Vol. 393 No. 35549 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Monday, July 26, 2021

MONDAY MSRB Taps Ohio Utility www.bondbuyer.com Chair, Sets THE MARKETS Has Bribery MUNICIPALS WERE STEADY IN typical summer Friday style Strategy ahead of a less-than-robust By Kyle Glazier Charge Deal new-issue calendar that will A busy Municipal Securities finish out July. The U.S. Rulemaking Board quarterly By Yvette Shields Treasury 10-year ended 10 board meeting saw Patrick Brett basis points higher from where selected as fiscal year 2022 chair, Akron, Ohio-based FirstEner- it started the week while the the adoption of a multi-year stra- gy Corp. agreed to pay $230 mil- tegic plan, decisions on sever- lion to resolve federal charges in stock market rallied and earn- al regulatory initiatives and the connection with an alleged brib- ings pushed it to record highs adoption of a $43 million operat- ery scheme involving a $1 billion Friday. ���������������������������������2 ing budget. public bailout for two nuclear Those and other developments power plants owned by a bank- WEB EXCLUSIVES emerged at the MSRB’s in-per- rupt subsidiary with municipal son meeting held July 21-22 in Patrick Brett, a managing director and head of municipal debt capital debt. THE PUERTO RICO OVERSIGHT BOARD Washington. Brett, a managing markets at Citi, will serve as chair in the board’s new fiscal year. Federal authorities charged the isn’t ready to sign off on a deal director and head of municipal public utility holding company debt capital markets at Citi in “Both Patrick and Meredith fiscal year. The board sought with conspiring to commit honest just yet. Gov. Pedro Pierluisi New York will assume the chair exemplify the commitment to comment on the development services wire fraud. The publicly and truckers reached a pact with the start of the board’s new public service and market knowl- of its plan in December 2020, traded company signed a deferred to end the drivers’ strike, fiscal year Oct. 1. Meredith Ha- edge that are hallmarks of great and Kim said the process also prosecution agreement that could which threatened the island’s thorn, a managing partner at the Board leaders,” said MSRB CEO included in-depth interviews with potentially result in dismissal of law firm of Foley & Judell in Mark Kim. “I am delighted to be stakeholders. the charge in three years if the economy. However, Board Baton Rouge, Louisiana, will be working alongside Patrick and “We spent the last year lis- firm abides by provisions that Spokesman Matthias Rieker vice chair. Meredith to advance the MSRB’s tening to our stakeholders and call for improved compliance and said, “what I read in the media bold new strategic plan grounded formulating the Board’s vision ethics measures and continued is inconsistent with the fiscal in our Congressional mandate to for the market that helps bring cooperation in an ongoing federal FRIDAY’S YIELDS protect investors, issuers and the progress and opportunity to com- probe. Current and former firm plan.” The board has not seen munities across the country,” The Bond Buyer 40 public interest.” officials are not protected from the agreement, he added, but The MSRB said it will soon Kim said. “I’m looking forward prosecution. after it has read the deal, it 5.0 announce the incoming class of to continuing that dialogue and The former subsidiary — will come out with a formal 4.2 To Maturity four board members whose terms sharing our strategy for how we FirstEnergy Solutions — that 3.37 Up 0.01 will also begin Oct. 1. can deploy the tools of regula- benefited from the tainted bailout position. 3.4 The board adopted a four-year tion, technology and data in im- legislation is now known as En- To Par Call strategic plan, which it plans to pactful ways to serve the public ergy Harbor and no longer affili- 2.6 NOTED ECONOMIST MOHAMMED 1.60 Unchanged publish prior to the start of its Turn to MSRB page 4 Turn to Ohio page 4 El-Erian believes inflation will 1.8 stay high, and “the Fed should 1.0 ease its foot slowly off the 07/12 07/15 07/20 07/23 Federal Aid Keeps MTA Flush, But CFO Sees Issues accelerator.” 5.5 By Paul Burton THE PUERTO RICO AQUEDUCT AND 5.0 4.5 Sewer Authority plans to The Metropolitan Transporta- Where the dollars go 4.0 tion Authority is armed with bil- New York MTA proposed operating refund $1.8 billion of out- 3.5 lions from several rounds of federal budget breakdown for 2022 standing 2012 debt in an 3.0 funding. Toll and tax revenue is up, August deal, according to 2.5 other indicators are positive and 2.0 a posting on the Municipal commuters are probably spared a Payroll, 30% 1.5 fare increase for this year. Securities Rulemaking Board’s JJMAMFJDNOSA But as he outlined scenarios Non-labor and other EMMA site. Complete market coverage expense adjustments, 24% appears on page 2 related to the authority’s rolling four-year financial plan and how it hinges on post-pandemic rider- Debt service, 17% ship return, Chief Financial Offi- Health and welfare, 13% cer Robert Foran’s message to the MTA board on Wednesday was Pension, 8% clear: Don’t get too giddy. Out-year deficit borrowing Overtime, 5% looms, according to Foran. With- Other labor, 3% out a 2021 fare increase, a two-year wage freeze and service cuts, the MTA could face a combined $3.5 Source: Metropolitan Transportation Authority Turn to MTA page 5

001_BB072621 1 7/23/2021 5:11:37 PM Market News Monday, July 26, 2021 2 The Bond Buyer What $60B of Redemptions Does to the Muni Bond Market Municipals were steady in typical sum- funds, according it “at the meeting, Jackson Hole symposium. mer Friday style ahead of a less-than-robust to JB Golden, in the press con- They see tapering beginning “in late-2021 new-issue calendar to end July. executive direc- ference, or in sub- or early-2022 at a pace of $10 billion per The U.S. Treasury 10-year ends 10 basis tor and portfolio sequent speeches month, with the option to increase or de- points higher than it started the week, but manager at Advi- by other Fed offi- crease that rate depending on economic con- back to levels of a week ago, while the stock sors Asset Man- cials.” ditions,” she said. market rallied and earnings pushed them to agement. And Ariel If tapering goes according to plan, Thomas all-time record highs Friday. “The unceasing Acuna, founder added, rate hike could start in 2023. Triple-A benchmarks were little changed. wave of post-pan- and CEO at LTG “If the economy continues to improve and Municipal-to-UST ratios were at 64% for the demic inflows Capital, LLC/The tapering progresses smoothly, the Fed could 10-year and the 30-year was at 71%, accord- continues and the Aqueduct Strate- commence hiking rates in 2023.” ing to Refinitiv MMD. ICE Data Services amount of money By Lynne Funk & Aaron Weitzman gy, expects “the Also of interest to Thomas is “how the Fed had the 10-year muni-to-Treasury ratio at entering the mar- Fed to shed some is incorporating the rising concern around 65% and the 30-year at 70%. ket this year has light on when they the Delta variant into its growth outlook and The total potential volume for this week is been nothing short of astounding,” Golden anticipate beginning to slow their monthly also the Fed’s reaction to the slump in the 10 estimated at $6.356 billion, down from total said. bond purchases.” year yield.” sales of $8.653 billion last week while 30- While there may be some concern and Moving to other issues, Sean Simko, man- But AXA’s Page thinks the FOMC will day visible supply is pegged at $9.4 billion. market pressure over the resurgence of the aging director and head of fixed income port- need more time to figure out a taper plan Washington along with King County, COVID-19 Delta variant and the potential folio management at SEI’s Investment Man- and doesn’t anticipate a big announcement Washington, and Philadelphia lead the slate impact it could have on state and local gov- agement Unit, wants clarity on the projected at Jackson Hole. He expects the Fed to issue with various negotiated and competitive ex- ernments, Golden said, it seems more tech- path of interest rates. a “warning” of coming tapering in Septem- empt and taxable general obligation bonds. nical in nature than fundamental. “At this point, the Fed has projected two ber, followed by a taper announcement in The housing and utility sectors also are well “There have been a host of supportive tail- rate hikes by year end 2023,” he noted. “This December. represented. winds for the asset class this year, including a contradicts the messaging that inflationary At Jackson Hole, the chair could say With about $60 billion coming due and it healthy political backdrop, a credit backstop pressures are transitory. We are looking for “something that suggests that a decision is being very unlikely for new issuance to hit in the form of the $1.9 trillion American clarity on this topic.” imminent, perhaps specifically referring to that figure, the supply-demand imbalance is Rescue Plan Act, concern over higher taxes, Some, like Wilmington’s Thomas, expect the September meeting,” Page said, “but we severe and keeping municipal performance and a lack of safe haven alternatives,” he said. more “concrete information” about defining see no reason why he would want to commit” strong. “This has supported strong demand that has “substantial progress” to come out during the outside of an official FOMC meeting. q And while munis saw pressure out longer stretched valuations to the point of eroding this week, participants say it’s likely short- the value proposition associated with tax-ex- Major Deals This Week lived. Between mutual funds, the constrained empt municipals.” supply and overall credit positives the sector The 10-year ratio has averaged about 63% Amount Lead Expected Preliminary is seeing, it is hard to see any major head- to 64% since the mid-February 2021 selloff (in millions) Issuer Underwriter Pricing Date Structure winds in the near-term. on the back of higher interest rates, he said. $334 King County, Washington Morgan Stanley Tuesday Serials, terms “In our view, this is temporary, and, if rates While Golden and others noted the ratio $316 Washington Competitive Thursday Serials remain in check, an opportunity to add,” Bar- has dipped below 63% a few times in the $298 Philadelphia, Pennsylvania Goldman Sachs Tuesday Serials, terms clays strategists Mikhail Foux, Clare Picker- last several months, “it tends to bottom and $289 Michigan Housing Development Auth. Barclays Capital Thursday Serials, terms ing and Mayur Patel said in a Friday report. bounce once it has breached that level.” “We believe that the yield curves could con- Somewhere below 63%, the value propo- $282 Washington Competitive Thursday Serials tinue to flatten in the near term as long-term sition in municipals erodes and it no longer $235 New Mexico Finance Authority Wells Fargo Tuesday Serials, terms retail inflows continue to provide support remains rational to favor municipals over $233 King County, Washington Morgan Stanley Tuesday Serials, terms for the market ... while mutual funds have Treasuries, he noted. $229 Colorado Springs, Colorado BofA Securities Tuesday Serials, terms sizable cash balances. Supply is a running Hence the better-performing taxable mu- $225 Massachusetts Institute of Technology Barclays Capital Tuesday Serials, terms a bit heavier than expected for this time of nicipal sector. $215 Durham, North Carolina PNC Capital Thursday Serials, terms the year, but there is ample appetite to ab- “We entered the last Treasury rally sitting sorb the pipeline even though some tightly at approximately 62% on the 10-year munic- traded deals saw some investor pushback ipal to Treasury ratio and we think it doesn’t Economic Indicators This Week this week.” make sense for them to go much lower,” Barclays noted that while corporate Golden said. Day Indicator Last Report Forecast spreads have widened somewhat on growth According to Refinitiv MMD, yields were Monday New Home Sales May: 769,000 June: 800,000 concerns, taxable munis outperformed yet steady at 0.05% in 2022 and 0.08% in 2023. again. The yield on the 10-year was steady at 0.83% Tuesday Durable Goods May: +2.3% June: +2.1% “We still see this muni sub-sector as well while the yield on the 30-year was at 1.36%. Tuesday Consumer Confidence June: 127.3 July: 124.1 supported, despite rather rich valuations,” ICE municipal yield curve showed yields Thursday GDP Q1: +6.4% Q2: +8.6% they wrote. “AAAs and AAs will see strong steady at 0.05% in 2022 and down one to Thursday Initial Jobless Claims 7/17: 419,000 7/24: 375,000 demand from life insurers, incentivized by 0.08% in 2023. The 10-year maturity at Thursday Pending Home Sales May: -1.0% June: +0.5% changes in the NAIC’s risk weightings, and 0.85% and the 30-year yield sat at 1.35%. some BBB credits are still attractive enough While analysts agree the Federal Open Friday Employment Cost Index Q1: +0.9% Q2: +0.9% versus similarly rated corporates with rela- Market Committee’s post-meeting statement Friday Personal Income May: -2.0% June: -0.3% tively few credit concerns on the horizon.” next week will likely be little changed from Friday Personal Consumption May: unch June: +0.7% Ratios continue to hold at historically low the previous one, they have a laundry list of Friday Chicago PMI June: 66.1 July: 63.5 levels also as a result. Nuveen noted that after clarifications they’d like from Chair Jerome Friday Michigan Sentiment June: 85.5 July: 80.8 reaching historical highs in 2020, the 10-year Powell’s press conference or the meeting Forecasts represent the median of estimates by economists polled by IFR Markets municipal-to-Treasury yield ratio moved minutes. from 64% to 66% during the second quarter, Any clues about tapering or rate hikes versus a long-term average of 85% while would get a big reaction from markets. Friday’s Data the 30-year ratio dipped into the 60% range David Page, head of macro research at 3 9 during the quarter, but ultimately ended the AXA Investment Managers, expects the Fed Government Securities Prices 10-year: 103 /32 to yield 1.29%, down /32 quarter steady at 70% compared to a long- to exit its asset purchases after six months of 30-year: 1106/ to yield 1.93%, down 22/ term average of 93%. tapering. “News that the Fed is considering 32 32 Municipal Bond Index 13912/ , down 1/ “These low ratios indicate municipal out- something faster would likely send yields 32 32 performance, driven by both technical and higher sharply,” he said. Such news, he noted, The Bond Buyer’s Total: $9.401 billion, up $825.7 million fundamental factors,” Nuveen said. would likely be gleaned from the minutes, 30-Day Visible Supply Competitives: $3.074 billion, up $281.2 million Any potential weakness could be modest rather than a press conference or statement. (as of 7/26) Negotiated: $6.327 billion, up $544.5 million Any tapering talk will interest Rhea Thom- at best given the extremely strong demand The MuniCenter List Offering Total: $011.1 million, down $0.8 million from mutual funds and exchange-traded as, senior economist at Wilmington Trust, be

