Vol. 393 No. 35469 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Wednesday, March 3, 2021

WEDNESDAY Boom Year Midwest borrowing hit www.bondbuyer.com SEC Asked $83.6 billion in 2020 WASHINGTON For Volume Volume was up in three of four quarters compared to 2019 To Go Light CONGRESSIONAL LAWMAKERS SAID $25B Tuesday the reintroduction of In Midwest legislation to end Puerto Rico’s By Yvette Shields $20B unequal treatment under feder- $22.8B On ATS Regs al benefits programs by admit- $21.3B Municipal bond issuers in the $15B $20.0B $19.4B ting the territory as the 51st Midwest sold $83.58 billion of By Sarah Wynn state has better prospects for debt in 2020, a 15.8% increase as $10B consideration this year. ���������4 borrowers streamed into the market Broker-dealers and operators with refunding paper. $5B of electronic trading platforms GOVERNORS AND MAYORS AROUND Refunding volume swelled by are warning the Securities and the country are voicing bipar- 53% to $32.1 billion, according to $0 Exchange Commission that ex- tisan support for the direct Refinitiv data, marking a second panding alternative trading sys- federal aid approved by the year of steep growth as rates hov- First Quarter Second Quarter Third Quarter Fourth Quarter tem regulation to request for House last week without any ered around and hit new lows. That Source: Refinitiv quote functions would harm the Republican votes. �����������������4 offset a 2.2% dip in new money municipal market. issuance. In comment letters filed to the THE MARKETS “We had explosive growth in the to preserve balances and whatever tuate with interest rates and arbi- SEC on Monday regarding a con- MUNICIPALS WERE LITTLE CHANGED Midwest but it’s not because of a powder they in their treasury.” trage issues as well as the potential cept release to update the current with triple-A benchmarks hold- sudden interest in capital projects The Midwest volume surge “has return of tax-exempt advance re- alternative trading system regime ing steady and investors on the and infrastructure,” said Richard everything to do with low interest fundings under a new Congress and to create uniformity, broker-deal- Ciccarone, president of Merritt Re- sidelines Tuesday. �����������������2 rates and refunding through taxable administration, taxable muni paper ers cautioned the SEC against us- search Services. “It was a pretty financings,” Ciccarone said. may now be imprinted on the mu- ing stringent regulatory require- WEB EXCLUSIVES paltry year for infrastructure and Taxable borrowing rose by 67% nicipal market as a new fixed-in- ments on all electronic platforms that was in part due to borrow- to $22.19 billion compared to a come asset class. without first conducting a study RICK G. HOLZINGER, 63, THE HEAD ers feeing under pressure by the more modest 6.5% hike in tax-ex- “It’s a pivotal, break-out year,” on the impact of additional reg- of investor relations at Build COVID-19 pandemic and wanting empts to $60.45 billion. Nationally, Ciccarone said of taxable buyers. ulations. America Mutual, died on taxable issuance doubled and re- “They’ve now developed an appe- “Electronic trading of corpo- March 1 after a long illness. funding volume was up 38%. tite for the adjusted risk and secu- rate and municipal bonds is still TUESDAY’S YIELDS The use of taxable structures rity in general and established so developing and creating signifi- stood out in the absence of the their presence.” cant regulatory burdens on elec- JOHN KNOX, 64, A LONGTIME PUBLIC The Bond Buyer 40 finance partner at Orrick who ability to advance refund debt with Corporate crossover buyers have tronic platforms could harm the aided the cities of Vallejo and 5.0 tax-exempts, and market conditions grown more comfortable with mu- customer interactions with their Stockton through Chapter 9 4.2 To Maturity supercharged the numbers. Nation- nicipal credits and are attracted by broker-dealers and ultimately bankruptcy almost a decade 3.56 Unchanged ally, corporate borrowing spiked the yields relative to investment reduce the number of different ago, died at home on Feb. 27. 3.4 223% to $40 billion fueling beliefs grade corporate bonds and their in- platforms available when most To Par Call that a trend is at hand. terest has broadened to cover both retail investors generally want 2.6 2.38 Unchanged MAINE’S REVENUES, IN THE FACE While refunding levels will fluc- Turn to Midwest page 6 Turn to Regulation page 31 of COVID-19, have surpassed 1.8 downgraded expectations by 1.0 $154.3 million, or 6.6%, 02/17 02/22 02/25 03/02 for the first seven months of Mayor: NYC Capital Program Restart Bodes Well fiscal 2021, according to the 5.5 By Paul Burton Department of Administrative 5.0 and Financial Services. 4.5 The restart of $17 billion of 4.0 A CONSORTIUM OF U.S. MAYORS HAS capital projects stalled under 3.5 COVID-19 bodes well for New rebooted an infrastructure 3.0 York City’s recovery, Mayor Bill playbook filled with policy 2.5 de Blasio said. proposals to overhaul how 2.0 By the end of March, more the federal government funds 1.5 than 1,700 projects will have the infrastructure and partners MFJDNOSAJJMA go-ahead to resume, de Blasio with localities. Complete market coverage appears on page 2 told reporters on Monday. School construction, affordable housing, major library projects, park and sewer upgrades, and pe- destrian and cyclist safety mea- sures will be among the priorities, according to the mayor. “That $17 billion is going to make a huge impact and help New York City come back strong.” Ed Reed/Mayoral Photography Office The City Council, which is con- sidering de Blasio’s $92.3 billion “I’ve been especially concerned for MWB/E contractors, small contrac- Turn to Capital page 5 tors who’ve struggled over the last year,” said the city’s Lorraine Grillo.

001_BB030321 1 3/2/2021 5:07:06 PM Market News Wednesday, March 3, 2021 2 The Bond Buyer Day Two For New York City Retail; Munis in Holding Pattern Municipals were little changed with tri- demic winds year at 1.81%. ment rate continually fell, and inflation ple-A benchmarks holding steady and in- down, this will The ICE AAA has not responded to “movements in out- vestors on the sidelines Tuesday awaiting take time, as municipal yield put and employment” as in the past. new paper to test the higher-yield environ- holders of those curve showed The changing conditions make conven- ment as U.S. Treasuries pared back morning nearly 600,000 short maturities tional monetary policy use more difficult. losses and equities were mixed after Mon- lost jobs may at 0.13% in 2022 “We need to be vigilant against all the risks day's record rally. New York City priced have left the and 0.20% in in the economy, but we also must weight bonds for retail investors for the second day city, and many 2023. The 10- them by their likelihood and expected cost,” with no changes from Monday's levels. businesses have year stayed at Daly said. “As for the likelihood of runaway Trading of high-grade Maryland, shuttered perma- 1.11% while the inflation, I don’t see this risk as imminent, Washington and various New York cred- nently,” Ceffalio 30-year yield re- and neither do market participants.” its showed some firming, but nothing to and Luby wrote. By Lynne Funk & Gary Siegel mained at 1.82%. Still to come in the primary this week, move benchmarks. A few trades of Austin “There are myr- The IHS Markit the University of Chicago (Aa2/AA-/ Texas Electric Utility System 5s of 2045 iad uncertainties municipal analyt- AA+/) is set to price $609.6 million of showed weaker prints from Friday after a to the recovery, notably two Manhattan ics AAA curve showed yields at 0.12% in taxable corporate CUSIP fixed-rate bonds, Chapter 11 bankruptcy filing Monday of a staples: tourists and commuters. We ex- 2022 and at 0.16% in 2023 while the 10-year serials 2044-2052, in a Citigroup-priced large-scale electric power cooperative and pect both to return, but how soon and how stayed at 1.09% and to 30-year at 1.77%. negotiated deal. The Illinois Finance Au- rating agencies have placed public utilities many of each are open questions.” The Bloomberg BVAL AAA curve thority (Aa2/AA-/AA+/) will also price and cities with their own utilities on watch In data released Tuesday, the New York showed yields at 0.12% in 2022 and at $218.3 million of exempt revenue bonds for possible downgrade in the wake of the City manufacturing sector did not fare 0.19% in 2023, while the 10-year stayed for the University of Chicago in a Series storm that brought blackouts and nearly well in February, with business condi- at 1.11%, and the 30-year yield at 1.82%. 2021 A structured from 2022 to 2023; caused the collapse of the Texas grid. tions and employment seeing “significant The three-month Treasury note was yield- 2025; 2028; and 2031 to 2034. Ratios rose slightly again with the 10- drops,” according to the Institute for Sup- ing 0.09%, the 10-year Treasury 1.41% and Ohio is slated to sell $564.2 million year muni/UST at 81% and the 30-year at ply Management-New York. the 30-year Treasury was yielding 2.21% of GOs in two-series — new money and 81%, according to Refinitiv MMD. ICE The current business conditions index near the close. Equities were mixed with the refunding portions — priced by BofA Data Services showed ratios at 78% in 10 plunged to 35.5 in February from 51.2 in Dow up 581 points, the S&P 500 up 2.34% Securities. The new-money series in- years and 81% in 30. Bloomberg BVAL January, while the six-month outlook slid and the Nasdaq up 2.89%. cludes $226.4 million of Series SCH-A had the 10-year at 79% and the 30 at 85%. to 51.5 from 53.3, and the employment Also. Federal Reserve Bank of San Fran- bonds and $107.8 million of Series SCH-B In the primary, BofA Securities priced index fell to 41.1 from 60.6. cisco President Mary Daly addressed the bonds. The refunding portion consists of for retail investors for the second day $1.25 This contrasts other manufacturing in- expectations that inflation will soar and the $204.9 million Series HE-A and a $25 billion New York City (Aa2/AA/AA-/) gen- dexes, which have shown strength in the Fed will have to remove accommodation million taxable series. eral obligation offering at the same levels as sector. sooner than believed. “I see this as the tug The Texas Public Finance Authority will Monday. The $900 million Fiscal 2021 Series BofA Securities priced $372 million of of fear,” Daly told the Economic Club of issue $326 million of lease revenue bonds F and Subseries F-1 saw bonds in 2023 with bridge revenue bonds for the San Fran- New York in a webcast. “The reaction to for the Texas Department of Transporta- a 3% coupon yield 0.37%, 5s of 2026 at cisco Bay Area Toll Authority (Aa3/AA/ a memory of high and rising inflation, an tion-Austin Campus Consolidation Project. 0.89%, 3s of 2035 at 2.28%, 5s of 2036 at AA/). Bonds in 2056 with a 2% coupon inexorable link between unemployment, The taxable series 2021 bonds are struc- 2.05%, 3s of 2041 at 2.62%, 4s of 2047 at yield 1.17% with a mandatory 2028 tender wages and prices, and a Federal Reserve tured to mature from 2022 to 2041 and is 2.63% and 3s of 2051 at 2.85%. The $240 and 2027 call option, $56 million in 2056 that once fell behind the policy curve.” being priced by Barclays Capital Inc. million Fiscal 2021 Series 1 reoffering had with a 2024 tender and 2023 call option It’s a different world, she said, and while The City of Orange, California, will sell 5s of 2028 at 1.21%, 5s of 2031 at 1.65% and came at +28 basis points to SIFMA and lessons should be learned from the past, they $285.6 million of taxable pension obliga- 5s of 2035 at 2.00%. The $113 million Fiscal $100 million of 2056 with a 2026 tender shouldn’t “dictate current and future policy.” tion bonds in a deal being priced by Stifel, 2008 Series L Subseries L-5 reoffering had and 2025 par call came at +45 basis points For example, the long-term unemploy- Nicolaus & Co. Inc. q 5s of 2032 at 1.74% and 5s of 2035 at 2.00%. to SIFMA. Institutional pricing of New York City BofA also priced $354.3 million taxable and competitive deals from Baltimore fixed-rate bonds at par: 2025 at 0.879%, and Cambridge, Mass., should help give 2026 1.079%, 2031 2.069%, 2036 at NY Manufacturing sector takes a hit a sense of where yields are heading. Ohio 2.619% and 2040 at 2.982%. Current conditions and expectations slip again offers up state GOs. Secondary trading was light but some CreditSights placed New York City’s bonds exchanged hands close to recent Current Six-month GOs on a “market underperform” in a levels to a touch firmer. 80 Tuesday report, citing elevated risks due to Washington GO 5s of 2022 traded at 70 population and job losses and an uncertain 0.15%. University of Washington 5s of 60 recovery as a result. 2027 at 0.76%-0.75%. “While we believe New York’s credit Maryland 5s of 2029 at 0.96% versus 50 is sturdy for now, particularly with more 0.98% Friday. Maryland 5s of 2031 at 40 stimulus likely to come, risks are elevated 1.17% versus 1.19% Friday. Maryland 5s 30 in the medium- and long-terms, particular- of 2032 at 1.22% (original 1.20%). Mary- ly compared to broader credits like New land 5s of 2034 traded at 1.33% versus 20 York State with a tax base that encom- 1.34%-1.30% Friday. 10 passes urban, suburban, and rural areas,” Columbus Ohio, 5s of 2034 at 1.45%. 0 the report by John Ceffalio and Patrick Washington 5s of 2034 at 1.42% versus March April May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Luby said. 1.52%-1.51% Wednesday. Washington 5s 2020 2021 The report noted the city’s 10-year of 2036 at 1.51%. Maryland 5s of 2036 at benchmark GO yield, which was evaluat- 1.43% versus 1.44%-1.40% Monday. Source: Institute for Supply Management-New York ed at just +8 over AAA municipals prior Los Angeles DWP 5s of 2039 at 1.65%- to the pandemic, widened to +66 by May. 1.64%. New York City TFA 4s of 2041 “Since then, spreads steadily tightened at 2.33%. Austin Electric 5s of 2045 at Tuesday’s Data along with the market, buoyed by feder- 1.87%-1.86% versus 1.84%-1.72% Friday. 8 7 al aid, and most recently traded at +28, New York City water 5s of 2048 at Government Securities Prices 10-year: 97 /32 to yield 1.42%, up /32 representing a yield of 1.91%,” the report 2.12%-2.11% versus 2.14%-2.13% Mon- 30-year: 9217/ to yield 2.22%, up 5/ said. day. NYC water 5s of 2051 at 2.17% ver- 32 32 Municipal Bond Index 1353/ , up 1/ Spreads on an Oct. 5 GO non-callable sus 2.21%-2.20% Monday. 32 32 5s of 2030 were priced at about +80 to High-grade municipals were little The Bond Buyer’s Total: $10.812 billion, down $1.085 billion triple-A benchmarks. That same bond was changed, according to final readings on Ref- 30-Day Visible Supply Competitives: $5.022 billion, down $84.9 million evaluated at +26 as of the close on Friday, initiv MMD’s AAA benchmark scale. Short (as of 3/03) Negotiated: $5.791 billion, down $1.000 billion yields were at 0.12% in 2022 and 0.19% in the report noted. The MuniCenter List Offering Total: $011.0 million, up $0.5 million “While jobs will rebound as the pan- 2023. The 10-year sat at 1.15% and the 30-

