Vol. 392 No. 35429 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Monday, December 21, 2020

MONDAY Chicago Louisiana www.bondbuyer.com Borrows THE REGIONS Advances a ILLINOIS CLOSED ON ITS $2 BILLION borrowing from the Federal Short-Term Reserve’s Municipal Liquidity By Yvette Shields Second P3 Facility, using the cash to Chicago has finalized short- pay down some of its growing term borrowing plans to cover By Shelly Sigo unpaid bill backlog. �������������4 $450 million of planned 2020 budget relief that leaves the door Lawmakers in Louisiana ap- WEB EXCLUSIVES open to scrapping scoop-and-toss proved moving forward with debt restructuring should new the state’s second transporta- VIDEO: WATCH CALIFORNIA DEPUTY federal COVID-19 pandemic aid tion public-private partnership Treasurer Tim Schaefer accept come to fruition. to replace the 68-year-old In- The Bond Buyer’s Deal of the The city will pay 1.95% for terstate 10 bridge over the Cal- the GO borrowing being done Bloomberg News casieu River between Westlake Year Award on behalf of the through a line of credit provided and Lake Charles. California Health Facilities by JPMorgan. A Chase sign on a Chicago office tower. A line of credit from JPMorgan The joint House and Senate Financing Authority, which was JPMorgan offered the lowest Chase & Co.’s JPMorgan supports new Chicago short-term GO debt. Committee on Transportation, recognized for its $500 million rate, said Kristen Cabanban, city Highways and Public Works finance spokeswoman. The city ment to close a 2020 budget gap. package after President-elect Joe voted unanimously for the P3 issuance under the “No Place reached out to several banks for The short-term borrowing, Biden takes office in January. project estimated to cost be- Like Home” program. rates on either a credit line or first laid out by Chief Financial The latest stimulus/relief pack- tween $600 million and $800 note issue, and market sources Officer Jennie Huang Bennett age with congressional momen- million. THE SECURITIES INDUSTRY AND said the city was under the gun to in city council hearings in No- tum lacks aid to make up for To supplement the $85 mil- Financial Markets Association either use short-term borrowing vember, buys the city up to one local and state government tax lion the state has set aside for or restructure debt ahead of an year to avoid a long-term, scoop- losses due to the pandemic. it, tolls will be placed on the wants the U.S. Court of early January debt service pay- and-toss debt restructuring to Mayor Lori Lightfoot’s ad- new bridge. Appeals to allow three news fully close an $800 million gap ministration has not said how she “The time is now to deliver articles into the record in due to COVID-19 pandemic tax would use the federal funding if this project as best we can. The FRIDAY’S YIELDS SIFMA’s dispute with the wounds. it eventually comes to fruition cost is only going to increase,” but Bennett has said the debt re- The Bond Buyer 40 Bennett told aldermen the Department of Transportation Securities and Exchange finance team was “looking to structuring is among the top op- and Development Secretary Commission. SIFMA says the 5.0 time” a refunding, restructur- tions. If federal aid doesn’t come Shawn Wilson told the com- articles contradict the SEC’s 4.2 To Maturity ing and new money once it had through and absent some new in- mittee Dec. 16. 3.46 Unchanged reasoning for a temporary con- a “better understanding of the fusion of revenue or dramatic tax Wilson said he is committed 3.4 federal landscape,” referring both recovery, the city would roll the to setting a toll rate that’s as ditional exemption that allows to prospects for a relief package short-term borrowing into a debt low as possible, and if addi- 2.6 non-dealer municipal advisors and a major federal infrastructure Turn to Chicago page 4 Turn to Louisiana page 4 to facilitate certain private 1.8 To Par Call 2.08 Unchanged placements of municipal 1.0 bonds. 12/07 12/10 12/15 12/18 Harrisburg Plugs Away to Repair Old Fiscal Scars

5.5 TOLL ROAD OPERATOR TRANSURBAN By Paul Burton 5.0 struck a deal to sell half of its 4.5 U.S. express lane assets in a Long-struggling Harrisburg has 4.0 received enhanced taxing authority bid to boost other transporta- 3.5 from Pennsylvania that city offi- tion investments. 3.0 cials say will help it refinance debt 2.5 and avoid another fiscal cliff. THE PUERTO RICO OVERSIGHT BOARD 2.0 “This is tremendously import- 1.5 set five 2021 goals for the ant to Harrisburg for generations,” DNOSAJJMAMFJ Mayor Eric Papenfuse said in an commonwealth. Complete market coverage appears on page 2 interview. State lawmakers, through the fiscal code that accompanies the annual budget, extended the capital city’s powers to impose rates for its earned income and local services taxes above state limits. The taxes generate a combined $12.4 million, or about 20% of the city’s annual operating budget prior Bloomberg News to the City Council’s approval of a $79.2 million spending plan on Harrisburg, Pennsylvania, received state authorization to extend taxes Turn to Harrisburg page 5 the city uses in its debt reduction strategy.

001_BB122120 1 12/18/2020 4:58:53 PM Market News Monday, December 21, 2020 2 The Bond Buyer Munis Ready for Quiet Holiday Weeks; Primary a Mere $57M Municipal bonds ended the last full Other notable trades: Ha- priced, and virtually no sup- bonds on behalf of the New York state in week of trading of 2020 flat ahead of a waii GO 5s of 2022 at 0.16%. ply in the coming week made six competitive sales, with $1.6 billion of mere $57 million new-issue calendar, leav- New York EFC 5s of 2022 at for very quiet and lackluster tax-exempt bonds; while Jefferies priced ing the secondary market to handle the 0.12% versus 0.17% Thursday. activity on the Friday ahead of $800 million of general obligation bonds market’s tone for the remainder of the year. New York Urban Development the Christmas holiday, accord- for the State of Connecticut, and Goldman, Lipper late Thursday reported $915 mil- Corp. personal income tax 5s of ing to one New York trader. Sachs & Co. priced $437 million of toll lion of inflows into municipal bond mutual 2025 at 0.28%, same as origi- “The market is pretty much road first lien revenue and refunding bonds funds for the week ending Dec. 16. nal. New York UDC PITs from flat with no change, and I for Harris County, Texas. Trading was sparse and sideways, but an October issue 5s of 2031 don’t think anything will hap- “It’s going to be a grind right now. The new issues traded up all week. traded at 0.99%. They started pen until the beginning of the customers need and want new issues, but New York City taxable general obliga- the month at 1.09%-1.07%. year,” the trader said. investors have to be patient,” he added. tion bonds broke free to trade, with bonds Prince George’s County, By Lynne Funk He said even though nomi- “Municipals have done well and will con- in 2028 originally priced at 1.623% traded Maryland, GO 5s of 2027 nal yields are historically low tinue to do well.” at a low of 1.45%. Bonds in 2030 yield- traded at 0.42%. Gwinnett and the Treasury market was Overall, he said there are credit concerns ed 1.686% versus 1.823% original yield. County, Georgia, 5s of 2028 traded at also flat on the day, municipals continue in the municipal market, with some recent Bonds in 2031 traded at 1.78% versus 0.54% versus 0.51% original. California to outperform Treasuries, especially on the downgrades to large cities and states, but for 1.923% original. Out longer the taxable GO 5s of 2029 traded at 0.72%-0.71% ver- short and long ends. the most part rating agencies are going to GOs saw less movement. sus 0.95% Thursday. Triborough Bridge Municipals are yielding 110.2% of the give municipalities a pass until 2021. New York City Health and Hospital and Tunnel Authority 5s of 2036 traded at Treasury yield in two years; 58.2% in five In the New Year, the stimulus aid to mu- bonds traded up this week by five to six 1.36%. Austin, Texas electric utility bond years; 76.3% in 10 years; and 82.9% in 30 nicipalities will play a large role in credit basis points. Frisco, Texas, Independent 5s of 2050 traded at 1.50%-1.31% versus years, he noted. quality, the trader noted. School District 4s of 2033 traded at 0.97% 1.53% Thursday. “Until there is some supply pressure, “There are a lot of questions about state versus 1.06% original yield. A flat municipal market, with no deals we’re probably going to do OK,” as the and local governments and the stimulus they market remains flat through year end, ac- might receive, but that is delayed because of cording to the trader. all the arguing in Congress,” he said. He said the largest deals this week, in- Meanwhile, on the economic front, the Inflation Gains are Likely to Remain cluding New York, Connecticut and Texas availability of the COVID-19 vaccine, paper, did well and were highly sought af- coupled with Wall Street having a positive ter by supply-starved investors looking to year and boosting tax production for New Moderate For Several More Years spend reinvestment proceeds at year end. York City, should both help boost the fi- The Federal Reserve’s long rates in check. The Empire State Development Corp. nancial markets’ and the country’s morale futile efforts to achieve Separately, the Leading sold $2.1 billion of personal income tax as 2020 comes to a close, he noted. q 2% inflation have basical- Economic Index rose 0.6% ly failed for a decade. Then in November after growing the COVID-19 pandemic 0.8% in October, The Confer- Major Deals This Week hit, with its disinflationary ence Board reported Friday. Amount Lead Expected Preliminary effects, raising questions of The Coincident Index (in millions) Issuer Underwriter Pricing Date Structure how that would impact fu- gained 0.2% after a 0.6% $25 New Castle Sanitation, Pa. Boenning Tuesday Serials ture inflation. Projections still rise a month earlier, while the suggest it will take time for Lagging Index fell 0.4% in $15 Durham Housing Auth, N.C. Citigroup Tuesday Serial inflation to rise to 2%. November after a 0.3% climb $13 Jersey City, N.J. Competitive Tuesday Notes $10 Hudson, N.Y. Competitive Tuesday BANs The Fed in its latest Sum- Gary Siegel a month before. mary of Economic Projec- Despite the gain in the $6 Hammond Lcl Pub Imp Bond Bank, Ind. Huntington Monday Notes tions released this week, sees headline index, “its pace of $4 Aberdeen Twp, N.J. Competitive Tuesday BANs it taking until 2023 for inflation to hit improvement has been decelerating in 2%, important because under its revised recent months, suggesting a significant $3 Teaneck Twp., N.J. Competitive Tuesday Notes policy framework, the Fed wants a 2% moderation in growth as the U.S. economy $2 River Ridge SD, Wis. Competitive Tuesday Serials average for inflation, meaning it will need heads into 2021,” according to Ataman $2 Burgin ISD Fin Corp., Ky. Competitive Tuesday Serials to exceed 2% for some time to make up Ozyildirim, senior director of economic $2 Prospect Park Borough, N.J. Competitive Tuesday BANs for past misses. research at The Conference Board. And on Friday, the underlying inflation “Initial claims for unemployment in- gauge rose 0.1 percentage point and is surance, new orders for manufacturing, Economic Indicators This Week estimated at 1.4% in November, according residential construction permits, and stock to the Federal Reserve Bank of New York. prices made the largest positive contri- Day Indicator Last Report Forecast Still tame. butions to the LEI,” he said. “However, Tuesday GDP Q2: -31.4% Q3: +33.1% In a recent report, Scott Wren, senior falling average working hours in manufac- Tuesday Existing Home Sales Oct.: 6.85M Nov.: 6.70M global market strategist at Wells Fargo turing and consumers’ worsening outlook Wednesday Michigan Sentiment Nov.: 76.9 Dec.: 81.4 Investment Institute, wrote that the firm underscore the downside risks to growth doesn’t see runaway inflation ahead. from a second wave of COVID-19 and Wednesday New Home Sales Oct.: 999,000 Nov.: 990,000 “Some pundits have been looking for high unemployment.” Wednesday Personal Income Oct.: -0.7% Nov.: -0.3% a meaningful rise in inflation and higher The U.S. current account deficit wid- Wednesday Personal Consumption Oct.: +0.5% Nov.: -0.2% interest rates with the result being head- ened to $178.5 billion in the third quarter Thursday Initial Jobless Claims 12/12: 885,000 12/19: 900,000 winds for the stock market over the com- from the $161.4 billion shortage a quarter Thursday Durable Goods Oct.: +1.3% Nov.: +0.6% earlier and a $121.6 billion gap in the third ing year,” he wrote. “We disagree. While Forecasts represent the median of estimates by economists polled by IFR Markets we do expect only modest rises in interest quarter last year, the Commerce Depart- rates and inflation, we do not look for ment reported Friday. Economists polled these factors to negatively affect the stock by IFR Markets expected a larger $188.9 Friday’s Data market.” billion deficit. 10 4 After a recession, as the unemployed The deficit grew to 3.4% of current dol- Government Securities Prices 10-year: 99 /32 to yield 0.95%, down /32 return to work and the economy gets go- lar gross domestic product from 3.3% the 12 12 30-year: 98 /32 to yield 1.69%, down /32 ing again, inflation generally rises with previous quarter, Commerce said. Municipal Bond Index 1376/ , unchanged the growth in demand, since people have The increase in the gap resulted largely 32 money to spend again. to a bigger deficit on goods. The Bond Buyer’s Total: $3.578 billion, up $9.9 million The 10-year Treasury, Wren predicts, The deficit shows the difference of bal- 30-Day Visible Supply Competitives: $689.7 million, up $22.1 million will end next year “only modestly higher ances on trade in goods and services and (as of 12/21) Negotiated: $2.888 billion, down $12.2 million than current levels” as the Fed’s purchases income flows between U.S. residents and TheMuniCenter List Offering Total: $008.8 million, down $1.4 million of securities and global demand will keep those of other nations. q