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003_BB072621 3 7/23/2021 5:11:42 PM Regions Monday, July 26, 2021 4 The Bond Buyer Ohio Utility Settles Case That Bolstered Then-Subsidiary’s Bonds Continued from page 1 eral authorities arrested Householder, a rounding House Bill 6. about $400 million of bonds. Republican, on allegations he violated fed- Energy Harbor is the successor com- Moody’s Investors Service last July ated with FirstEnergy. It was not charged. eral racketeering statutes through honest pany to FirstEnergy Corp.’s subsidiary moved its outlook to negative from stable It’s a “historic day for corporate ac- services wire fraud and received millions FirstEnergy Solutions that went through on the Baa3 rating assigned after the bank- countability,” said Vipal Patel, acting U.S. of bribes between March 2017 and March bankruptcy. The company emerged from ruptcy. “Developments in Ohio heighten Attorney for the Southern District of Ohio 2020 to steer passage of House Bill 6 and Chapter 11 in February 2020 with its new risk at Energy Harbor and creates greater who announced the charges with Chris to help stave off a public ballot initiative name after shedding $4 billion in debt. uncertainty surrounding corporate gover- Hoffman, special agent in charge for the that would have overturned the legislation. Bondholder-creditors Avenue Capital nance risk,” Moody’s said. The Baa3 rat- Federal Bureau of Investigation’s Cincin- Householder pleaded not guilty and fac- Group and Nuveen Asset Management ing was assigned with the post-bankruptcy nati Division. es a trial next year. His colleagues voted to LLC became major owners with seats on creation of Energy Harbor. “FirstEnergy Corp. acknowledged in expel him from the House in June. the board. It operates the nuclear plants The partial repeal will cost Energy Har- the deferred prosecution agreement that Ohio House Bill 6 provided a ratepay- and is no longer affiliated with FirstEnergy bor $150 million annually over the next it paid millions of dollars to an elected er bailout for two nuclear power plants Corp. seven years although “without nuclear state public official through the official’s owned by then-bankrupt FES. The Bond The company had $1.5 billion of unse- clean air credits, we view Energy Harbor’s alleged 501(c)(4) in return for the official Buyer reported in July 2019 that the leg- cured debt and $690 million of secured portfolio as weaker than those of peers, pursuing nuclear legislation for FirstEn- islation, signed by Gov. Mike DeWine in municipal debt. The private power plant reflected in our revised business risk as- ergy Corp.’s benefit,” read documents un- July 2019, bolstered the firm’s restruc- operator sold the tax-exempt debt to fund sessment to weak,” S&P said. sealed Thursday. turing plan and in so doing improved the air and water pollution control facilities The $1 billion bailout saved the nu- The company also acknowledged that trading value of some of FirstEnergy’s and sewage and solid waste facilities at clear plants from closure. HB 6 created it used not-for-profit entities, including secured municipal bonds that had been its power generation plants. Without the a Clean Air fund via an electricity rider one it controlled, to further the scheme dragged into the bankruptcy case. bailout, FES planned to shutter the plants. which would be used to subsidize the Da- because it allowed certain FirstEnergy The Securities and Exchange Commis- DeWine signed legislation in April that vis-Besse and Perry plants, allowing them Corp. executives and co-conspirators to sion is also conducting a probe of FirstEn- partially repealed the tainted legislation. to remain open as they were then in line conceal from the public the nature, source ergy Corp., according to a private whis- Legislative passage of House Bill 128 to receive $150 million annually through and control of payments. tleblower lawsuit. “On August 7, 2020, triggered a cut to junk for the issuer credit 2027. “FirstEnergy Corp. has cooperated we submitted information to the Securities rating of Energy Harbor that owns the It slapped surcharges on energy custom- substantially with the government, and and Exchange Commission concerning plants but its roughly $400 million of se- ers in Ohio to, among other things, support according to the deferred prosecution FirstEnergy and Clearsulting. Since then cured, tax-exempt bonds retained their low the money-losing nuclear plants. agreement, the company must continue we have been in communication with investment grade rating. The Chapter 11 filing included FirstEn- to cooperate fully with the United States Brian D. Fagel, assistant director of the After the filing of the Householder ergy Solutions, its subsidiaries, and in all matters related to the company’s public finance abuse unit, and we intend criminal complaint last July, S&P put En- FirstEnergy Nuclear Operating Co. but conduct described in the agreement and to continue cooperating with the SEC in ergy Harbor’s ratings on CreditWatch over Akron-based parent company FirstEnergy other conduct under investigation by the its investigation,” lawsuit documents read. concerns the subsidies would be repealed Corp. was not included. government, among other obligations,” the The SEC last year declined to comment. and the company faced potential scrutiny Secured bond claims were not impaired federal documents read. Four others were also charged last July. over the ongoing federal probe. S&P re- and the bankruptcy disclosure document The charges come one year after the FirstEnergy was not named in the House- solved the watch placement in April by reported recovery rates for allowed un- arrest of then Ohio House Speaker Larry holder complaint but publicly company cutting the company’s rating two notches secured bondholder and note claims of Householder on federal corruption charges acknowledged it had received subpoenas to BB from BBB-minus while also af- 13.5%, 22.9%, and 30.2% depending on stemming from the bribery scheme. Fed- in connection with the investigation sur- firming the BBB-minus rating assigned to the claim. q MSRB Elects New Chair, Adopts Strategic Plan, $43M Operating Budget

Continued from page 1 prior year, and would exempt SMMPs be achieved with changes to its wording. tems Modernization Fund, bringing the from receipt of those disclosures. This The MSRB will seek information on total level of funding to $17.5 million to interest.” change, if approved, would have the effect ESG practices in the municipal market, the modernize the MSRB’s suite of market Kim said the plan will serve in part as of reducing the volume of disclosures for board decided. Kim stressed this was not transparency technology systems. The full “a rearticulation of our core mission” built dealers by no longer requiring they make an MSRB proposal, but only an effort to budget will be published this fall. around what he described as the “pillars” muni-specific disclosures to customers make sure the board understands the ESG The MSRB also announced it has of rules, technology, and data. Moderniz- who do not hold or trade municipal se- space and the market practices associated named Omer Ahmed as chief financial ing the rulebook and the MSRB’s technol- curities. with it. officer to oversee the budget and financial ogy, particularly its EMMA system, are “This is a request for information to stewardship of the organization. Ahmed both strategic goals, Kim said. OTHER ACTIONS help inform our board,” Kim said. “I previously served as chief risk officer. The MSRB completed the first phase of would characterize the board as being in Nanette Lawson, who has been serving a major technology initiative a few months The board also said it plans to seek ap- information-gathering mode.” in the dual capacity of Chief Operating ago when it finished migrating over to proval of a change to align the text of the The board approved a $43 million op- Officer and CFO, will focus exclusive- cloud-based computing. The second phase MSRB’s Rule G-34 on obtaining CUSIP erating budget for FY 2022, reflecting ly on COO responsibilities, including will involve modernizing systems in ways numbers with current market practices, a 4% increase over FY 2021. The board management of the MSRB’s regulatory, made possible by the first phase, Kim said. and will seek SEC approval of proposed also approved designating an additional technology and data divisions as well While Kim said the timetable for this amendments to MSRB rules to apply as- $7.5 million of organizational reserves as finance, risk, human resources and second phase is ongoing, it will include pects of the SEC’s Regulation Best Inter- to increase the board’s Designated Sys- administration. q a “heavy lift” up front and that at least a est requirements to bank dealers, who are substantial portion of the work should be not covered by the commission’s standard. 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004_BB072621 4 7/23/2021 5:11:43 PM Monday, July 26, 2021 Northeast 5 www.bondbuyer.com TRENDS IN THE REGION