002_BB030321 2 3/2/2021 5:07:07 PM Wednesday, March 3, 2021 www.bondbuyer.com 3

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003_BB030321 3 3/2/2021 5:07:14 PM Washington Wednesday, March 3, 2021 4 The Bond Buyer Bill For Puerto Rico Statehood Reintroduced THE AUTHORITY ON MUNICIPAL BONDS SINCE 1891

One State Street Plaza, 27th Floor, New York, N.Y. 10004 By Brian Tumulty come (SSI) are among the top priorities main difference between DC statehood for the territory that would be resolved if and Puerto Rican statehood,” Gonza- Phone: 212-803-8200 Congressional lawmakers said Tuesday the island became a state. lez-Colon said. the reintroduction of legislation to end Separate legislation to provide SSI dis- The Puerto Rico Admissions Act rein- Editor in Chief – Michael Scarchilli (212) 803-8214 Puerto Rico’s unequal treatment under ability benefits for residents of Puerto troduced Tuesday in the House by Gonza- federal benefits programs by admitting the Rico also has been introduced in Congress lez-Colon, a Republican, and Democratic Managing Editor – Gary Siegel (212) 803-1560 territory as the 51st state has better pros- this year. And on Monday, the U.S. Su- Rep. Darren Soto of Florida has 51 bipartisan National Editor – Rich Saskal (510) 227-5169 pects for consideration this year. preme Court agreed to hear oral arguments cosponsors, up from 21 in the last Congress. President Biden has gone on record fa- in a case involving SSI benefits for a resi- Democratic Sen. Martin Heinrich of Innovation Editor – Lynne Funk (212) 803-8237 voring statehood, unlike his predecessor dent of Puerto Rico. New Mexico is planning on soon introduc- Washington Bureau Chief – Kyle Glazier (571) 403-3857 who slow-walked federal aid to the terri- Moody’s said the downside of statehood ing a Senate companion bill, according to

tory in the wake of Hurricanes Maria and would be “new federal taxing require- Gonzalez-Colon. REGIONAL EDITORS Irma with concerns about local corruption. ments imposed on commonwealth resi- The Senate bill is expected to be bipar- “Admission as the 51st state would put dents and businesses.” tisan because both of Florida’s Republican Midwest – Yvette Shields (773) 282-9106 the commonwealth on equal footing with Completion of a territorial debt-restruc- senators, Marco Rubio and Rick Scott, Southwest – Richard Williamson (469) 705-1638 other states to receive key sources of fed- turing plan would likely be a congressio- have publicly supported Puerto Rico state- eral funding, especially for Medicaid, a nal precondition for statehood. hood in the past, said Gonzalez-Colon. Northeast – Paul Burton (212) 803-8723 credit positive,” Moody’s said in a report Statehood requires passage of enabling With Democrats having regained ma- Far West – Keeley Webster (818) 481-6168 issued in November. legislation by the House and Senate with jority control of the Senate, a vote in the The report was issued shortly after a approval by the president. The proposed upper chamber is more likely in the cur- SENIOR MARKET REPORTER referendum on U.S. statehood received legislation also requires a ratification vote rent Congress given that Senate Majority more than 52% support among Puerto by residents of the island. Leader Chuck Schumer of New York has Chip Barnett – (212) 803-8221 Rico voters. Legislation to allow the District of Co- gone on record as favoring statehood. New The new governor of the territory is Pedro lumbia to become a state already has been York has a large Puerto Rican population, REPORTERS Pierluisi, a member of the pro-statehood New reintroduced and is a priority for congres- especially in New York City. Christine Albano – (347) 937-0408 Progressive Party who is well-positioned to sional Democrats. Statehood legislation last passed Con- lobby in Washington for statehood after serv- Puerto Rico’s Resident Commissioner gress 62 years ago in 1959. Passage of the Robert Slavin – (212) 803-8266 ing for eight years as Puerto Rico’s nonvoting Jenniffer Gonzalez-Colon and Puerto Rico Act to Provide for the Admission of the Brian Tumulty – (571) 403-3845 member of the U.S. House. Gov. Pedro Pierluisi said Tuesday they State of Hawaii into the Union dissolved Increased federal funding for Medicare, both support DC statehood but want the the territory of Hawaii and established the Aaron Weitzman – (212) 803-8223 the Supplemental Nutritional Assistance Puerto Rico legislation kept separate. State of Hawaii as the 50th state effective Sarah Wynn – (571) 403-3843 Program, and Supplemental Security In- “This is a bipartisan bill, which is the Aug. 21, 1959. q

STATISTICS DEPARTMENT Outside Congress, Some Republicans Support Biden Aid E-mail: [email protected] Statistics Hotline: (212) 803-8244 By Bryan Tumulty Association of Clean Water Agencies, the of the NLC. Other city functions have been National Education Association, and the Na- cut by 11%. Governors and mayors are demonstrating tional Association of Towns and Townships. At the state level, some states had revenue Competitive Offerings: 212-849-3870 bipartisan support for the direct federal aid “This pandemic and the resulting econom- gains or smaller than expected declines since Negotiated Offerings: 212-849-3871 approved by the House last week without ic crisis are not partisan issues,” the letter last March, according to a recent report by Competitive/Negotiated Sales Results: 212-849-3873 any Republican congressional votes. said. “In communities across this country, the State and Local Finance Initiative of the The $1.9 trillion American Rescue Plan, local officials are desperate to get residents Urban Institute. which includes $350 billion in direct state vaccinated, healthy, and back to work.” But on average, state revenues declined by Executive Director, Brand Studio and local aid, is expected to be approved Republican Mayors John Giles of Mesa, 1.8% between March and December. Five Michael Chu (212) 803-8313 by the Senate on party lines by the end of Arizona, and David Holt of Oklahoma City states — Florida, Texas, Oregon, Alaska, and this week. Vice President Kamala Harris is appeared on CNN last week to dismiss Hawaii — had revenue losses of more than Publisher expected to cast the tie-breaking 51st vote charges by congressional Republicans that 9% from the onset of stay-at-home orders in under a budget procedure known as recon- some cities have experienced revenue in- March. Michael Ballinger (212) 803-8481 ciliation. creases. President Biden also has courted support Republican support for the measure has “I don’t know of a city where revenues for his $1.9 trillion plan among governors ADVERTISING / CONFERENCES

been limited to outside the Washington have gone up,” Holt told CNN. “That’s news and mayors. Melissa Kroc – National Sales Manager, Conferences (212) 803-6089 Beltway, and includes outspoken individual to me and I think that’s not true. Whether During an address to the winter meeting governors such as West Virginia Gov. Jim your mayor is a Republican or a Democrat, of the National Governors Association last Justice. In addition, there has been bipartisan revenues are down. It may not be uniform week, Biden said that “over 400 mayors con- ADVERTISING / LEGAL support from state and local groups such as around the country, but there are ways to tacted me to get this plan passed. I know a lot Kerry-Ann C. Parkes – National Sales Manager, Legal Advertising the U.S. Conference of Mayors, the National compensate for that in the legislation.” of you have moved to do that.” League of Cities, and the National Associa- Oklahoma City has experienced a 5% drop Of the 402 members of the U.S. Confer- (212) 803-8436 tion of Counties. in revenues that precipitated cuts of about 4% ence of Mayors who released a statement on Justice, who has spent the last month pub- to public safety functions, including a freeze Jan. 29 in support of the $350 billion in direct MARKETING licly advocating for a large federal stimulus in hiring, said Holt, who serves on the board federal aid, 83 are Republicans. q Jamie Billington – Senior Marketing Manager (212) 803-6099 bill, advised Congress on Friday to “go big or go home,” according to the Associated CUSTOMER SERVICE LICENSING AND REUSE OF CONTENT: Contact our official partner, Press. For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. “We have tried to underspend and under- Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) Wright’s Media, about available usages, license and reprint fees, and Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at size what was really needed to get over the [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 award seal artwork at [email protected] or (877) 652-5295 top of the mountain,” Justice told reporters at Arizent materials. Single copies of current issues are available for $15. Back issue prices are based on publication date. a coronavirus briefing. “You got a lot of peo- Cancellation Policy for Print & Electronic Subscriptions: for more information. Please note that Wright’s Media is the only 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 ple across this nation who are really hurting.” subscription cancellations will receive a pro-rata refund of any prepaid subscription fees based on the date of termination. authorized company that we’ve partnered with for Arizent materials. NACo and the NLC were among 400 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. groups that sent a letter Monday to senators Send Payment to the Copyright clearance Center, 222 Rosewood Drive, Danvers, MA 01923. 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, Chief Executive Officer - Gemma Postlethwaite stating “enthusiastic endorsement” for the NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices. $350 billion “in flexible aid for our states, POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery Chief Financial Officer - Debra Mason service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. cities, counties, tribes, and territories.” Chief Strategy Officer - Jeff Mancini Other signatories include the School Su- COPYRIGHT RESPONSIBILITY ©2021 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 Chief Content Officer - David Evans perintendents Association, the National As- 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 permission. Federal copyright law carries liability of up to $100,000 per issue for such infringement. sociation of Bond Lawyers, the National Chief People Officer - Lee Gavin

004_BB030321 4 3/2/2021 5:07:15 PM Wednesday, March 3, 2021 Regions www.bondbuyer.com 5 Capital Program Restart Bodes Well for NYC, Mayor de Blasio Says Continued from page 1 New York Stock Exchange member firms notably the duration of the pandemic. economy that have been particularly hard to have posted $45.8 billion in profits for “There also is the issue of behavioral hit by the pandemic,” she said. preliminary budget, held its first hearing on the year, or 63% greater than the $28.1 changes: Will some substantial portion of Other variables, according to Lowen- the spending plan Tuesday. The city’s pre- billion recorded in 2019. the workforce continue to work remotely stein, include the fiscal health of the state- liminary 10-year capital strategy for fiscal Testifying before the council’s online all or part of the time, and will travelers run Metropolitan Transportation Authority, 2022 through 2031, totals $119 billion. hearing, IBO Director Ronnie Lowenstein for business or leisure return to the city? which operates mass transit in the city; New budget director Jacques Jiha said cited “a number of uncertainties” that could These are vital questions for the retail, unspecified labor savings; and mid-year a drop in the overall property tax forecast, challenge the city economically and fiscally, leisure and hospitality sectors of the local state cuts to cities and school districts. q due to the decreased value of commercial and rental properties, had pushed the city’s projected gap to $5 billion in January from $3.8 billion in November. The city, he said, REGISTER TODAY! “leaned aggressively” on its savings program and sidestepped deficit borrowing or federal aid assumptions in balancing its plan. “We are still the midst of an unprece- dented health and fiscal crisis,” Jiha said. “However, we firmly believe New York City will recover faster than many people expect as social distancing requirements ease, the stimulus impacts are felt and consumers unleash pent up demand.” After Gov. Andrew Cuomo’s emergency declaration when the coronavirus surged last March, city officials pulled back on the capital program amid a sudden loss of liquidity in the municipal bond market. The move resulted in moving planned MUNICIPAL BOND commitments into the out years and reduc- ing the appropriations necessary. “I have really firsthand knowledge of how devastating this pandemic has been to so SCHOOL 2021 many architects, engineers, and construction professionals,” said senior advisor Lorraine Grillo. DDC is the design and construction man- 10 SESSIONS 5:30 – 6:45 PM ager for much of the city’s capital portfolio, working with other city agencies and the Mayor’s Office of Management and Budget. Tuesday February 2 Tuesday March 2 “I’ve been especially concerned for MWB/E [minority and women business Tuesday February 9 Tuesday March 9 enterprise] contractors, small contrac- tors who’ve struggled over the last year Thursday February 11 Thursday March 11 with these — when these projects were paused,” Grillo said. Tuesday February 23 Thursday March 18 Monday’s announcement came as the watchdog Independent Budget Office fore- Thursday February 25 Tuesday March 23 cast a tenuous recovery for the city. “The recovery will remain closely tied to the success of public health efforts to slow the spread of COVID-19 and reduce For further details, registration, syllabus and location, visit: its impact on the economy,” said IBO economist Cole Rakow. State Comptroller Thomas DiNapoli last www.bondschoolny.org week said that despite better-than-projected revenues from income and corporate taxes, debt service savings from lower interest rates and a deferral of labor costs to fiscal 2022, WEBINAR $500 the city will have to overcome major fiscal challenges in the years ahead. Budget risks, he said, could increase gaps to more than $7 billion annually. For registration questions please contact facilitators by email only: Local cases have trended downward since the last peak in mid-January, but along with hospitalizations and deaths, re- Nicolle Brescia | [email protected] main high relative to the rates of last sum- mer and fall. While the vaccination rollout Steve Siegel | [email protected] is gaining momentum, New York statewide remains below the national average for the percentage of the population vaccinated. “All of this suggests the city’s economic recovery will remain slow and fragile until CLASSES WILL BE HELD AS WEBINAR THIS YEAR greater and more sustained progress is made to increase the vaccination rate and reduce the number of cases, allowing for the safe resumption of some semblance of regular economic activity,” Rakow said. According to Rakow, estimates show REGISTER TODAY!