002_BB122120 2 12/18/2020 4:58:55 PM Monday, December 21, 2020 www.bondbuyer.com 3

Investors Know: Insured Bonds Deliver Value in Today’s Markets VALUE PRESERVATION DURABLE RATINGS DEFAULT PROTECTION

“Muni Bond Insurance “Fear Revives Muni-Bond “Bond Insurers “Bond Insurance Makes a Comeback” Insurance Business from Still Soaring” Returns to the Muni - Barron’s Decades Long Slump” - The Bond Buyer Market in a Big Way” - Bloomberg - The Wall Street Journal

S&P Global AA STABLE Preferred Bond Insurer

The feeling is mutual®

BAM’s insurance protects against everything that causes default Natural Disasters | Financial Fraud | Pension Issues | Economic Disruption buildamerica.com

003_BB122120 3 12/18/2020 4:59:04 PM Regions Monday, December 21, 2020 4 The Bond Buyer Illinois Pockets $2 Billion From Municipal Liquidity Facility By Yvette Shields strains. parable maturity overnight index swap The state will use any potential federal The Democratic governor had been rate plus a spread based on a borrow- relief and revenue growth to repay the Illinois closed Thursday on its $2 bil- banking on scrapping the current flat in- er’s ratings. Illinois’ spread based on its MLF loan. lion borrowing from the Federal Reserve’s come tax for a progressive rate structure ratings that are one notch above junk is Fitch Ratings, Moody’s Investors Ser- Municipal Liquidity Facility using the to generate at least $3 billion more in 3.30%. The program expires at the end of vice, and S&P Global Ratings all assign a cash to pay down its growing bill backlog. annual revenue but voters rejected a con- the month. negative outlook. “The treasurer received the funds early stitutional amendment question on the The state’s three-year bond was at Illinois was the first eligible borrow- this morning,” Carol Knowles, spokes- November ballot. He announced $711 1.99%, a 183 basis point spread to the er to take advantage of the $500 billion woman for the Governor’s Office of Man- million of cuts this week and is seeking Municipal Market Data’s AAA bench- short-term lending program in early June agement and Budget, said in an email. legislative input on how to address the mark earlier this week when terms were when it sold $1.2 billion of one-year cer- Comptroller Susana Mendoza is using remainder of the gap. set and by Thursday had narrowed to tificates to help cover a $2.7 billion fiscal the infusion of proceeds to pay down the The MLF loan is backed by a state gen- 1.94%, a 178 basis point spread so the 2020 revenue shortfall. The state paid an state’s bill backlog reducing it to $6.99 eral obligation pledge with a three-year 3.42% represents a steep penalty. interest rate of 3.82% on the June cer- billion Friday from $8.9 billion Friday. term, the maximum under the program. Despite the high rate, market partic- tificates. The Federal Reserve has since The office will direct much of the money The notes will have a borrowing rate of ipants have said the state’s decision to lowered the spread by 50 basis points. to overdue Medicaid payments. That will 3.42%. Pritzker had previously set the use the MLF was a smart move given its New York’s Metropolitan Transporta- allow the state to leverage an additional borrowing level at $2 billion although the market rates fluctuate and its access alone tion Authority is the only other borrower. $1 billion in federal matching dollars. legislature authorized up to $5 billion in could contribute to improved overall trad- Market participants credit the program Gov. J.B. Pritzker turned to deficit the fiscal 2021 budget. ing levels. with helping to stabilize the market after borrowing to help manage through the The state already borrowed $1.2 billion The state’s spreads have zig-zagged a tumultuous March. COVID-19 pandemic’s tax blows in the to deal with a $2.7 billion fiscal 2020 throughout the pandemic depending on The MTA last week borrowed its re- absence of federal relief that would make pandemic hole and will repay the first negative headlines over its deficits, threats maining $2.9 billion of authority with the up for lost revenues. Pritzker attributes borrowing by June 30. to its investment grade rating, planned issuance of payroll mobility tax bond-an- about half of the current $4 billion hole The rate is based on MLF pricing that borrowings, and the market’s appetite for ticipation notes with a 1.33% coupon for to the pandemic and half to structural uses a fixed interest rate based on a com- higher-yielding paper. those maturing in 2023. q Chicago Finalizes Credit Line From Louisiana Agrees to Move Forward JPMorgan to Delay Scoop-and-Toss With Its Second Transportation P3 Continued from page 1 million of the $1.9 billion represents the Continued from page 1 Environmental studies required by scoop-and-toss. An additional $400 mil- the National Environmental Policy Act restructuring. lion of refunding authority gives the city tional state or federal funds become are underway on a new six-lane replace- The 2021 budget relies on an addition- room should it opt to tender some debt available that will lower the amount ment bridge that will have shoulders. al $500 million to close a $1.2 gap with or if additional refunding candidates are drivers must pay. Wilson said the procurement process about $800 million of the deficit due to available, bringing the total authorization When the current bridge opened it could take up to two years. A conces- pandemic strains and $400 million to to $3.9 billion. was designed for a traffic load of 37,000 sion contract is expected to be awarded growing structural pressures. Bennett defends the scoop-and-toss as per day and it had a 50-year life span, in February 2023. The 2021 fix counts on $500 million preferable to using reserves as the city at- according to the I-10 Bridge Task Force, Several lawmakers were concerned of structural solutions and $700 million tempts to preserve its bond ratings, future which supports building a new one us- about whether local residents would of non-recurring maneuvers like the debt flexibility to manage pandemic expenses ing a P3. object to tolls on the new bridge, but relief. and losses and to stay on track to reach I-10 is a major corridor that runs Wilson said all drivers will pay tolls and The city is raising property taxes by structural balance by 2023. across the southern part of the country. share in the cost of the new bridge, not $94 million, will raise some other taxes, Moody’s Investors Service recently af- Traffic on the existing four-lane bridge just local people. undertake management efficiencies, free firmed the city’s GO rating that is one has long exceeded 70,876 vehicles dai- Louisiana inked its first transporta- up surplus tax-increment financing dollars, notch below investment grade and Fitch ly, Wilson said. tion P3 in December 2019, after op- dip into $900 million of reserves for about Ratings affirmed the city’s rating that is The bridge has also experienced cor- position to tolls in Plaquemines Parish $30 million. one notch above junk. rosion, loss of steel sections, warping nearly derailed it. The 2020 gap is being closed through Both now assign a negative outlook of plates, cracking and loss of concrete The state signed a comprehensive the debt relief and federal CARES Act and their reviews followed release of the on the deck. agreement with Plenary Infrastructure funding for eligible pandemic costs. budget. S&P Ratings rates the GO BBB- “This is the bridge that people are Belle Chasse LLC to build the $162 If the city goes through with the full plus with a negative outlook. It moved the afraid to drive over sometimes,” he said. million Belle Chasse Bridge and Tunnel refunding and restructuring plan for 2020 outlook to negative earlier this year. “It does not look very appealing but it’s Replacement Project. and 2021 relief and refunding savings, Kroll Bond Rating Agency rates Chica- a safe bridge in terms of its integrity The agreement included a 30-year it would tack three years on to the city’s go GOs A; it revised its outlook to nega- because of the dollars we’ve spent over maintenance and operations component debt service schedule, extend the life of tive from stable Tuesday. the years” to maintain it. after construction is completed on a the debt being restructured by eight years Municipal Market Analytics warned this The bridge is subject to frequent re- fixed, four-lane bridge with a 73-foot- and add $1 billion to future debt service. month in a weekly report the restructuring pairs, it doesn’t have shoulders and it high vertical clearance over the Gulf The traditional refunding piece will adds to the city’s credit and spread risks so does not meet current bridge design Intracoastal Waterway on Louisiana generate sufficient savings to blunt the using potential future federal aid to cancel criteria, Wilson told the committee. Highway 23. q present-value penalty so the overall trans- some or all of the restructuring could ben- action is projected to generate about $30 efit bondholders. CUSTOMER SERVICE million of present-value savings. “Although most state and local borrow- For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) The council last month approved the ers are using scoop-and-toss refundings Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at $12.8 billion budget that includes a $4 to create near-term budget space, the fi- [email protected] or (877) 652-5295 for more information. Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. Single copies of current issues are available for $15. Back issue prices are based on publication date. billion corporate fund and $3.9 billion of nancial transaction originally proposed Cancellation Policy for Print & Electronic Subscriptions: total borrowing authorization. by Chicago would toss debt service a very No refunds will be issued for any print or electronic subscription cancellations requested within 6 months of the subscription’s expiration date. All other print or electronic subscription cancellations will receive a pro-rata refund of any prepaid subscription fees based on the date of termination. The council authorized up to $1.6 bil- long way, almost surely to the detriment of For information about Bond Buyer Worksheets, call (800) 367-8215. lion of new-money bonding over the next related financial flexibility and budget bal- To order The Bond Buyer’s Municipal Marketplace® (the Red Book) contact Accuity at 800-321-3373, 1007 Church Street, Floor 6, Evanston, IL 60201. Those registered with the Copyright Clearance Center have permission to photocopy articles owned by The Bond Buyer for a flat fee of $10 per copy of each article. three years to support a proposed $3.7 ance. Chicago bondholders should expect Send Payment to the Copyright clearance Center, 222 Rosewood Drive, Danvers, MA 01923. billion capital plan. a higher risk of downgrade and/or spread The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, Saturday, Sunday and Federal Holidays, by Arizent, One State Street Plaza, 27th Floor, New York, NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices. The restructuring and refunding au- widening over the next few months,” POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery thorization totals $1.9 billion under the MMA said. service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. The city’s post-refunding/restructuring COPYRIGHT RESPONSIBILITY general obligation and Sales Tax Securiti- ©2020 Arizent and The Bond Buyer, All rights reserved. Each subscriber has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has zation Corp. debt with plans to issue most debt load covering the GO and STSC cred- access to the subscriber’s copy. No part of this publication may be reproduced, stored, or transmitted by any means, electronic, mechanical or otherwise without written under the STSC junior lien. About $950 its will total $11 billion. q permission. Federal copyright law carries liability of up to $100,000 per issue for such infringement.