While Federal Aid Has MTA Coffers Flush, CFO Warns of Lean Times Ahead

Continued from page 1 improvement in ridership.” committees last Monday about overhauling from Washington beefs up spending on mass The state-run authority, which operates its fare structure. transit. billion deficit in 2024 and 2025, Foran said. New York City’s mass-transit system, holds “A lot of questions remain,” Cure said. A virus resurgence could also prompt calls Even if it applies all $2.9 billion of deficit nearly $50 billion of debt including special “We just don’t know what your office looks for hazard pay and a tussle with the MTA’s bond proceeds from the Federal Reserve’s credits. like in the suburbs, or the city for that matter.” powerful primary union, Transport Workers short-lived Municipal Lending Facility pro- “Clearly they got a bit of a reprieve from The watchdog Citizens Budget Com- Union Local 100. gram, a $605 million gap would still remain the federal government,” said Howard Cure, mission said the MTA needs to improve its Under long-awaited congestion pricing, for 2025. director of municipal bond research for Ever- practices in four areas: operation and main- which state legislators enacted in 2019, the “We’ve got a bridge given to us by the core Wealth Management. “The stars have tenance productivity improvement; bus-speed MTA could raise up to $15 billion through federal government through this massive aligned. A lot of people of influence in Wash- increases, or “spatial productivity”; one-con- new bonding based off toll revenues. infusion of $14.5 billion, but it’s up to us to ington are taking care of them.” ductor train operation on subways; fare-pay- Tolls were supposed to take effect this anticipate what the future will be, and try to That includes transit-friendly Democratic ment modernization on commuter rail; and year, but the program stalled under President position ourselves so that we can make smart President Joe Biden and the rise of New York healthcare savings. These moves could yield Trump. After Biden took office, the Federal decisions to get there instead of having to do Democrat Chuck Schumer to Senate majority annual savings totaling up to nearly $3 bil- Highway Administration allowed the MTA some last-minute, knee-jerk, drastic, horrible leader. In addition, former New York City lion and enable a staffing reduction of nearly to conduct a shorter environmental review. set of decisions,” Foran said as he rolled out transportation commissioner and MTA board 13,000 by 2024, said CBC senior research In his exit press conference on Wednes- the plan and an $18.3 billion proposed oper- member Polly Trottenberg is a U.S. deputy associate Alex Armlovich. day, Foye said the headwinds from Trump’s ating budget. transportation commissioner. “While the path to achieving operating administration, which he called “cynical,” The worst-case scenario, Foran said, could While the federal aid has given MTA offi- savings is hard, it is much preferable to phase provided the most frustration during his two- push debt up to 20% of the MTA’s operating cials a chance to exhale, a new wave of vari- in these savings over the next few years than year tenure. budget, which could strain the authority’s ables confronts the authority, including the to have massive fare and toll increases, eco- “Second, the issues related to the second operating and capital plans. return of riders; delayed implementation of a nomically damaging service cuts or signifi- and third rounds of funding. Fortunately, the Debt now accounts for 17% of the MTA’s congestion pricing mechanism for Manhattan cant increases in dedicated taxes and subsi- new administration, Senate Majority Lead- proposed operating budget. New York City south of 60th Street; just how many workers dies,” he said. er Schumer and the New York congressio- and the state cap theirs at 15%. will return to the city and at what times; and The short-term leadership picture is nal delegation were able to fight their way “We’re very conservative when we esti- an alarming spike in subway crime. murky. Cuomo is moving Patrick Foye to the through that.” mate interest rates in the future,” Foran said. “There are big, big questions,” Cure said. chief executive position of the Empire State Congestion pricing has also been ensnared “We use forward calendars. We also use Foran said the MTA should seek replace- Development Corp., the state’s economic in the vortex of longstanding political feuding a very wide margin for our variable rate, ment revenue for the presumed lack of 2021 development arm, in September. among states, transit agencies and the city. because we just don’t want to be surprised fare increases. He warned of severe service Cuomo sponsored legislation in Albany Days ago, U.S. Sen. Cory Booker, D-New and we want to make sure that when we put cuts starting in 2023 as a tradeoff. to bifurcate the authority’s leadership, under Jersey, a former Newark mayor, objected to something in for our debt-funded capital His frequent reference to service cuts as which MTA New York City Transit interim the plan. program, that in and of itself is not going to “right-sizing” rankled a few board members. president Sarah Feinberg would chair the “I just can’t support my residents who be a future surprise.” “I have right-sizing high on my list of the board and chief development officer Janno commute paying more money to commute,” While the board has the call on fare hikes, top 10 weasel words you hear in negotiations Lieber would become CEO. he said. “There’s a better way to go about finance chairman Larry Schwartz, a confidant [and] budget discussions,” board member Lawmakers, though, have sat on the bill this than laying more costs on New Jersey of Gov. Andrew Cuomo, said Monday they Norman Brown said. and transit advocacy groups have argued that residents.” would not occur this year. “It’s clear to me it’s an exchange here. the change would put excessive power in the New Jersey’s objections a decade ago held Crisis-by-crisis management has been a The good news is there’s been a fare freeze, governor’s hands. up the Gateway project to build tunnels be- mainstay of the MTA throughout its history. but the bad news is the head times and the The MTA board traditionally does not tween New Jersey and New York and fix the Over the past 18 months, it has struggled crowding on the trains both work in the op- meet in August, though it did so last year 110-year-old existing ones. q amid sharp ridership drops from work-at- posite direction. That’s an odd way to re-at- amid the pandemic crisis. Some board mem- home mandates during the COVID-19 pan- tract people to the train.” bers are calling for a gathering next month. demic. Down as much as 90% at one point, sub- Other unknowns include the degree of “A financial plan is merely a set of as- way ridership is still half of what it was when spread of the coronavirus Delta variant; the For more content about this sumptions,” Foran said. “Things can change. the virus took hold. The MTA needs riders to effect of rising inflation on interest rates, region, visit the Regional News I hope we see an improvement throughout backstop its five-year, $51.5 billion capital affecting bond issuance; and whether any tab on BondBuyer.com. our economy and I hope we see continued program. That prompted discussion at its infrastructure funding package that emerges

Visible Supply by State General Obligation Yield Curves for Jul 22, 2021

July 23, 2021 July 16, 2021 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Connecticut Aa3/A+/AA– 0.08 0.46 0.99 1.59 Connecticut 4 $67,545 7 $101,915 –34,370 Delaware Aaa/AAA/AAA 0.05 0.37 0.83 1.36 Delaware 0 0 0 0 0 Maine Aa2/AA/AA 0.06 0.42 0.93 1.52 Maine 1 12,207 0 0 12,207 Maryland Aaa/AAA/AAA 0.05 0.39 0.87 1.41 Maryland 0 0 1 170,000 –170,000 Massachusetts Aa1/AA/AA+ 0.05 0.40 0.90 1.51 Massachusetts 1 23,765 0 0 23,765 New Hampshire Aa1/AA/AA+ 0.05 0.39 0.89 1.48 New Hampshire 2 56,000 2 23,930 32,070 New Jersey A3/BBB+/A– 0.10 0.57 1.15 1.76 New Jersey 6 400,116 12 143,715 256,401 New York Aa2/AA/AA 0.03 0.39 0.90 1.46 New York 30 180,440 44 2,267,616 –2,087,176 Pennsylvania A1/A/A+ 0.07 0.43 0.98 1.56 Pennsylvania 9 491,685 13 549,320 –57,635 Rhode Island 0 0 1 9,025 –9,025 Rhode Island Aa2/AA/AA 0.06 0.41 0.91 1.49 Vermont 0 0 2 25,265 –25,265 Vermont Aa1/AA+/AA+ 0.05 0.38 0.85 1.41 District of Columbia 0 0 0 0 0 Dist. of Columbia Aaa/AA+/AA+ 0.05 0.40 0.90 1.46 Puerto Rico 0 0 0 0 0 Puerto Rico Caa3/CC/CC 14.05 6.92 6.13 5.61 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

005_BB072621 5 7/23/2021 5:11:43 PM Monday, July 26, 2021 6 The Bond Buyer

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

7/26 - City of Norwood Young America (MN) - MN I-Deal Prospectus 7/26 - Oakwood Independent School District (TX) - TX Electronic Official Statements Competitive 7/26 - City of Polk City (IA) - IA 7/27-Burnet (City of), TX Combo Tax & Rev COO, Srs 2021 7/26 - West Bend Joint School District No. 1 - WI 7/27-Guilford (Town of), CT GO Bonds, Series 2021A & GO BANs www.newissuehome.i-deal.com 7/26 - Village of Orfordville - WI 7/27-East Lyme (Town of), CT GO Bonds, Series 2021C & GO BANs 7/26 - City of Prescott (WI) - WI BiDCOMP®/Parity® 7/27-Longmont (City of), CO Enterprise Water Revenue Bonds, Series 2021A 7/26 - County of Murray (MN) - MN 7/27-Park District (City of Horace), ND Refunding Improvement Bonds, Series 2021 7/26 - Franklin Regional Transit Authority - MA 7/27-Rockwall County MUD No. 6, TX Unltd Tax Utility Bonds, Series 2021 7/26 - City of Cookeville (TN) - TN www.i-dealprospectus.com 7/27-Brazoria County MUD No. 39, TX Unlimited Tax Road Bonds, Series 2021 7/26 - Fort Bend County Municipal Utility District No. 151 - TX 7/28-Board of Regents, IA Hospital Rev & Rev Ref Bonds & Rev Ref BAN, Series S.U.I. 2021A&B 7/26 - Johnson City Energy Authority (TN) - TN Full service electronic 7/29-Fort Bend-Waller Counties MUD No. 3, TX Unlimited Tax Bonds, Series 2021A 7/27 - City of Longmont (CO) - CO document delivery and 7/27-La Vergne (City of), TN Water & Sewer Revenue & Tax Refunding Bonds, Srs 2021 7/27 - City of Hutchinson (MN) - MN tracking system 7/27-La Vergne (City of), TN GO Public Improvement Bonds, Series 2021 (ULT) 7/27 - City of New Brighton - MN 7/28-East Hartford (Town of), CT General Obligation Bonds, Issue of 2021 7/27 - City of Burnet - TX 7/27 - South Pike County School District of Pike County (AR) - AR For more information, 7/28-Oakmont Public Utility District, TX Unlimited Tax Park Bonds, Series 2021 contact: 7/27 - Tuckahoe Union Free School District (NY) - NY 7/29-League City (City of), TX GO Improv Bonds & Combo Tax & Rev COOs, Series 2021 7/27 - Tuckahoe Union Free School District (NY) - NY John Hester 8/4-Palacios ISD, TX Unltd Tax School Bldg Bonds, Series 2021 7/27 - County of Suffolk - NY (212) 849-5125 7/29-***League City (City of), TX GO Improv Bonds & Combo Tax & Rev COOs, Series 2021 7/27 - County of Suffolk - NY ***Revised City of League City, Texas, Time of sale has been changed James Kellum 7/27 - Town of Guilford (CT) - CT (212) 849-5156 8/3-The Colony (City of), TX Combo Tax & Limited Surplus Revenue COO, Series 2021 7/27 - Town of Kennebunk (ME) - ME 8/3-Grapevine (City of), TX GO Ref Bonds (Taxable) & Combo Tax & Rev COOs, Series 2021 7/27 - Town of East Lyme (CT) - CT 8/4-Mill Valley (City of), CA Sewer System Refunding Revenue Bonds (2021) 7/27 - Grand Island Central School District (NY) - NY 7/27 - Port Washington Union Free School District (NY) - NY I-Deal Prospectus 7/27 - Port Washington Union Free School District (NY) - NY Electronic Official Statements Negotiated 7/27 - Town of Guilford (CT) - CT McKinney ISD, TX Unlimited Tax School Building & Refunding Bonds, Srs 2021 7/27 - Town of East Lyme (CT) - CT ***Livingston (Parish of) SD No. 1, LA GO School Bonds, Srs 2021***S&P Ratings Report has been added 7/27 - Barren County - KY Taylor (City of), TX General Obligation Refunding Bonds, Series 2021 7/28 - Board of Regents, State of Iowa (IA) - IA Livingston (Parish of) SD No. 1, LA GO School Bonds, Srs 2021 7/28 - Dunn County - WI St. Tammany Parish Wide SD No. 12, LA Taxable GO School Refunding Bonds, Srs 2021A 7/28 - Board of Regents, State of Iowa (IA) - IA Cypress-Fairbanks ISD, TX Unlimited Tax Refunding Bonds, Series 2021 7/28 - Hendersonville Utility District of Sumner County (TN) - TN Hamshire-Fannett ISD, TX Unlimited Tax School Building Bonds, Series 2021 7/28 - Harrison Water District No. 2 (Fire Protection District No. 2) in the Pearland (City of), TX Permanent Improvement Bonds, Series 2021 Town of Harrison (NY) - NY Pearland (City of), TX Certificates of Obligation, Series 2021A&B 7/28 - Town of East Hartford - CT Pearland (City of), TX Water & Sewer System Rev & Ref Bonds, Series 2021B 7/29 - State of Washington (WA) - WA **King County, WA LTGO & Sewer Refunding Bonds, 2021 Series A, B(Taxable) & A(Taxable 7/29 - State of Washington (WA) - WA ***INVESTOR PRESENTATION HAS BEEN ADDED*** 7/29 - State of Washington (WA) - WA King County, WA LTGO & Sewer Refunding Bonds, 2021 Series A, B(Taxable) & A(Taxable) 7/29 - State of Washington (WA) - WA Wichita Falls ISD, TX Unltd Tax School Building Bonds, Series 2021A 7/29 - Fort Bend-Waller Counties Municipal Utility District No. 3 (TX) - TX Dickinson ISD, TX Variable Rate Unlimited Tax Refunding Bonds, Srs 2013 (2021) 7/29 - City of New Rochelle - NY Farmersville ISD, TX Unlimited Tax School Building Bonds, Series 2021 7/29 - City of Manchester (TN) - TN Lakeside WC&ID No. 2-B, TX Unlimited Tax Refunding Bonds, Series 2021 7/29 - Greece Central School District (NY) - NY 7/29 - Wappingers Central School District (NY) - NY Copperas Cove (City of), TX Combo Tax&Rev COO & GO Ref Bonds, Series 2021 7/29 - Wappingers Central School District (NY) - NY Lakeside WC&ID No. 2-D, TX Unlimited Tax Refunding Bonds, Series 2021 8/2 - City of Owatonna - MN Mansfield ISD, TX Variable Rate Unltd Tax School Building Bonds, Series 2012 8/2 - Village of Shorewood (WI) - WI Sherman ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2021-A 8/2 - Sioux Center Community School District (IA) - IA El Paso ISD, TX Variable Rate Maintenance Tax Notes, Series 2020 8/2 - City of Larned (KS) - KS Seattle (City Of), WA Municipal Light & Power Refunding Revenue Bonds, Series 2021B 8/2 - City of New Prague (MN) - MN North East ISD, TX Variable Rate Unltd Tax School Bldg Bonds, Srs 2013B 8/3 - City of St. Charles (MO) - MO River Road ISD, TX Unlimited Tax Refunding Bonds, Series 2021 8/5 - Independent School District No. 6 of Oklahoma County ***Travis County MUD No. 15, TX Unlimited Tax Refunding Bonds, Series 2021 ***REVISED POS (Deer Creek Public Schools) (OK) - OK Travis County MUD No. 15, TX Unlimited Tax Refunding Bonds, Series 2021 Williamson County MUD No. 10, TX Unlimited Tax Refunding Bonds, Srs 2021 Williamson County MUD No. 11, TX Unltd Tax Ref Bonds, Series 2021 Lakeside WC&ID No. 2-C, TX Unlimited Tax Refunding Bonds, Series 2021 ***St. James (Parish of) CSD, LA Taxable GO School Refunding Bonds, Series 2021 FOR NEW JOB POSTINGS ***THE S&P RATING REPORT HAS BEEN UPDATED. St. James (Parish of) CSD, LA Taxable GO School Refunding Bonds, Series 2021 ONLINE, GO TO Texas Municipal Power Agency, TX Transmission Sys Rev Ref Bonds, Series 2021 Robinson (City of), TX GO Refunding Bonds, Series 2021 New Home ISD, TX Unlimited Tax School Building Bonds, Srs 2021 Godley ISD, TX Unlimited Tax School Building Bonds, Series 2021 https://www.bondbuyer.com/resources Burnet Consolidated ISD, TX Unlimited Tax School Building Bonds, Series 2021