005_BB030321 5 3/2/2021 5:07:16 PM 6 Midwest Wednesday, March 3, 2021 TRENDS IN THE REGION The Bond Buyer

Midwest Borrowers Refunded Bonds Using Any Means Available in 2020

Continued from page 1 posed by COVID-19,” said IFA Executive Director Christopher Meister. “Notwith- safe and risker sectors. With several years of standing the low-rate environment, conduit rapid growth, buy side indexes with taxable borrowers across sectors generally demon- muni bonds are now established. strated caution with respect to new money For issuers, the ability to tap into a broad- projects as borrowers prioritized their re- er market of buyers on an ongoing basis is sponses to COVID-19.” good news for new money and refundings Looking ahead, new money conduit bor- alike as it adds to demand and will help keep rowing generally follows the health and di- borrowing costs down, which will be more rection of the economy, Meister said. notable if rates continue to rise this year, “If there is a swift improvement across Ciccarone said. economic sectors, we hope to see an in- Issuers in Illinois, Michigan, Ohio pushed creased number of borrowers as well as di- each state above $10 billion overall with verse and larger new money conduit bond Wisconsin close at $9.12 billion. Ten of the issues,” he said. 11 Midwestern states – Illinois, Iowa, Mich- Illinois placed number five among Mid- igan, Minnesota, Missouri, Nebraska, North west borrowers, credited with five deals for Dakota, Ohio, South Dakota, and Wisconsin $1.6 billion, but would have placed much all landed in positive territory with only In- higher in the ranking if its borrowing through diana borrowers recording a drop. the Federal Reserve’s Municipal Liquidity A look ahead at 2021 at Midwest bor- Bloomberg News Program was counted in the Refinitiv tally. rowing prospects is clouded with the Biden Illinois, the only state and one of two is- Administration and a Democratic-controlled “It’s a pivotal, break-out year,” Richard Ciccarone said of taxable buyers in the muni mar- suers to tap the program before its Dec. 31 congress. New federal relief that could bol- ket. “They’ve now developed an appetite for the adjusted risk and security in general.” expiration, borrowed $1.2 billion of one-year ster the coffers of local and state govern- notes in May and $2 billion of three-year ments, healthcare and education providers the same sold general obligation refunding vironment that has been great for all public bonds late in the year. Illinois plans a new won House approval along party lines Friday. bonds lifting the overall borrowing to about issuers,” said state Capital Finance Director money deal in the spring and will sell $2.9 That could allow some governments to ease $1.5 billion. The deal generated $310 million David Erdman. The state used forward de- billion of new money for capital through the purse strings on capital as could a nation- of savings of pre-COVID relief in the 2019 livery structures and taxable bonds to take fiscal 2022 which begins July 1 and an addi- al infrastructure program. and 2020 budgets. advantage of rates. tional $2.56 in fiscal 2023. The region’s most notable deal by size In September, Chicago sold $1.2 billion The 2020 numbers also reflect a $623 Citi took the top spot among senior man- came in late February before the pandemic of tax-exempt and taxable new money and million appropriation bond transaction that agers, credited with 46 deals valued at $7.1 storm hit with full force. The long-planned refunding for O’Hare International Airport resulted “not only in debt service savings, but billion followed by JPMorgan and Stifel. Buckeye Tobacco Settlement Financing Au- with Jefferies and Loop Capital Markets in also eliminated risk exposures the state had PFM Financial Advisors led advisory thority issue for $5.4 billion bumped a por- the lead slots. related to LIBOR-based variable rate obli- rankings, credited with 321 deals valued at tion of the bonds back into investment-grade Along with federal relief, the deal’s struc- gations and swap agreements,” Erdman said. $17.6 billion followed by Baker Tilly Mu- territory and eliminated default risk. ture provided a cushion for the airport’s ef- The state has kicked off 2021 with a busy nicipal Advisors and Acacia Financial Group The Buckeye deal, by far the largest in forts to weather the pandemic blow to air calendar in a series of new money and re- Inc. the nation in 2020, was tops among four travel at least through 2021, taking $257 funding transactions under its GO and rev- Squire Patton Boggs LLP led among bond billion-dollar-plus sales in the Midwest. Most million of savings upfront. enue credits. counsel followed by Chapman and Cutler of the big deals offered a mix of tax-exempt The Buckeye tobacco deal made it the The Illinois Finance Authority, the state’s LLP and Kutak Rock LLP. q and taxables, new-money and refunding; largest issuer in the region, followed by the largest conduit, placed third among the re- while none were driven solely by the pan- Wisconsin state government, which Refinitiv gion’s issuers with $2.1 billion of issuance on demic some were structured for pre-pan- credited with 10 issues totaling $2.3 billion. behalf of 13 borrowers that favored refund- demic relief and others to help navigate the “Issuance by the state of Wisconsin in ings over new money. For more content about this wounds. 2020 reflected typical new money needs Borrowers moved “quickly to capture low region, visit the Regional News Chicago sold $1 billion in January through along with refunding transactions that were rates to refinance existing debt despite the tab on BondBuyer.com. its Sales Tax Securitization Corp. The city at the result of the continued low interest en- additional duties, burdens and challenges

Visible Supply by State General Obligation Yield Curves for Mar. 1, 2021

March 2, 2021 February 23, 2021 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Illinois Baa3/BBB–/BBB– 0.74 1.76 2.40 3.05 Illinois 9 $312,545 7 $37,785 274,760 Indiana Aaa/AAA/AAA 0.13 0.61 1.25 1.92 Indiana 0 0 4 418,965 –418,965 Iowa Aaa/AAA/AAA 0.13 0.61 1.24 1.92 Iowa 6 95,785 8 98,935 –3,150 Michigan Aa1/AA/AA 0.14 0.63 1.27 2.00 Michigan 7 93,165 6 79,795 13,370 Minnesota Aa1/AAA/AAA 0.12 0.59 1.19 1.85 Minnesota 16 229,290 15 188,305 40,985 Missouri Aaa/AAA/AAA 0.14 0.62 1.21 1.86 Missouri 6 55,740 5 16,965 38,775 Nebraska NR/AAA/NR 0.14 0.64 1.30 1.98 Nebraska 3 6,355 7 163,925 –157,570 North Dakota 6 105,580 2 15,115 90,465 North Dakota Aa1/AA+/NR 0.14 0.67 1.31 1.98 Ohio 8 708,450 6 241,025 467,425 Ohio Aa1/AA+/AA+ 0.12 0.61 1.24 1.95 South Dakota 0 0 0 0 0 South Dakota Aaa/AAA/AAA 0.13 0.62 1.24 1.90 Wisconsin 18 342,720 17 162,110 180,610 Wisconsin Aa1/AA/AA+ 0.14 0.64 1.25 1.95 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

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007_BB030321 7 3/2/2021 5:07:18 PM Competitive Sales Notices Wednesday, March 3, 2021 8 The Bond Buyer $6,265,000 include certain banks, trust companies and securities dealers, and the transfers of the interests among its participants. The DTC participants will be responsible for establishing and maintaining CAMPBELL-SAVONA CENTRAL SCHOOL DISTRICT, records with respect to the beneficial ownership interests of individual purchasers in the Bonds. IN THE COUNTY OF STEUBEN, NEW YORK Individual purchases of beneficial ownership interests in the Bonds may only be made through book entries (without certificates issued by the District) made on the books and records of DTC SCHOOL DISTRICT (SERIAL) BONDS, 2021A (or a successor depository) and its participants, in denominations of $5,000 or integral multiples thereof. Principal of and interest on the Bonds will be payable by the District or its agent by NOTICE OF BOND SALE wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of (BOOK-ENTRY-ONLY) (CALLABLE) DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The District PROPOSALS will be received by the President of the Board of Education, Campbell-Savona will not be responsible or liable for payments by DTC to its participants or by DTC participants Central School District (the “District”), Steuben County, New York, at the officesof Capital Markets to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, Advisors, LLC (the “Municipal Advisor”), 4211 North Buffalo Road, Suite 19, Orchard Park, New its participants or persons acting through such participants. Notwithstanding the foregoing, upon York (Telephone No. 716-662-3910, Fax No. 716-662-6684), on Thursday, March 11, 2021, request of the successful bidder, the Bonds may be issued and registered to the purchaser thereof, in until 11:00 A.M. (Prevailing Time) via iPreo’s Parity Electronic Bid Submission System (“Parity”) denominations corresponding to the total principal amounts due in each year of maturity. or by facsimile transmission, at which time they will be publicly opened and announced, for the Submission of Bids purchase in FEDERAL FUNDS at not less than par and accrued interest of $6,265,000 SCHOOL Each proposal must be a bid of not less than $6,265,000 for all of the Bonds and must state in DISTRICT(SERIAL) BONDS, 2021A (the “Bonds”), maturing on June 15, in annual principal a multiple of one-hundredth of 1% or a multiple of one-eighth of 1%, the rate or rates of interest installments as shown below. per annum which the Bonds are to bear and may state different rates of interest for Bonds maturing Delivery and Payment Dates for the Bonds in different calendar years, provided, however, that (i) only one rate of interest may be bid for all The Bonds will be dated the date of their delivery, which is expected to be March 30, 2021, Bonds maturing in any one calendar year and (ii) variations in rates of interest so bid may be in any and will bear interest at the rate or rates per annum specified by the successful bidder therefor in order of maturity. accordance herewith, payable semiannually on June 15 and December 15, commencing June 15, Sealed proposals may be submitted electronically via Parity or via facsimile transmission at 2022, in each year to maturity. 716-662-6684, in accordance with this Notice of Sale, until the time specified herein. No other Year of Principal Year of Principal form of electronic bidding services nor telephone proposals will be accepted. No proposal will Maturity Amount* Maturity Amount* be accepted after the time for receiving proposals specified above. Bidders submitting proposals 2022 $465,000 2029 $480,000 via facsimile must use the “Proposal for Bonds” form attached hereto. Once the proposals are 2023 $465,000 2030 $485,000 communicated electronically via Parity or via facsimile to the District, each bid will constitute an 2024 $470,000 2031 $490,000 irrevocable offer to purchase the Bonds pursuant to the terms therein provided. 2025 $470,000 2032 $495,000 Bidding using Parity 2026 $475,000 2033 $505,000 Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers 2027 $475,000 2034 $510,000 of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to 2028 $480,000 become a customer. By submitting an electronic bid for the Bonds, a bidder represents and warrants Post-sale Adjustment of Par Amount of the Bonds to the District that such bidder’s bid for the purchase of the Bonds is submitted for and on behalf of such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, The annual maturities of the Bonds may be adjusted for the purpose of attaining debt valid and enforceable contract for the purchase of the Bonds. service that is substantially level or declining, as provided pursuant to Section 21.00(d) Each prospective bidder who wishes to submit an electronic bid shall be solely responsible to of the New York State Local Finance Law. Such adjustments will be made by 4:00 P.M. (Prevailing register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make Time) on the date of the bid opening. The successful bidder may neither withdraw nor modify its necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and bid as a result of any such post- bid adjustment. Any such adjustment shall be conclusive, and shall in compliance with the requirements of this Notice of Sale. Neither the District nor Parity shall be binding upon the successful bidder. have any duty or obligation to undertake such registration to bid for any prospective bidder or to The Bonds of each maturity, as adjusted, will bear interest at the same rate and must have the same provide or assure such access to any qualified prospective bidder, and neither the District nor Parity initial reoffering yields as specified for that maturity by the successful bidder for the Bonds. It is the intent shall be responsible for a bidder’s failure to register to bid or for proper operation of, or have any of this provision to hold constant, on a per bond basis, the successful bidder’s underwriting spread. However, liability for any delays or interruptions of, or any damages caused by Parity. The District is using the award will be made to the bidder whose bid produces the lowest true interest cost, calculated as specified Parity as a communications mechanism, and not as the District’s agent, to conduct the electronic below, solely on the basis of the Bonds offered, without taking into account any adjustment in the amount of bidding for the District’s Bonds. The District is not bound by any advice or determination of Parity Bonds pursuant to this paragraph. as to whether any bid complies with the terms of this Notice of Sale. All costs and expenses incurred Changes to the Time and/or Date of Bid Opening by prospective bidders in connection with their registration and submission of bids via Parity are The District reserves the right to change the time and/or date of the bid opening, and notice of the sole responsibility of the bidders, and the District is not responsible, directly or indirectly, for any change thereof shall be provided at least one (1) hour prior to the time set forth above for the any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, opening of sealed proposals, by means of a supplemental notice of sale to be transmitted over the or submitting or modifying a bid for the Bonds, it should telephone Parity and notify the District’s Thomson Municipal Newswire. Municipal Advisor, Capital Markets Advisors, LLC at 716-662-3910 (provided that the District Optional Redemption for the Bonds shall have no obligation to take any action whatsoever upon receipt of such notice). The Bonds maturing in the years 2022 to 2029, inclusive, are not subject to redemption prior If any provisions of this Notice of Sale shall conflict with information provided by Parity, as to maturity. approved provider of electronic bidding services, this Notice of Sale shall control. Further The Bonds maturing on or after June 15, 2030 will be subject to redemption prior to maturity, at information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. the option of the District, on any date on or after June 15, 2029, in whole or in part, and if in part in The time maintained by Parity shall constitute the official time with espectr to all bids submitted. any order of their maturity and in any amount within a maturity (selected by lot within a maturity), Bidders submitting bids via facsimile do not need to register to bid. at the redemption price equal to the principal amount of the Bonds to be redeemed, plus accrued Good Faith Deposit interest to the date of redemption. As a condition precedent to the consideration of the bidder’s proposal, a good faith deposit The District may select the maturities of the Bonds to be redeemed and the amount to be (the “Deposit”) in the amount of $62,650 is required for each bid to be considered. Such Deposit redeemed of each maturity selected, as the District shall determine to be in the best interest of may be in the form of: (i) a certified or cashier’s check payable to the order of “Campbell-Savona the District at the time of such redemption. If less than all of the Bonds of any maturity are to be Central School District, County of Steuben, New York,” or (ii) a wire transfer in accordance with redeemed prior to maturity, the particular Bonds of such maturity to be redeemed shall be selected instructions set forth herein. If a wire transfer is used, it must be sent to the account so designated by the District by lot in any customary manner of selection as determined by the District. Notice by the District for such purpose, not later than 10:00 A.M. on the date of the sale; however, the of such call for redemption shall be given by mailing such notice to the registered owner(s) of the District reserves the right to award the Bonds to a successful bidder whose wire transfer is initiated Bonds to be redeemed not more than sixty (60) days nor less than thirty (30) days prior to the but not received by such time provided that such successful bidder’s fed wire reference number proposed redemption date. Notice of redemption having been given as aforesaid, the Bonds so has been received. A wire reference number must be provided when the bid is submitted. Bidders called for redemption shall, on the date of redemption set forth in such call for redemption, become must contact Capital Markets Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, due and payable, together with accrued interest to such redemption date, and interest shall cease to New York, 14127 telephone No. 716-662-3910, the District’s Municipal Advisor, no later than 24 be paid thereon after such redemption date. hours prior to the bid opening to obtain the District’s wire instructions. The District shall not incur Form of Bonds any liability from delays of or interruptions in the receipt of the Deposit by fed wire or return of the The Bonds will be issued in the form of fully registered bonds, in denominations corresponding Deposit to any unsuccessful bidder. Under no circumstances shall interest accrue on the Deposit to the total principal amounts due in each year of maturity. As a condition to delivery of the Bonds, occasioned by a delay in the return of the Deposit to any unsuccessful bidder. No interest on the the successful bidder will be required to cause the Bond certificates to be (i) registered in the name Deposit will accrue to the Purchaser. The Deposit will be applied to the purchase price of the Bonds. of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), and Award of Bonds (ii) deposited with DTC to be held in trust until maturity. DTC is an automated depository for The Bonds will be awarded and sold to the bidder complying with the terms of sale and offering securities and clearinghouse for securities transactions, and will be responsible for establishing and to purchase such issue of Bonds at such rate or rates of interest per annum as will produce the maintaining a book-entry system for recording the ownership interests of its participants, which continued on next page

