




016_BB020420 16 2/3/2020 4:16:44 PM


Thursday, February 13 Iowa Western Comm Coll IA GO Sch Ref *7,135 11 am C Piper Sandler Ahlers & Cooney 20-33 --- --- --- --- --- BQ 28-Jan

Pratt Comm Coll KS Ref *1,280 10 am C Ranson Financial Gilmore & Bell 21-30 --- --- --- --- --- BQ Today

Wyandotte Co Unified Govt KS GO Imp *46,585 10 am C Baker Tilly MA Gilmore & Bell 21-40 --- --- --- --- --- --- 21-Jan

Wyandotte Co Unified Govt KS Temp *50,700 10 am C Baker Tilly MA Gilmore & Bell 21 --- --- --- --- --- --- 21-Jan

White Bear Lake ISD #624 MN GO Sch Bldg *250,000 10 am C Ehlers Knutson Flynn 21-45 --- --- --- --- --- --- 22-Jan

Depew UFSD NY Sch Dist Ref *9,795 11 am E Capital Markets Adv Hodgson Russ 20-24 --- --- --- --- --- BQ Today

Waco TX Certs of Oblig *58,590 10 am C Masterson Advisors Bracewell LLP 21-40 --- --- --- --- --- --- Today

Tuesday, February 18 Andover MN GO Equip Certs 1,310 10:30 am C Ehlers Taft Stettinius 21-24 --- --- --- --- --- BQ 27-Jan

Denton Co Fresh Wtr Supp Dt #1-C TX Unltd Tax Road 4,550 9:30 am C Raymond James McCall Parkhurst 22-39 --- --- --- --- --- BQ 3-Feb

Hunter’s Glen MUD TX Wtrwks & Swr Sys 5,000 12 pm C GMS Group State Atty General --- --- --- --- --- --- BQ 22-Jan

NE Wisconsin Tech Coll Dt WI GO Prom *6,400 10 am C PMA Securities Quarles & Brady 21-29 --- --- --- --- --- --- 3-Feb

Wednesday, February 19 Canby MN GO Storm Swr Rev 845 10 am C Ehlers --- 21-31 --- --- --- --- --- BQ 21-Jan

Fort Bend Co MUD #26 TX Unltd Tax 13,675 1 pm E Masterson Advisors State Atty General 26-44 --- --- --- --- --- --- Today

Thursday, February 20 Santa Cruz Lib Facs Fin Auth CA Special Tax 20,000 9:30 am P Harrell & Company --- 21-46 --- --- --- --- --- --- Today

Crosswinds MUD TX Unltd Tax Road 3,330 9 am C GMS Group State Atty General --- --- --- --- --- --- BQ 27-Jan

Monday, February 24 Crookston ISD #593 MN GO Sch Bldg 2,835 10 am C Ehlers Dorsey & Whitney 21-30 --- --- --- --- --- BQ 31-Jan

Crosby ISD #182 MN GO Sch Bldg 23,200 11 am C Ehlers Kennedy & Graven 21-43 --- --- --- --- --- --- 27-Jan

Owatonna ISD #761 MN GO Sch Bldg 109,720 10 am C Ehlers Dorsey & Whitney 21-45 --- --- --- --- --- --- 30-Jan

Shakopee ISD #720 MN GO *11,920 10:30 am C Baker Tilly MA --- 21-35 --- --- --- --- --- --- Today

Thursday, February 27 Wyandotte Co/Kansas City PBC KS Rev *2,790 10 am C Baker Tilly MA --- 21-40 --- --- --- --- --- --- 23-Jan

Wyandotte Co/Kansas City PBC KS Rev *3,190 10 am C Baker Tilly MA --- 21-40 --- --- --- --- --- --- 23-Jan

Wyandotte Co/Kansas City PBC KS Rev *4,575 10 am C Baker Tilly MA --- 21-40 --- --- --- --- --- --- 23-Jan

Harris Co MUD #50 TX Unltd Tax 2,200 11 am C GMS Group State Atty General --- --- --- --- --- --- BQ 30-Jan

Tuesday, March 10 Virginia Pub Bldg Auth VA Pub Fac 11,000 12 pm E Frasca & Associates --- --- --- --- --- --- --- --- Today

Virginia Pub Bldg Auth VA Pub Fac (Tax) *100,000 12 pm E Frasca & Associates --- --- --- --- --- --- --- --- Today

Virginia Pub Bldg Auth VA Pub Fac *195,000 11:30 am E Frasca & Associates --- --- --- --- --- --- --- --- Today

Virginia Pub Bldg Auth VA Pub Fac Ref *198,000 11 am E Frasca & Associates --- --- --- --- --- --- --- --- Today

Day to Day Florida BOE FL Pub Fac Ref *115,000 --- Division of Bond Fin --- --- --- Aaa AAA AAA --- --- 28-Jan




Tuesday, February 4 South Windsor (Town) CT GO Bond Antic 18,000 11:30 am E Phoenix Advisors Robinson & Cole 21 --- --- SP-1+ --- --- --- 30-Jan

Decatur Pk Dt IL GO Park (Tax) *239 10:15 am C Speer Financial Chapman and Cutler 20 --- --- --- --- --- --- 24-Jan

Pittsfield MA GO Bond Antic 18,648 11 am E Hilltop Securities Locke Lord 21 --- --- SP-1+ --- --- --- 30-Jan

Sharon (Town) MA GO Bond Antic 5,000 11 am E Hilltop Securities Locke Lord 21 --- --- AA --- --- --- 24-Jan

Cinnaminson Twp NJ Bond Antic (Tax) 6,650 11 am E Acacia Fin Group Parker McCay 21 --- --- --- --- --- --- 30-Jan

Adirondack Ctrl SD NY Bond Antic 605 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- --- 28-Jan

P Garden City Vlg NY Bond Antic 35,750 11 am E Capital Markets Adv Hawkins Delafield 21 --- --- --- --- --- --- 27-Jan

Ithaca NY GO Bond Antic 27,171 11 am E Fiscal Adv & Mkt Orrick Herrington 21 --- --- --- --- --- --- 29-Jan

S Jefferson Ctrl SD NY GO Bond Antic 2,082 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- BQ 23-Jan


Competitive Note Offerings Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW.