006_BB072621 6 7/23/2021 1:04:19 PM Monday, July 26, 2021 New Issues www.bondbuyer.com 7

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 Monday, July 26 Polk City IA GO Corp Purp *3,115 10 am C PFM Fin Advisors Dorsey & Whitney 22-41 --- Aa3 ------BQ 20-Jul Murray County MN GO Ditch *4,775 11 am C Northland Securities Fryberger Buchanan 23-37 --- Aa3 ------BQ 20-Jul Norwood Young America MN GO *1,665 10 am C Ehlers Kennedy & Graven 23-32 ------BQ 16-Jul Horace City Park Dt ND Ref Imp *845 11 am C PFM Fin Advisors Ohnstad Twichell 22-41 ------BQ 22-Jul Hoosick Falls Ctrl SD NY GO Sch Dist 312 11 am E Fiscal Adv & Mkt Orrick Herrington 22-26 ------9-Jul Cookeville TN GO *9,850 11:15 am E Cumberland Secs Waller Lansden 22-36 --- Aa2 ------BQ 16-Jul Johnson City Energy Auth TN Elec Sys Rev *26,025 11:30 am E Raymond James Bass Berry 24-41 --- Aa2 ------15-Jul Fort Bend Co MUD #151 TX Unltd Tax 5,560 11:15 am C Masterson Advisors Allen Boone 29-39 --- A1 ------16-Jul Oakwood ISD TX Sch Bldg *3,800 10 am C Live Oak Pub Fin Orrick Herrington 27-41 PSF --- AAA ------BQ 15-Jul Egg Harbor Vlg WI GO Corp Purp *5,015 11 am C Ehlers Quarles & Brady 22-41 ------BQ 22-Jul Orfordville Vlg WI GO Corp Purp *3,335 10 am C Ehlers Quarles & Brady 22-41 ------BQ 25-Jun Prescott WI GO Ref (Tax) *4,465 10:30 am C Ehlers Fryberger Buchanan 22-30 ------19-Jul West Bend Jt SD #1 WI GO Ref *9,360 10 am C Baird Quarles & Brady 22-26 ------AA------BQ 30-Jun

Tuesday, July 27 Pulaski Co Spec SD AR Ref (Tax) 69,360 1 pm C Stephens Mitchell Williams 27-48 ------22-Jul South Pike Co SD AR Ref & Construction *3,985 10 am C Stephens Friday Eldredge 22-51 ------BQ 22-Jul Longmont CO Wtr *28,550 9:30 am M Hilltop Securities Butler Snow 22-41 ------AA AA+ ------20-Jul P East Lyme (Town) CT GO 10,045 11:30 am E Munistat Services Robinson & Cole 24-41 ------AA ------21-Jul P Guilford (Town) CT GO 3,000 11:30 am E Munistat Services Shipman & Goodwin 23-41 ------BQ 20-Jul P Stamford CT GO 34,500 11:30 am E Phoenix Advisors Pullman & Comley 22-41 ------AAA AAA ------20-Jul North Liberty IA GO Corp Purp *7,270 10 am C Independent Pub Advs Dorsey & Whitney 23-37 ------BQ 22-Jul Shorewood Vlg IL GO *13,535 10 am C Speer Financial Chapman and Cutler 22-40 ------15-Jul Barren County KY GO *5,000 12 pm E Compass Muni Adv GBJ & Associates 22-36 ------BQ 16-Jul Madison Co SD Fin Corp KY Sch Bldg Rev *6,300 11 am E RSA Advisors, LLC Steptoe & Johnson 22-41 ------22-Jul Gardner MA GO Muni Purp Loan *23,765 11 am E Hilltop Securities Locke Lord 22-51 ------AA------22-Jul Kennebunk (Town) ME GO *12,207 11 am E Moors & Cabot Jensen Baird 21-35 ------20-Jul Montague Drain Drainage Dt MI Ltd Tax GO *1,680 11 am E PFM Fin Advisors Miller Canfield 22-41 ------BQ 19-Jul Hutchinson MN GO *14,155 10 am C Ehlers Dorsey & Whitney 23-52 ------19-Jul New Brighton MN GO Tax Abate *9,875 10 am C Baker Tilly MA Kennedy & Graven 23-42 ------BQ 29-Jun P River Vale Twp BOE NJ Sch 33,325 11 am E Phoenix Advisors McManimon Scotland 23-46 ------AA ------13-Jul Batavia (Town) NY Pub Imp 500 11:30 am E Municipal Solutions Hodgson Russ 22-36 ------BQ 9-Jul Grand Island Ctrl SD NY Sch Dist *17,070 11 am E Capital Markets Adv Hodgson Russ 22-35 ------19-Jul P Suffolk County NY Swr Dt (Tax) *6,915 11 am E Capital Markets Adv Harris Beach 22-36 ------16-Jul P Suffolk County NY Pub Imp *92,945 11 am E Capital Markets Adv Harris Beach 22-34 ------16-Jul P Tuckahoe UFSD NY Sch Dist *9,776 11 am E Capital Markets Adv Hawkins Delafield 22-39 ------16-Jul La Vergne TN Wtr & Swr Rev (Tax) *12,715 9:45 am C Stephens Bass Berry 22-33 ------AA ------22-Jul La Vergne TN GO Pub Imp *17,685 9:15 am C Stephens Bass Berry 23-41 ------AA ------22-Jul Brazoria Co MUD #39 TX Unltd Tax Road 2,950 10 am C Baird Allen Boone 23-46 ------BQ 16-Jul Burnet TX Certs of Oblig *6,000 10 am C Specialized Pub Fin McCall Parkhurst 22-41 ------AA------BQ 21-Jul Rockwall Co MUD #6 TX Unltd Tax 5,530 1:30 pm C Baird Winstead 23-50 ------BQ 16-Jul New Berlin WI GO Corp Purp *9,910 10:30 am C Ehlers Quarles & Brady 22-41 ------22-Jul New Berlin WI GO Prom *22,945 10:30 am C Ehlers Quarles & Brady 22-31 ------22-Jul

Wednesday, July 28 Fort Smith SD #100 AR Ref (Tax) *94,285 10 am C Stephens Friday Eldredge 22-49 ------23-Jul Harmony Grove SD #1 AR Ref *345 11 am C First Sec Beardsley Friday Eldredge 22-39 ------BQ 22-Jul Poyen SD #1 AR Cons Bds *530 1 pm C First Sec Beardsley Friday Eldredge 22-39 ------BQ 22-Jul P East Hartford (Town) CT GO 20,000 11 am E Munistat Services Robinson & Cole 23-31 ------AA ------22-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.

007_BB072621 7 7/23/2021 4:56:39 PM New Issues Monday, July 26, 2021 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 Dysart IA GO Corp Purp *550 10:30 am C Speer Financial Dorsey & Whitney 23-34 ------BQ 20-Jul P Iowa BOR IA Hosp Rev Ref *112,295 9:30 am C Prager & Co Ahlers & Cooney 21-51 ------19-Jul P Iowa BOR IA Hosp Rev Ref (Tax) *147,775 10 am C Prager & Co Ahlers & Cooney 22 ------19-Jul Wheeling Comm Cons SD #21 IL GO *4,530 10 am C PMA Securities Chapman and Cutler 22-36 ------Today Wheeling Comm Cons SD#21 IL Debt Certs 5,440 10 am C PMA Securities Chapman and Cutler 22-36 ------15-Jul Muskegon County MI Wtr Supply Sys Rev *13,500 11 am E PFM Fin Advisors Miller Canfield 23-47 ------20-Jul Sarpy County NE Limited Tax *40,000 10:15 am C PFM Fin Advisors Gilmore & Bell 22-38 --- Aaa ------23-Jul Montvale Borough NJ Gen Imp *6,465 11 am E Phoenix Advisors McManimon Scotland 22-31 ------AAA ------BQ 14-Jul Alexandria Ctrl SD NY Sch Dist 298 10 am E Fiscal Adv & Mkt Trespasz & Marquardt 22-26 ------BQ 25-May Broadalbin-Perth Ctrl SD NY Sch Dist 532 11:30 am E Bernard P. Donegan Barclay Damon 23-26 ------19-Jul Worthington OH Var Purp GO *9,985 10:30 am E Baker Tilly MA Bricker & Eckler 22-41 ------AAA ------22-Jul Hendersonville Util Dt TN Wtr & Swr Rev Ref *9,995 10:15 am E Cumberland Secs Bass Berry 22-39 ------AA ------BQ 16-Jul Oakmont Pub Util Dt TX Unltd Tax 2,140 1 pm C Baird Coats Rose 33-38 ------BQ 16-Jul Waxahachie ISD TX Unltd Tax *19,210 10 am C SAMCO Cap Mkts McCall Parkhurst 22-30 PSF Aaa ------23-Jul Loudoun Co Sant Auth VA Wtr & Swr Rev Ref *77,375 10:30 am E Davenport McGuireWoods 22-43 --- Aaa AAA AAA ------22-Jul Dunn County WI GO Prom *6,420 10 am C Baker Tilly MA Griggs Law Office 22-30 ------BQ 21-Jun West Allis WI GO Ref (Tax) *6,335 10 am C Ehlers Quarles & Brady 22-38 ------23-Jul