008_BB030321 8 3/2/2021 3:51:43 PM Wednesday, March 3, 2021 Competitive Sales Notices www.bondbuyer.com 9

continued from previous page ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or lowest true interest cost over the life of such issue and, if two or more such bidders offer the same amount. Said opinion shall also contain further statements to the effect that (a) the enforceability lowest true interest cost, then to one of said bidders selected by the Sale Officer by lot from among of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency, or all said bidders. True interest cost shall be determined for each bid by doubling the semi-annual other laws affecting creditors’ rights or remedies heretofore or hereafter enacted, and (b) said law interest rate, compounded semiannually, necessary to discount all interest and principal payments firm has not been requested to examine or review and has not examined or reviewed the accuracy from the payment dates thereof to the dated date of the Bonds, so that the sum of the present value or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, of said payments equals the price bid, such price bid excluding interest accrued to the date of financial statements or other documents, containing financial or other information relative to delivery. The true interest cost shall be calculated from the dated date of the bonds. The successful the District which have been or may be furnished or disclosed to purchasers of the Bonds, and bidder must also pay an amount equal to the interest on the Bonds, if any, accrued to the date of expresses no opinion with respect to such financial statements or other information or the accuracy payment of the purchase price. or sufficiency thereof. Award of the Bonds will be made without taking into consideration any adjustment to be made Tax Exemption to the principal amount of the Bonds described herein. The successful bidder may at its option refuse to accept the Bonds if the opinion of Bond Counsel The District reserves the right to reject any and all bids (regardless of the interest rate bid), to is not delivered or if any income tax law of the United States of America is hereafter enacted which reject any bid not complying with this official Notice of Sale and, so far as permitted by law, to shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal waive any irregularity or informality with respect to any bid or the bidding process. income tax purposes, and in such case said successful bidder will be relieved of its contractual When the successful bidder has been ascertained, the Sale Officer will promptly return all obligations arising from the acceptance of its proposal. Deposits made to the persons making the same, except the deposit made by such bidder. Award The successful bidder may at his option refuse to accept the Bonds if prior to their delivery the of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly certificatereferred to in the following paragraph, in form and tenor satisfactory to Bond Counsel, is after opening of the bids, but the successful bidder may not withdraw his proposal until after 3:00 not delivered, or, if any income tax law of the United States of America is hereafter enacted which o’clock P.M. (Prevailing Time) on the day of such bid-opening and then only if such award has not shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal been made prior to the withdrawal. The successful bidder will be promptly notified of the award income tax purposes, and in such case the deposit made by him will be returned and he will be to him, and if he refuses or neglects to pay the agreed price of the Bonds less the amount deposited relieved of his contractual obligations arising from the acceptance of his proposal. by him, the amount deposited by him shall be forfeited to and retained by the District as liquidated The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain requirements damages for such neglect or refusal. that must be met subsequent to the issuance and delivery of the Bonds in order that interest on Bond Insurance the Bonds be and remain excludable from gross income under Section 103 of the Code. As part of If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment the District’s contractual obligation arising from its acceptance of the successful bidder’s proposal, therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any the District will furnish the successful bidder concurrently with the delivery of the Bonds with its such commitment therefor shall be at the sole option and expense of such bidder and any increased Arbitrage and Use of Proceeds Certificate, which will contain provisions and procedures relating to costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid compliance with the requirements of the Code and a certification to the effect that the District will by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be comply with the provisions and procedures set forth therein and that it will do and perform all acts issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept and things necessary or desirable to assure that interest paid on the Bonds is excludable from gross delivery of and pay for said Bonds in accordance with the terms hereof. income under Section 103 of the Code. Use of Proceeds The opinion of Bond Counsel shall also contain further statements to the effect that, under The proceeds of the Bonds will be used for the purposes described in the section entitled “Authority existing statutes and court decisions and assuming continuing compliance with the Arbitrage and and Purpose for the 2021A Bonds” in the Preliminary Official Statement (as hereinafter defined). Use of Proceeds Certificate,(i) interest on the Bonds is excluded from gross income for federal Payment and Security for the Bonds income tax purposes pursuant to Section 103 of the Code and (ii) interest on the Bonds is not The Bonds are general obligations of the District and shall contain a pledge of the faith and credit a specific preference item for purposes of the federal alternative minimum tax. In rendering its of the District for the payment of the principal thereof. There is no limitation, either as to rate or opinion, Bond Counsel shall rely on certain representations, certifications of fact, and statements amount, upon ad valorem taxes upon taxable real property in the District which may be required of reasonable expectations made by the District in connection with the Bonds, and shall assume to pay the Bonds and the interest thereon. The State Constitution requires the District to pledge compliance by the District with certain ongoing certifications in the Arbitrage and Use of Proceeds its faith and credit for the payment of the principal of the Bonds and the interest thereon and to Certificate to comply with applicable requirements of the Code to assure the exclusion of interest make annual appropriations for the amounts required for the payment of such interest and the on the Bonds from gross income under Section 103 of the Code. redemption of the Bonds. The State Constitution also provides that if at any time the appropriating Further, such opinion shall state that, under existing statutes, interest on the Bonds is exempt authorities fail to make the required appropriations for the annual debt service on the Bonds and from New York State and New York City personal income taxes. certain other obligations of the District, a sufficient sum shall be set apart from the first revenues Prospective owners of the Bonds should be aware that the ownership of such obligations may thereafter received and shall be applied for such purposes, and also that the fiscal officer of the result in collateral Federal income tax consequences to various categories of persons, such as District may be required to set apart and apply such revenues as aforesaid at the suit of any holder corporations (including S corporations and foreign corporations), financialinstitutions, property of such obligations. and casualty and life insurance companies, individual recipients of Social Security and railroad Upon default in the payment of principal of or interest on the Bonds or certain other obligations retirement benefits, individuals otherwise eligible for the earned income tax credit, and taxpayers of the District, the State Comptroller is required, under the conditions and to the extent prescribed deemed to have incurred or continued indebtedness to purchase or carry obligations the interest on by Section 99-b of the State Finance Law, to withhold state aid and assistance to the District and which is excluded from gross income for Federal income tax purposes. Interest on the Bonds may apply the amount thereof so withheld to the payment of defaulted principal and interest with be taken into account in determining the tax liability of foreign corporations subject to the branch respect to said Bonds and said other obligations. profits tax imposed by Section 884 of the Code. Debt Statement filed with the State Comptroller The District will designate the Bonds as “qualifiedtax-exempt obligations” pursuant to the The population of the District is estimated to be 6,000. The debt statement to be filed pursuant to provisions of Section 265 of the Code. Section 109.00 of the Law in connection with the sale of the Bonds, prepared as of March 3, 2021, Obligation of Winning Bidder to Deliver an Issue Price Certificate at Closing will show the full valuation of real property subject to taxation by the District to be $297,167,248, By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a its debt limit to be $29,716,724 and its total net indebtedness (exclusive of the Bonds) to be good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy $20,680,000. The issuance of the Bonds will increase the District’s indebtedness by the par amount bid” being submitted for the purpose of assisting in meeting the competitive sale requirements of Bonds issued. The calculation of such net indebtedness has not taken into account any deductions relating to the establishment of the “issue price” of the Bonds pursuant to Section148 of the Code, therefrom of any apportionment of State aid for debt service for school building purposes to which including the requirement that bids be received from at least three (3) underwriters of municipal the District may be entitled. bonds who have established industry reputations for underwriting new issuances of municipal Delivery of the Bonds and Assignment of CUSIP Numbers bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning The Bonds will be delivered to DTC and shall be paid for in Federal Funds on or about March 30, bidder if the Competitive Sale Requirements were met at the same time it notifies the winning 2021 at such place in New York City, and on such business day and at such hour, as the Sale bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Officershall fixon three business days’ notice to the successful bidder, or at such other place and Competitive Sale Requirements are not satisfied. time as may be agreed upon with the successful bidder. The deposit of the Bonds with DTC under The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, a book-entry system requires the assignment of CUSIP numbers prior to delivery. It shall be the advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected responsibility of the District’s Municipal Advisor to obtain CUSIP numbers for the Bonds within one initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as day after distribution of the Notice of Sale for the Bonds. The District will not be responsible for any of the date of the award. delay occasioned by the inability to deposit the Bonds with DTC due to the failure of the District’s By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Municipal Advisor to obtain such numbers and to supply them to the District in a timely manner. Bonds for its own account and not with a view to distribution or resale to the public) that if the The CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option of and shall be paid for by the winning bidder; however, all expenses in relation to the printing of (2) described below. Such election must be made on the bid form submitted by each bidder. In the CUSIP numbers on the Bonds shall be paid for by the District. event a bidder submits a bid via Parity, such bidder must notify the Municipal Advisor by email Legal Opinion ([email protected]) as to such election at the time such bid is submitted. The successful bidder will be furnished without cost with the approving opinion of Timothy R. (1) Hold the Price. The winning bidder: McGill, Esq. (“Bond Counsel”) to the effect that the Bonds are valid and legally binding general (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering obligations of the District for which the District has validly pledged its faith and credit and, unless Prices and provide Bond Counsel with reasonable supporting documentation, such as a copy of paid from other sources, all the taxable real property within the District is subject to the levy of continued on next page

009_BB030321 9 3/2/2021 3:51:43 PM Competitive Sales Notices Wednesday, March 3, 2021 10 The Bond Buyer continued from previous page Official Statement; (iii) a certificate of the President of the Board of Education to the effect that as the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel, of the date of the Official Statement and at all times subsequent thereto, up to and including the (b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, time of the delivery of the Bonds, the Official Statement did not and does not contain any untrue or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the statement of a material fact or omit to state a material fact necessary to make the statements herein, date on which the winning bidder has sold to the public at least 10 percent of the Bonds of such in the light of the circumstances under which they were made, not misleading, and further stating maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of that there has been no adverse material change in the financial condition of the District since the such maturity or (ii) the close of business on the 5th business day after the date of the award of the date of the Official Statement to the date of issuance of the Bonds (and having attached thereto a Bonds, and copy of the Official Statement); (iv) a certificate signed by the President of the Board of Education (c) has or will include within any agreement among underwriters, any selling group agreement evidencing payment for the Bonds; (v) a signature certificate evidencing the due execution of the and each retail distribution agreement (to which the winning bidder is a party) relating to the initial Bonds, including statements that (a) no litigation of any nature is pending or, to the knowledge of sale of the Bonds to the public, together with the related pricing wires, language obligating each the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy underwriter to comply with the limitations on the sale of the Bonds as set forth above. and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning (2) Follow the Price. The winning bidder: the proceedings and authority under which the Bonds were authorized or affecting the validity of (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices the Bonds thereunder, (b) neither the corporate existence or boundaries of the District nor the title and provide the Issuer with reasonable supporting documentation, such as a copy of the pricing of the signers to their respective offices is being contested, and (c) no authority or proceedings for wire or equivalent communication, the form of which is acceptable to Bond Counsel, the issuance of the Bonds have been repealed, revoked or rescinded, and a Tax Certificate executed (b) will report to the Issuer information regarding the first price that at least 10 percent of the by the President of the Board of Education, as described under “TAX MATTERS” in the Preliminary Bonds within each maturity of the Bonds have been sold to the public, Official Statement. (c) will provide the Issuer with reasonable supporting documentation or certifications of such Additional Information sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may Copies of this Notice of Sale and the Preliminary Official Statement are available in electronic extend beyond the closing date of the Bonds, will continue until such date that the requirement set format on the website of the District’s Municipal Advisor, Capital Markets Advisors, LLC forth in paragraph (b) above for each maturity of the Bonds is satisfied, and (“www.capmark.org”) or may be obtained upon request from the offices of Capital Markets (d) has or will include within any agreement among underwriters, any selling group agreement Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127, telephone No. and each retail distribution agreement (to which the winning bidder is a party) relating to the initial 716-662-3910. sale of the Bonds to the public, together with the related pricing wires, language obligating each The School District is unable to identify and state herein all of the direct or indirect effects, if underwriter to comply with the reporting requirement described above. any, of the COVID-19 pandemic on the School District or on the fair market value, at any time, of For purposes of the “hold the price” or “follow the price” requirement, a “maturity” refers to the Bonds. Bonds that have the same interest rate, credit and payment terms. Dated: March 3, 2021 Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder Stacie VanSkiver shall submit to the Issuer a certificate(the “Reoffering Price Certificate”),satisfactory to Bond President of the Board of Education Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form and Chief Fiscal Officer of Reoffering Price Certificate is available by contacting Bond Counsel or the Municipal Advisor. If the winning bidder has purchased the Bonds for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Reoffering Price Certificate will recite such facts and identify the price or prices at which the purchase of the Bonds was made. For purposes of this Notice, the “public” does not include the winning bidder or any person that agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the Looking for a new fellow worker, Bonds to the public (such as a retail distribution agreement between a national lead underwriter and a regional firm under which the regional firm participates in the initial sale of the Bonds to the a rising star, leader and/or a trailblazer? public). In making the representations described above, the winning bidder must reflect the effect on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in connection with the initial sale of any of the Bonds. Official Statement, Continuing Disclosure and Compliance History The District will provide a reasonable number of OfficialStatements to the successful bidder within seven (7) business days following receipt of a written request therefor made to the District THEN PUT and its Municipal Advisor. Such request may specify the applicable (a) offering price(s), (b) selling compensation, (c) rating(s), (d) credit enhancement and (e) identity and complete name of such bidder and any participating underwriters, and if so, the Preliminary Official Statement will be modified or supplemented by the information so specified. Neither the District nor its Municipal Advisor shall be liable in any manner for any delay, inaccuracy, or omission on the part of the YOUR JOB successful bidder with respect to such request, nor shall the District’s failure, as a result thereof, to provide the Official Statement within the above time period, constitute cause for a failure or refusal by such bidder to accept delivery of and pay for the Bonds in accordance with the terms hereof. The Preliminary Official Statement is in a form “deemed final” by the District for the purpose of Securities and Exchange Commission Rule 15c2-12 (“Rule 15c2-12”) but may be modified or POSTING IN supplemented as noted above. In order to assist bidders in complying with Rule 15c2-12 and as part of the District’s contractual obligation arising from its acceptance of the successful bidder’s proposal, at the time of the delivery of the Bonds the District will provide an executed copy of its “Undertaking to Provide Continuing Disclosure ” Said Undertaking will constitute a written THE BOND agreement or contract of the District for the benefit of holders of and owners of beneficial interests in the Bonds, to provide to or cause to be provided to the Electronic Municipal Market Access (“EMMA”) System implemented by the Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the functions of such Board contemplated by the Undertaking, the annual financial information BUYER. and notice of the occurrence of certain material events, as enumerated in said Rule 15c2-12. The District is in compliance in all material respects with all previous undertakings made pursuant to Rule 15c2-12 during each of the past five years. Let The Bond Buyer help you find oury Documents Accompanying the Delivery of the Bonds The obligation hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on next dynamic municipal industry hire. the delivery to the successful bidder at the time of delivery of the Bonds of: (i) the opinion of Bond Counsel; (ii) a certificate of the School Attorney, dated the date of delivery of the Bonds, to the effect that there is no controversy or litigation of any nature pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any of the proceedings taken with respect to the issuance and sale thereof or the application of moneys to the payment of the Bonds, and further stating that there is no contact Wei-Ke (Victor) Kuo at controversy or litigation of any nature now pending or threatened by or against the District wherein an adverse judgment or ruling could have a material adverse impact on the financial condition of 1-212-803-8612 or [email protected] the District or adversely affect the power of the District to levy, collect and enforce the collection of taxes or other revenues for the payment of its Bonds, which has not been disclosed in the