017_BB020420 17 2/3/2020 4:16:44 PM

18 The Bond Buyer

Tuesday, February 4, 2020New Issues

Week Of February 3 Black Belt Energy Gas Dt AL Rev 300,000 Morgan Stanley Municipal Cap Mgmt --- --- --- --- --- 30-Jan

Tarrant AL Warrants 3,305 Raymond James --- AGM --- --- --- --- 3-Feb

Arizona Indl Dev Auth AZ Educ Rev 6,840 RBC Capital Mkts --- --- --- --- --- --- 30-Jan

Arizona Indl Dev Auth AZ Educ Rev (Tax) 12,110 RBC Capital Mkts --- --- --- --- --- --- 30-Jan

Eastmark Comm Facs Dt #2 AZ Spec Assess 707 Stifel Nicolaus Hilltop Securities --- --- --- --- --- 31-Jan

Anaheim Hsg & Pub Imp Auth CA Rev Ref (Tax) 32,350 Wells Fargo Secs PFM Fin Advisors --- --- --- AAA --- 30-Jan

Anaheim Hsg & Pub Imp Auth CA Rev 38,345 Wells Fargo Secs PFM Fin Advisors --- --- --- AAA --- 30-Jan

Anaheim Hsg & Pub Imp Auth CA Rev 69,510 JPMorgan PFM Fin Advisors --- --- --- --- --- 31-Jan

Anaheim Hsg & Pub Imp Auth CA Rev Ref (Tax) 167,120 JPMorgan PFM Fin Advisors --- --- --- --- --- 31-Jan

California St Univ Trustees CA Sys Rev (Tax) 812,690 BofA Securities KNN Public Finance --- --- --- --- --- 30-Jan

Fontana Comm Facs Dt #86 CA Special Tax 4,700 Stifel Nicolaus CSG Advisors --- --- --- --- --- 31-Jan

Long Beach CA Rev Ref 56,270 Citigroup Public Resources --- --- --- --- --- 31-Jan

Long Beach CA Rev Ref (AMT) 74,830 Citigroup Public Resources --- --- --- --- --- 31-Jan

New Haven USD CA GO 35,000 Morgan Stanley --- --- --- --- --- --- 30-Jan

Oxnard CA Gas Tax Rev 16,110 Ramirez --- --- --- --- --- --- 3-Feb

Pasadena CA Pension (Tax) 130,255 Stifel Nicolaus --- --- --- --- --- --- 31-Jan

Roseville Jt Union High SD CA Bond 23,000 Stifel Nicolaus --- --- --- --- --- --- 31-Jan

Salida Union SD CA Ref Certs of Part 4,080 Hilltop Securities Dale Scott AGM --- --- --- --- 31-Jan

Tracy Oper Partners Jt Pwrs CA Lease Rev Ref 17,740 Piper Sandler --- --- --- --- --- --- 31-Jan

El Paso County CO COPs 34,270 Stifel Nicolaus North Slope Cap Adv --- --- --- --- --- 30-Jan

Mountain Sky Metro Dt CO GO 4,876 D.A. Davidson --- AGM --- --- --- --- 31-Jan

Reedy Creek Imp Dt FL Ref (Tax) 337,085 JPMorgan Dunlap & Associates --- --- --- AA- --- 31-Jan

Harris Co SD GA GO 22,565 Raymond James --- --- --- --- --- --- 31-Jan

Cahokia CUSD #187 IL GO Sch 9,800 Oppenheimer --- AGM --- --- --- --- 31-Jan

Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.



Competitive Note Offerings Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW.


West Seneca (Town) NY Bond Antic 360 11 am E Capital Markets Adv Harris Beach 21 --- --- --- --- --- BQ 29-Jan

Wednesday, February 5 River Trails Pk Dt IL GO Park *874 10:15 am C Speer Financial Chapman and Cutler 20 --- --- --- --- --- BQ 23-Jan

Barnstable (Town) MA GO Bond Antic (Tax) 2,053 11 am E Hilltop Securities Locke Lord 21 --- --- --- --- --- --- 31-Jan

Lexington (Town) MA GO Bond Antic 5,268 11 am E Hilltop Securities Locke Lord 21 --- MIG1 --- --- --- --- 30-Jan

Avalon Borough NJ Bond Antic 15,186 11 am E Municipal Official Archer & Greiner 21 --- --- --- --- --- --- 30-Jan

Weehawken Twp NJ Bond Antic 2,952 11 am E NW Financial Group Winne Banta 21 --- --- --- --- --- --- 31-Jan

Lloyd (Town) NY Bond Antic 1,872 11 am E Capital Markets Adv Hawkins Delafield 21 --- --- --- --- --- BQ 31-Jan

Thursday, February 6 Ridgefield (Town) CT GO Bond Antic 10,000 11:30 am E Phoenix Advisors Robinson & Cole 20 --- --- --- --- --- --- 3-Feb

Darien Pk Dt IL GO Park *945 10:15 am C Speer Financial Chapman and Cutler 20 --- --- --- --- --- BQ 27-Jan

Templeton (Town) MA GO Bond Antic 3,675 11 am E Hilltop Securities Locke Lord 21 --- --- --- --- --- --- 31-Jan

Buena Vista Twp NJ Bond Antic 753 11 am E Municipal Official Fleishman Daniels 21 --- --- --- --- --- BQ 3-Feb

Fairfield Twp NJ Bond Antic 8,325 11 am E Municipal Official Gibbons P.C. 20 --- --- --- --- --- BQ Today

Haddonfield Borough NJ Bond Antic 6,000 11:30 am E Municipal Official McManimon Scotland 21 --- --- --- --- --- --- 31-Jan

Bethany (Town) NY Bond Antic 106 11 am E Municipal Solutions Hodgson Russ 21 --- --- --- --- --- BQ 30-Jan

Johnson City Vlg NY Var Purp 750 11 am E Fiscal Adv & Mkt Hawkins Delafield 21 --- --- --- --- --- --- Today

Larchmont Vlg NY Bond Antic 352 11 am E Hilltop Securities Orrick Herrington 20 --- --- --- --- --- BQ 3-Feb

Saltaire Vlg NY Bond Antic 3,750 11 am E Munistat Services Squire Patton 21 --- --- --- --- --- BQ 29-Jan

Tuesday, February 11 Upper Cape Cod Reg Tech Sch MA GO Bond Antic 180 11 am E Hilltop Securities --- 21 --- --- --- --- --- BQ Today

New Rochelle NY Bond Antic 13,087 11 am E Capital Markets Adv Norton Rose 21 --- --- --- --- --- --- 3-Feb

Napoleon OH Var Purp GO 5,852 11 am E Sudsina & Assoc Squire Patton 21 --- --- --- --- --- BQ Today

Richland County SC GO Bond Antic *125,000 11 am E First Tryon Advisors Parker Poe 21 --- --- --- --- --- --- Today

018_BB020420 18 2/3/2020 4:16:45 PM


Cook Co SD #159 IL GO Sch Ref (Tax) 19,750 Oppenheimer --- --- --- --- --- --- 31-Jan

Crestwood Vlg IL GO Ref 4,345 Hutchinson Shockey --- BAM --- --- --- --- 3-Feb

Crestwood Vlg IL GO (Tax) 6,000 Hutchinson Shockey --- BAM --- --- --- --- 3-Feb

Joliet Pk Dt IL GO Park 4,650 Stifel Nicolaus --- BAM --- --- --- --- 31-Jan

Kishwaukee Comm Coll #523 IL GO Ref (Tax) 50,000 Raymond James --- --- --- --- --- --- 30-Jan

Peoria SD #150 IL GO Sch 15,200 Stifel Nicolaus --- AGM --- --- --- --- 31-Jan

South Holland SD #151 IL GO Sch 5,535 Mesirow Financial --- --- --- --- --- --- 31-Jan

Wilson Co USD #461 KS GO Ref (Tax) 4,025 Stifel Nicolaus --- --- --- --- --- --- 31-Jan

Wyandotte Co USD #202 KS GO Ref (Tax) 8,385 Piper Sandler --- --- --- --- --- --- 31-Jan