Thursday, July 29 Huntsville SD #1 AR Cons Bds *3,095 11 am C First Sec Beardsley Friday Eldredge 23-49 ------BQ 22-Jul P Clifton NJ GO *45,523 11 am E Phoenix Advisors Wilentz Goldman 22-41 ------22-Jul Berne Knox Ctrl SD NY Sch Dist 332 10:30 am E Fiscal Adv & Mkt ------16-Jul Greece Ctrl SD NY GO Sch Dist 1,090 11 am E Bernard P. Donegan Timothy R. McGill 21-24 ------16-Jul P Riverhead (Town) NY Pub Imp *7,948 11 am E Capital Markets Adv Orrick Herrington 22-36 ------22-Jul P Wappingers Ctrl SD NY Sch Dist *25,354 11 am E Capital Markets Adv Orrick Herrington 22-35 ------21-Jul Manchester TN GO *9,995 10:15 am E Cumberland Secs Glankler Brown 22-37 ------BQ 21-Jul Fort Bend-Waller Cos MUD #3 TX Unltd Tax 4,350 9 am C GMS Group Allen Boone 24-48 ------BQ 20-Jul League City TX Certs of Oblig *11,275 11:45 am C Hilltop Securities Bracewell LLP 22-41 --- Aa1 AA+ ------23-Jul League City TX GO Imp *22,315 11:15 am C Hilltop Securities Bracewell LLP 22-41 --- Aa1 AA+ ------23-Jul Washington WA Motor Vehicle Fuel *42,310 8:30 am P Montague DeRose Foster Garvey 22-46 --- Aaa AA+ AA+ ------23-Jun Washington WA GO (Tax) *93,405 8:45 am P Montague DeRose Foster Garvey 22-27 --- Aaa AA+ AA+ ------23-Jun Washington WA Var Purp GO *282,395 8 am P Montague DeRose Foster Garvey 40-46 --- Aaa AA+ AA+ ------19-Jul Washington WA Var Purp GO *316,035 7:30 am P Montague DeRose Foster Garvey 27-39 --- Aaa AA+ AA+ ------23-Jun

Friday, July 30 Natchez MS GO 2,000 10 am C Govt Consultants Watkins & Eager 22-41 ------BQ 16-Jul

Monday, August 2 Sioux Center Comm SD IA GO Sch Ref *3,910 11 am C Piper Sandler Ahlers & Cooney 22-33 ------A ------BQ 19-Jul Larned KS GO Ref (Tax) *1,070 11 am C Piper Sandler Gilmore & Bell 22-28 ------19-Jul Lenexa KS GO Ref & Imp *12,135 10 am C Baker Tilly MA Kutak Rock 22-41 ------23-Jul Hastings MN GO *2,235 10 am C Northland Securities Taft Stettinius 23-32 ------BQ 23-Jul New Prague MN GO *5,925 11:30 am C Baker Tilly MA Kennedy & Graven 23-37 ------BQ 13-Jul Owatonna MN GO Street *3,605 10:30 am C Baker Tilly MA Kennedy & Graven 23-32 ------BQ 13-Jul Tulsa Co ISD #1 OK GO (Tax) 10,000 11 am C Municipal Fin Svcs Hilborne & Weidman 23-26 ------23-Jul Tulsa Co ISD #1 OK Comb Purp 52,515 11 am C Municipal Fin Svcs Hilborne & Weidman 23-26 ------23-Jul NE Harris Co MUD #1 TX Unltd Tax 4,000 10 am C Rathmann & Assoc State Atty General ------BQ 20-Jul Shorewood Vlg WI GO Wtr *2,585 11 am C Baker Tilly MA Quarles & Brady 23-41 ------BQ 29-Jun

Tuesday, August 3 Gilberts Vlg IL GO *3,950 10:15 am C Speer Financial Foley & Lardner 22-36 ------BQ 21-Jul Clinton Co Bldg Corp IN Lease Rental *17,050 11 am E Baker Tilly MA Taft Stettinius 23-51 ------A------Today Rockcastle Co SD Fin Corp KY Energy Conserv Rev *4,040 11 am E Compass Muni Adv Steptoe & Johnson 22-40 ------BQ 22-Jul P Holt Pub Schs MI Energy Conserv Imp *2,525 10 am E Baker Tilly MA Thrun Law Firm 22-33 ------21-Jul P Holt Pub Schs MI Sch Bldg & Site *26,400 10 am E Baker Tilly MA Thrun Law Firm 22-46 ------21-Jul P St Charles MO GO *20,000 10 am C WM Fin Strategies Gilmore & Bell 22-41 --- Aa2 ------21-Jul Linden NJ GO 10,721 11 am E NW Financial Group Gibbons P.C. 22-31 ------22-Jul

For complete listings go to www.bondbuyer.com

008_BB072621 8 7/23/2021 4:56:41 PM Monday, July 26, 2021 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 Monday, July 26 Franklin Reg Trans Auth MA GO Rev 1,100 11 am E UniBank Fiscal Adv Locke Lord 22 ------BQ 21-Jul Hoosick Falls Ctrl SD NY GO Bond Antic 12,500 11 am E Fiscal Adv & Mkt Orrick Herrington 22 ------9-Jul Sidney Ctrl SD NY GO Bond Antic 6,162 10:45 am E Fiscal Adv & Mkt Orrick Herrington 22 ------BQ 9-Jul

Tuesday, July 27 P East Lyme (Town) CT GO Bond Antic 3,922 11 am E Munistat Services Robinson & Cole 22 ------SP-1+ ------21-Jul Guilford (Town) CT GO Bond Antic 2,650 11 am E Munistat Services Shipman & Goodwin 22 ------BQ 21-Jul Quincy MA GO Bond Antic 11,500 11 am E Hilltop Securities Locke Lord 22 ------23-Jul Bellmawr Borough NJ Bond Antic 2,269 11 am E Municipal Official Parker McCay 22 ------BQ 21-Jul Secaucus (Town) NJ GO Bond Antic 28,755 11 am E Municipal Official Rogut McCarthy 22 ------21-Jul West Wildwood Borough NJ Bond Antic 1,844 11:30 am E Municipal Official McManimon Scotland 22 ------BQ 21-Jul Erie Co #1 BOCES NY Rev Antic *6,000 11 am E Capital Markets Adv Hawkins Delafield 22 ------22-Jul Henrietta Fire Dt NY Bond Antic 4,800 11 am E Bernard P. Donegan Timothy R. McGill 22 ------BQ 16-Jul Monroe (Town) NY Bond Antic 2,800 11 am E Munistat Services --- 22 ------BQ 22-Jul Ossining (Town) NY Bond Antic 2,970 11 am E Munistat Services Orrick Herrington 22 ------BQ 22-Jul Port Washington UFSD NY Tax Antic *17,500 11:30 am E Capital Markets Adv Hawkins Delafield 22 ------20-Jul Port Washington UFSD NY Bond Antic 67,942 11:30 am E Capital Markets Adv Hawkins Delafield 22 ------20-Jul Schodack Ctrl SD NY Bond Antic 545 11 am E Fiscal Adv & Mkt ------BQ 9-Jul Tuckahoe UFSD NY Tax Antic *1,625 11 am E Capital Markets Adv Hawkins Delafield 22 ------BQ 16-Jul

Wednesday, July 28 Garfield NJ Bond Antic 8,125 11 am E Municipal Official Rogut McCarthy 21 ------Today Garfield NJ Bond Antic 8,203 11 am E Municipal Official Rogut McCarthy 22 ------Today Little Egg Harbor Twp NJ Bond Antic 4,703 11 am E Phoenix Advisors GluckWalrath 22 ------22-Jul Pleasantville NJ Bond Antic 1,462 11 am E Phoenix Advisors Parker McCay 22 ------BQ 23-Jul Bethpage UFSD NY Bond Antic 1,500 11 am E Capital Markets Adv Hawkins Delafield 22 ------BQ 23-Jul Corning (Town) NY Bond Antic 442 11 am E Municipal Solutions Hodgson Russ 22 ------BQ 9-Jul Fort Ann Ctrl SD NY Bond Antic 525 11 am E Bernard P. Donegan Barclay Damon 22 ------BQ 20-Jul Harrison Wtr & Fire #2 NY Bond Antic 8,475 11 am E Capital Markets Adv Orrick Herrington 22 ------BQ 20-Jul N Syracuse Ctrl SD NY Bond Antic 40,300 11:15 am E Fiscal Adv & Mkt ------25-May Vestal (Town) NY GO Bond Antic 550 11 am E Fiscal Adv & Mkt Orrick Herrington 22 ------BQ 9-Jul Vestal (Town) NY GO Bond Antic 1,500 11 am E Fiscal Adv & Mkt Orrick Herrington 22 ------BQ 9-Jul Waterville Ctrl SD NY Bond Antic 851 11 am E Fiscal Adv & Mkt Timothy R. McGill 22 ------9-Jul Waterville Ctrl SD NY Bond Antic 12,310 11 am E Fiscal Adv & Mkt Timothy R. McGill 22 ------9-Jul

Thursday, July 29 Sequoia Union HSD CA Tax & Rev Antic *11,230 9:30 am P Keygent LLC Orrick Herrington 22 --- MIG1 ------22-Jul Norfolk County MA GO Bond Antic 1,000 11 am E Hilltop Securities Eckert Seamans 21 ------BQ Today East Hanover Twp NJ Bond Antic 17,232 11 am E Municipal Official GluckWalrath 22 ------Today Cherry Vly Ctrl SD NY Bond Antic 645 11 am E Fiscal Adv & Mkt ------BQ 16-Jul Forestville Ctrl SD NY Bond Antic 397 11:30 am E Municipal Solutions Harris Beach 22 ------BQ 8-Jul Highland Falls Vlg NY Bond Antic 420 11 am E Munistat Services Hawkins Delafield 22 ------BQ 23-Jul Holley Ctrl SD NY Bond Antic 856 11 am E Municipal Solutions Hodgson Russ 22 ------BQ 8-Jul Huron (Town) NY Bond Antic 699 11:15 am E Bernard P. Donegan Timothy R. McGill 22 ------BQ 19-Jul Kenmore-Tonawanda UFSD NY Bond Antic 1,951 11 am E Fiscal Adv & Mkt ------9-Jul New Rochelle NY Bond Antic 4,000 10 am E Capital Markets Adv Norton Rose 22 ------21-Jul Nunda Vlg NY Bond Antic 300 10:45 am E Fiscal Adv & Mkt Harris Beach 22 ------BQ 16-Jul Oxford Academy & Ctrl SD NY Bond Antic 585 11 am E Fiscal Adv & Mkt Bond Schoeneck 22 ------BQ 9-Jul Pembroke Ctrl SD NY Bond Antic 998 11:30 am E Bernard P. Donegan Orrick Herrington 22 ------BQ 20-Jul Ravena Coeymans Ctrl SD NY GO Bond Antic 18,614 11 am E Fiscal Adv & Mkt Hodgson Russ 22 ------9-Jul Riverhead (Town) NY Bond Antic (Tax) 2,100 11 am E Capital Markets Adv Orrick Herrington 22 ------22-Jul Riverhead (Town) NY Bond Antic 2,900 11 am E Capital Markets Adv Orrick Herrington 22 ------22-Jul Wappingers Ctrl SD NY Bond Antic 40,947 11 am E Capital Markets Adv Orrick Herrington 22 ------21-Jul Whitney Pt Ctrl SD NY GO Bond Antic 1,234 11 am E Fiscal Adv & Mkt Jeffrey E Storch 22 ------BQ 9-Jul