004_BB122120 4 12/18/2020 4:59:04 PM Monday, December 21, 2020 Northeast 5 www.bondbuyer.com TRENDS IN THE REGION

Harrisburg Charts New Fiscal Future With Extension of Taxing Authority

Continued from page 1 Bankruptcy Judge Mary France in the Mid- confident leadership now. We’re no longer in five years. dle District of Pennsylvania rejected the pe- the spotlight for what we used to be known Taxing powers under Act 47 enable dis- Monday. The new budget emphasizes debt tition a month later, citing a quickly enacted for.” tressed cities to assess these levies above state reduction, capital projects and enhancing state law that prohibited the city from filing A new restructuring agreement with bond limits. An elevated LST shares the burden city services. bankruptcy. France also said city leaders had insurer Ambac Financial Group could benefit with non-residents, serving as a de-facto “There aren’t too many tools in your tool- to be on the same page. the city long-term, according to the mayor. commuter tax. box to cover a 20% gap to your operating Harrisburg defaulted on a series of general While the city has eliminated its trouble- The glut of tax-exempt property, a dynam- budget. The cuts would have been devastat- obligation bond payments in 2012 and a year some debts of the past, related to the incin- ic at many state capitals, “is more extreme ing,” said the city’s financial advisor, Dan later, crafted a recovery plan called “Harris- erator and the parking authority, other types here,” Papenfuse said. Connelly at Marathon Capital Strategies. burg Strong,” in conjunction with creditors, of debt remain. “The linkage of the extension of the taxing Harrisburg’s distressed status under the state and county officials, and state-appointed Harrisburg has nearly $25 million in for- authority to refinancing debt is a good way state-sponsored workout program known receiver William Lynch, a retired Air Force bearance debt from Ambac covering the to frame the plan,” municipal bond analyst commonly as Act 47 enabled the taxing au- general appointed by then-Gov. Tom Corbett. city’s 2012 GO defaults, with interest ac- Joseph Krist said. “This is a way for the state thority, which was to expire in 2024. “I had no idea when he named me how cruing at 6.75%. Final payments are due to help out without additional cash, especially “They pushed it out so far that it is really complex this would be,” Lynch said during in 2022. About $6.5 million remains on since it’s the local elected officials asking beyond the bills that we currently accumu- an interview in 2013. “Even for me, who’s city-guaranteed Harrisburg Redevelopment for the authority. On the political side. It’s a lated,” Papenfuse said. “They pushed it out, not a math person, the numbers part has not Authority stadium debt, which Ambac also win-win.” really, a generation, and that is going to be been the most difficult. Over time, people insures, to renovate its minor-league base- While Harrisburg leased its municipal exactly what we need to continue paying off developed a lot of deep-seated biases about ball stadium on City Island that is home to parking system to a private operator un- Harrisburg’s debt. all kinds of things,” the Class AA Eastern League Washington der a 40-year deal as part of the recovery “This was this cloud that was hanging The plan erased about $600 million of Nationals’ affiliate. plan, Moody’s Investors Service on Nov. 23 over us and making it hard for financial in- crippling debt through the sale of the city While the city made its 2020 payment downgraded to junk-level Ba2 from Baa3 stitutions to look at the city or take the city’s incinerator, a 40-year lease of parking as- of $650,000 on the stadium bonds, future the Pennsylvania Economic Development financial planning seriously.” sets, creditor haircuts, a balanced budget payments are unclear, according to Connelly. Finance Authority’s Series 2013 parking Unrated Harrisburg expects to petition the for four years and funding for infrastructure Under an agreement between the city and system revenue bonds. Commonwealth Court of Pennsylvania to improvements plus economic development Ambac, subject to various approvals, Harris- The hiring of Connelly as an outside fi- exit Act 47 early next year. incentives. burg will defease the stadium bonds and pay duciary advisor with an independent voice, Storm clouds have long hung over Commonwealth Court Judge Bonnie upfront toward the forbearance liability in through what Papenfuse called a “thorough” 49,000-population Harrisburg, which sits Brigance Leadbetter approved the plan in return for a nearly $2 million credit toward request for proposals process, marks another along the Susquehanna River. Piles of debt, September 2013. The arrangement also put the forbearance liability and lowered interest. break from the past. The city pays Connelly primarily from bond financing overruns re- Harrisburg in Act 47. The city could also receive up to a 38% credit on a per-hour retainer. lated to an incinerator retrofit project, pushed Papenfuse, a bookstore owner and former for any forbearance prepayments of up to $1 “Harrisburg, historically, and one of the the city to the brink of bankruptcy about a member of the Harrisburg Authority pub- million. reasons we ended up in the debt crisis that decade ago. lic-works agency, was elected in 2013 and “We’d love to have a lower interest rate we did, had a lot of financial advisors that Harrisburg was part of national discussion re-elected four years later. than 5%. That’s what we were able to end basically were paid based on the deals,” about municipal distress, along with De- Corruption also plagued Harrisburg. Steve up with,” Connelly said. “It’s definitely an Papenfuse said. “For instance, they’d enter troit; Central Falls, Rhode Island; Jefferson Reed, the city’s mayor for 28 years through improvement over 6.75%, and I think the into a swap deal or something regarding the County, Alabama; and three California cities. 2009 and nicknamed “mayor for life,” plead- ultimate goal. Now that the city’s taxing pow- school district, but the real reason would be Puerto Rico filed its version of municipal ed guilty in 2017 to 20 counts, including two ers have been extended, is that the city can to generate fees, which would then go into bankruptcy in 2017. felonies, of receiving stolen property. re-enter the debt markets with and lower that the general fund to purchase artifacts and Throughout 2011, the City Council, in a Federal prosecutors two years earlier interest rate through a brand-new bond.” other ulterior motives.” q series of repeat 4-3 votes that reflected the accused Reed of diverting municipal bond While defeasance requires an upfront out- divide and set a chaotic tone, rejected the proceeds to a special projects fund to buy as lay of $5.75 million, the city stands to realize state-appointed coordinator’s Act 47 recovery many as 10,000 Wild West artifacts and other about $4.3 million in present value savings. plan. “curiosities” for himself. Reed failed in his State lawmakers extended the earned in- For more content about this The council in October 2011 filed for attempt to open a Wild West museum. come tax indefinitely and the local services region, visit the Regional News Chapter 9 protection over the objections “I think we have stabilized the city’s fi- tax for another 10 years, after which the city tab on BondBuyer.com. of then-Mayor Linda Thompson, but U.S. nances,” Papenfuse said. “We have quiet, will retain half of the LST taxing power for