010_BB030321 10 3/2/2021 3:51:44 PM Wednesday, March 3, 2021 Competitive Sales Notices www.bondbuyer.com 11 Official Statement; (iii) a certificate of the President of the Board of Education to the effect that as $2,870,000* any one calendar year and (ii) variations in rates of interest so bid may be in any order of maturity. of the date of the Official Statement and at all times subsequent thereto, up to and including the Proposals may be submitted electronically via Parity or via facsimile transmission at 716-662- time of the delivery of the Bonds, the Official Statement did not and does not contain any untrue CAMPBELL-SAVONA CENTRAL SCHOOL DISTRICT, 6684, in accordance with this Notice of Sale, until the time specified herein. No other form of statement of a material fact or omit to state a material fact necessary to make the statements herein, IN THE COUNTY OF STEUBEN, NEW YORK electronic bidding services nor telephone proposals will be accepted. No proposal will be accepted in the light of the circumstances under which they were made, not misleading, and further stating after the time for receiving proposals specified above. Bidders submitting proposals via facsimile that there has been no adverse material change in the financial condition of the District since the SCHOOL DISTRICT REFUNDING (SERIAL) BONDS, 2021B must use the “Proposal for Bonds” form attached hereto. Once the proposals are communicated date of the Official Statement to the date of issuance of the Bonds (and having attached thereto a electronically via Parity or via facsimile to the District, each bid will constitute an irrevocable offer copy of the Official Statement); (iv) a certificate signed by the President of the Board of Education NOTICE OF BOND SALE to purchase the Bonds pursuant to the terms therein provided. evidencing payment for the Bonds; (v) a signature certificate evidencing the due execution of the Bidding using Parity Bonds, including statements that (a) no litigation of any nature is pending or, to the knowledge of (BOOK-ENTRY-ONLY) Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning PROPOSALS will be received by the President of the Board of Education, Campbell-Savona become a customer. By submitting an electronic bid for the Bonds, a bidder represents and warrants the proceedings and authority under which the Bonds were authorized or affecting the validity of Central School District (the “District”), Steuben County, New York, at the officesof Capital Markets to the District that such bidder’s bid for the purchase of the Bonds is submitted for and on behalf of the Bonds thereunder, (b) neither the corporate existence or boundaries of the District nor the title Advisors, LLC (the “Municipal Advisor”), 4211 North Buffalo Road, Suite 19, Orchard Park, New such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, of the signers to their respective offices is being contested, and (c) no authority or proceedings for York (Telephone No. 716-662-3910, Fax No. 716-662-6684), on Thursday, March 11, 2021, valid and enforceable contract for the purchase of the Bonds. the issuance of the Bonds have been repealed, revoked or rescinded, and a Tax Certificate executed until 11:00 A.M. (Prevailing Time) via iPreo’s Parity Electronic Bid Submission System (“Parity”) Each prospective bidder who wishes to submit an electronic bid shall be solely responsible to by the President of the Board of Education, as described under “TAX MATTERS” in the Preliminary or by facsimile transmission, at which time they will be publicly opened and announced, for the register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make Official Statement. purchase in FEDERAL FUNDS at not less than par and accrued interest of $2,870,000* SCHOOL necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and Additional Information DISTRICT REFUNDING (SERIAL) BONDS, 2021B of said District (the “Bonds”), maturing on in compliance with the requirements of this Notice of Sale. Neither the District nor Parity shall Copies of this Notice of Sale and the Preliminary Official Statement are available in electronic June 15, in annual principal installments as shown below. have any duty or obligation to undertake such registration to bid for any prospective bidder or to format on the website of the District’s Municipal Advisor, Capital Markets Advisors, LLC Delivery and Payment Dates for the Bonds provide or assure such access to any qualified prospective bidder, and neither the District nor Parity (“www.capmark.org”) or may be obtained upon request from the offices of Capital Markets The Bonds will be dated the date of their delivery, which is expected to be March 30, 2021, shall be responsible for a bidder’s failure to register to bid or for proper operation of, or have any Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127, telephone No. and will bear interest at the rate or rates per annum specified by the successful bidder therefor in liability for any delays or interruptions of, or any damages caused by Parity. The District is using 716-662-3910. accordance herewith, payable semiannually on June 15 and December 15, commencing June 15, Parity as a communications mechanism, and not as the District’s agent, to conduct the electronic The School District is unable to identify and state herein all of the direct or indirect effects, if 2021, in each year to maturity. bidding for the District’s Bonds. The District is not bound by any advice or determination of Parity any, of the COVID-19 pandemic on the School District or on the fair market value, at any time, of Year of Principal Year of Principal as to whether any bid complies with the terms of this Notice of Sale. All costs and expenses incurred the Bonds. Maturity Amount* Maturity Amount* by prospective bidders in connection with their registration and submission of bids via Parity are 2021 $15,000 2025 $475,000 the sole responsibility of the bidders, and the District is not responsible, directly or indirectly, for Dated: March 3, 2021 2022 $460,000 2026 $485,000 any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, Stacie VanSkiver 2023 $465,000 2027 $495,000 or submitting or modifying a bid for the Bonds, it should telephone Parity and notify the District’s President of the Board of Education 2024 $475,000 Municipal Advisor, Capital Markets Advisors, LLC at 716-662-3910 (provided that the District and Chief Fiscal Officer *The annual maturities of the Bonds may be adjusted to the extent necessary to meet shall have no obligation to take any action whatsoever upon receipt of such notice). the refunding objective and for the purpose of attaining annual debt service that is If any provisions of this Notice of Sale shall conflict with information provided by Parity, as substantially level or declining as provided in Section 21.00(d) of the Local Finance Law. approved provider of electronic bidding services, this Notice of Sale shall control. Further The Bonds of each maturity, as adjusted, will bear interest at the same rate and must have information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. the same initial reoffering yields as specifiedfor that maturity by the successful bidder The time maintained by Parity shall constitute the official time with espectr to all bids submitted. for the Bonds. It is the intent of this provision to hold constant, on a per bond basis, Bidders submitting bids via facsimile do not need to register to bid. the successful bidder’s underwriting spread. However, award will be made to the bidder Award of Bonds whose bid produces the lowest true interest cost calculated as specified herein, solely on The Preliminary aggregate principal amount of the Bonds and the preliminary annual principal the basis of the Bonds offered, without taking into account any adjustment in the amount payment of the Bonds, each as set forth in this Notice of Bond Sale (the “Preliminary Aggregate of Bonds pursuant to this paragraph. Such adjustments will be made no later than 4:00 Principal Amount” and the “Preliminary Annual Principal Amount”, respectively; collectively, the P.M. (local time) on the sale date following the opening of the binds. The successful bidder “Preliminary Amounts”), may be revised before receipt of bids. Any such revision made prior to may neither withdraw nor modify its bid as a result of any such post-bid adjustment. Any receipt of the bids (the “Revised Aggregate Principal Amount” and the “Revised Annual Principal such adjustment shall be conclusive, and shall be binding upon the successful bidder. Amount”, respectively; collectively, the “Revised Amounts”) WILL BE PUBLISHED VIA THE TM3 Changes to the Time and/or Date of Bid Opening NEWSWIRE NO LATER THAN 12:00 NOON (LOCAL TIME) ON THE LAST BUSINESS DAY The District reserves the right to change the time and/or date of the bid opening, and notice of PRIOR TO THE DATE OF SALE. In the event that no such revisions are made, the Preliminary any change thereof shall be provided at least one (1) hour prior to the time set forth above for the Amounts will constitute the Revised Amounts. Bidders shall submit bids based on the Revised opening of sealed proposals, by means of a supplemental notice of sale to be transmitted over the Amounts and the Revised Amounts will be used to compare bids and select a successful bidder. Thomson Municipal Newswire. Unless all bids are rejected, the award will be made to the bidder complying with the terms of Optional Redemption for the Bonds sale and offering to purchase said Bonds at such rate or rates of interest as will produce the lowest The Bonds will not be subject to optional redemption prior to maturity. interest cost computed in accordance with the true interest cost method of calculation, that being Form of Bonds the rate of interest which compounded semiannually, is necessary to discount all principal and The Bonds will be issued in the form of fully registered bonds, in denominations corresponding interest payments on the Bonds to the purchase price (including accrued interest) bid for the Bonds. to the total principal amounts due in each year of maturity. As a condition to delivery of the Bonds, The true interest cost computation shall be made as of the date of delivery of the Bonds. The District the successful bidder will be required to cause the Bond certificates to be (i) registered in the name reserves the right, in its sole discretion, after selecting the low bidder, to adjust the final aggregate of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), and principal amount of the bonds and the aforestated maturity installments (the “Final Aggregate (ii) deposited with DTC to be held in trust until maturity. DTC is an automated depository for Principal Amount,” and the “Final Annual Principal Amount,” respectively; collectively, the “Final securities and clearinghouse for securities transactions, and will be responsible for establishing and Amounts”). In determining the Final Amounts, the District reserves the right, in its sole discretion, maintaining a book-entry system for recording the ownership interests of its participants, which but only to the extent necessary, to increase or decrease the Revised Amounts as necessary to effect include certain banks, trust companies and securities dealers, and the transfers of the interests the greatest economic advantage of the refunding, or to accommodate other refunding objectives among its participants. The DTC participants will be responsible for establishing and maintaining of the District, including substantially level or declining annual debt service. Te successful bidder records with respect to the beneficial ownership interests of individual purchasers in the Bonds. may not withdraw its bid or change the interest rates bid or the initial reoffering prices or yields as Individual purchases of beneficial ownership interests in the Bonds may only be made through a result of any changes made to the Revised Amounts within these parameters. The dollar amount book entries (without certificates issued by the District) made on the books and records of DTC bid by such successful bidder will be adjusted to reflectany adjustments made to the Revised (or a successor depository) and its participants, in denominations of $5,000 or integral multiples Amounts. SUCH ADJUSTED DOLLAR BID AMOUNT WILL NOT CHANGE THE BIDDER’S thereof. Principal of and interest on the Bonds will be payable by the District or its agent by COMPENSATION PER $1,000.00 OF PAR AMOUNT OF BONDS (EXCLUDING ANY PRO RATA wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. FEES FOR BOND INSURANCE) FROM THAT WHICH WOULD HAVE RESULTED FROM THE Transfer of principal and interest payments to participants of DTC will be the responsibility of BID SUBMITTED. The interest rates specified by the successful bidder for each maturity will not DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will change. Any such adjustment by the District shall be conclusive and shall be binding upon the be the responsibility of such participants and other nominees of beneficial owners. The District successful bidder. If two or more bidders offer to purchase the Bonds at the same true interest cost, will not be responsible or liable for payments by DTC to its participants or by DTC participants computed as described above, the Bonds will be awarded to the bidder whose bid offers to purchase to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, the Bonds at the highest premium dollar amount. The right is reserved to reject any or all bids, and its participants or persons acting through such participants. Notwithstanding the foregoing, upon any bid not complying with this Notice of Bond Sale, except as provided above, will be rejected. In request of the successful bidder, the Bonds may be issued and registered to the purchaser thereof, in addition, the District reserves the right to reject any or all bids if requirements in connection with denominations corresponding to the total principal amounts due in each year of maturity. the funding of escrow for the refunded bonds cannot be met. Submission of Bids The winning bid will remain firm for a period of no less than five hours after the time specified Each proposal must be for all of said $2,870,000* Bonds and must state in a multiple of one- fo the opening of bids. An award of the Bonds, if made, will be made by the District within such hundredth of 1% or a multiple of one-eighth of 1%, the rate or rates of interest per annum which the five hour period, or, with the express consent of the winning bidder, such longer time period as Bonds are to bear and may state different rates of interest for Bonds maturing in different calendar deemed necessary. The Final Amounts will be communicated to the successful bidder no later than years, provided, however, that (i) only one rate of interest may be bid for all Bonds maturing in continued on next page