Wyandotte Co USD #500 KS GO Ref (Tax) 161,895 Piper Sandler --- --- --- --- --- --- 31-Jan

Maryland Comm Dev Admin Hsg MD Rev (AMT) 9,250 Morgan Stanley Caine Mitter & Assoc --- --- --- --- --- 30-Jan

Maryland Comm Dev Admin Hsg MD Rev 130,750 Morgan Stanley Caine Mitter & Assoc --- --- --- --- --- 30-Jan

East Lansing SD MI Sch Bldg & Site 26,570 Stifel Nicolaus PFM Fin Advisors --- --- --- --- --- 31-Jan

Macomb Interceptor Drain Dt MI Ref 16,535 Hilltop Securities --- --- --- --- --- --- 31-Jan

N Gratiot Interceptor Drain Dt MI Ref 1,880 Hilltop Securities --- --- --- --- --- --- 31-Jan

Oakridge Pub Schs MI Sch Bldg & Site 13,620 Stifel Nicolaus PFM Fin Advisors --- --- A --- --- 30-Jan

Richmond Comm Schs MI Sch Bldg & Site 34,060 Raymond James PFM Fin Advisors --- --- --- --- --- 28-Jan

Excelsior Springs MO COPs 24,780 D.A. Davidson --- BAM --- A --- --- 3-Jan

Mississippi Hosp Equip MS Rev 84,800 JPMorgan Ponder --- --- --- --- --- 31-Jan

Mississippi Hosp Equip MS Rev (Fwrd) 29,295 JPMorgan Ponder --- --- --- --- --- 31-Jan

Greensboro NC Limited Oblig 12,575 Wells Fargo Secs --- --- --- --- AA+ --- 31-Jan

Burleigh County ND Healthcare 15,000 Dougherty --- --- --- --- --- --- 31-Jan

Kearney Pub SD # 7 NE GO Ref 15,615 Piper Sandler --- --- --- --- --- --- 31-Jan

Monroe Twp BOE (Middlesex Co) NJ Sch Dist Ref (Tax) 94,845 RBC Capital Mkts Phoenix Advisors --- --- --- --- --- 31-Jan

NYC Muni Wtr Fin Auth NY Wtr & Swr 465,000 Raymond James Lamont Financial --- --- AA+ AA+ --- 30-Jan

NYS Dorm Auth NY Rev 356,655 BofA Securities Ponder --- --- --- --- --- 30-Jan

Warren County NY Pub Imp Ref 12,860 Roosevelt & Cross --- --- --- --- --- --- 30-Jan

Washingtonville Ctrl SD NY Sch Dist Ref 3,045 Roosevelt & Cross --- --- --- --- --- --- 30-Jan

American Muni Pwr Inc. OH Rev Ref 106,880 Citigroup Ramirez --- --- --- --- --- 31-Jan

Cleveland OH Power Sys Rev (Tax) 17,695 Mesirow Financial Govt Capital Mgmt AGM --- --- --- --- 31-Jan

Cleveland OH Power Sys Rev 62,100 Mesirow Financial Govt Capital Mgmt AGM --- --- --- --- 31-Jan

Coshocton OH Wtr & Swr 1,245 Hilltop Securities --- --- --- --- --- --- 31-Jan

Union Twp OH Econ Dev Rev (Tax) 24,975 Piper Sandler Bradley Payne --- --- --- --- --- 31-Jan

Hillsboro SD #1J OR GO 139,605 Piper Sandler --- --- --- --- --- --- 31-Jan

Tualatin Hills Pk & Rec Dt OR Ref 9,625 D.A. Davidson --- --- --- --- --- --- 31-Jan

Berks Co Muni Auth PA Rev 267,060 Citigroup H2C Securities Inc., --- --- --- --- --- 31-Jan

Clinton County PA GO 2,695 PNC Capital Markets Susquehanna Group BAM --- --- --- --- 30-Jan

Clinton County PA GO 3,920 PNC Capital Markets Susquehanna Group BAM --- --- --- --- 30-Jan

Mid Valley SD PA GO 6,315 RBC Capital Mkts --- BAM --- --- --- --- 31-Jan

Montgomery Co Hgr Educ PA Rev 17,775 BofA Securities Financial S&Lutions --- --- BBB --- --- 30-Jan

North Fayette Twp PA GO Ref 3,745 Piper Sandler --- --- --- --- --- --- 31-Jan

Richland County SC Util Rev 30,220 Wells Fargo Secs First Charlotte --- --- --- --- --- 31-Jan

Arlington ISD TX Sch Bldg & Ref 310,125 Raymond James Hilltop Securities PSF --- AA --- --- 8-Jan

Forney ISD TX Sch Bldg 64,810 FHN Fin Cap Mkts Live Oak Pub Fin PSF --- --- --- --- 24-Jan

Harris Co Metro Trans Auth TX Sales Tax (Tax) 304,785 Morgan Stanley PFM Fin Advisors --- --- AAA --- --- 30-Jan

McAllen ISD TX Maintenance Tax 28,440 Raymond James RBC Capital Mkts --- --- --- --- --- 29-Jan

Montgomery Co MUD #9 TX Ref 7,670 Hilltop Securities --- BAM --- --- --- --- 31-Jan

Portland TX Util Sys Rev 5,290 Raymond James Specialized Pub Fin --- --- --- --- --- 22-Jan

Tarrant Co Cult Ed Facs Fin Corp TX Hosp Rev 201,930 JPMorgan Hilltop Securities --- --- --- --- --- 31-Jan

Waller ISD TX Sch Bldg 204,500 BOK Fin Secs Post Oak Muni Advs PSF --- --- --- --- 31-Jan

Port of Camas-Washougal WA GO Ref (Tax) 9,320 KeyBanc Cap Mkts --- --- --- --- --- --- 30-Jan

Public Fin Auth WI Hsg Rev 55,935 RBC Capital Mkts First Tryon Advisors AGM --- BBB- --- --- 29-Jan

Tuesday, February 4 Jefferson Area LSD OH GO Ref 11,140 Baird --- --- --- --- --- --- 31-Jan

Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.


For complete listings go to www.bondbuyer.com

019_BB020420 19 2/3/2020 4:16:46 PM


Day’s 2020 2020 Daily Yesterday Change High Date Low DateMunicipal Bond Index . . . . . . . . . . . . . . 136 .12 –3/32 136 .15 (1/31) 133 .31 (1/2)40 Average Dollar Price . . . . . . . . . . . . . 110 .31 –0 .06 110 .38 (1/31) 108 .35 (1/2)Average Yield to Par Call . . . . . . . . . . . . 2 .37 +0 .01 2 .70 (1/2) 2 .36 (1/31)Average Yield to Maturity . . . . . . . . . . . . 3 .51 unch 3 .62 (1/2) 3 .51 (1/30)

Current Day’s 2020 2020 Total Change High Date Low Date30-Day Visible Supply ($mills) . . . . . . . Total (Feb. 4) . . . . . . . . . . . . . . . . . . . . . $11,865 .4 +265 .9 $12,362 .7 (1/13) $7,051 .7 (1/29)Competitive . . . . . . . . . . . . . . . . . . . . . . 3,541 .4 +568 .2 5,326 .2 (1/3) 2,798 .1 (1/23)Negotiated . . . . . . . . . . . . . . . . . . . . . . . 8,324 .0 –302 .3 8,651 .7 (1/13) 5,462 .3 (1/2)

The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com.