Visible Supply by State General Obligation Yield Curves for Dec. 17, 2020

December 18, 2020 December 11, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Connecticut A1/A/A+ 0.21 0.46 1.09 1.79 Connecticut 0 $0 1 $800,000 –800,000 Delaware Aaa/AAA/AAA 0.13 0.22 0.71 1.39 Delaware 0 0 1 8,585 –8,585 Maine Aa2/AA/AA 0.14 0.27 0.83 1.53 Maine 0 0 2 4,656 –4,656 Maryland Aaa/AAA/AAA 0.13 0.25 0.75 1.44 Maryland 0 0 2 204,670 –204,670 Massachusetts Aa1/AA/AA+ 0.14 0.27 0.81 1.57 Massachusetts 0 0 0 0 0 New Hampshire Aa1/AA/AA+ 0.13 0.24 0.77 1.51 New Hampshire 0 0 3 134,770 –134,770 New Jersey A3/BBB+/A– 0.28 0.67 1.51 2.24 New Jersey 4 69,030 7 162,390 –93,360 New York Aa2/AA/AA 0.14 0.27 0.81 1.56 New York 4 11,603 19 4,281,822 –4,270,219 Pennsylvania A1/A/A+ 0.17 0.35 0.95 1.69 Pennsylvania 8 249,330 8 237,990 11,340 Rhode Island 0 0 1 24,395 –24,395 Rhode Island Aa2/AA/AA 0.15 0.32 0.88 1.59 Vermont 0 0 0 0 0 Vermont Aa1/AA+/AA+ 0.13 0.23 0.73 1.44 District of Columbia 0 0 1 21,000 –21,000 Dist. of Columbia Aaa/AA+/AA+ 0.14 0.25 0.81 1.55 Puerto Rico 0 0 0 0 0 Puerto Rico Caa3/CC/CC 63.13 12.62 9.11 7.09 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

005_BB122120 5 12/18/2020 4:59:05 PM Legal Notices Monday, December 21, 2020 6 The Bond Buyer Request for Proposals Advertisement Bond Redemption Advertisement

STATE OF NEW JERSEY NOTICE OF SINKING FUND REDEMPTION TO THE HOLDERS OF DEPARTMENT OF THE TREASURY The Commonwealth of Massachusetts General Obligation Federally Assisted Housing Bonds REQUEST FOR PROPOSALS – DUE: DECEMBER 23, 2020 Dated: February 1, 1983 The New Jersey Department of the Treasury is soliciting proposals from firms NOTICE IS HEREBY GIVEN that, pursuant to the applicable provisions of the governing interested in providing underwriting services to the New Jersey Transportation Trust documents of the above-captioned bonds (the “Bonds”), $3,315,000.00 aggregate face amount Fund Authority. Requests for Proposals may be obtained from: http://www.state.nj.us/ of the Bonds will be redeemed on February 1, 2021, at the referenced Redemption Price. As treasury/public_finance/ Telephone inquiries will not be accepted. of February 1, 2021, the Compound Accreted Value of such Bonds shall be fixed. The following Bonds will be redeemed and paid upon presentation to the office shown below. *CUSIP Number: 575824AE7, Zero Percent Term Bonds Due February 1, 2023 Redemption Price: 100% of Compound Accreted Value (83.533% of the face amount) Registered Bonds redeemed in the amounts indicated below all with the prefix 'R': Bond Face Compound Bond Face Compound Number Amount Accreted Value Number Amount Accreted Value 855 $5,000.00 $4,176.65 2195 $1,110,000.00 $927,216.30 1079 $5,000.00 $4,176.65 2196 $5,000.00 $4,176.65 Seize the 2141 $5,000.00 $4,176.65 2201 $5,000.00 $4,176.65 2142 $5,000.00 $4,176.65 2202 $5,000.00 $4,176.65 2152 $5,000.00 $4,176.65 2203 $5,000.00 $4,176.65 Date(s) . 2169 $5,000.00 $4,176.65 2204 $5,000.00 $4,176.65 12/21/2020 2172 $5,000.00 $4,176.65 2205 $5,000.00 $4,176.65 opportunity to 2173 $10,000.00 $8,353.30 2206 $5,000.00 $4,176.65 2175 $10,000.00 $8,353.30 2207 $10,000.00 $8,353.30 2177 $5,000.00 $4,176.65 2208 $10,000.00 $8,353.30 AL 2188 $5,000.00 $4,176.65 2209 $10,000.00 $8,353.30 2194 $1,845,000.00 $1,541,183.85 find your next OV Bearer Bonds in the face amount of $5,000 to be redeemed in the amount of $4,176.65 each: 5949 5958 6178 9038 11974 12384 18651 18653 20684 20793 Registered Bonds should not be endorsed unless payment is to be made other than to the registered Holder, in which case Bonds must be accompanied by proper instruments of

enterprising assignment duly executed. Payment of the Redemption Price on Registered Bonds to be APPR redeemed will be made upon presentation and surrender of said Bonds on or after February 1, 2021 at the office of the Treasurer and Receiver-General at the following address:

Office of the Treasurer and Receiver-General : hire with the Bond Department

One Center Plaza, Suite 430 PUBLICATION FOR FINAL Boston, MA 02108 Customer Service Telephone Number 617-367-3900 ext. 502 Bond Buyer Signature By signing this approval block client approves final publication and all costs related primary source The CommonwealTh of massaChuseTTs Publication(s) By: Treasurer and Receiver-General, as Paying Agent Upon surrender of a bond to be partially redeemed, it will be canceled and a new bond equal to the face amount of the unredeemed portion will be issued. for municipal Dated: December 21, 2020 Bondholders are advised that the Commonwealth may be required to withhold 24% of the Redemption Price payable to Bondholders who have not furnished the Commonwealth with their tax identification numbers. Accordingly, each Bondholder who has not already done so is urged to forward an executed Form W-9 with his/her bond in order to receive full payment. news and data. *The CUSIP number is included solely for the convenience of the Bondholders. The Commonwealth shall not be responsible for the selection or the use of the CUSIP number, nor is any representation made as to their correctness on the securities or as indicated in any The Bond Buyer’s municipal finance redemption notice. community is made up of rising stars, leaders, trailblazers, and many other gifted and talented municipal finance professionals. TO ADVERTISE When looking to build or expand your Fiduciary Communications Company,One State Street Plaza, 25th Floor, New York, NY 10004 Phone Nos.: 212-803-8620 Fax: 212-803-8660 workforce, let The Bond Buyer help you find ADirectory: JOB Notices POSTING your next dynamic colleague. inFilename: The Bond 644709_BB Buyer print and/or online Date: 12/21/2020 Time: 13:10 contact Wei-Ke (Victor) Kuo at Initials:contact zs Wei-Ke (Victor) Kuo at 1-212-803-8612 or [email protected] 1-212-803-8612Arch: 626109BB or [email protected]

Find more legal notices at https://www.bondbuyer.com/competitive-bond-sales.

006_BB122120 6 12/18/2020 1:40:11 PM Monday, December 21, 2020 www.bondbuyer.com 7

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

I-Deal Prospectus

12/22 - River Ridge School District, WI Electronic Official Statements Competitive 12/7-Gibson County Special School District, TN (GO Limited Tax) School Bonds, Series 2020 www.newissuehome.i-deal.com 12/22 - Burgin Independent School District Finance Corporation, KY 12/22 - City of Jersey City (NJ), NJ 12/8-Black River Falls School District, WI GO School Building & Improvement Bonds BiDCOMP®/Parity® 12/8-Jackson Energy Authority, TN Wastewater System Rev Ref Bonds, Series 2020 (Federally Taxable) 12/14-York (Town of), ME 2020 General Obligation Bonds, Series A&B 12/8-Maury County, TN GO School & Public Improvement Ref Bonds, Series 2020 12/10-***Cabell County BOE, WV Public School Bonds Series 2020 www.i-dealprospectus.com ***UPDATED POS & ADDENDUM HAS BEEN ADDED*** 12/15-Kitsap County, WA Central Kitsap Fire & Rescue Unlimited Tax GO Bonds, 2020 Full service electronic 12/16-Multnomah County SD No. 1J, OR (PPS) GO& Ref Bonds, Srs 2020 B&C(Federally Taxable) document delivery and tracking system 12/15-Kentucky Rural WFC, Public Projects Ref & Improvement Rev Bonds, Series 2020I 12/17-Dowdell Public Utility District, TX Unlimited Tax Bonds, Series 2021

NEWSFLASH! 12/15-Milwaukee Area TCD, WI GO Promissory Notes, Srs 2020-21G For more information, 12/15-Kentucky Rural WFC, Public Projects Ref & Improvement Rev Bonds, Series 2020I We will not be publishing on contact: ***RATINGS HAVE BEEN ADDED*** John Hester 12/16-Rutherford (Borough of), NJ GO Bonds, Series 2020 (212) 849-5125 12/15-Cook County CCSD No. 34, IL GO School Bonds, Series 2021 Friday, December 25, 2020 1/11-Ames CSD, IA GO School Bonds, Srs 2021 James Kellum (212) 849-5156 1/13-Kirkwood Community College, IA NJTC, Series 2021 - 1A & 1B in observance of 1/13-Kirkwood Community College, IA (Merged Area X) GO School Ref Bonds, Series 2021A 12/22-Jersey City (City of), NJ Special Emergency Notes, Series 2020I (Federally Taxable)