011_BB030321 11 3/2/2021 3:51:45 PM Competitive Sales Notices Wednesday, March 3, 2021 12 The Bond Buyer continued from previous page time as may be agreed upon with the successful bidder. The deposit of the Bonds with DTC under 4:00 p.m. (Local Time) on the date of sale. Any such award is subject to confirmation of present a book-entry system requires the assignment of CUSIP numbers prior to delivery. It shall be the value savings and review thereof by the Office of the State Comptroller as set forth in the New York responsibility of the District’s Municipal Advisor to obtain CUSIP numbers for the Bonds within one Local Finance Law, as applicable. day after distribution of the Notice of Sale for the Bonds. The District will not be responsible for any Good Faith Deposit delay occasioned by the inability to deposit the Bonds with DTC due to the failure of the District’s As a condition precedent to the consideration of the bidder’s proposal, a good faith deposit Municipal Advisor to obtain such numbers and to supply them to the District in a timely manner. (the “Deposit”) in the amount of $28,700 is required for each bid to be considered. Such Deposit The CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility may be in the form of: (i) a certified or cashier’s check payable to the order of “Campbell-Savona of and shall be paid for by the winning bidder; however, all expenses in relation to the printing of Central School District, County of Steuben, New York,” or (ii) a wire transfer in accordance with CUSIP numbers on the Bonds shall be paid for by the District. instructions set forth herein. If a wire transfer is used, it must be sent to the account so designated Legal Opinion by the District for such purpose, not later than 10:00 A.M. on the date of the sale; however, the The successful bidder will be furnished without cost with the approving opinion of Timothy R. District reserves the right to award the Bonds to a successful bidder whose wire transfer is initiated McGill, Esq. (“Bond Counsel”) to the effect that the Bonds are valid and legally binding general but not received by such time provided that such successful bidder’s fed wire reference number obligations of the District for which the District has validly pledged its faith and credit and, unless has been received. A wire reference number must be provided when the bid is submitted. Bidders paid from other sources, all the taxable real property within the District is subject to the levy of must contact Capital Markets Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or New York, 14127 telephone No. 716-662-3910, the District’s Municipal Advisor, no later than 24 amount. Said opinion shall also contain further statements to the effect that (a) the enforceability hours prior to the bid opening to obtain the District’s wire instructions. The District shall not incur of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency, or any liability from delays of or interruptions in the receipt of the Deposit by fed wire or return of the other laws affecting creditors’ rights or remedies heretofore or hereafter enacted, and (b) said law Deposit to any unsuccessful bidder. Under no circumstances shall interest accrue on the Deposit firm has not been requested to examine or review and has not examined or reviewed the accuracy occasioned by a delay in the return of the Deposit to any unsuccessful bidder. No interest on the or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, Deposit will accrue to the Purchaser. The Deposit will be applied to the purchase price of the Bonds. financial statements or other documents, containing financial or other information relative to The District reserves the right to reject any and all bids (regardless of the interest rate bid), to the District which have been or may be furnished or disclosed to purchasers of the Bonds, and reject any bid not complying with this official Notice of Sale and, so far as permitted by law, to expresses no opinion with respect to such financial statements or other information or the accuracy waive any irregularity or informality with respect to any bid or the bidding process. or sufficiency thereof. When the successful bidder has been ascertained, the Sale Officer will promptly return all Tax Exemption Deposits made to the persons making the same, except the deposit made by such bidder. Award The successful bidder may at its option refuse to accept the Bonds if the opinion of Bond Counsel of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly is not delivered or if any income tax law of the United States of America is hereafter enacted which after opening of the bids, but the successful bidder may not withdraw his proposal until after 4:00 shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal o’clock P.M. (Prevailing Time) on the day of such bid-opening and then only if such award has not income tax purposes, and in such case said successful bidder will be relieved of their contractual been made prior to the withdrawal. The successful bidder will be promptly notified of the award obligations arising from the acceptance of their proposal. to him, and if he refuses or neglects to pay the agreed price of the Bonds less the amount deposited The successful bidder may at its option refuse to accept the Bonds if the opinion of Bond Counsel by him, the amount deposited by him shall be forfeited to and retained by the District as liquidated is not delivered or if any income tax law of the United States of America is hereafter enacted which damages for such neglect or refusal. shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal Bond Insurance income tax purposes, and in such case said successful bidder will be relieved of its contractual If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment obligations arising from the acceptance of its proposal. therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain requirements such commitment therefor shall be at the sole option and expense of such bidder and any increased that must be met subsequent to the issuance and delivery of the Bonds in order that interest on costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid the Bonds be and remain excludable from gross income under Section 103 of the Code. As part of by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be the District’s contractual obligation arising from its acceptance of the successful bidder’s proposal, issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept the District will furnish the successful bidder concurrently with the delivery of the Bonds with its delivery of and pay for said Bonds in accordance with the terms hereof. Arbitrage and Use of Proceeds Certificate, which will contain provisions and procedures relating to Use of Proceeds compliance with the requirements of the Code and a certification to the effect that the District will The proceeds of the Bonds will be used for the purposes described in the section entitled comply with the provisions and procedures set forth therein and that it will do and perform all acts “Authority and the Refunding Plan for the 2021B Bonds” in the Preliminary Official Statement (as and things necessary or desirable to assure that interest paid on the Bonds is excludable from gross hereinafter defined). The purchase price of the Bonds, in accordance with the purchaser’s bid, shall income under Section 103 of the Code. be paid IN FEDERAL FUNDS or other funds available for immediate credit on the day of delivery, The opinion of Bond Counsel shall also contain further statements to the effect that, under in an amount equal to the par amount of such bonds, plus the premium, if any, plus accrued existing statutes and court decisions and assuming continuing compliance with the Arbitrage and interest from the date of such bonds until said day of delivery, less the amount of the good-faith Use of Proceeds Certificate,(i) interest on the Bonds is excluded from gross income for federal deposit submitted with the bid. income tax purposes pursuant to Section 103 of the Code and (ii) interest on the Bonds is not Payment and Security for the Bonds a specific preference item for purposes of the federal alternative minimum tax. In rendering its The Bonds are general obligations of the District and shall contain a pledge of the faith and credit opinion, Bond Counsel shall rely on certain representations, certifications of fact, and statements of the District for the payment of the principal thereof. There is no limitation, either as to rate or of reasonable expectations made by the District in connection with the Bonds, and shall assume amount, upon ad valorem taxes upon taxable real property in the District which may be required compliance by the District with certain ongoing certifications in the Arbitrage and Use of Proceeds to pay the Bonds and the interest thereon. The State Constitution requires the District to pledge Certificate to comply with applicable requirements of the Code to assure the exclusion of interest its faith and credit for the payment of the principal of the Bonds and the interest thereon and to on the Bonds from gross income under Section 103 of the Code. make annual appropriations for the amounts required for the payment of such interest and the Further, such opinion shall state that, under existing statutes, interest on the Bonds is exempt redemption of the Bonds. The State Constitution also provides that if at any time the appropriating from New York State and New York City personal income taxes. authorities fail to make the required appropriations for the annual debt service on the Bonds and Prospective owners of the Bonds should be aware that the ownership of such obligations may certain other obligations of the District, a sufficient sum shall be set apart from the first revenues result in collateral Federal income tax consequences to various categories of persons, such as thereafter received and shall be applied for such purposes, and also that the fiscal officer of the corporations (including S corporations and foreign corporations), financialinstitutions, property District may be required to set apart and apply such revenues as aforesaid at the suit of any holder and casualty and life insurance companies, individual recipients of Social Security and railroad of such obligations. retirement benefits, individuals otherwise eligible for the earned income tax credit, and taxpayers Upon default in the payment of principal of or interest on the Bonds or certain other obligations deemed to have incurred or continued indebtedness to purchase or carry obligations the interest on of the District, the State Comptroller is required, under the conditions and to the extent prescribed which is excluded from gross income for Federal income tax purposes. Interest on the Bonds may by Section 99-b of the State Finance Law, to withhold state aid and assistance to the District and be taken into account in determining the tax liability of foreign corporations subject to the branch apply the amount thereof so withheld to the payment of defaulted principal and interest with profits tax imposed by Section 884 of the Code. respect to said Bonds and said other obligations. The District will designate the Bonds as “qualified tax-exempt obligations” pursuant to the Debt Statement filed with the State Comptroller provisions of Section 265 of the Code. The population of the District is estimated to be 6,000. The debt statement to be filed pursuant to Obligation of Winning Bidder to Deliver an Issue Price Certificate at Closing Section 109.00 of the Law in connection with the sale of the Bonds, prepared as of March 3, 2021, By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a will show the full valuation of real property subject to taxation by the District to be $297,167,248, good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy its debt limit to be $29,716,724 and its total net indebtedness (exclusive of the Bonds) to be bid” being submitted for the purpose of assisting in meeting the competitive sale requirements $20,680,000. The issuance of the Bonds will increase the District’s indebtedness by the par amount relating to the establishment of the “issue price” of the Bonds pursuant to Section148 of the Code, of Bonds issued. The calculation of such net indebtedness has not taken into account any deductions including the requirement that bids be received from at least three (3) underwriters of municipal therefrom of any apportionment of State aid for debt service for school building purposes to which bonds who have established industry reputations for underwriting new issuances of municipal the District may be entitled. bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning Delivery of the Bonds and Assignment of CUSIP Numbers bidder if the Competitive Sale Requirements were met at the same time it notifies the winning The Bonds will be delivered to DTC and shall be paid for in Federal Funds on or about March 30, bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the 2021 at such place in New York City, and on such business day and at such hour, as the Sale Competitive Sale Requirements are not satisfied. Officershall fixon three business days’ notice to the successful bidder, or at such other place and continued on next page

012_BB030321 12 3/2/2021 3:51:45 PM Wednesday, March 3, 2021 Competitive Sales Notices www.bondbuyer.com 13

continued from previous page pursuant to Rule 15c2-12 during each of the past five years. The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, Documents Accompanying the Delivery of the Bonds advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected The obligation hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as the delivery to the successful bidder at the time of delivery of the Bonds of: (i) the opinion of Bond of the date of the award. Counsel; (ii) a certificate of the School Attorney, dated the date of delivery of the Bonds, to the effect By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the that there is no controversy or litigation of any nature pending or threatened to restrain or enjoin Bonds for its own account and not with a view to distribution or resale to the public) that if the the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option validity of the Bonds or any of the proceedings taken with respect to the issuance and sale thereof (2) described below. Such election must be made on the bid form submitted by each bidder. In the or the application of moneys to the payment of the Bonds, and further stating that there is no event a bidder submits a bid via Parity, such bidder must notify the Municipal Advisor by email controversy or litigation of any nature now pending or threatened by or against the District wherein ([email protected]) as to such election at the time such bid is submitted. an adverse judgment or ruling could have a material adverse impact on the financial condition of (1) Hold the Price. The winning bidder: the District or adversely affect the power of the District to levy, collect and enforce the collection (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering of taxes or other revenues for the payment of its Bonds, which has not been disclosed in the Prices and provide Bond Counsel with reasonable supporting documentation, such as a copy of Official Statement; (iii) a certificate of the President of the Board of Education to the effect that as the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel, of the date of the Official Statement and at all times subsequent thereto, up to and including the (b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, time of the delivery of the Bonds, the Official Statement did not and does not contain any untrue or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the statement of a material fact or omit to state a material fact necessary to make the statements herein, date on which the winning bidder has sold to the public at least 10 percent of the Bonds of such in the light of the circumstances under which they were made, not misleading, and further stating maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of that there has been no adverse material change in the financial condition of the District since the such maturity or (ii) the close of business on the 5th business day after the date of the award of the date of the Official Statement to the date of issuance of the Bonds (and having attached thereto a Bonds, and copy of the Official Statement); (iv) a certificate signed by the President of the Board of Education ©) has or will include within any agreement among underwriters, any selling group agreement evidencing payment for the Bonds; (v) a signature certificate evidencing the due execution of the and each retail distribution agreement (to which the winning bidder is a party) relating to the initial Bonds, including statements that (a) no litigation of any nature is pending or, to the knowledge of sale of the Bonds to the public, together with the related pricing wires, language obligating each the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy underwriter to comply with the limitations on the sale of the Bonds as set forth above. and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning (2) Follow the Price. The winning bidder: the proceedings and authority under which the Bonds were authorized or affecting the validity of (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices the Bonds thereunder, (b) neither the corporate existence or boundaries of the District nor the title and provide the Issuer with reasonable supporting documentation, such as a copy of the pricing of the signers to their respective officesis being contested, and ©) no authority or proceedings for wire or equivalent communication, the form of which is acceptable to Bond Counsel, the issuance of the Bonds have been repealed, revoked or rescinded, and a Tax Certificate executed (b) will report to the Issuer information regarding the first price that at least 10 percent of the by the President of the Board of Education, as described under “TAX MATTERS” in the Preliminary Bonds within each maturity of the Bonds have been sold to the public, Official Statement. ©) will provide the Issuer with reasonable supporting documentation or certifications of such Additional Information sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may Copies of this Notice of Sale and the Preliminary Official Statement are available in electronic extend beyond the closing date of the Bonds, will continue until such date that the requirement set format on the website of the District’s Municipal Advisor, Capital Markets Advisors, LLC forth in paragraph (b) above for each maturity of the Bonds is satisfied, and (“www.capmark.org”) or may be obtained upon request from the offices of Capital Markets (d) has or will include within any agreement among underwriters, any selling group agreement Advisors, LLC, 4211 North Buffalo Road, Suite 19, Orchard Park, New York 14127, telephone No. and each retail distribution agreement (to which the winning bidder is a party) relating to the initial 716-662-3910. sale of the Bonds to the public, together with the related pricing wires, language obligating each The School District is unable to identify and state herein all of the direct or indirect effects, if underwriter to comply with the reporting requirement described above. any, of the COVID-19 pandemic on the School District or on the fair market value, at any time, of For purposes of the “hold the price” or “follow the price” requirement, a “maturity” refers to the Bonds. Bonds that have the same interest rate, credit and payment terms. Dated: March 3, 2021 Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder Stacie VanSkiver shall submit to the Issuer a certificate(the “Reoffering Price Certificate”),satisfactory to Bond President of the Board of Education Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form and Chief Fiscal Officer of Reoffering Price Certificate is available by contacting Bond Counsel or the Municipal Advisor. If the winning bidder has purchased the Bonds for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Reoffering Price Certificate will recite such facts and identify the price or prices at which the purchase of the Bonds was made. For purposes of this Notice, the “public” does not include the winning bidder or any person that agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the Bonds to the public (such as a retail distribution agreement between a national lead underwriter You have a career and a regional firm under which the regional firm participates in the initial sale of the Bonds to the public). In making the representations described above, the winning bidder must reflect the effect on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in opportunity for an connection with the initial sale of any of the Bonds. Official Statement, Continuing Disclosure and Compliance History The District will provide a reasonable number of OfficialStatements to the successful bidder experienced municipal within seven (7) business days following receipt of a written request therefor made to the District and its Municipal Advisor. Such request may specify the applicable (a) offering price(s), (b) selling compensation, (c) rating(s), (d) credit enhancement and (e) identity and complete name of such finance professional bidder and any participating underwriters, and if so, the Preliminary Official Statement will be modified or supplemented by the information so specified. Neither the District nor its Municipal Advisor shall be liable in any manner for any delay, inaccuracy, or omission on the part of the Turn to The Bond Buyer, the essential successful bidder with respect to such request, nor shall the District’s failure, as a result thereof, to provide the Official Statement within the above time period, constitute cause for a failure or refusal municipal finance resource, to seek by such bidder to accept delivery of and pay for the Bonds in accordance with the terms hereof. The Preliminary Official Statement is in a form “deemed final” by the District for the purpose potential candidates. of Securities and Exchange Commission Rule 15c2-12 (“Rule 15c2-12”) but may be modified or supplemented as noted above. In order to assist bidders in complying with Rule 15c2-12 and as part of the District’s contractual obligation arising from its acceptance of the successful bidder’s proposal, at the time of the delivery of the Bonds the District will provide an executed copy of its “Undertaking to Provide Continuing Disclosure ” Said Undertaking will constitute a written agreement or contract of the District for the benefit of holders of and owners of beneficial interests To place a job posting, in the Bonds, to provide to or cause to be provided to the Electronic Municipal Market Access (“EMMA”) System implemented by the Municipal Securities Rulemaking Board established contact Wei-Ke (Victor) Kuo at pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the functions of such Board contemplated by the Undertaking, the annual financial information 1-212-803-8612 or [email protected] and notice of the occurrence of certain material events, as enumerated in said Rule 15c2-12. The District is in compliance in all material respects with all previous undertakings made