Tuesday, August 3 Auburn NY Bond Antic 59,720 11 am E Fiscal Adv & Mkt ------13-Jul

For complete listings go to www.bondbuyer.com

009_BB072621 9 7/23/2021 4:56:41 PM New Issues Monday, July 26, 2021 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

Week Of July 26 Brookland City AR Ref & Imp 9,175 Stephens ------Today Tempe AZ Excise Tax Rev (Tax) 28,865 RBC Capital Mkts ------22-Jul California Sch Cash Res Pgm CA Rev (Tax) 2,000 Piper Sandler Dale Scott ------23-Jul California Sch Cash Res Pgm CA Rev 49,770 Piper Sandler Dale Scott ------23-Jul El Monte Union HSD CA GO Ref (Tax) 14,275 RBC Capital Mkts ------23-Jul El Monte Union HSD CA GO 33,555 RBC Capital Mkts ------23-Jul El Monte Union HSD CA GO 53,310 RBC Capital Mkts ------23-Jul Jurupa Comm Svcs Dt CFD #54 CA Special Tax 7,730 Stifel Nicolaus Fieldman Rolapp ------23-Jul La Mesa-Spring Vly SD CA GO 48,000 RBC Capital Mkts --- BAM ------23-Jul Napa Vly USD CA GO Ref 8,180 RBC Capital Mkts ------23-Jul Napa Vly USD CA GO Ref (Tax) 46,315 RBC Capital Mkts ------23-Jul Oceanside USD CA Bond 11,505 Raymond James ------21-Jul Oceanside USD CA Bond 41,810 Raymond James ------21-Jul Panoche Fin Auth CA Rev (Tax) 8,110 Wells Fargo Corp Fieldman Rolapp ------23-Jul Panoche Fin Auth CA Rev 10,290 Wells Fargo Corp Fieldman Rolapp ------23-Jul Perris Union HSD CA GO Ref (Tax) 33,100 Stifel Nicolaus ------23-Jul Perris Union HSD CA GO 78,005 Stifel Nicolaus ------23-Jul sanger City CA Pension (Tax) 21,590 Oppenheimer ------22-Jul Walnut Vly Wtr Dt CA Wtr Ref Rev (Tax) 15,375 Wells Fargo Corp ------23-Jul Colorado Springs CO Util Sys Ref 39,430 BofA Securities Stifel Nicolaus ------23-Jul Colorado Springs CO Util Rev 189,715 BofA Securities Stifel Nicolaus ------23-Jul Eagle County CO Certs of Part 18,525 RBC Capital Mkts ------23-Jul Horizon Metro Dt #2 CO Ltd Tax GO 22,926 D.A. Davidson ------23-Jul Fort Pierce Redev Agy FL Redev 21,275 Ziegler Cap Mkts ------12-Jul Richmond Co BOE GA GO Sales Tax 74,810 Citigroup ------23-Jul A B Won Pat Intl Arpt Auth GU Gen Rev (Tax) 144,765 Barclays Capital ------19-Jul Coralville IA Urban Renewal Rev 4,975 D.A. Davidson ------23-Jul Washington Comm SD IA Sales & Srvc Tax Rev 3,855 Piper Sandler --- BAM ------21-Jun Woodbury County IA GO Urban Renewal 9,685 Piper Sandler ------22-Jul Illinois Fin Auth IL Rev 28,555 RBC Capital Mkts Longhouse Cap Adv ------22-Jul Illinois Sports Facs Auth IL Ref 18,790 RBC Capital Mkts PFM Fin Advisors ------21-Jul Jacksonville SD #117 IL GO (Tax) 3,350 Stifel Nicolaus --- AGM ------23-Jul Jacksonville SD #117 IL GO 9,250 Stifel Nicolaus --- AGM ------23-Jul Manteno CUSD #5 IL Ltd Tax GO 3,245 Mesirow Financial ------23-Jul Wamego KS GO Ref (Tax) 3,285 Raymond James ------20-Jul Wyandotte Co USD #500 KS GO Ref (Tax) 98,570 Piper Sandler ------22-Jul Kentucky St Univ KY Certs of Part 49,560 KeyBanc Cap Mkts --- BAM ------13-Jul St Tammany Par SD #12 LA GO Sch Ref (Tax) 9,825 Raymond James ------AA ------22-Jul Michigan Fin Auth MI St-Aid 200,000 PNC Capital Markets ------20-Jul Michigan Hsg Dev Auth MI Singlefam Mtg Rev (Tax) 111,510 Barclays Capital ------23-Jul Michigan Hsg Dev Auth MI Singlefam Mtg Rev 177,770 Barclays Capital ------23-Jul Muskegon Pub Schs MI GO Sch Bldg 77,910 Huntington Secs ------23-Jul Plymouth-Canton Comm Schs MI GO Ref (Tax) 86,900 Stifel Nicolaus PFM Fin Advisors ------23-Jul Montana Bd of Hsg MT Singlefam Mtg Rev 32,000 RBC Capital Mkts ------22-Jul Durham NC Util Sys Rev 217,215 PNC Capital Markets First Tryon Advisors ------20-Jul National Fin Auth NH Rev (Tax) 20,000 Barclays Capital The Yuba Group ------23-Jul National Fin Auth NH Rev 36,000 Barclays Capital The Yuba Group ------23-Jul New Jersey Hsg & Mtg Fin NJ Singlefam Mtg Rev 135,800 Jefferies ------22-Jul New Mexico Fin Auth NM Rev 234,600 Wells Fargo Corp PFM Fin Advisors ------21-Jul Cleveland Heights CSD OH GO Sch Imp (Tax) 66,685 Stifel Nicolaus --- BAM ------Today Cleveland Heights CSD OH Ref Certs of Part 14,775 Stifel Nicolaus --- BAM ------Today Indian Hill EVSD OH Sch Facs Constr 67,200 RBC Capital Mkts Bradley Payne ------23-Jul Mahoning Co Career & Tech Ctr OH Ref Certs of Part 7,085 Stifel Nicolaus ------23-Jul Summit Co Dev Fin Auth OH Rev 3,120 Huntington Secs ------21-Jul North East SD PA GO 12,410 RBC Capital Mkts --- AGM ------23-Jul Philadelphia PA GO 297,760 Goldman Sachs PFM Fin Advisors ------23-Jul Philadelphia PA GO (Tax) 131,525 Goldman Sachs PFM Fin Advisors ------23-Jul Salisbury Twp SD PA GO 2,485 RBC Capital Mkts PFM Fin Advisors ------22-Jul Salisbury Twp SD PA GO 4,580 RBC Capital Mkts PFM Fin Advisors ------22-Jul

010_BB072621 10 7/23/2021 4:56:42 PM Monday, July 26, 2021 New Issues www.bondbuyer.com 11

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

St Marys PA GO 4,130 Janney Montgomery --- AGM ------23-Jul Union Twp PA GO 2,380 Stifel Nicolaus PFM Fin Advisors AGM ------23-Jul S Carolina Jobs-Econ Dev SC Rev 20,390 Ziegler Cap Mkts ------Today S Carolina Jobs-Econ Dev SC Ed Facs Rev 48,825 Ziegler Cap Mkts ------Today Franklin Co Hlth & Educ TN Ed Facs Rev 25,750 Raymond James PFM Fin Advisors ------Today West Tennessee Pub Util Dt TN Gas Sys Rev 13,270 Oppenheimer --- AGM ------Today Arlington Hgr Educ Fin Corp TX Educ Rev 15,385 PNC Capital Markets ------22-Jul Austin Comm Coll Dt TX Ref (Tax) 41,275 UMB Bank ------Today Cameron Co Reg Mobility Auth TX Rev 3,835 BOK Fin Secs ------23-Jul Capital Area Hsg Fin Corp TX Multifam Hsg 42,300 KeyBanc Cap Mkts Hilltop Securities ------14-Jul Cinco Southwest MUD #1 TX Ref 21,760 SAMCO Cap Mkts ------23-Jul Cumby ISD TX Sch Bldg 7,870 Oppenheimer ------22-Jul Cypress-Fairbanks ISD TX Ref 40,465 Piper Sandler Post Oak Muni Advs ------23-Jul Eagle Mountain-Saginaw ISD TX Sch Bldg 177,180 Hilltop Securities ------23-Jul Fort Bend Co MUD #156 TX Bond 4,545 SAMCO Cap Mkts --- AGM ------23-Jul Galveston Co MUD #54 TX Road 4,560 Hilltop Securities ------23-Jul Galveston Co MUD #54 TX Contract Rev 9,345 Hilltop Securities ------23-Jul Harris Co MUD #500 TX Contract Rev 7,285 SAMCO Cap Mkts ------23-Jul Kerens ISD TX Ref (Tax) 5,915 Oppenheimer ------22-Jul McKinney ISD TX Sch Bldg Ref 132,555 Citigroup Hilltop Securities ------Today Odessa Jr Coll Dt TX Rev 27,810 SAMCO Cap Mkts RBC Capital Mkts ------23-Jul Odessa Jr Coll Dt TX Rev Ref (Tax) 4,725 SAMCO Cap Mkts RBC Capital Mkts ------Today Pearland TX Certs of Oblig 23,360 Raymond James BOK Fin Secs ------30-Jun Pearland TX Perm Imp 15,155 Raymond James BOK Fin Secs ------30-Jun Pearland TX Wtr & Swr Rev Ref 10,660 Raymond James BOK Fin Secs ------30-Jun Port Freeport TX Rev (AMT) 31,360 Jefferies Masterson Advisors ------21-Jul Taylor TX GO Ref 4,030 Raymond James Specialized Pub Fin ------13-Jul Texas Dept Hsg & Comm TX Singlefam Mtg Rev 150,000 Barclays Capital Stifel Nicolaus ------23-Jul Texas Dept Hsg & Comm TX Singlefam Mtg Rev (Tax) 24,830 Barclays Capital Stifel Nicolaus ------23-Jul Millcreek UT Sales Tax Rev 32,305 Stifel Nicolaus ------23-Jul Capital Region Arpt Comm VA Airport Rev Ref 14,290 Raymond James --- AGM ------Today King County WA GO & Ref (Tax) 102,585 Morgan Stanley Piper Sandler ------23-Jul King County WA Ltd Tax GO (Tax) 230,975 Morgan Stanley Piper Sandler ------23-Jul King County WA Ltd Tax GO 232,875 Morgan Stanley ------23-Jul Lakewood Wtr Dt WA Wtr Ref Rev (Tax) 1,060 KeyBanc Cap Mkts Northwest Muni Advs ------22-Jul Lakewood Wtr Dt WA Wtr Ref Rev 8,605 KeyBanc Cap Mkts Northwest Muni Advs ------22-Jul

Monday, July 26 Hamshire-Fannett ISD TX Sch Bldg 32,225 Baird Hilltop Securities ------23-Jul

Wednesday, July 28 Indiana Bond Bank IN Bond (Tax) 24,045 Baird Crowe LLP AGM ------23-Jul

Thursday, July 29 Duluth ISD #709 MN Bond 31,500 Baird ------23-Jul Fairfield County OH Var Purp 14,845 Baird ------23-Jul Arlington Hgr Educ Fin Corp TX Educ Rev 29,790 Baird USCA Municipal ------23-Jul