Christmas Day I-Deal Prospectus Electronic Official Statements Negotiated For more information and/or to find out NO NEGOTIATED DEALS FOR TOMORROWS CALENDAR Eastmark CFD No. 1 AD No. 12, AZ Special Assessment Rev Bonds, Srs 2021 our holiday deadlines, please send an Gladewater ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020 Sienna Plantation MUD No. 10, TX Unlimited Tax Refunding Bonds, Series 2021 e-mail to: [email protected] La Vega ISD, TX Unlimited Tax Refunding Bonds, Series 2021 Mission Consolidated ISD, TX Unlimited Tax Ref Bonds, Taxable Series 2020 Parish of Lafayette, LA GO Refunding Bonds, Series 2020 Stratford (Town of), CT GO Bonds & GO BAN’s, Series 2020A,B & 2020B(Federally Taxable) Alvarado (City of), TX Combo Tax& Revenue COO, Series 2020 Splendora ISD,TX Unltd Tax Ref Bonds, Series 2020A Midlothian MMD No. 3, TX Ltd Tax Road Bonds, Series 2020 *Eagle Mountain-Saginaw ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020-C *REVISED POS* Denton ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020-A Ector County ISD, TX Unlimited Tax Refunding Bonds, Series 2020-A NEWSFLASH! Hutto ISD, TX Unlimited Tax School Building Bonds, Series 2020 Ector County ISD, TX Unltd Tax Refunding Bonds, Taxable Series 2020-B We will not be publishing on East Haddam (Town of), CT General Obligation Bonds, Issue of 2020 Series A&B Rapides Parish Recreation District Ward 9, LA GO Bonds, Series 2020 Waller ISD, TX Unlimited Tax School Building Bonds, Series 2020A Friday, January 1, 2021 Rapides Parish Waterworks District No. 3, LA Water Rev Ref Bonds, Series 2020 Wolfforth (City of), TX Tax & WW&SS Revenue COO, Srs 2021 in observance of Fall Creek Management District, TX Unltd Tax Road Bonds, Series 2020A Conroe (City of), TX Limited Tax Refunding Bonds, Series 2020 New Year’s Day Conroe (City of), TX Certificates of Obligation, Series 2020B&C Deer Park (City of), TX COO & Limited Tax Refunding Bonds, Series 2020 Harris County MUD No. 165, TX Unltd Tax Refunding Bonds, Series 2020 For more information and/or to find out Rockwall ISD, TX Unlimited Tax School Building Bonds, Series 2020 Loraine ISD, TX Unltd Tax Ref Bonds, Series 2020 our holiday deadlines, please send an Plano ISD, TX Unlimited Tax Refunding Bonds, Series 2020 Jefferson County WC&ID No. 10, TX Unlimited Tax Refunding Bonds, Srs 2020 e-mail to: [email protected] Wichita Falls (City of), TX Venue Tax Rev Bonds (Hotel Occupancy Tax), Srs 2020 Mesa (City of), AZ Utility Systems Revenue & Refunding Bonds, Series 2020 Mesa (City of), AZ General Obligation Bonds & Refunding Bonds, Series 2020 Mesa (City of), AZ Excise Tax Revenue Obligation, Series 2020 St. Tammany Parish Law Enforcement, LA Ltd Tax Refunding Bonds, Srs 2020 For rates and additional information about advertising a notice of North Fort Bend Water Authority, TX Water System Rev Ref Bonds, Srs 2020B competitive sale, please call Kerry-Ann C. Parkes at 212-803-8436 or ***Renville County, MN GO Refunding Bonds, Series 2020B ***Change in Bank Qualification*** send an email to [email protected]. Renville County, MN GO Refunding Bonds, Series 2020B

007_BB122120 7 12/18/2020 1:40:12 PM New Issues Monday, December 21, 2020 8 The Bond Buyer

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Tuesday, December 22 Burgin ISD Fin Corp KY Sch Bldg Ref Rev (Tax) *1,905 11 am E RSA Advisors, LLC Steptoe & Johnson 21-31 ------15-Dec Hudson NY Bond Antic 9,513 11 am E Fiscal Adv & Mkt ------18-Nov River Ridge SD WI GO Corp Purp *2,300 10 am C Wisconsin Pub Fin Quarles & Brady 21-39 ------A ------BQ 14-Dec

Wednesday, January 6 Yazoo County MS GO 10,000 10 am C Municipal Official Butler Snow 22-31 ------18-Dec Florence Twp NJ Gen Imp 9,720 11 am E --- Malamut & Associates 22-41 ------16-Dec Lafayette Ctrl SD NY Sch Dist 458 11 am E Fiscal Adv & Mkt ------BQ 24-Nov Stonewall Ranch MUD TX Unltd Tax 2,500 10 am C Public Fin Group State Atty General ------BQ 14-Dec

Thursday, January 7 Depew Vlg NY Sch 1,472 11 am E Municipal Solutions --- 21-29 ------15-Dec Manchester Vlg NY Sch 160 11:30 am E Municipal Solutions --- 22-31 ------15-Dec

Monday, January 11 Ames Comm SD IA GO Sch *58,000 12 pm C Piper Sandler Ahlers & Cooney 22-40 ------15-Dec Genoa CUSD #424 IL GO *2,195 10 am C PMA Securities Chapman and Cutler 22-24 ------BQ 16-Dec Genoa CUSD #424 IL GO Sch Ref (Tax) *6,650 10:30 am C PMA Securities Chapman and Cutler 25-28 ------16-Dec Hendersonville TN Cap Outlay 5,900 10 am C Municipal Official ------19-Nov

Tuesday, January 12 Rochester MN Rev Ref (Tax) *38,520 10 am C Baker Tilly MA --- 21-43 ------15-Dec Madison Area Tech Coll Dt WI GO Prom 3,500 10 am C PMA Securities Quarles & Brady 25-26 ------18-Dec Outagamie County WI GO Airport (Tax) 8,000 10 am C PMA Securities Quarles & Brady 21-35 ------14-Dec

Wednesday, January 13 Kirkwood Comm Coll IA New Jobs Training (Tax) *4,810 12 pm C Piper Sandler Shuttleworth 23-31 ------16-Dec Kirkwood Comm Coll IA GO Sch Ref *8,375 12 pm C Piper Sandler Shuttleworth 22-26 ------BQ 16-Dec Kirkwood Comm Coll IA New Jobs Training *11,435 12 pm C Piper Sandler Shuttleworth 23-31 ------16-Dec Mineola Vlg NY Pub Imp *22,056 11 am E Capital Markets Adv Hawkins Delafield 22-51 ------Today Montgomery Co MUD #15 TX Unltd Tax 7,205 10 am C GMS Group State Atty General ------BQ 16-Dec

Tuesday, January 26 Fairfax County VA GO Pub Imp 225,000 10:45 am E PFM Fin Advisors --- 21-40 ------18-Dec

Day to Day Florida BOE FL Cap Outlay Ref *160,000 --- Division of Bond Fin ------18-Dec Florida Dept of Children & Fam FL Corp Purp *14,300 --- Division of Bond Fin ------18-Dec Florida Dept of Children & Fam FL COPs *31,700 --- Division of Bond Fin ------18-Dec Sugar Land TX Wtrwks & Swr Sys *7,165 --- Hilltop Securities Hunton Andrews 20-39 ------AA AA --- BQ 4-Mar Washington WA GO (Tax) *36,900 --- Montague DeRose Foster Garvey ------30-Jul

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

Email: [email protected] A letter “P” signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar. Competitive / Negotiated Offerings Competitive / Negotiated Sales Results Joycelyn Gumbs 212-849-3870 Ruth-Ann Medina 212-849-3873 A “+” under Insurer in the Negotiated Bond Offerings and Priya Khandai 646-679-3128 Anthony Andino 212-849-3868 Negotiated Note Offerings signifies that insurance is available.

008_BB122120 8 12/18/2020 4:14:57 PM Monday, December 21, 2020 New Issues www.bondbuyer.com 9

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Tuesday, December 22 Aberdeen Twp NJ Bond Antic 4,072 11:30 am E Municipal Official McManimon Scotland 21 ------BQ Today Jersey City NJ Spec Emergency (Tax) 13,000 11 am E NW Financial Group GluckWalrath 21 ------17-Dec Prospect Pk Borough NJ Bond Antic 1,824 11 am E Municipal Official Gibbons P.C. 21 ------BQ 16-Dec Teaneck Twp NJ Spec Emergency (Tax) 2,692 11 am E Municipal Official Wilentz Goldman 21 ------16-Dec

Wednesday, December 30 Bergen Vlg NY Bond Antic 300 11 am E Municipal Solutions --- 22 ------8-Dec

Thursday, January 7 Cazenovia Ctrl SD NY Bond Antic 1,704 11 am E Fiscal Adv & Mkt ------BQ 14-Dec Granby (Town) NY Bond Antic 4,225 10:45 am E Fiscal Adv & Mkt ------BQ 24-Nov Avon OH Street Improvement 2,500 11:30 am E MAS Financial Adv Calfee Halter 22 ------BQ 18-Dec

Tuesday, January 12 Utica NY Bond Antic 17,095 10:45 am E Fiscal Adv & Mkt ------14-Dec

Wednesday, January 13 Whitehall Vlg NY Bond Antic 481 11 am E Fiscal Adv & Mkt ------BQ 14-Dec

Thursday, January 14 Maine-Endwell Ctrl SD NY Bond Antic 2,000 11 am E Fiscal Adv & Mkt ------15-Dec

Tuesday, January 19 Hudson NY Bond Antic 2,850 10:30 am E Fiscal Adv & Mkt ------1-Dec

Thursday, January 21 Schoharie County NY Bond Antic 13,740 11:30 am E Fiscal Adv & Mkt ------15-Dec

Wednesday, January 27 S Jefferson Ctrl SD NY Bond Antic 2,229 11 am E Fiscal Adv & Mkt ------BQ 16-Dec

Thursday, January 28 Tompkins County NY Bond Antic 3,050 11:15 am E Fiscal Adv & Mkt ------6-Nov Tompkins County NY Pub Imp 3,200 11:15 am E Fiscal Adv & Mkt ------6-Nov Tompkins County NY Airport 13,000 11:15 am E Fiscal Adv & Mkt ------6-Nov