013_BB030321 13 3/2/2021 3:51:46 PM Competitive Sales Notices Wednesday, March 3, 2021 14 The Bond Buyer OPTIONAL DTC BOOK-ENTRY-ONLY the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check mailed to the owner as shown by the registration books of the Issuer as of the close of business on OFFICIAL NOTICE OF SALE the 15th day of the month preceding any interest payment date and the Bonds will be transferable $19,385,000 only upon the registration books of the Issuer kept by the Paying Agent. See “Optional DTC Book- MASON PUBLIC SCHOOLS Entry-Only” above. PRIOR REDEMPTION: COUNTY OF INGHAM A. Mandatory Redemption - Term Bonds. STATE OF MICHIGAN Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption, 2021 SCHOOL BUILDING AND SITE BONDS, SERIES II in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying (GENERAL OBLIGATION - UNLIMITED TAX) Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the BIDS for the purchase of the above 2021 School Building and Site Bonds, Series II (the “Bond” principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds or “Bonds”) will be received by Mason Public Schools, Ingham County, Michigan (the “Issuer”), at so redeemed or purchased in the order determined by the Issuer. the administrative offices of the Issuer, 201 W. Ash Street, Suite 2A, Mason, Michigan 48854, on B. Optional Redemption. Wednesday, the 17th day of March, 2021, until 10:30 o’clock in the a.m., prevailing Eastern Time, Bonds of this issue maturing in the years 2022 through 2031, inclusive, shall not be subject at which time and place said bids will be publicly opened and read. BIDS also will be received to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue electronically by the Municipal Advisory Council of Michigan via email at [email protected] maturing in the year 2032 and thereafter shall be subject to redemption prior to maturity, at the on the same date and the same hour by an agent of the undersigned. The bids will be simultaneously option of the Issuer, in such order as the Issuer may determine and by lot within any maturity, on any opened and read at the temporary offices of the Municipal Advisory Council of Michigan. Bidders date occurring on or after May 1, 2031, at par and accrued interest to the date fixed for redemption. may choose either location to present bids but not both locations. Award of the bids will be made Notice of redemption of any Bond shall be given not less than thirty (30) days and not more on behalf of the Issuer by an authorized officer of the Issuer by 5:00 o’clock in the p.m., prevailing than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the Eastern Time, on that date. registered address shown on the registration books kept by the Paying Agent. Bonds shall be called ELECTRONIC BIDS: Bidders submitting signed bids electronically to the Issuer via facsimile for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be transmission at (517) 676-6058 or the Municipal Advisory Council of Michigan via email treated as representing the number of Bonds obtained by dividing the denomination of the Bond by at [email protected] must ensure their bids are received prior to the time and date fixed $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed for receipt of bids. Bidders submitting bids electronically bear the full risk of failed or untimely in part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an transmission of their bids. Bidders are encouraged to confirm the timely receipt of their full and aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be complete bids by telephoning the Issuer at (517) 676-2484 or the Municipal Advisory Council of issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of Michigan at (313) 963-0420. Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for PARITY: Bids may be presented via PARITY on the date and at the time shown above provided redemption, provided funds are on hand with the Paying Agent to redeem the same. that such bidders must also comply with the good faith deposit requirements described herein. To If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless the extent any instructions or directions set forth in PARITY conflict with this Notice, the terms otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by of this Notice shall control. For further information about PARITY, potential bidders may contact the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the Baker Tilly Municipal Advisors, LLC, at (517) 321-0110 or PARITY at (212) 849-5021. principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the OPTIONAL DTC BOOK-ENTRY-ONLY: Unless otherwise requested by the winning bidder corporate trust office of the Paying Agent, such Bonds shall be paid andredeemed. (the “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”) not exceeding five percent (5%) per annum and not less than one percent (1%) per annum, to be under DTC’s Book-Entry-Only system of registration. If DTC Book-Entry-Only is used, purchasers fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any of interests in the Bonds (the “BeneficialOwners”) will not receive physical delivery of bond one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest certificates,and ownership by the Beneficial Owners of the Bonds will be evidenced by book-entry- rate. The difference between the highest and lowest interest rates bid shall not exceed four percent only. As long as Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of (4%) per annum. No proposal for the purchase of less than all of the Bonds or at a price less than principal and interest payments will be made directly to such registered owner which will in turn 99% or greater than 118% of the par value, or at a price which will cause the true interest cost on remit such payments to the DTC participants for subsequent disbursement to the Beneficial Owners. the Bonds to exceed five percent (5%) per annum, will be considered. BOND DETAILS: Said Bonds will be fully registered Bonds, of the denomination of $5,000 PURPOSE AND SECURITY: The Bonds are the second series of bonds that were authorized at each or multiples thereof up to the amount of a single maturity, shall be dated the date of delivery, an election on November 7, 2017, for the purpose of erecting, furnishing and equipping additions to numbered in order of issue from 1 upwards and will bear interest from their dated date payable on school buildings; remodeling, equipping and re-equipping and furnishing and re-furnishing school May 1, 2022, and semiannually thereafter. buildings; acquiring, installing, and equipping or re-equipping school buildings for instructional The Bonds will mature on May 1 as follows: technology; purchasing school buses; and acquiring, preparing, developing, improving and equipping playgrounds and sites. The Bonds will pledge the full faith, credit and resources of the Year Amount Year Amount Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, 2022 $1,380,000 2035 $810,000 which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, 2023 1,330,000 2036 830,000 and Article IX, Section 16, of the Michigan Constitution of 1963. 2024 750,000 2037 855,000 STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, 2025 715,000 2038 875,000 2026 625,000 2039 905,000 Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the 2027 650,000 2040 930,000 Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if 2028 695,000 2041 955,000 for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when 2029 705,000 2042 985,000 due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to 2030 720,000 2043 595,000 enable the Issuer to make the payment. 2031 740,000 2044 415,000 AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest 2032 755,000 2045 240,000 true interest cost which is the rate that will discount all future cash payments so that the sum of 2033 775,000 2046 255,000 the present value of all cash flows will equal the Bond proceeds computed from April 15, 2021 (the 2034 795,000 2047 100,000 anticipated date of delivery). LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun MATURITY ADJUSTMENT: The Issuer reserves the right to decrease the aggregate principal Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if necessary, without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, will be made in increments of $5,000 and may be made in any maturity. P.C. for services rendered in connection with such approving opinion are expected to be paid from ADJUSTMENT TO PURCHASE PRICE: In the event of a maturity adjustment, the purchase Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the not examined or reviewed, any financial documents, statements or other materials that have been winning bid. or may be furnished in connection with the authorization, marketing or issuance of the Bonds TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in any and, therefore, has not expressed and will not express an opinion with respect to the accuracy or year as serial bonds or term bonds, or both. The bidder must designate whether each of the principal completeness of any such financial documents, statements or materials. amounts shown above represent a serial maturity or a mandatory redemption requirement for a TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Issuer term bond maturity. There may be more than one term bond maturity. In any event, the above with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest principal amount schedule shall be represented by either serial bond maturities or mandatory on the Bonds is excluded from gross income for federal income tax purposes, as described in the redemption requirements, or a combination of both. Any such designation must be made within opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Michigan, one (1) hour of the Bond sale. except inheritance and estate taxes and taxes on gains realized from the sale, payment or other PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified disposition thereof. The Issuer has covenanted to comply with certain requirements of the Code to act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer necessary to continue the exclusion of interest on the Bonds from gross income for federal income may hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior to any change in Paying Agent. In the event the Bonds cease to be held in book entry form only, continued on next page