Current Previous 2020 2020Weekly 1/30/20 1/23/20 High Date Low Date

Bond Buyer Revenue Bond Index . . . . . 2 .97% 3 .04% 3 .20% (1/2) 2 .97% (1/30)Bond Buyer 20-Bond Index . . . . . . . . . . 2 .47% 2 .54% 2 .73% (1/2) 2 .47% (1/30)Bond Buyer 11-Bond Index . . . . . . . . . . 2 .00% 2 .07% 2 .26% (1/2) 2 .00% (1/30)

Wk of 2/7/2020 Wk of 1/31/2020 Wk of 1/24/2020 Wk of 2/1/2019New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED

Long-Term Bonds . . . . . . . . . . . . . . . . . . . . $7,059 .0 $5,216 .9 $6,884 .8 $4,548 .2 Negotiated Bonds . . . . . . . . . . . . . . . . . . . . . 5,802 .7 4,060 .9 5,072 .1 2,412 .1Competitive Bonds . . . . . . . . . . . . . . . . . . . . 1,256 .3 1,110 .0 1,812 .7 1,779 .9Short-Term Notes . . . . . . . . . . . . . . . . . . . . . 157 .5 211 .0 289 .3 1,085 .5Long-Term Bond Sales Thru 2/7/2020 Thru 1/31/2020 Thru 1/24/2020 Thru 2/1/2019

Month to Date . . . . . . . . . . . . . . . . . . . . . . . . $7,059 .0 $29,623 .3 $24,406 .5 $25,063 .4 Year to Date . . . . . . . . . . . . . . . . . . . . . . . . . 36,682 .3 29,623 .3 24,406 .5 25,277 .9

This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to day”schedule.

Market Indicators Dollar amounts are in millions

Market Statistics

Competitive Negotiated Total ($000s) ($000s) ($000s)

Competitive Negotiated Total ($000s) ($000s) ($000s)

Visible Supply

The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the negotiated supply has been reported since 1971.

Weekly Averages01/31 3,075,623 6,088,922 9,164,54601/24 3,481,278 6,620,025 10,145,660 01/17 3,537,541 7,397,796 10,935,337 01/10 3,956,400 6,220,241 10,176,641 01/03 4,420,068 2,605,270 7,025,338 12/27 3,549,144 2,511,081 6,060,22512/20 794,151 5,924,531 6,718,68212/13 1,678,664 11,051,209 12,729,87312/06 3,151,973 17,714,778 20,866,751 11/27 3,051,148 10,962,526 14,013,67411/22 1,663,704 11,203,310 12,867,01411/15 3,124,836 12,002,779 15,127,615 11/08 4,148,422 14,622,799 18,771,221

Monthly AveragesJan_20 3,686,529 6,255,930 9,942,460 Dec 2,415,545 8,879,401 11,294,946 Nov 3,001,881 12,458,477 15,460,358 Oct 3,948,065 10,035,436 13,983,501 Sep 2,908,169 9,016,317 11,924,486 Aug 3,892,634 7,169,949 11,062,583 Jul 2,829,215 5,502,430 8,331,645 Jun 4,232,721 4,461,583 8,694,304 May 4,075,907 4,156,333 8,232,240 Apr 2,653,924 4,487,284 7,141,208 Mar 3,160,437 3,963,383 7,123,820 Feb 2,408,610 4,581,885 6,990,495 Jan 3,003,035 4,704,831 7,707,866

Feb. 3, 2020 Jan. 31, 2020 Feb. 4, 2019Selected MIG-1/SP-1 Notes

New York St Twy Auth Gen Rev J, N .Y . 4 .00s (Feb . 1) . . 0 .00 0 .00 1 .52San Anto Tex Indpt sch Dist, Calif ., 4 .00s (Aug . 15) . . . 0 .84 0 .84 1 .40San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 0 .86 0 .88 1 .37

Municipal Market Data

One-Month Note (MIG-1) . . . . . . . . . . . . . . . . . . . . . . . 0 .86 0 .87 1 .46Two-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .88 0 .88 1 .49Three-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .90 0 .89 1 .52Four-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .90 0 .90 1 .56Five-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .91 0 .91 1 .60Six-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .91 0 .91 1 .63Nine-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .93 0 .93 1 .69One-Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .95 0 .95 1 .74

Variable-Rate Demand (Non-AMT/AMT)Daily General Market . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .07/1 .14 1 .19/1 .26 1 .46/1 .52

Jan. 30, 2020 Jan. 23, 2020 Jan. 31, 2019Seven-Day General Markets . . . . . . . . . . . . . . . . . . . . . 1 .09/1 .11 0 .95/0 .96 1 .56/1 .57

Jan. 29, 2020 Jan. 22, 2020 Jan. 30, 2019Jefferies & Co.Jefferies Short-Term Index Rate (Jef STR) . . . . . . . . . . 0 .97 0 .83 1 .42

Jan. 29, 2020 Jan. 22, 2020 Jan. 30, 2019Municipal Market DataThe SIFMA™ Municipal Swap Index . . . . . . . . . . . . . . . 0 .94 0 .82 1 .43

Short-Term Tax-Exempt Yields

Aaa Aa Insured A Baa

2021 0 .82 0 .85 0 .90 0 .91 1 .202022 0 .83 0 .89 0 .94 0 .99 1 .282025 0 .84 0 .93 1 .06 1 .11 1 .412030 1 .15 1 .30 1 .42 1 .46 1 .782035 1 .42 1 .62 1 .72 1 .79 2 .072040 1 .61 1 .81 1 .91 1 .98 2 .262045 1 .75 1 .94 2 .04 2 .11 2 .392050 1 .80 2 .00 2 .10 2 .17 2 .45

Figures are as of 3 pm Eastern time Feb. 3, 2020. Yields represent the fair market offer side for most liquid and available credits in each ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

Municipal Market Data General Obligation YieldsVisible Supply Increases

0

3

6

9

12

15

18

12/19 12/24 12/30 1/3 1/8 1/13 1/16 1/22 1/27 1/30 2/4

Dec. 19, 2019 – Feb. 4, 2020

Competitive Negotiated

020_BB020420 20 2/3/2020 4:28:10 PM

www.bondbuyer.com 21Tuesday, February 4, 2020 Market Statistics

Treasury Bills Yesterday’s Prev. Day’s Yesterday’s

(in percent of discount) Bid/Offer Bid/Offer Bid Yield

1M — 03/03/2020 . . . . . . . . . . . . . 1 .525/520 1 .545/535 1 .548

3M — 04/30/2020 . . . . . . . . . . . . . 1 .530/525 1 .525/515 1 .557

6M — 07/30/2020 . . . . . . . . . . . . . 1 .505/500 1 .500/490 1 .537

Treasury Notes and Bonds Yesterday’s Prev. Day’s Yesterday’s

(in points and 32ds) Bid/Offer Bid/Offer Bid Yield

2Y — 1 .37% due 12/2021 . . . . . . . 100 .00+/016 100 .026/040 1 .367

5Y — 1 .37% due 12/2024 . . . . . . . 100 .30/40+ 100 .082/096 1 .355

10Y — 1 .75% due 11/2029 . . . . . . 101 .310/10 102 .056/076 1 .532

30Y — 2 .38% due 11/2049 . . . . . . 108 .08+/10+ 108 .156/176 2 .005Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.–

Barclays Capital Long Treasury Bond Index Index Value Yield Index Total

Yesterday Prev. Day Change Yesterday Prev. Day Change Return

Close 4379 .57 4368 .23 +11 .34 1 .98 1 .99 –0 .01 4279 .57

The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity

(Jan. 1 1973 = 100).