Day to Day Albany NY Rev Antic 15,000 --- Fiscal Adv & Mkt ------9-Sep

Negotiated Bond Offerings Compiled by IHS Markit

Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW. Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Week Of December 21 Durham Hsg Auth NC Multifam Hsg 15,400 Citigroup ------18-Dec New Castle San Auth PA Swr Rev (Tax) 6,580 Boenning&Scattergood --- AGM ------17-Dec New Castle San Auth PA Swr Rev 18,670 Boenning&Scattergood --- AGM ------17-Dec Montgomery Co Wtr Cntr & Imp #1 TX Ref 2,620 SAMCO Cap Mkts ------18-Dec

Week Of January 4 Greene County PA Bond 6,000 PNC Capital Markets ------17-Dec

009_BB122120 9 12/18/2020 4:14:58 PM New Issues Monday, December 21, 2020 10 The Bond Buyer

Negotiated Bond Offerings Compiled by IHS Markit

Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW. Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Laurel Highlands SD PA GO 16,800 PNC Capital Markets ------17-Dec

Day to Day Morton Grove Pk Dist IL GO Park 11,910 Mesirow Financial ------23-Oct Essex Co Imp Auth NJ Rev 26,595 Stifel Nicolaus ------11-Dec Dauphin Co Gen Auth PA Rev 100,000 RBC Capital Mkts ------2-Oct Penn Hills SD PA GO (Tax) 25,240 Boenning&Scattergood PFM Fin Advisors BAM ------31-Aug La Paz Co Indl Dev Auth AZ Ed Facs Rev 12,665 BB&T Cap Mkts D.A. Davidson ------24-Jan California Comm Hsg Agy CA Hsg Rev 184,565 Jefferies ------9-Oct California Hlth Facs Fin CA Rev 145,975 Morgan Stanley Ponder ------13-Mar California Muni Fin Auth CA Rev (Tax) 32,245 Westhoff Cone ------13-Oct California Muni Fin Auth CA Rev (Tax) 23,755 Westhoff Cone ------13-Oct La Puente City CA COPs (Tax) 8,525 Hilltop Securities Willdan Fin Svcs ------19-Oct Sacramento County CA COPs 27,385 Siebert Williams PFM Fin Advisors AGM ------13-Apr Colorado Sch of Mines BOT CO Rev Ref 10,430 Morgan Stanley North Slope Cap Adv ------13-Sep Colorado Sch of Mines BOT CO Rev Ref (Tax) 40,175 Morgan Stanley North Slope Cap Adv ------13-Sep Capital Trust Agy FL Rev (Tax) 2,085 Stifel Nicolaus ------7-Feb Capital Trust Agy FL Rev 32,800 Stifel Nicolaus ------7-Feb Idaho Hsg & Fin ID Mtg 30,797 Stifel Nicolaus ------8-Nov Schaumburg Vlg IL GO Ref (Tax) 258,120 Morgan Stanley Speer Financial ------2-Oct Indiana Fin Auth IN Ed Facs Rev (Tax) 22,115 Wells Fargo Secs ------8-May Reno Co USD #313 KS GO Ref (Tax) 42,280 Raymond James ------19-Sep Shawnee Co USD #501 KS GO Ref (Tax) 101,410 Raymond James ------20-Sep Kentucky Pub Energy Auth KY Gas Supply Rev 536,040 JPMorgan Municipal Cap Mkts ------A --- 28-Aug St Johns Pub Schs MI GO Energy 5,820 Stifel Nicolaus Baker Tilly MA ------6-Mar Northwest R-1 SD MO GO Ref 7,780 Stifel Nicolaus ------13-Mar Raytown MO Sales Tax Ref 28,875 Stifel Nicolaus Columbia Cap Mgmt ------7-Dec Cumberland Co Imp Auth NJ Sch Rev 8,555 RBC Capital Mkts Phoenix Advisors ------23-Sep Madison Boro BOE NJ Ref (Tax) 24,160 RBC Capital Mkts ------8-Sep Franklin Co Conv Facs Auth OH Tax & Rev Antic (Tax) 136,265 BofA Securities Baker Tilly MA ------13-Mar Butler Area Swr Auth PA Swr Rev 9,965 Janney Montgomery ------A ------8-Nov West Shore SD PA GO 66,075 Janney Montgomery ------21-Apr Cinco Southwest MUD #1 TX Rev Ref 9,785 UBS Financial Svcs Masterson Advisors AGM ------11-Mar Elsa Med Fac Fin Corp TX First Mtg Rev (Tax) 3,685 Dougherty ------4-Mar Elsa Med Fac Fin Corp TX First Mtg Rev 57,385 Dougherty ------4-Mar New Caney MUD TX Rev 8,930 SAMCO Cap Mkts ------15-Dec New Hope Cult Educ Facs Fin Corp TX Rev (Tax) 36,620 BB&T Cap Mkts ------28-Feb New Hope Cult Educ Facs Fin Corp TX Rev 632,330 BB&T Cap Mkts ------28-Feb Rockport TX Combined Tax Rev 20,750 Raymond James Blaylock Robert Van ------12-Aug Temple TX Util Sys Rev 72,000 Raymond James ------4-Mar Travis Co MUD #8 TX Unltd Tax 1,405 Hutchinson Shockey ------4-Oct Energy Northwest WA Bond 16,490 JPMorgan ------16-Oct

Negotiated Note Offerings Compiled by IHS Markit

Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW. Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Week Of December 21 Hammond Loc Pub Imp Bond Bk IN Advance Fund 5,850 Huntington Secs ------18-Dec

010_BB122120 10 12/18/2020 4:14:59 PM Monday, December 21, 2020 www.bondbuyer.com 11

THANK YOU TO OUR SPONSORS

SPONSOR Assured Guaranty BNY Mellon Dinsmore & Shohl Fitch Ratings Frost Brown Todd Hilltop Securities JPMorgan Kroll Bond Rating Agency Moody’s Investors Service RBC Capital Markets S&P Global Ratings UBS

SUPPORTER Ballard Spahr BofA Securities Citibank Goldman Sachs Je eries Ramirez & Co Siebert Williams Shank & Co US Bank Wells Fargo

Learn more at conference.bondbuyer.com/deal-of-the-year

2021 SPONSORSHIP OPPORTUNITIES Michael Ballinger | 212-803-8481 | [email protected]

BB_DOTY_Thank You_House_BW_Ads.indd 1 12/16/20 3:33 PM

011_BB122120 11 12/18/2020 4:59:07 PM Market Statistics Monday, December 21, 2020 12 The Bon d Buyer

Market Indicators Dollar amounts are in millions

Day’s 2020 2020 Current Previous 2020 2020 Daily Yesterday Change High Date Low Date Weekly 12/17/20 12/10/20 High Date Low Date Municipal Bond Index ...... 137.06 unch 140.05 (3/9) 119.16 (3/20) 40 Average Dollar Price ...... 110.57 –0.01 110.82 (8/10) 96.78 (3/20) Bond Buyer Revenue Bond Index . . . . . 2.57% 2.58% 3.34% (4/2) 2.44% (8/6) Average Yield to Par Call ...... 2.08 unch 4.70 (3/20) 1.86 (3/9) Bond Buyer 20-Bond Index ...... 2.12% 2.13% 2.84% (4/2) 2.02% (8/6) Average Yield to Maturity ...... 3.46 unch 4.31 (3/20) 3.35 (3/9) Bond Buyer 11-Bond Index ...... 1.65% 1.66% 2.37% (4/2) 1.55% (8/6)

Wk of 12/25/2020 Wk of 12/18/2020 Wk of 12/11/2020 Wk of 12/20/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $57.0 $9,533.6 $11,395.4 $9,153.7 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 43.3 6,142.3 10,139.0 7,303.7 Total (Dec. 21) ...... $3,577.8 +09.9 $24,255.6 (10/19) $3,567.9 (12/17) Competitive Bonds...... 13.7 3,391.4 1,163.2 407.5 Competitive ...... 689.7 +22.1 8,391.2 (10/19) 290.2 (12/16) Short-Term Notes...... 17.5 137.2 2,002.6 359.7 Negotiated ...... 2,888.1 –12.2 16,841.0 (10/13) 2,888.1 (12/18)

Long-Term Bond Sales Thru 12/25/2020 Thru 12/18/2020 Thru 12/11/2020 Thru 12/20/2019 Month to Date...... $29,950.8 $29,893.8 $20,360.2 $41,815.8 The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over Year to Date ...... 472,323.8 472,266.8 462,733.2 425,639.4 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. This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to

Short-Term Tax-Exempt Yields

Dec. 18, 2020 Dec. 17, 2020 Dec. 20, 2019 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.10 0.10 0.84 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 2.13 2.13 1.08 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.14 0.14 1.00 Weekly Averages Monthly Averages

12/18 1,732,097 6,112,041 7,844,138 Nov_20 1,723,998 7,564,339 9,288,338 Municipal Market Data 12/11 2,699,958 10,456,538 13,156,496 Oct 5,378,836 13,046,808 18,425,644 One-Month Note (MIG-1) ...... 0.09 0.09 1.10 12/04 1,905,990 9,557,175 11,463,165 Sep 4,298,532 10,376,432 14,674,964 Two-Month ...... 0.10 0.10 1.10 11/25 1,228,060 7,085,969 8,314,028 Aug 3,028,801 11,643,281 14,672,083 Three-Month ...... 0.10 0.10 1.10 11/20 1,737,933 10,878,466 12,616,399 Jul 3,105,291 10,327,625 13,432,916 Four-Month...... 0.11 0.11 1.10 11/13 2,048,918 7,347,487 9,396,405 Jun 2,743,299 10,739,739 13,483,038 Five-Month ...... 0.11 0.11 1.10 11/06 1,737,148 4,153,556 5,890,704 May 2,573,712 8,924,640 11,498,352 Six-Month ...... 0.12 0.12 1.10 10/30 2,601,345 11,361,781 13,963,125 Apr 1,896,160 11,831,347 13,727,507 Nine-Month...... 0.15 0.15 1.11 10/23 6,223,157 14,548,109 20,771,266 Mar 2,330,672 11,328,615 13,659,287 One-Year ...... 0.22 0.22 1.14 10/16 6,593,527 15,479,388 22,072,914 Feb 3,488,285 6,834,552 10,322,837 10/09 6,623,447 12,417,597 19,041,044 Jan 3,686,529 6,255,930 9,942,460 Variable-Rate Demand (Non-AMT/AMT) 10/02 4,833,269 10,413,038 15,246,307 Dec 2,415,545 8,879,401 11,294,946 Daily General Market ...... 0.06/0.08 0.05/0.07 1.42/1.46 09/25 4,018,092 11,668,416 15,686,508 Nov 3,001,881 12,458,477 15,460,358 Dec. 17, 2020 Dec. 10, 2020 Dec. 19, 2019 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 Seven-Day General Markets ...... 0.18/0.23 0.18/0.24 1.41/1.41 negotiated supply has been reported since 1971. Dec. 16, 2020 Dec. 9, 2020 Dec. 18, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.09 0.09 1.27