Week Of August 2 Tempe AZ Excise Tax Rev (Tax) 14,595 RBC Capital Mkts ------22-Jul Tempe AZ Tax & Rev 6,435 RBC Capital Mkts ------22-Jul Pottawatomie Co USD #320 KS GO Ref (Tax) 6,760 Raymond James ------22-Jul

For complete listings go to www.bondbuyer.com

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 July 26 Oceanside USD CA Bond (Tax) 8,190 Raymond James ------21-Jul

011_BB072621 11 7/23/2021 4:56:43 PM Market Statistics Monday, July 26, 2021 12 The Bond Buyer

Market Indicators Dollar amounts are in millions

Day’s 2021 2021 Current Previous 2021 2021 Daily Yesterday Change High Date Low Date Weekly 7/22/21 7/15/21 High Date Low Date Municipal Bond Index ...... 139.12 –1/32 139.18 (7/19) 135.00 (2/25) 40 Average Dollar Price ...... 112.25 –0.03 112.40 (7/19) 108.73 (2/25) Bond Buyer Revenue Bond Index . . . . . 2.39% 2.40% 2.80% (2/25) 2.39% (7/22) Average Yield to Par Call ...... 1.60 unch 2.38 (2/25) 1.58 (7/19) Bond Buyer 20-Bond Index ...... 2.03% 2.04% 2.44% (2/25) 2.03% (7/22) Average Yield to Maturity ...... 3.37 +0.01 3.56 (3/1) 3.36 (7/8) Bond Buyer 11-Bond Index ...... 1.56% 1.57% 1.97% (2/25) 1.56% (7/22)

Wk of 7/30/2021 Wk of 7/23/2021 Wk of 7/16/2021 Wk of 7/24/2020 Current Day’s 2021 2021 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $6,356.7 $8,653.2 $10,180.8 $11,010.8 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 4,340.4 5,371.9 7,707.1 8,248.6 Total (Jul. 26)...... $9,401.3 +825.7 $16,737.0 (6/7) $5,068.3 (1/4) Competitive Bonds...... 2,016.3 3,281.3 2,473.7 2,355.1 Competitive ...... 3,074.2 +281.2 5,878.2 (5/3) 1,616.6 (1/4) Short-Term Notes...... 332.5 618.7 949.2 791.8 Negotiated ...... 6,327.1 +544.5 12,312.9 (6/7) 2,079.0 (2/10)

Long-Term Bond Sales Thru 7/30/2021 Thru 7/23/2021 Thru 7/16/2021 Thru 7/24/2020 Month to Date...... $31,336.5 $24,979.8 $16,326.7 $39,669.8 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 ...... 262,513.4 256,156.7 247,503.5 250,020.1 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

Jul. 23, 2021 Jul. 22, 2021 Jul. 24, 2020 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.00 0.00 0.00 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 0.17 0.17 0.18 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.02 0.01 0.00 Weekly Averages Monthly Averages 07/23 3,598,151 7,143,854 10,742,004 Jun_21 3,780,258 8,728,447 12,508,705 Municipal Market Data 07/16 4,203,330 8,375,904 12,579,234 May 4,224,087 6,591,352 10,815,439 One-Month Note (MIG-1) ...... 0.03 0.03 0.18 07/09 3,788,236 7,075,350 10,863,586 Apr 3,930,293 6,407,549 10,337,841 Two-Month ...... 0.03 0.03 0.19 07/02 3,289,474 5,887,895 9,177,370 Mar 3,816,495 7,370,335 11,186,830 Three-Month ...... 0.04 0.04 0.20 06/25 3,991,275 8,095,982 12,087,256 Feb 3,772,075 5,659,974 9,432,049 Four-Month...... 0.04 0.04 0.21 06/18 3,624,637 9,144,982 12,769,619 Jan 3,029,369 4,512,991 7,542,360 Five-Month ...... 0.05 0.05 0.22 06/11 3,867,538 11,397,029 15,264,567 Dec 1,736,966 6,215,668 7,952,635 Six-Month ...... 0.05 0.05 0.23 06/04 3,699,351 7,414,856 11,114,206 Nov 1,723,998 7,564,339 9,288,338 Nine-Month...... 0.06 0.06 0.26 05/27 3,439,554 6,722,601 10,162,154 Oct 5,378,836 13,046,808 18,425,644 One-Year ...... 0.08 0.08 0.28 05/21 4,119,516 6,768,325 10,887,841 Sep 4,298,532 10,376,432 14,674,964 05/14 4,264,713 6,103,100 10,367,814 Aug 3,028,801 11,643,281 14,672,083 Variable-Rate Demand (Non-AMT/AMT) 05/07 4,847,827 6,850,830 11,698,656 Jul 3,105,291 10,327,625 13,432,916 Daily General Market ...... 0.02/0.04 0.02/0.04 0.18/0.21 04/30 3,808,953 5,104,334 8,913,286 Jun 2,743,299 10,739,739 13,483,038 Jul. 22, 2021 Jul. 15, 2021 Jul. 23, 2020 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 ...... 0.09/0.16 0.09/0.17 0.26/0.34 negotiated supply has been reported since 1971. Jul. 21, 2021 Jul. 14, 2021 Jul. 22, 2020 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.02 0.02 0.18

Visible Supply Increases Municipal Market Data General Obligation Yields

18 Jun. 11 – Jul. 26, 2021 Aaa Aa Insured A Baa

15 2022 0.05 0.07 0.11 0.12 0.30 2023 0.08 0.10 0.16 0.18 0.36 12 2026 0.37 0.42 0.45 0.50 0.75 2031 0.83 0.96 1.01 1.08 1.46 9 2036 1.01 1.16 1.19 1.31 1.64 6 2041 1.16 1.31 1.35 1.46 1.79 2046 1.31 1.46 1.50 1.61 1.94 3 2051 1.36 1.51 1.55 1.66 1.99

0 Figures are as of 3 pm Eastern time Jul. 23, 2021. Yields represent the fair market offer side for most liquid and available credits in each 6/11 6/16 6/21 6/24 6/29 7/2 7/8 7/13 7/16 7/21 7/26 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_BB072621 12 7/23/2021 4:39:05 PM Monday, July 26, 2021 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 — 08/24/2021 ...... 0 ..045/40 . . . 0 .045/35 0 .046 7/21 29.0 Virginia Res Auth, Va., ...... 0.08 0.45 0.90 1.90 2.12 … … 7/19 6.9 Excelsior, Minn., ...... … 0.40 0.95 1.50 1.85 … … 3M — 10/21/2021 ...... 0 ..050/40 . . . 0 .045/35 0 .051 7/15 21.7 Swarthmore Boro Auth, Pa., ...... 0.15 0.95 1.70 2.20 … … … 6M — 01/20/2021 ...... 0 ..050/45 . . . 0 .040/30 0 .051 7/15 17.2 Moorestown Twp, N.J., ...... 0.10 0.43 0.92 1.70 2.00 2.10 2.15 Treasury Notes and Bonds 7/13 133.5 Orange Co Sanit Dt, Calif., ...... 0.05 0.31 0.75 0.94 … … … 7/13 82.5 Fairfax Co Wtr Auth, Va., ...... 0.07 0.40 0.87 1.14 1.30 1.46 1.55 Yesterday’s Prev. Day’s Yesterday’s 7/7 128.9 Collier Co Wtr-Swr Dt, Fla., ...... 0.12 0.50 0.96 1.23 1.40 1.55 … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 6/29 30.9 City of Woburn, Mass., ...... 0.15 0.54 1.06 2.00 2.24 … … 2Y — 0 .13% due 6/2023 ...... 99 . .265/277. 99 .267/281 0 .212 6/23 146.8 Texas, Tex., ...... … 0.73 1.24 1.39 1.92 … … 5Y — 0 .75% due 6/2026 . . . . . 100. . .236/25+. 100 .262/276 0 .721 6/23 28.3 Fairfield (Town), Conn., ...... 0.15 0.54 1.28 1.80 2.10 … … 10Y — 1 .63% due 5/2031 . . . . .103 . ..03+/05+ 103 .122/142 1 .287 6/23 15.2 Lincoln, Ne., ...... 0.16 0.56 1.10 1.80 … … … 6/17 38.0 McKinney, Tex., ...... 0.15 1.00 1.80 2.15 2.50 … … 30Y — 2 .38% due 5/2051 . . . . .110 . ..056/076 110 .280/300 1 .925 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.– 7/22 15.7 Middle Tennessee Natrl Gas Ut Dt, Tenn., . . . … 0.60 1.30 1.80 2.00 … … 7/22 14.2 Little Falls Twp, N.J., ...... 0.30 0.80 1.35 1.85 … … … Barclays Capital Long Treasury Bond Index 7/22 5.0 Manasquan Borough, N.J., ...... 0.15 0.60 1.20 1.70 2.04 2.18 … Index Value Yield Index Total 7/21 178.8 San Francisco (City & Co), Calif., ...... 0.06 0.30 0.76 1.00 1.23 1.38 … 7/21 43.1 County of Rockland, N.Y., ...... 0.08 0.37 0.81 1.80 2.06 2.16 2.25 Yesterday Prev. Day Change Yesterday Prev. Day Change Return 7/21 19.1 Virginia Resources Authority, Va., ...... 0.25 0.95 1.70 2.15 … … … Close 4600 .51 4562 .19 +38 .31 1 .84 1 .89 –0 .05 4500 .51 7/20 52.3 Loveland, Co., ...... 0.08 0.47 0.95 1.30 1.60 1.85 … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 7/20 30.0 Virginia Hsg Dev Auth, Va., ...... … 0.80 1.60 2.10 2.50 2.80 … (Jan. 1 1973 = 100). 7/20 8.4 Saginaw, Tex., ...... 0.20 0.60 1.15 1.50 1.90 … … 7/19 12.0 Pottawattamie County, Iowa., ...... 0.15 0.53 1.15 1.75 … … … 7/15 134.1 Florida Dept of Mgmt Svcs, Fla., ...... 0.12 0.51 1.01 1.51 … … … 7/15 117.1 New Hampshire Muni Bond Bk, N.H., . . . . . 0.10 0.38 0.87 1.61 1.90 2.07 2.11 A1/A2/A3 – A+/A/A– State and Local Government Series Rates 7/22 17.0 Vermillion Co Bldg Corp, Ind., ...... 0.35 0.70 1.20 1.75 2.12 … … 7/22 8.4 Dike-New Hartford Comm SD, Iowa., . . . . . 0.25 0.70 1.30 … 2.07 … … Monday Tuesday Wednesday Thursday Friday 7/15 6.7 Kentucky Rural Wtr Fin, Ky., ...... 0.25 0.75 1.50 2.00 2.25 2.44 2.54 Jul. 19 Jul. 20 Jul. 21 Jul. 22 Jul. 23 7/12 21.3 Bondurant-Farrar Comm SD, Iowa., ...... 0.22 0.65 1.65 1.90 2.15 … … Overnight* ...... 0 . .03...... 0. ..03 . 0 .03 0 .03 0 .03 6/28 2.6 Ellsworth, Kann., ...... 0.20 0.65 1.30 … 1.80 … … Three Months...... 0 . .03...... 0. .04 0 .04 0 .04 0 .04 6/21 7.3 Atchison, Kan., ...... 0.25 0.65 1.20 1.60 … … … Six Months...... 0 . .04...... 0. ..04 . 0 .04 0 .04 0 .04 6/10 4.1 Harriman, Tenn., ...... 0.25 0.60 1.20 … 1.90 … … Nine Months...... 0. ..06 ...... 0 . .04 0 .05 0 .05 0 .04 6/9 11.0 Marion, Ind., ...... 0.25 0.65 1.42 1.75 2.10 … … One Year...... 0. ..07 ...... 0 . .06. . . 0 .07 0 .06 0 .06 6/3 6.6 Central Fulton SD, Pa., ...... 0.80 1.00 1.40 1.58 2.05 … … Two Years ...... 0 . .20...... 0. ..20 . . 0 .20 0 .21 0 .21 5/26 8.5 Kentucky Rural Wtr Fin, Ky., ...... 0.25 0.75 1.50 2.00 … … … Three Years...... 0. ..39 ...... 0 . .35. 0 .36 0 .37 0 .37 5/25 7.0 St Charles, Minn., ...... 0.20 0.65 1.25 1.70 … … … Four Years...... 0. ..56 ...... 0 . .50. . 0 .52 0 .54 0 .55 Five Years...... 0 . .73...... 0. ..65 . . 0 .69 0 .71 0 .73 5/25 5.0 West Branch Comm SD, Iowa., ...... 0.25 0.75 1.30 1.80 … … … Six Years...... 0. ..88 ...... 0 . .80. . . 0 .84 0 .88 0 .89 For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 1 . .00...... 0. ..93 0 .98 1 .01 1 .04 Eight Years...... 1 . .09...... 1. ..02 . 1 .08 1 .12 1 .14 Nine Years...... 1. ..16 ...... 1 . .10. . 1 .16 1 .20 1 .23 Merrill Lynch Corporate Bond Indexes 10 Years...... 1 . .22...... 1. ..16 . . . 1 .23 1 .27 1 .30 15 Years...... 1 . .55...... 1. ..50 . . . 1 .59 1 .62 1 .65 Performance Comparisons for Jul. 19, 2021 20 Years...... 1 . .76...... 1. ..72 . . . 1 .81 1 .83 1 .85 Aaa–Baa Rated Corporates 25 Years...... 1 . .82...... 1. ..78 . . . 1 .87 1 .89 1 .91 Index Avg. Pct.of Total Return% 30 Years...... 1 . .83...... 1. ..79 . . . 1 .89 1 .91 1 .93 Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3577.73 2.00 100.00 +0.98 +0.28 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2282.92 1.44 63.64 +0.42 +0.32 Industrials 824.59 1.44 32.77 +0.46 +0.38 Utilities 803.28 1.61 6.19 +0.54 –0.01 Finance 805.92 1.45 9.53 +0.41 +0.59 Banks 845.25 1.34 17.09 +0.28 +0.04 Canadians/Yankees 751.87 1.30 34.11 +0.34 +0.34 Long-term (10 years and over) 3921.68 2.98 36.36 +1.98 +0.22 MARKET Industrials 1510.41 2.98 22.24 +1.94 +0.36 Utilities 1492.16 3.02 7.20 +2.17 +0.38 STATISTICS Finance 1529.29 2.90 3.31 +2.12 +0.56 For additional market data, please visit Banks 1625.35 2.90 3.03 +1.44 –1.48 bondbuyer.com/marketstatistics. Canadians/Yankees 2073.25 3.25 10.99 +1.57 –0.77 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_BB072621 13 7/23/2021 4:29:18 PM Market Statistics Monday, July 26, 2021 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 February 26, 2021 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after JUL 21 22 ...... 2.03 1.56 2.39 1.26 1.90 15 ...... 2.04 1.57 2.40 1.30 1.92 the July 15, 2021 pricings. The list will be revised at the next regularly scheduled revision 8 ...... 2.04 1.57 2.40 1.29 1.91 on July 30, 2021. 1 ...... 2.14 1.67 2.50 1.47 2.07 JUN 21 24 ...... 2.16 1.69 2.53 1.49 2.10 As a result, the coefficient remains at 1.0695, the average coupon rate at 4.06%, the 17 ...... 2.09 1.62 2.45 1.52 2.11 average par call date is September 27, 2026 and the average maturity date is 10 ...... 2.07 1.60 2.43 1.45 2.15 November 16, 2046. 3 ...... 2.18 1.71 2.54 1.63 2.30 MAY 21 27 ...... 2.20 1.73 2.56 1.62 2.30 20 ...... 2.26 1.79 2.62 1.64 2.34 13 ...... 2.28 1.81 2.64 1.66 2.40 6 ...... 2.25 1.78 2.61 1.57 2.24 APR 21 29 ...... 2.27 1.80 2.63 1.64 2.31 22 ...... 2.26 1.79 2.62 1.56 2.24 15 ...... 2.26 1.79 2.62 1.55 2.23 8 ...... 2.30 1.83 2.66 1.63 2.32 1 ...... 2.34 1.87 2.70 1.68 2.34 MAR 21 25 ...... 2.35 1.88 2.71 1.63 2.34 18 ...... 2.40 1.93 2.76 1.71 2.45 11 ...... 2.35 1.88 2.71 1.52 2.25 4 ...... 2.44 1.97 2.80 1.55 2.30 FEB 21 25 ...... 2.44 1.97 2.80 1.55 2.34 18 ...... 2.17 1.70 2.54 1.29 2.08 11 ...... 2.10 1.63 2.47 1.16 1.95 4 ...... 2.14 1.67 2.51 1.14 1.93 JAN 21 28 ...... 2.14 1.67 2.51 1.05 1.81 21 ...... 2.21 1.74 2.58 1.09 1.83 14 ...... 2.21 1.74 2.58 1.14 1.88 7 ...... 2.17 1.70 2.56 1.08 1.85 DEC 20 31 ...... 2.12 1.65 2.53 0.92 1.64