U.S. Securities PricesPrices as of 3.30pm ET. Source: Thomson Reuters

Tuesday Wednesday Thursday Friday Monday Jan 28 Jan 29 Jan 30 Jan 31 Feb 3

Overnight* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .18 1 .18 1 .18 1 .18 1 .18Three Months . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .55 1 .56 1 .55 1 .55 1 .56Six Months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .56 1 .58 1 .55 1 .56 1 .55Nine Months . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .56 1 .55 1 .52 1 .51 1 .50

One Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .55 1 .51 1 .49 1 .46 1 .45Two Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .43 1 .43 1 .40 1 .38 1 .35Three Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .43 1 .41 1 .37 1 .35 1 .33Four Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .43 1 .42 1 .37 1 .35 1 .33Five Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .44 1 .44 1 .38 1 .36 1 .35

Six Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .49 1 .49 1 .43 1 .40 1 .40Seven Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .54 1 .53 1 .48 1 .45 1 .45Eight Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .56 1 .56 1 .51 1 .48 1 .48Nine Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .59 1 .59 1 .54 1 .51 1 .5110 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .62 1 .62 1 .57 1 .54 1 .54

15 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .77 1 .77 1 .72 1 .69 1 .7020 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .91 1 .91 1 .87 1 .84 1 .8525 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .04 2 .04 2 .00 1 .98 2 .0030 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .06 2 .07 2 .03 2 .00 2 .02

Source: U.S. Department of the Treasury, Bureau of the Public Debts*Overnight rate represents an annualized effective rate.

State and Local Government Series Rates

Offer AmountDate ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 302/3 68.3 Worcester, Mass., (AA–/AA) . . . . . . . . . . . . . . . . 0.85 0.87 1.45 2.06 2.36 2.40 …2/3 8.1 Krum, Tex., (AA–) . . . . . . . . . . . . . . . . . . . . . . . . . 0.91 1.01 1.38 2.18 2.42 … …2/3 7.6 Peculiar, Mo., (A) . . . . . . . . . . . . . . . . . . . . . . . . . 1.00 1.10 1.45 2.00 … … …

Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa – AAA 1/30 17.0 West Hartford (Town), Conn., . . . . . . . . . . . . . . . . 0.70 0.74 1.10 1.95 … … …1/30 9.1 Simsbury (Town), Conn., . . . . . . . . . . . . . . . . . . . 0.68 0.71 1.27 2.00 … … …1/30 6.0 Norwell (Town), Mass., . . . . . . . . . . . . . . . . . . . . . 0.77 0.82 1.15 2.00 … … …1/29 15.0 Natick (Town), Mass., . . . . . . . . . . . . . . . . . . . . . . 0.72 0.76 1.35 2.10 … … …1/28 92.2 Fort Lauderdale, Fla.,. . . . . . . . . . . . . . . . . . . . . . . 0.84 0.89 1.29 2.33 2.55 2.43 …1/28 314.3 Fairfax County, Va., . . . . . . . . . . . . . . . . . . . . . . . . 0.82 0.86 1.22 1.45 … … …1/28 8.2 Briarcliff Manor Vlg, N.Y., . . . . . . . . . . . . . . . . . . . 0.72 0.74 1.03 1.95 … … …1/27 24.3 Minnetonka, Min.,., . . . . . . . . . . . . . . . . . . . . . . . . 0.82 0.87 1.25 2.10 2.40 2.47 …1/23 257.7 Florida BOE, Fla., . . . . . . . . . . . . . . . . . . . . . . . . . 0.86 0.90 1.30 2.15 2.34 … …1/23 1.7 Newbury (Town), Mass., . . . . . . . . . . . . . . . . . . . . 0.96 1.05 1.55 … 2.50 … …1/22 3.3 New Hanover County, N.C., . . . . . . . . . . . . . . . . . 0.81 085 1.25 1.95 2.16 … …1/17 44.5 Jordan SD BOE, Utah., . . . . . . . . . . . . . . . . . . . . . 0.91 0.95 0.79 2.24 … … … Aa1/Aa2/Aa3 – AA+/AA/AA–1/30 4.4 Bluffton (Town), S.C., . . . . . . . . . . . . . . . . . . . . . . 0.80 0.88 1.40 1.90 … … …1/29 24.9 Amherst Ctrl SD, N.Y., . . . . . . . . . . . . . . . . . . . . . . 0.75 0.78 1.13 2.10 … … …1/28 6.1 Marshall, Minn., . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92 0.94 1.33 2.18 2.50 … …1/28 4.6 Russell ISD Fin Corp, Ky., . . . . . . . . . . . . . . . . . . . 1.20 1.40 2.00 2.40 2.62 … …1/23 64.9 Fall River, Mass., . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89 0.97 1.38 2.30 2.60 … …1/23 6.5 Monroe County, Ind.,. . . . . . . . . . . . . . . . . . . . . . . 1.02 1.20 1.70 2.15 … … …1/23 3.4 Norfolk County. Mass., . . . . . . . . . . . . . . . . . . . . . 0.90 0.94 1.50 2.00 2.31 … …1/22 162.6 Univ of Houston Sys BOR, Tex., . . . . . . . . . . . . . . 1.58 1.82 2.32 2.69 … 3.00 …1/22 5.7 Clinton (Town), Calif., . . . . . . . . . . . . . . . . . . . . . … 0.84 1.60 2.05 2.30 … …1/21 17.1 Cass Co Govt Bldg Corp, Ind., . . . . . . . . . . . . . . . … 1.32 1.88 2.40 2.61 … …1/21 4.5 Valley Center, Kan., . . . . . . . . . . . . . . . . . . . . . . . . 1.05 1.15 1.55 2.05 … … …1/21 3.6 Jordan, Minn., . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00 1.06 1.60 2.05 … … … A1/A2/A3 – A+/A/A–1/14 13.3 Nicholas Co Pub Prop Corp, Ky., . . . . . . . . . . . . . 1.15 1.40 2.10 2.54 … … …12/18 12.6 Kentucky Rural Wtr Fin, Ky., . . . . . . . . . . . . . . . . . … 1.40 2.00 2.50 2.90 … 3.0012/17 11.0 Winter Park (Town), Colo., . . . . . . . . . . . . . . . . . . 1.16 1.28 1.72 2.40 2.64 … …12/10 6.3 Jackson Vlg, Wis.,. . . . . . . . . . . . . . . . . . . . . . . . . 1.25 1.43 1.84 2.20 2.45 … …12/9 5.2 Moundridge Pub Bldg Comm, Kan., . . . . . . . . . . . … 1.45 1.90 … 2.55 2.78 2.8511/25 4.0 Corydon (Town), Ind., . . . . . . . . . . . . . . . . . . . . . . … 1.60 2.15 2.50 2.75 … …11/25 2.8 Knox, Ind., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.46 1.65 2.20 … 2.80 … …11/20 7.3 Marshall County, Ky., . . . . . . . . . . . . . . . . . . . . . . 1.40 1.65 2.15 2.40 2.65 … …11/20 1.8 Melton Pub Lib Bldg Corp, Ind., . . . . . . . . . . . . . … 1.60 2.20 2.50 2.75 … …11/19 2.7 Island Heights Borough, N.J., . . . . . . . . . . . . . . . 1.23 1.37 1.81 2.65 2.87 3.04 …11/6 4.3 Caledonia Vlg, Wis., . . . . . . . . . . . . . . . . . . . . . . . 1.40 1.55 2.00 2.35 2.55 … …11/5 6.0 Bel Aire, Kan., . . . . . . . . . . . . . . . . . . . . . . . . . . . . … 1.45 1.85 2.25 2.50 … …