Visible Supply Increases Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa Nov. 4 – Dec. 21, 2020 15 2021 0.13 0.17 0.17 0.23 0.66 2022 0.14 0.19 0.21 0.26 0.77 12 2025 0.22 0.32 0.39 0.51 1.03 2030 0.71 0.84 0.93 1.03 1.67 9 2035 0.97 1.13 1.22 1.36 2.05 6 2040 1.17 1.34 1.42 1.56 2.25 2045 1.34 1.51 1.58 1.72 2.41 3 2050 1.39 1.56 1.64 1.78 2.47

0 Figures are as of 3 pm Eastern time Dec. 18, 2020. Yields represent the fair market offer side for most liquid and available credits in each 11/4 11/9 11/13 11/18 11/23 11/30 12/3 12/8 12/11 12/16 12/21 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 Competitive Negotiated property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

012_BB122120 12 12/18/2020 4:27:06 PM Monday, December 21, 2020 Market Statistics www.bondbuyer.com 13

U.S. Securities Prices Reoffering Yields Prices as of 3.30pm ET. Source: Thomson Reuters NRO – Not Reoffered; S.B. – Sealed Bid; SNA – Sold, Not Available

Treasury Bills Offer Amount Yesterday’s Prev. Day’s Yesterday’s Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield Aaa – AAA 1M — 01/19/2020 ...... 0 075/70. 0 070/65. 0 076 . 12/14 176.8 Gwinnett Co Wtr & Swr Auth, Ga., ...... 0.15 0.22 0.71 1.61 1.81 1.96 2.11 12/14 1.2 York (Town), Maine., ...... 0.25 0.70 1.50 2.05 2.30 … … 3M — 03/18/2020 ...... 0 085/80. 0 085/80. 0 086 . 12/9 30.0 Cascade Wtr Alliance, Wash., ...... 0.20 0.45 1.20 1.70 … … … 6M — 06/17/2020 ...... 0 090/85. 0 090/85. 0 091 . 12/9 21.1 Kane Co SD BOE, Utah., ...... 0.15 0.25 0.75 1.55 1.70 … … Treasury Notes and Bonds 12/7 16.2 West Des Moines, Iowa., ...... 0.20 0.55 1.15 1.70 … … … 12/3 20.3 Frisco, Tex., ...... … 0.27 0.80 1.55 1.77 … … Yesterday’s Prev. Day’s Yesterday’s 12/1 15.7 Oakland Borough, N.J., ...... 0.25 0.45 1.15 1.55 … … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 11/24 26.0 North Hempstead (Town), N.Y., ...... 0.20 0.60 1.35 2.10 … … … 2Y — 0 .13% due 11/2022 . . . . 99 316/010. 99 31+/006. 0 129. 11/24 10.5 Andover (Town), Mass., ...... 0.14 0.22 0.83 1.60 1.85 2.07 2.13 5Y — 0 .38% due 11/2025 . . . . 99 306/002. 99 310/00+. 0 383. 11/19 29.6 County Commissioners of Carroll County, My., . 0.12 0.20 0.75 1.68 1.90 … … 10Y — 0 .88% due 11/2030 . . . . 99 100/120. 99 140/160. 0 948. 11/19 15.5 Lake County, Ill., ...... 0.40 0.60 1.20 1.75 … … … 11/17 140.7 Orange County, Fla., ...... … 0.28 0.85 1.19 1.39 … … 30Y — 1 .63% due 11/2050 . . . . 98 122/142. 98 242/262. 1 694. Aa1/Aa2/Aa3 – AA+/AA/AA– Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 12/17 28.0 North Texas Municipal Water Dist, Tex., . . . . … 0.25 0.95 1.05 1.85 … 2.09 12/17 3.2 West Sayville-Oakdale Fire Dt, N.Y., ...... 0.25 0.45 0.95 1.45 … … … Barclays Capital Long Treasury Bond Index 12/17 2.1 Oneonta, N.Y., ...... 0.25 0.40 0.95 1.40 1.65 … … Index Value Yield Index Total 12/16 365.4 Portland Pub SD #1J, Ore., ...... … … 0.75 1.36 1.91 2.10 … 12/16 155.6 Florida Dept of Transp, Fla., ...... 0.13 0.24 0.77 1.26 … … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 12/16 47.2 New Hampshire, N.H., ...... 0.13 0.22 0.73 1.01 1.21 … … Close 4794 05. 4804 35. –10 30. 1 54. 1 53. +0 01. 4694 05. 12/15 40.0 Berryessa USD, Calif., ...... 0.17 … 0.74 1.45 1.90 … 2.00 The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 12/15 25.2 Platte River Pwr Auth, Colo., ...... 0.20 0.55 1.20 1.65 … … … (Jan. 1 1973 = 100). 12/15 10.9 Seguin, Tex., ...... … 0.50 1.05 1.35 1.60 … … 12/14 33.0 Bismarck Pub SD #1, N.D., ...... 0.25 0.40 1.00 1.50 1.75 … … 12/14 6.1 Columbia SD, Mo., ...... 0.25 0.40 1.00 1.35 … … … 12/10 194.3 Florida Dept of Transp, Fla., ...... 0.15 0.28 0.80 1.57 1.90 … 2.15 A1/A2/A3 – A+/A/A– State and Local Government Series Rates 12/17 7.0 Atchison, Kan., ...... 0.16 0.30 0.70 1.20 … … … 12/9 2.5 Napoleon, Ohio., ...... 0.20 0.45 1.10 … 1.70 … … Monday Tuesday Wednesday Thursday Friday 12/8 4.1 Winfield, Kan., ...... 0.21 0.38 0.90 1.40 1.70 … … Dec. 14 Dec. 15 Dec. 16 Dec. 17 Dec. 18 12/8 3.0 Caney Creek MUD, Tex., ...... 0.40 0.75 1.25 … 2.15 … … Overnight*...... 0 05 . 0 05 . 0 05 . 0 05 . 0 05 . 11/23 3.8 Faribault ISD #656, Minn., ...... 0.35 0.70 1.30 … 2.10 … … Three Months...... 0 07 . 0 07 . 0 07 . 0 07 . 0 08 . 11/19 18.9 Sikeston Bd of Muni Utilities, Mo., ...... 0.30 0.60 1.30 2.00 2.45 2.60 2.35 Six Months...... 0 07 . 0 07 . 0 08 . 0 08 . 0 08 . 11/9 1.2 Lake Lemon Conserv Dt, Ind., ...... 0.80 1.10 1.75 2.00 2.30 … … Nine Months...... 0 08 . 0 08 . 0 08 . 0 08 . 0 08 . 11/5 5.2 Salem City, Utah., ...... … 0.55 1.30 1.80 2.20 … … One Year...... 0 08 . 0 08 . 0 08 . 0 08 . 0 08 . 10/29 17.7 Bowling Green ISD Fin Corp, Ky., ...... 0.50 0.90 1.75 … 2.55 … … Two Years ...... 0 12 . 0 12 . 0 12 . 0 12 . 0 12 . 10/28 8.7 Little Tobacco Riv Interco Drain, Mich., . . . . 0.65 0.90 1.70 2.20 2.45 … … Three Years...... 0 18 . 0 17 . 0 18 . 0 17 . 0 17 . 10/27 9.3 Roselle Borough, N.J., ...... 1.00 1.30 2.00 2.55 2.90 … … Four Years...... 0 27 . 0 25 . 0 27 . 0 25 . 0 25 . Five Years...... 0 38 . 0 36 . 0 38 . 0 36 . 0 36 . 10/22 60.0 S Orange-Maplewood BOE, N.J., ...... … 0.69 1.65 2.20 2.45 2.70 … Six Years...... 0 51 . 0 50 . 0 52 . 0 50 . 0 51 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 65 . 0 63 . 0 66 . 0 63 . 0 64 . Eight Years...... 0 75 . 0 73 . 0 77 . 0 74 . 0 75 . Nine Years...... 0 85 . 0 82 . 0 86 . 0 83 . 0 84 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 92 . 0 90 . 0 94 . 0 91 . 0 92 . 15 Years...... 1 24 . 1 21 . 1 25 . 1 22 . 1 24 . Performance Comparisons for Dec. 14, 2020 20 Years...... 1 45 . 1 43 . 1 47 . 1 44 . 1 46 . Aaa–Baa Rated Corporates 25 Years...... 1 59 . 1 56 . 1 61 . 1 57 . 1 59 . Index Avg. Pct.of Total Return% 30 Years...... 1 66 . 1 64 . 1 68 . 1 64 . 1 66 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3545.98 1.90 100.00 +0.05 +9.14 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2265.45 1.33 63.49 +0.02 +7.18 Industrials 817.82 1.32 34.20 +0.05 +6.90 Utilities 801.11 1.41 5.67 +0.04 +8.08 Finance 797.42 1.45 8.24 +0.00 +6.92 Banks 840.64 1.22 16.74 –0.05 +7.31 Canadians/Yankees 747.37 1.17 34.20 +0.09 +6.60 Long-term (10 years and over) 3878.19 2.90 36.51 +0.11 +12.82 MARKET Industrials 1488.22 2.92 22.50 +0.10 +12.16 Utilities 1484.55 2.89 7.40 +0.41 +13.87 STATISTICS Finance 1510.49 2.82 3.07 +0.05 +14.51 For additional market data, please visit Banks 1629.72 2.76 2.93 –0.54 +12.34 bondbuyer.com/marketstatistics. Canadians/Yankees 2070.91 3.09 10.95 +0.15 +11.29 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.