(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/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. A2 / A / AA– *South Carolina Aaa / AA+ / AAA *Georgia Aaa / AAA / AAA New York City Aa2 / AA / AA– *Texas Aaa / AAA / AAA Houston, Tex. Aa3 / AA / AA *New York State Aa2 / 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– A+ Los Angeles Department of Water and Power, Calif., electric revenue ...... Aa2 AA AA data, Massachusetts Port Authority (AMT) ...... Aa2 AA– AA The Bond Buyer 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 your reliable quantitative New York State Local Government Assistance Corp., revenue ...... Aa1 AA+ NR New York State Power Authority, general purpose ...... Aa2 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 A+ A+ tool for understanding 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+ the municipal market. 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) Go to bondbuyer.com/marketstatistics for more information. Weekly Yields of 20-Bond GO Index and Treasury Securities [email protected]

20-Bond Index 5.00 Treasury Bond

4.00 Treasury Note

3.00

2.00

1.00

0.00 7/23/2020 10/22/2020 1/21/2021 4/22/2021 7/22/2021 BB-Market Statistics House Ad V2.indd 1 6/21/21 2:04 PM Latest Previous Year 12-Month Week Week Ago High Low 20-Bond Index 2.03 2.04 2.10 2.44 2.02 MARKET 10-Year Treasury Note 1.26 1.30 0.59 1.71 0.54 30-Year Treasury Bond 1.90 1.92 1.24 2.45 1.20 STATISTICS Basis Pt Spread to Note –77.30 –74.30 –151.00 –55.40 –161.00 BBI as % of Note 161.50 157.29 355.93 387.04 134.07 For additional market data, please visit Basis Pt Spread to Bond –13.40 –12.10 –86.00 11.70 –89.00 bondbuyer.com/marketstatistics. BBI as % of Bond 107.07 106.31 169.35 174.17 94.91

014_BB072621 14 7/23/2021 5:14:46 PM Monday, July 26, 2021 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 139.12 139.13 139.14 138.10 135.20 Standard & Poor’s Securities Evaluations Inc. Friday, July 23, 2021 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 110.6560 0.9256 119.5506 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 111.4850 0.9628 115.7925 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 110.5720 0.9256 119.4598 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 110.5830 0.9269 119.3041 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 108.4580 0.9269 117.0115 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 108.8010 0.9269 117.3816 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 112.250 unch 1.64 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 110.4110 0.9269 119.1186 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 118.375 unch 1.54 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 108.7940 0.8539 127.4084 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 109.750 unch 1.30 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 109.2840 0.8539 127.9822 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 116.125 unch 1.92 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 108.0730 0.8771 123.2163 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 115.250 unch 1.37 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 108.6040 0.8595 126.3572 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 109.7180 0.8595 127.6533 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 111.7590 0.8539 130.8807 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 110.625 - 0.125 0.32 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 111.8550 0.8568 130.5497 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 110.375 unch 0.40 15 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 106.3080 0.7809 136.1352 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 113.500 unch 1.81 16 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 106.2510 0.7768 136.7804 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 109.250 unch 1.14 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 105.7550 0.7768 136.1419 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 111.875 unch 1.15 18 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 112.7000 0.8512 132.4013 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 116.875 unch 1.57 19 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 112.2630 0.8512 131.8879 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 108.750 unch 0.60 20 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 113.1140 0.8568 132.0191 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 111.750 unch 1.15 21 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 115.2650 0.8512 135.4147 22 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 115.2840 0.8568 134.5518 HOSPITAL 23 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 110.6500 0.8174 135.3682 A3/A-/- Bucks County Industrial Dev Auth.3.00 08/15/2053 . . . 105.000 unch 2.39 24 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 114.9880 0.8568 134.2063 -/BB+/- Bucks County Industrial Dev Auth.4.00 07/01/2051 . . . 114.750 unch 2.34 25 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 113.5310 0.8512 133.3776 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 106.250 unch 1.74 26 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 115.5010 0.8484 136.1398 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 105.750 unch 1.84 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 115.3580 0.8484 135.9712 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 113.625 unch 1.63 28 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 113.6650 0.8568 132.6622 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 108.625 unch 1.31 29 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 115.5680 0.8484 136.2188 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 115.000 unch 1.67 30 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 114.6510 0.8539 134.2675 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 115.000 unch 1.37 31 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 116.8640 0.8512 137.2932 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 115.625 unch 1.72 32 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 114.9890 0.8595 133.7859 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 106.250 unch 1.64 33 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 116.7420 0.8625 135.3530 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 117.250 - 0.375 1.54 34 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 118.3270 0.8484 139.4708 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 112.750 unch 1.51 35 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 114.8070 0.8539 134.4502 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 114.750 unch 1.93 36 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 117.2940 0.8568 136.8978 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 115.500 unch 1.57 37 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 116.1460 0.8539 136.0183 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 115.375 unch 1.59 38 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 115.3640 0.995 115.9437 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 114.625 unch 1.73 39 Bucks County Industrial Dev Auth. 3.00 . . .08/15/2053 08/15/2030 105.0090 0.7893 133.0407 40 Bucks County Industrial Dev Auth. 4.00 . . .07/01/2051 07/01/2031 114.7120 0.8484 135.2098 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 113.125 unch 1.54 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 112.2540 112.2887 112.2998 111.4104 109.6160 POWER Yield To Par Call ...... 1.60 1.60 1.60 1.80 2.37 Yield To Maturity ...... 3.37 3.36 3.36 3.41 3.54 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 111.500 unch 0.59 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 110.625 unch 0.48

This Index is owned by The Bond Buyer. Copyright 2021 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 2021 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 . . . . 110.625 unch 0.12 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A3/BBB+/A- Metro Transp Auth NY.5.00 11/15/2043 ...... 108.500 unch 1.28 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A3/BBB+/A- Metro Transp Auth NY.5.00 11/15/2038 ...... 108.750 unch 1.14 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 115.375 unch 16.63 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 108.125 unch 1.40 The Municipal Bond Index presented today employs the coefficient derived from the July 15, 2021 pricing, A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 115.250 unch 1.51 when it was set at 1.0695. 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 par call WATER date ( September 27, 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 Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 110.625 unch 1.69 average price, the average coupon, and the average maturity date (November 16, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 116.750 unch 1.45

015_BB072621 15 7/23/2021 5:14:24 PM Monday, July 26, 2021 16 The Bond Buyer

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