Reoffering YieldsNRO – Not Reoffered; S.B. – Sealed Bid; SNA – Sold, Not Available

For additional market data, please visit bondbuyer.com/marketstatistics

Performance Comparisons for Jan. 27, 2020

Aaa–Baa Rated Corporates Index Avg. Pct.of Total Return%Close Yield Market Prior Wk. Y-T-D

ML Corporate Master 3316.07 2.72 100.00 +1.28 +2.06

Intermediate (1-10 years) 2137.53 2.35 65.82 +0.66 +1.13Industrials 773.59 2.36 35.47 +0.66 +1.12Utilities 750.67 2.37 5.77 +0.73 +1.27Finance 755.69 2.58 4.32 +0.77 +1.33Banks 791.53 2.28 19.04 +0.61 +1.04Canadians/Yankees 708.27 2.25 35.83 +0.59 +1.02

Long-term (10 years and over) 3572.09 3.43 34.18 +2.50 +3.92Industrials 1376.64 3.51 21.07 +2.37 +3.75Utilities 1359.81 3.31 6.93 +2.79 +4.30Finance 1381.12 3.37 2.24 +3.16 +4.70Banks 1498.63 3.23 2.70 +2.15 +3.30Canadians/Yankees 1917.67 3.62 10.87 +1.79 +3.06

Index values reflect the compounded total return growth of each respective market, with values set at 100 at inception dates. Total return equals the sum of price change, interest income, and reinvestment income.Source: Merrill Lynch & Co.

Merrill Lynch Corporate Bond Indexes

MARKET STATISTICSFor additional market data, please visit bondbuyer.com/marketstatistics.

021_BB020420 21 2/3/2020 4:11:25 PM


20-Bond 11-Bond 25-Bond 10-Year 30-Year GO Index1 GO Index1 Revenue2 Treasury3 Treasury3

2020

JAN 30 . . . . . . . . . 2.47 2.00 2.97 1.57 2.04 23 . . . . . . . . . 2.54 2.07 3.04 1.73 2.18 16 . . . . . . . . . 2.56 2.09 3.06 1.81 2.26 9 . . . . . . . . . 2.63 2.16 3.10 1.85 2.32 2 . . . . . . . . . 2.73 2.26 3.20 1.88 2.34

DEC 26 . . . . . . . . . 2.74 2.27 3.21 1.90 2.33 19 . . . . . . . . . 2.74 2.27 3.21 1.91 2.35 12 . . . . . . . . . 2.74 2.27 3.21 1.90 2.32 5 . . . . . . . . . 2.77 2.30 3.24 1.80 2.24

NOV 27 . . . . . . . . . 2.77 2.30 3.24 1.77 2.19 21 . . . . . . . . . 2.79 2.33 3.27 1.78 2.24 14 . . . . . . . . . 2.85 2.39 3.33 1.82 2.31 7 . . . . . . . . . 2.86 2.40 3.34 1.92 2.40

OCT 31 . . . . . . . . . 2.79 2.33 3.27 1.69 2.18 24 . . . . . . . . . 2.75 2.29 3.23 1.77 2.26 17 . . . . . . . . . 2.70 2.24 3.18 1.76 2.24 10 . . . . . . . . . 2.59 2.13 3.07 1.66 2.15 3 . . . . . . . . . 2.62 2.16 3.10 1.54 2.04

SEP 26 . . . . . . . . . 2.66 2.20 3.14 1.71 2.15 19 . . . . . . . . . 2.76 2.30 3.24 1.79 2.23 12 . . . . . . . . . 2.85 2.39 3.33 1.79 2.27 5 . . . . . . . . . 2.97 2.51 3.45 1.57 2.06

AUG 29 . . . . . . . . . 2.97 2.51 3.45 1.51 1.97 22 . . . . . . . . . 3.07 2.61 3.55 1.62 2.11 15 . . . . . . . . . 3.10 2.64 3.58 1.53 1.98 8 . . . . . . . . . 3.22 2.76 3.70 1.72 2.24 1 . . . . . . . . . 3.42 2.96 3.90 1.90 2.44

JUL 25 . . . . . . . . . 3.43 2.97 3.91 2.08 2.60 18 . . . . . . . . . 3.45 2.99 3.93 2.03 2.56 11 . . . . . . . . . 3.46 3.00 3.94 2.13 2.64

(1) General obligation bonds maturing in 20 years are used in compiling these indexes. The 20-bond index has an average rating equivalent to Moody’s Aa2 and S&P’s AA, while the 11-bond index is equivalent to Aa1 and AA-plus. (No average Fitch rating is provided because Fitch does not rate one of the bonds.) The 11 bonds used in the higher-grade index are marked with an asterisk.

Moody’s/S&P/Fitch Moody’s/S&P/Fitch Moody’s/S&P/FitchBaltimore, Md. Aa2 / AA / NR *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA–California Aa2 / AA– / AA Memphis, Tenn. Aa2 / AA / AA *Phoenix, Ariz Aa1 / AA+ /AAA*Denver, Colo. Aaa / AAA / AAA Miami-Dade Co., Fla. Aa2 / AA / AA *Seattle, Wash. Aaa / AAA / AAA*Florida Aaa / AAA / AAA Milwaukee, Wis. A1 / AA / AA *South Carolina Aaa / AA+ / AAA*Georgia Aaa / AAA / AAA New York City Aa1 / AA / AA *Texas Aaa / AAA / AAAHouston, Tex. Aa3 / AA / AA *New York State Aa1 / AA+ / AA+ *Washington Aaa / AA+ / AA+*Maryland Aaa / AAA / AAA North Carolina Aaa / AAA / AAA