013_BB122120 13 12/18/2020 4:05:31 PM Market Statistics Monday, December 21, 2020 14 The Bond Buyer

Bond Buyer Indexes Municipal Bond Index Update Average Municipal Bond Yields — Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year NOTE : We have no new bond after September 15, 2020 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2020 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after DEC 17 ...... 2.12 1.65 2.57 0.94 1.68 the December 15 pricings. The list will be revised at the next regularly scheduled revision 10 ...... 2.13 1.66 2.58 0.92 1.64 on December 31. 3 ...... 2.13 1.66 2.58 0.93 1.67 NOV 25 ...... 2.13 1.66 2.58 0.88 1.62 As a result, the coefficient remains at 1.0685, the average coupon rate at 4.11%, the 19 ...... 2.19 1.72 2.61 0.86 1.58 average par call date is August 7, 2026 and the average maturity date is August 25, 2046. 12 ...... 2.28 1.81 2.70 0.88 1.65 5 ...... 2.24 1.77 2.60 0.78 1.54 OCT 29 ...... 2.34 1.87 2.76 0.84 1.62 22 ...... 2.37 1.90 2.79 0.86 1.67 15 ...... 2.35 1.88 2.77 0.74 1.52 8 ...... 2.35 1.88 2.77 0.77 1.57 1 ...... 2.25 1.78 2.67 0.68 1.46 SEP 24 ...... 2.21 1.74 2.71 0.67 1.40 17 ...... 2.22 1.75 2.72 0.69 1.43 10 ...... 2.22 1.75 2.64 0.68 1.42 3 ...... 2.22 1.75 2.64 0.63 1.34 AUG 27 ...... 2.20 1.73 2.62 0.74 1.50 20 ...... 2.15 1.68 2.57 0.65 1.38 13 ...... 2.05 1.58 2.47 0.71 1.42 6 ...... 2.02 1.55 2.44 0.54 1.20 JUL 30 ...... 2.09 1.62 2.51 0.54 1.20 23 ...... 2.10 1.63 2.52 0.59 1.24 16 ...... 2.12 1.65 2.54 0.62 1.31 9 ...... 2.19 1.72 2.61 0.61 1.31 2 ...... 2.21 1.74 2.63 0.68 1.43 JUN 25 ...... 2.21 1.74 2.63 0.68 1.43 18 ...... 2.21 1.74 2.63 0.70 1.47 11 ...... 2.19 1.72 2.61 0.66 1.41 4 ...... 2.16 1.69 2.58 0.82 1.61 MAY 28 ...... 2.16 1.69 2.58 0.70 1.47

(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/Fitch Baltimore, Md. Aa2 / AA / NR *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA– California Aa2 / AA– / AA Memphis, Tenn. Aa2 / AA / NR *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 / AAA Houston, 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 Fitch Atlanta, Ga., airport (AMT) ...... Aa3 AA– AA– Connecticut Housing Finance Authority ...... Aaa AAA NR Dallas-Fort Worth International Airport Board, Tex. (AMT)...... A1 A+ A Energy Northwest (formerly WPPSS), Wash., power revenue ...... Aa2 AA– AA– Illinois Health Facilities Financing Authority (Northwestern Memorial Healthcare)...... Aa2 AA+ NR Illinois Housing Development Authority mtg. revenue bonds ...... Aa2 AA NR Intermountain Power Agency, Utah ...... A1 A+ AA JEA (formerly Jacksonville Electric Authority), Fla. electric revenue ...... A2 A+ AA Kentucky Turnpike Authority ...... Aa3 A– NR Los Angeles Department of Water and Power, Calif., electric revenue ...... Aa2 AA AA Massachusetts Port Authority (AMT) ...... Aa2 AA– AA MEAG 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+ A New York State Local Government Assistance Corp., revenue ...... Aa1 AA+ NR New York State Power Authority, general purpose ...... Aa1 AA AA North Carolina Municipal Power Agency No. 1, Catawba electric revenue ...... NR A A Port Authority of New York and New Jersey, consolidated (AMT) ...... Aa3 AA– AA– Puerto Rico Electric Power Authority ...... Ca D D Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue ...... Aa1 AA NR South 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: Refinitiv)

Weekly Yields of 20-Bond GO Index and Treasury Securities

20-Bond Index 5.00 Treasury Bond 4.00 Treasury Note

3.00

2.00

1.00

0.00 12/19/2019 3/19/2020 6/18/2020 9/17/2020 12/17/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.12 2.13 2.74 2.84 2.02 10-Year Treasury Note 0.94 0.92 1.91 1.91 0.54 STATISTICS 30-Year Treasury Bond 1.68 1.64 2.35 2.35 1.19 Basis Pt Spread to Note –118.00 –121.00 –83.00 –75.00 –221.00 For additional market data, please visit BBI as % of Note 225.53 231.52 143.46 450.79 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –44.00 –49.00 –39.00 –30.00 –158.00 BBI as % of Bond 126.19 129.88 116.60 225.40 113.27

014_BB122120 14 12/18/2020 4:42:40 PM Monday, December 21, 2020 Market Statistics www.bondbuyer.com 15

Municipal Bond Index Municipal Bond Prices Current Day Previous Day Week Ago Month Ago Year Ago These 40 Bonds are evaluated and priced daily by The Bond Buyer Municipal Bond Index 137.06 137.06 137.02 136.05 133.23 Standard & Poor’s Securities Evaluations Inc. Friday, December 18, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 113.3360 0.9256 122.4460 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 113.2400 0.9628 117.6153 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 111.0100 0.9256 119.9330 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 112.3160 0.9269 121.1738 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 106.5960 0.9269 115.0027 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 106.6250 0.9269 115.0340 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 108.375 unch 2.51 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 112.0430 0.9269 120.8793 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 117.250 unch 1.82 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 108.4520 0.8539 127.0078 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 105.875 unch 2.55 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 108.0800 0.8539 126.5722 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 109.000 unch 2.86 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 105.7440 0.8771 120.5609 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 113.500 unch 1.85 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 108.1330 0.8595 125.8092 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 105.8680 0.8595 123.1739 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 110.4450 0.8539 129.3418 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 112.375 unch 0.66 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 109.1840 0.8568 127.4323 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 112.000 unch 0.75 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 110.4430 0.8539 129.3395 A2/-/- Calif Infra and Eco Dev Bnk Ref Rev Bds.3.00 07/01/2050 103.125 unch 2.62 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 104.5680 0.7809 133.9070 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 112.875 unch 2.07 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 106.4460 0.7768 137.0314 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 108.125 unch 1.85 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 105.4770 0.7768 135.7840 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 109.125 unch 2.02 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 111.6210 0.8512 131.1337 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 113.750 unch 2.12 20 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 108.3400 0.8512 127.2791 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 110.375 unch 1.84 21 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 113.1220 0.8568 132.0285 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 108.500 unch 1.30 22 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 114.9110 0.8512 134.9988 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 110.375 unch 1.74 23 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 113.4620 0.8568 132.4253 24 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 109.9280 0.8174 134.4850 HOSPITAL 25 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 113.9030 0.8568 132.9400 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 106.375 unch 1.82 26 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 112.8600 0.8512 132.5893 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 105.500 unch 2.00 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 110.9240 0.8484 130.7449 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 111.750 unch 2.10 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 109.6860 0.8484 129.2857 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 108.125 unch 1.82 29 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 111.8010 0.8568 130.4867 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 113.375 unch 2.04 30 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 114.9520 0.8484 135.4927 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 113.875 unch 1.75 31 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 113.0120 0.8539 132.3481 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 115.000 unch 1.95 32 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 113.7470 0.8512 133.6313 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 104.625 unch 2.11 33 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 113.4300 0.8595 131.9721 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 116.125 unch 1.83 34 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 115.7100 0.8625 134.1565 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 111.625 unch 1.92 35 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 117.2300 0.8484 138.1777 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 111.750 unch 2.43 36 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 111.7390 0.8539 130.8572 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 110.875 unch 2.37 37 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 116.1680 0.8568 135.5836 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 109.625 unch 2.55 38 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 109.0180 0.8539 127.6707 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 113.000 unch 2.11 39 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 106.2010 0.995 106.7347 40 Calif Infra and Eco Dev Bnk Ref Rev Bds. 3.00 07/01/2050 07/01/2030 103.1940 0.7809 132.1475 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 113.125 unch 1.75 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 110.5741 110.5878 110.4780 109.7387 108.1675 POWER Yield To Par Call ...... 2.08 2.08 2.11 2.26 2.74 Yield To Maturity ...... 3.46 3.46 3.47 3.51 3.63 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 113.250 unch 0.95 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 111.000 unch 1.20

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 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 NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 113.375 unch 0.20 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A2/A/A Metro Transp Auth NY.5.00 11/15/2043 ...... 106.625 unch 2.64 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A2/A/A Metro Transp Auth NY.5.00 11/15/2038 ...... 106.625 unch 2.63 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 106.250 + 0.125 15.74 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 105.750 unch 2.53 The Municipal Bond Index presented today employs the coefficient derived from the December 15, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 114.875 unch 1.75 pricing, when it was set at 1.0685. 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 (4.08%), and the average first WATER par call date ( August 07, 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 Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 109.875 unch 1.94 from the average price, the average coupon, and the average maturity date (August 25, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 115.750 unch 1.76

015_BB122120 15 12/18/2020 4:42:13 PM Monday, December 21, 2020 16 The Bond Buyer

Dedicated to clients. Dedicated to communities. Dedicated to the future.

In uncertain times, one thing is certain. You need someone dedicated to you. With the resources, solutions and vision to see you through.

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

©2020 Bank of America Corporation. All rights reserved. 3162556 12-20-0553

016_BB122120 16 12/18/2020 4:59:07 PM