(2) Revenue bonds maturing in 30 years are used in compiling this index. It has an average rating equivalent to Moody’s A1 and S&P’s A-plus. (No average Fitch rating is provided because Fitch does not rate seven of the bonds.) The bonds and their ratings are: Moody’s S&P FitchAtlanta, Ga., airport (AMT) .................................................................................................................................................................... Aa3 AA– AA–California Housing Finance Agency, multi-unit rental (AMT) ................................................................................................................. A1 AA+ NRConnecticut Housing Finance Authority ................................................................................................................................................ Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT).................................................................................................................... A1 A+ AEnergy Northwest (formerly WPPSS), Wash., power revenue .............................................................................................................. Aa1 AA– AAIllinois Health Facilities Authority (Northwestern Memorial Hospital) ................................................................................................... Aa2 AA+ NRIllinois Housing Development Authority mtg. revenue bonds ............................................................................................................... Aa2 AA NRIntermountain Power Agency, Utah ....................................................................................................................................................... A1 A+ AAJEA (formerly Jacksonville Electric Authority), Fla. electric revenue ..................................................................................................... A2 A+ AAKentucky Turnpike Authority ................................................................................................................................................................. Aa3 A– NRLos Angeles Department of Water and Power, Calif., electric revenue .................................................................................................. Aa2 AA AAMassachusetts Port Authority (AMT) .................................................................................................................................................... Aa2 AA AAMEAG Power (formerly Municipal Electric Authority of Georgia) .......................................................................................................... A1 A A–Nebraska Public Power District, power supply ...................................................................................................................................... A1 A+ A+New Jersey Turnpike Authority, turnpike revenue ................................................................................................................................. A2 A+ ANew York State Local Government Assistance Corp., revenue .............................................................................................................. Aa1 AA+ NRNew York State Power Authority, general purpose ................................................................................................................................ Aa1 AA AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue ............................................................................................ A2 A APort Authority of New York and New Jersey, consolidated (AMT) ......................................................................................................... Aa3 AA– AA–Puerto Rico Electric Power Authority .................................................................................................................................................... Ca D DSalt River Project Agricultural Improvement and Power District, Ariz., electric revenue ....................................................................... Aa1 AA NRSouth Carolina Public Service Authority, electric revenue ..................................................................................................................... A2 A A–Texas Municipal Power Agency ............................................................................................................................................................. A1 A+ A+Virginia Housing Development Authority .............................................................................................................................................. Aa1 AA+ NR

(3) Yield on the most current U.S. Treasury 10-year note and 30-year Treasury bond. (Source: Thomson Reuters)

Bond Buyer IndexesAverage Municipal Bond Yields — Compiled Weekly

Market Statistics

Latest Previous Year 12-Month Week Week Ago High Low20-Bond Index 2.47 2.54 4.22 4.24 2.4710-Year Treasury Note 1.57 1.73 2.63 2.73 1.5130-Year Treasury Bond 2.04 2.18 3.00 3.10 1.97Basis Pt Spread to Note –90.00 –81.00 –159.00 –75.00 –159.00BBI as % of Note 157.32 146.82 160.46 203.00 141.44Basis Pt Spread to Bond –43.00 –36.00 –122.00 –30.00 –124.00BBI as % of Bond 121.08 116.51 140.67 156.42 113.27

Weekly Yields of 20-Bond GOIndex and Treasury Securities

NOTE : We have no new bond after January 15 pricings.

Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after the January 31 pricings. The list will be revised at the next regularly scheduled revision on February 14.

As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the average par call date is July 3, 2026 and the average maturity date is May 18, 2046.

Municipal Bond Index Update

MARKETSTATISTICSFor additional market data, please visit bondbuyer.com/marketstatistics.

1.00

2.00

3.00

4.00

5.00

1/31/2019 5/2/2019 8/1/2019 10/31/2019 1/30/2020

20-Bond Index

Treasury Bond

Treasury Note

022_BB020420 22 2/3/2020 4:10:57 PM


Current Day Previous Day Week Ago Month Ago Year Ago

The Bond Buyer Municipal Bond Index 136.12 136.15 136.00 134.20 123.22

Monday, February 3, 2020 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price

1 Grand Parkway Transp Corp TX. 5.00. . . . . . . . 04/01/2053 10/01/2023 111.3930 0.9256 120.3468 2 South Carolina Pub Svce Auth. 5.50 . . . . . . . . 12/01/2053 12/01/2023 112.5640 0.9628 116.9132 3 South Carolina Pub Svce Auth. 5.00 . . . . . . . . 12/01/2048 12/01/2023 110.9680 0.9256 119.8876 4 California (State) GOs. 5.00 . . . . . . . . . . . . . . . 11/01/2043 11/01/2023 113.7240 0.9269 122.6928 5 Metro Transp Auth NY. 5.00 . . . . . . . . . . . . . . . 11/15/2043 11/15/2023 112.3940 0.9269 121.2580 6 Metro Transp Auth NY. 5.00 . . . . . . . . . . . . . . . 11/15/2038 11/15/2023 113.2090 0.9269 122.1372 7 California St Pub Wks. 5.00 . . . . . . . . . . . . . . . 11/01/2038 11/01/2023 113.3170 0.9269 122.2537 8 The City Of New York. 4.00 . . . . . . . . . . . . . . . 03/01/2039 03/01/2024 109.9740 0.8539 128.7903 9 Health and Educ Facilities Auth. 4.00. . . . . . . . 11/15/2045 11/15/2024 108.0050 0.8539 126.4844 10 New Jersey Transp Trust Fund Auth. 4.25. . . . . 06/15/2044 06/15/2024 106.2500 0.8771 121.1378 11 County of Allen, Ohio. 4.00 . . . . . . . . . . . . . . . 11/01/2044 11/01/2024 107.9230 0.8595 125.5649 12 Miami-Dade County Edu Facs Auth. 4.00 . . . . 04/01/2045 04/01/2025 108.8360 0.8595 126.6271 13 The Port Auth of N.Y. and N.J. 4.00 . . . . . . . . . 10/15/2045 10/15/2025 110.3600 0.8539 129.2423 14 Indiana Finance Authority. 4.00 . . . . . . . . . . . . 11/01/2051 11/01/2025 107.1230 0.8568 125.0268 15 New York City Transitional Fin Auth. 4.00 . . . . 07/15/2045 01/15/2026 110.5910 0.8539 129.5128 16 Hosp Auth No. 2 of Douglas County. 3.00 . . . . 05/15/2046 05/15/2026 101.8040 0.7809 130.3675 17 California Health Facs Fin Auth. 3.00. . . . . . . . 10/01/2041 10/01/2026 102.9850 0.7768 132.5760 18 California Health Facs Fin Auth. 3.00. . . . . . . . 10/01/2047 10/01/2026 101.8430 0.7768 131.1058 19 Michigan Finance Authority. 4.00. . . . . . . . . . . 11/15/2046 11/15/2026 109.3890 0.8512 128.5115 20 California Health Facs Fin Auth. 4.00. . . . . . . . 08/15/2039 08/15/2026 114.3290 0.8568 133.4372 21 Dormitory Auth of The State of N.Y.. 4.00 . . . . 07/01/2043 01/01/2027 110.5030 0.8512 129.8203 22 Hudson Yards Infrastructure Corp. 4.00 . . . . . . 02/15/2044 02/15/2027 113.5270 0.8568 132.5012 23 North Texas Tollway Auth. 4.00 . . . . . . . . . . . . 01/01/2043 01/01/2028 113.1620 0.8512 132.9441 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . . . . 08/15/2047 08/15/2027 109.7710 0.8568 128.1174 25 Miami-Dade County,Florida. 3.50 . . . . . . . . . . 10/01/2047 10/01/2027 104.7420 0.8174 128.1404 26 Dormitory Auth St of The N.Y.. 4.00 . . . . . . . . . 07/01/2047 07/01/2027 113.6770 0.8568 132.6762 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . . . 08/15/2048 02/15/2028 111.1690 0.8512 130.6027 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . . . . . . 04/15/2043 04/15/2028 108.9040 0.8484 128.3640 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . . . . . . 04/15/2048 04/15/2028 108.1060 0.8484 127.4234 30 City of South Miami Hth Facs Auth. 4.00 . . . . . 08/15/2047 08/15/2027 111.0000 0.8568 129.5518 31 Eco Devlp Auth of the City of Norfolk. 4.00 . . . 11/01/2048 11/01/2028 112.6070 0.8484 132.7287 32 West Virginia Finance Authority. 4.00 . . . . . . . 06/01/2051 06/01/2028 109.4810 0.8539 128.2129 33 Los Angeles County Facilities Inc. 4.00 . . . . . . 12/01/2048 12/01/2028 115.1920 0.8512 135.3289 34 County of Franklin, Ohio. 4.00 . . . . . . . . . . . . . 05/15/2047 05/15/2028 111.2900 0.8595 129.4823 35 N.Y. City Municipal Water Fin Auth. 4.00 . . . . . 06/15/2049 06/15/2028 113.6430 0.8625 131.7600 36 Dormitory Auth of the State of N.Y.. 4.00 . . . . . 07/01/2045 07/01/2029 115.9110 0.8484 136.6231 37 Public Finance Authority. 4.00 . . . . . . . . . . . . . 10/01/2049 04/01/2029 110.7420 0.8539 129.6897 38 Martin County Health Facilities Auth. 4.00. . . . 01/01/2046 01/01/2029 113.0390 0.8568 131.9316 39 N.J. Economic Development Auth. 4.00 . . . . . . 06/15/2049 12/15/2029 109.1570 0.8539 127.8335 40 Metropolitan Pier and Exposition Auth. 4.00 . . 06/15/2050 06/15/2020 109.9890 0.995 110.5417

Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago

Average Dollar Price . . . . . . . . . . . . . . 110.3148 110.3778 110.0043 108.8987 100.5221Yield To Par Call . . . . . . . . . . . . . . . . . . 2.37 2.36 2.42 2.61 4.05Yield To Maturity . . . . . . . . . . . . . . . . . . 3.51 3.51 3.53 3.59 4.10

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These

40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438-

4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The

McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission

from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the

accuracy or completeness of this data.

The Municipal Bond Index presented today employs the coefficient derived from the January 31, 2020

pricing, when it was set at 1.068. The average price represents the simple average price of the 40 bonds.

The yield to par call is computed from the average price, the average coupon (4.11%), and the average first

par call date ( July 03, 2026). Noncallable bonds are included in the par call yield calculations, with their

maturity dates serving as their par call dates in the calculations. The yield to maturity is computed from the

average price, the average coupon, and the average maturity date (May 18, 2046).

Municipal Bond Index

Market Statistics

These 40 Bonds are evaluated and priced daily by

Standard & Poor’s Securities Evaluations Inc. All figures are rounded to the nearest eighth when reported in this table.

“Change in Bid” is rounded after calculation. Dollar Change Yield toRating Bid in Bid Worst Case

EDUCATION

A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . . . 110.500 - 0.125 2.35 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045. . 115.875 - 0.125 2.13 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . . . 108.875 unch 2.19 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . . 109.125 - 0.125 2.93 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . . . 109.750 - 0.125 2.57

G.O. ET AL.

A1/A/A California (State) GOs.5.00 11/01/2043 . . . . . . . . . . . . . . . 113.750 unch 1.24 A2/A-/A- California St Pub Wks.5.00 11/01/2038. . . . . . . . . . . . . . . 113.375 unch 1.35 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . . 111.125 - 0.125 2.47 Aa3/AA-/NR Health and Educ Facilities Auth.4.00 11/15/2045. . . . . . . . 108.000 unch 2.23 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 . . . . . . . . . . . . 107.125 unch 2.66 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . . . . 115.125 - 0.125 2.11 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . . . 110.625 - 0.125 2.10 Aa2/AA/AA The City Of New York.4.00 03/01/2039 . . . . . . . . . . . . . . . 110.000 unch 1.48 Aa3/AA-/AA- The Port Auth of N.Y. and N.J.4.00 10/15/2045 . . . . . . . . . 110.375 - 0.125 2.07

HOSPITAL

Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041. . . . . . . . 103.000 unch 2.51 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047. . . . . . . . 101.875 - 0.125 2.70 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039. . . . . . . . 114.375 - 0.125 1.68 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047. . . . . 111.000 - 0.125 2.40 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 . . . . . . . . . . . . . . . 107.875 unch 2.24 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047. . . . . . . . . . . . . 111.250 - 0.125 2.49 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . . . . . . 113.625 - 0.125 2.01 Aa2/AA/- Eco Devlp Auth of the City of Norfolk.4.00 11/01/2048 . . . 112.625 - 0.125 2.40 NR/AA-/AA- Hosp Auth No. 2 of Douglas County.3.00 05/15/2046 . . . . 101.750 - 0.125 2.69 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046. . . . 113.000 - 0.125 2.38 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . . . . . . 109.375 - 0.125 2.49 A2/-/A+ Public Finance Authority.4.00 10/01/2049 . . . . . . . . . . . . . 110.750 - 0.125 2.68 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . . . . . 108.875 - 0.125 2.78 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . . . . . 108.125 - 0.125 2.89 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . . . . 109.500 unch 2.73

HOUSING

Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044. . . . . . 113.500 - 0.125 1.94

POWER

A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . . . . . 112.625 unch 2.08 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . . . . . 111.000 unch 2.02

TRANSPORTATION

NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053. . . . . . . . 111.375 unch 1.78 A2/A/A Metro Transp Auth NY.5.00 11/15/2043 . . . . . . . . . . . . . . . 112.375 unch 1.62 A2/A/A Metro Transp Auth NY.5.00 11/15/2038 . . . . . . . . . . . . . . . 113.250 unch 1.41 -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . . 110.000 unch -21.8 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . . . 106.250 unch 2.73 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 . . . . . . . . . . . . 113.125 - 0.125 2.19

WATER

Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . . . . . . 104.750 - 0.125 2.81 Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . . . . 113.625 - 0.125 2.21

Municipal Bond Prices

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To register contact

Zachary Binns at [email protected]

or (212) 803-8250.

For information on sponsoring and exhibiting,

Contact Michael Ballinger at [email protected]

or (212) 803-8481.

February 24-26, 2020, Austin

The Texas outlook with a focus on sales tax

KEYNOTE ADDRESS:

Glenn HegarTexas Comptroller, State of Texas

d42208_BB Texas 2020 Print Ads_Glenn Hegar_2.0R.indd 1 1/22/20 10:55 AM

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