014_BB030321 14 3/2/2021 3:51:46 PM Wednesday, March 3, 2021 Competitive Sales Notices www.bondbuyer.com 15 the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check continued from previous page NOTICE OF BOND SALE mailed to the owner as shown by the registration books of the Issuer as of the close of business on tax purposes. the 15th day of the month preceding any interest payment date and the Bonds will be transferable OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official $13,069,580 only upon the registration books of the Issuer kept by the Paying Agent. See “Optional DTC Book- Statement in substantially the same form as the Preliminary Official Statement, subject to minor Entry-Only” above. additions, deletions and revisions as required to complete the Preliminary Official Statement. ATTICA CENTRAL SCHOOL DISTRICT PRIOR REDEMPTION: Promptly after the sales date, but in no event later than seven (7) business days after such date, the WYOMING COUNTY, NEW YORK A. Mandatory Redemption - Term Bonds. Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a SCHOOL DISTRICT SERIAL BONDS, 2021 Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption, reasonably available electronic version of the same. The Issuer will determine which format will be in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any (BOOK-ENTRY-ONLY BONDS) hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying underwriter identification necessary to complete the Official Statement within twenty-four (24) Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the hours after the award of Bonds. Additional copies of the finalOf ficialStatement may be obtained Dated Date: March 30, 2021 principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds up to three months following the sale of the Bonds by a request and payment of costs to the Maturity Dates: June 15, 2022-2037, inclusive so redeemed or purchased in the order determined by the Issuer. financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed B. Optional Redemption. by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the date Sale Date: March 9, 2021 Bonds of this issue maturing in the years 2022 through 2031, inclusive, shall not be subject of delivery the information contained in the Official Statement, and any supplement to the Official Bids Accepted Until: 11:00 A.M. (Prevailing Time) to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue Statement, relating to the Issuer and the Bonds are true and correct in all material respects, and maturing in the year 2032 and thereafter shall be subject to redemption prior to maturity, at the that the Official Statement does not contain any untrue statement of a material fact or omit to state Location: Bernard P. Donegan, Inc. option of the Issuer, in such order as the Issuer may determine and by lot within any maturity, on any a material fact necessary to make the statements therein, in light of the circumstances under which 345 Woodcliff Drive, 2nd Floor date occurring on or after May 1, 2031, at par and accrued interest to the date fixed for redemption. they were made, not misleading. Fairport, New York 14450 Notice of redemption of any Bond shall be given not less than thirty (30) days and not more CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the Sealed proposals or, at the option of bidders, electronic proposals delivered via facsimile or than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, in via Ipreo’s Parity electronic bid submission system (“Parity”) will be received at the offices of registered address shown on the registration books kept by the Paying Agent. Bonds shall be called accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Bernard P. Donegan, Inc. (the “Municipal Advisor”), 345 Woodcliff Drive, 2nd Floor, Fairport, New for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal York 14450 (Telephone: 585.924.2145, Fax: 585.924.4636) and considered by the undersigned treated as representing the number of Bonds obtained by dividing the denomination of the Bond by year of the Issuer, commencing with the fiscal year ended June 30, 2021, certain annual financial President of the Board of Education (the “Board President”), or such Board President’s successor or $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed information and operating data, including audited financial statements for the preceding fiscal year, designated agent, of the Attica Central School District, Wyoming County, New York (the “District”) in part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an generally consistent with the information contained or cross-referenced in the Official Statement as outlined above for the purchase of $13,069,580 School District Serial Bonds, 2021 of the District aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be relating to the Bonds, (ii) timely notice of the occurrence of certain significantevents with respect (the “Bonds”). issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial A portion of the proceeds of the Bonds ($9,940,000) will be used to redeem and retire an Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for information on or before the date specified in (i) above. outstanding bond anticipation note of the District that was issued on June 23, 2020 to finance redemption, provided funds are on hand with the Paying Agent to redeem the same. BOND INSURANCE: In the event the Purchaser elects to obtain bond insurance for the Bonds, a capital improvements project consisting of the reconstruction and renovation of, and the If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless all costs and expenses related to such bond insurance shall be the responsibility of the Purchaser. construction of improvements, additions and upgrades to, various District buildings and facilities otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by The failure of such bond insurance to be issued at or before delivery of the Bonds shall not be a and the sites thereof, as authorized by the District’s qualified voters on October 23, 2018 (the the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the basis for the Purchaser to refuse to accept delivery of the Bonds. In the event the Purchaser obtains “Project”). Additional proceeds of the Bonds in the amount of $3,129,580 will provide new money principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the bond insurance, the bond insurer shall not be entitled to be designated as an addressee of any bond financing for the Project. corporate trust office of the Paying Agent, such Bonds shall be paid andredeemed. counsel opinion related to the Bonds, nor shall the bond insurer be entitled to a reliance letter The Bonds will be valid and legally binding general obligations of the District, for the payment INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates associated with the same. If the Purchaser obtains bond insurance, the Issuer agrees to insert any of which the District has pledged its faith and credit. Unless paid from other sources, all the taxable not exceeding five percent (5%) per annum and not less than one percent (1%) per annum, to be reasonable and necessary insurance language in the Bonds. real property in the District will be subject to the levy of ad valorem real property taxes to pay the fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix H to the Preliminary principal of the Bonds and the interest thereon, without limitation as to rate or amount (subject to one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest Official Statement for the Bonds, dated March 3, 2021, for information and requirements concerning certain statutory limitations imposed by Chapter 97 of the 2011 Laws of New York). The New York rate. The difference between the highest and lowest interest rates bid shall not exceed four percent establishing the issue price for the Bonds. State Constitution requires the District to pledge its faith and credit for the payment of the principal (4%) per annum. No proposal for the purchase of less than all of the Bonds or at a price less than CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and of the Bonds and the interest thereon, and to make annual appropriations for the amounts required 99% or greater than 118% of the par value, or at a price which will cause the true interest cost on bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents for the payment of such interest and the redemption of the Bonds. The Constitution also provides the Bonds to exceed five percent (5%) per annum, will be considered. will be in substantially the same form as the drafts provided. Closing documents will not be that if at any time the appropriating authorities fail to make the required appropriations for the PURPOSE AND SECURITY: The Bonds are the second series of bonds that were authorized at modified at the equestr of a bidder, regardless of whether the bidder’s proposal is accepted. annual debt service on the Bonds and certain other obligations of the District, a sufficient sum shall an election on November 7, 2017, for the purpose of erecting, furnishing and equipping additions to DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds be set apart from the firstrevenues thereafter received and shall be applied for such purposes. The school buildings; remodeling, equipping and re-equipping and furnishing and re-furnishing school will be delivered without expense to the Purchaser at a place to be mutually agreed upon with Board President may be required to set apart and apply such revenues as aforesaid at the suit of any buildings; acquiring, installing, and equipping or re-equipping school buildings for instructional the Purchaser. The usual closing documents, including a certificate that no litigation is pending holder of the Bonds. technology; purchasing school buses; and acquiring, preparing, developing, improving and affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the The Bonds are payable in annual installments which, together with interest thereon, are expected equipping playgrounds and sites. The Bonds will pledge the full faith, credit and resources of the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th to provide for substantially level or declining annual debt service with respect to the Bonds, as Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, day following the date of sale, or the first business day thereafter if the 45th day is not a business defined and described in paragraph (d) of Section 21.00 of the New York Local Finance Law, on which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the June 15 in each year as follows: and Article IX, Section 16, of the Michigan Constitution of 1963. proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the MATURITIES Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with Year Amount* Year Amount* Year Amount* Year Amount* Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if a list giving the denominations and names in which it wishes to have the certificates issued at least 2022 $1,224,580 2026 $775,000 2030 $840,000 2034 $910,000 for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a 2023 730,000 2027 790,000 2031 855,000 2035 925,000 due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to single certificate for each maturity registered in the name of the Purchaser, subject to the election 2024 745,000 2028 805,000 2032 875,000 2036 785,000 enable the Issuer to make the payment. under the “Optional DTC Book-Entry-Only” provisions herein. 2025 760,000 2029 820,000 2033 890,000 2037 340,000 AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; true interest cost which is the rate that will discount all future cash payments so that the sum of however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers *The aggregate principal amount of the Bonds and the principal maturities the present value of all cash flows will equal the Bond proceeds computed from April 15, 2021 (the shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the thereof are subject to adjustment, following their sale, to achieve substantially anticipated date of delivery). Bonds. Application for CUSIP numbers will be made by Baker Tilly Municipal Advisors, LLC, level or declining annual debt service, and to permit the District to comply LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP with applicable provisions of the Internal Revenue Code of 1986, as amended Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished identification numbers shall be paid by the Purchaser. (the “Code”). without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the The District, after approval of Bond Counsel, may after selecting the successful bidder as provided P.C. for services rendered in connection with such approving opinion are expected to be paid from bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity herein, and by 4:00 P.M. (Prevailing Time) on the Sale Date, adjust such installments of principal Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq. to the extent necessary to meet the requirements of substantially level or declining annual debt of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has FURTHER INFORMATION may be obtained from Baker Tilly Municipal Advisors, LLC, 2852 not examined or reviewed, any financial documents, statements or other materials that have been service. Any such adjustment shall be conclusive, and shall be binding upon the successful bidder. Eyde Parkway, Suite 150, East Lansing, Michigan 48823, telephone: (517) 321-0110. Following the sale of the Bonds, the aggregate par amount of the Bonds may be decreased in an or may be furnished in connection with the authorization, marketing or issuance of the Bonds THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. and, therefore, has not expressed and will not express an opinion with respect to the accuracy or amount not in excess of the premium offered by the successful bidder to the extent necessary in ENVELOPES containing the bids should be plainly marked “Proposal for Mason Public Schools order that the total proceeds, which include the total par amount of the Bonds plus the original completeness of any such financial documents, statements or materials. 2021 School Building and Site Bonds, Series II.” TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Issuer issue premium, if any, received by the District, do not exceed the maximum amount permitted with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest Elizabeth Evans under applicable provisions of the Internal Revenue Code of 1986, as amended. In such event, the on the Bonds is excluded from gross income for federal income tax purposes, as described in the Secretary, Board of Education premium shall also be adjusted to the extent necessary to achieve the same net interest cost which opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Michigan, served as the basis for the award to the purchaser. except inheritance and estate taxes and taxes on gains realized from the sale, payment or other The Bonds maturing on or before June 15, 2029 will not be subject to redemption prior to disposition thereof. The Issuer has covenanted to comply with certain requirements of the Code maturity. The Bonds maturing on or after June 15, 2030 will be subject to redemption prior to To place your Bond Redemption Advertisement in The Bond Buyer, please call necessary to continue the exclusion of interest on the Bonds from gross income for federal income maturity, at the option of the District, on June 15, 2029 or on any date thereafter, in whole or in Kerry-Ann Blake-Parkes at 212-803-8436 or email it to [email protected]. continued on next page

015_BB030321 15 3/2/2021 3:51:47 PM Competitive Sales Notices Wednesday, March 3, 2021 16 The Bond Buyer continued from previous page requirements of this Notice of Bond Sale. If any provisions of this Notice of Bond Sale shall conflict part, and if in part, in any order of their maturity and in any amount within a maturity (selected at with information provided by Parity, as an approved provider of electronic bidding services, this random within a maturity), at par (100%), plus accrued interest to the date of redemption. Notice of Bond Sale shall control. Further information about Parity, including any fee charged, may The District may select the maturities of the Bonds to be redeemed and the amount to be be obtained from Parity at 212.849.5021. The time maintained by Parity shall constitute the official redeemed of each maturity selected, as the District shall determine to be in the best interest of time with respect to all bids submitted. Prospective bidders wishing to submit electronic bids via the District at the time of such redemption. If less than all of the Bonds of any maturity are to be Parity must be contracted customers of Parity. Prospective bidders not having a contract with Parity redeemed, the particular Bonds of such maturity to be redeemed shall be selected at random (by may call 212.849.5021 to become a customer. lot or in any other customary manner of selection as determined by the President of the Board of As a condition precedent to the consideration of a proposal, a good faith deposit (the “Deposit”) Education of the District). in the form of a certified or cashier’s check or a wire transfer in the amount of $261,392 payable Notice of the call for such redemption shall be given by mailing such notice to the registered to the order of the District is required. If a check is used, it must be drawn upon an incorporated owners thereof not more than sixty (60) days nor less than thirty (30) days prior to the date set bank or trust company to the order of the “Attica Central School District” and must accompany the for such redemption. Notice of redemption having been given as aforesaid, the Bonds so called for bid. If a wire transfer is used, it must be sent to the account so designated by the District for such redemption shall, on the date for redemption set forth in such call for redemption, become due purpose, not later than 10:00 A.M. on the date of the sale and the wire transfer reference number and payable, together with interest to such redemption date. Interest shall cease to be paid thereon must be provided on the “Proposal For Bonds” that is utilized when the bid is submitted. Bidders after such redemption date. are instructed to contact Bernard P. Donegan, Inc., 345 Woodcliff Drive, 2nd Floor, Fairport, New The District may provide conditional notice of redemption, which may state that such redemption York 14450 (Telephone: 585.924.2145, Fax: 585.924.4636), the District’s municipal advisor, no is conditioned upon the receipt of moneys and/or any other event. If any such condition is not later than 24 hours prior to the bid opening to obtain the District’s wire instructions. No interest satisfied, such redemption shall not occur, and the District is to give notice thereof, as soon as on the Deposit will accrue to the Purchaser. The Deposit will be applied to the purchase price of practicable, in the same manner, to the same person(s), as notice of such redemption was given. the Bonds. The check or wire transfer deposited by the bidder to whom the Bonds are awarded will Additionally, any such redemption notice may be rescinded by the District no later than one be retained by the District and the amount thereof will be applied as provided by law. No interest business day prior to the date specified for redemption, by written notice by the District given in will be allowed upon the Deposit. The right is reserved to reject any or all bids, and except as the same manner, to the same person(s), as notice of such redemption was given hereinafter provided, any bid not complying in all material respects with the terms of this notice The Bonds will be dated March 30, 2021, will mature on June 15 in the years and amounts stated may be rejected. above (subject to adjustment, as stated) and will bear interest payable on December 15, 2021, Unless all bids are rejected, the Bonds will be awarded to the bidder complying with the terms and semi annually thereafter on June 15 and December 15 in each year until maturity (or earlier of sale and offering to purchase the Bonds at such rate or rates of interest as will produce the lowest redemption). The record date of the Bonds will be the last business day of the calendar month net interest cost computed in accordance with the net interest cost method of calculation (assuming preceding each respective interest payment date. that all of the Bonds will be held to maturity), that being the rate or rates of interest that will produce The Bonds will be issued in registered form by means of a book entry system, and no physical the least interest cost over the life of the Bonds, after accounting for the premium offered, if any. For distribution of bond certificates will be made to the public. One bond certificate for each maturity purposes of evaluating bids received, net interest cost will be calculated using the assumption that will be issued to the Depository Trust Company, New York, New York (“DTC”) or its nominee and the Bonds will be held until maturity. In the event the District receives two or more bids specifying will be immobilized in its custody. The book entry system will evidence ownership of the Bonds the same lowest net interest cost, then the successful bidder will be selected by the Board President in the principal amount of $5,000, or any integral multiple thereof, except for one Bond of an odd by lot from among all such bidders. Notwithstanding anything herein to the contrary, the District denomination maturing in 2022, with transfer of ownership effected on the records of DTC and reserves the right to waive any technical defects, omissions or other deficiencies in the form of any its participants pursuant to rules and procedures established by DTC and its participants. The proposal submitted for consideration. successful bidder, as a condition to delivery of the Bonds, shall be required to deposit the bond Award of the Bonds to a successful bidder, or rejection of any bids, is expected to be made certificates with DTC, registered in the name of Cede & Co., its nominee, to be held in trust until promptly after the opening of the bids, but a successful bidder may not withdraw its proposal until maturity (or earlier redemption). Interest on the Bonds and the principal of the Bonds will be after 5:00 P.M. (Prevailing Time) on the day of such bid opening and then only if such award has payable to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest not been made prior to the withdrawal. payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest If the Bonds qualify for the issuance of any policy of municipal bond insurance or commitment payments to the beneficial owners of the Bonds by participants of DTC will be the responsibility of therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any such participants and other nominees of such beneficial owners. The District will not be responsible such commitment therefor shall be at the sole option and expense of such bidder and any increased or liable for such transfer of payments or for maintaining, supervising or reviewing the records costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid maintained by DTC, its participants or persons acting through such participants. by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be The deposit of the Bonds with DTC under a book-entry system requires the assignment of issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept CUSIP numbers prior to delivery. It shall be the responsibility of the Municipal Advisor to apply delivery of and pay for the Bonds in accordance with the terms of this Notice of Bond Sale. for assignment of CUSIP numbers within one business day after the dissemination of the Notice of The Bonds must be paid for in federal funds or other funds available for immediate credit in New Bond Sale. CUSIP identification numbers will be printed on the Bonds if Bond Counsel is provided York, New York on March 30, 2021, or at such other place and time as may be agreed upon with with such numbers by the close of business on the date of sale of the Bonds, but neither the the successful bidder. failure to print such number on any Bond nor any error with respect thereto shall constitute cause THE DISTRICT RESERVES THE RIGHT TO CHANGE THE DATE AND TIME FOR THE for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in OPENING OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS accordance with the terms of this Notice of Bond Sale. The District will not be responsible for any THAN ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY delay occasioned by the inability to deposit the Bonds with DTC due to the failure to obtain such MEANS OF A SUPPLEMENTAL NOTICE OF BOND SALE TO BE DISSEMINATED VIA TM3. IN numbers and to supply them to the District in a timely manner. All expenses in relation to the ADDITION, SUCH NOTICE SHALL BE GIVEN TO THE NEWS MEDIA AND SHALL BE POSTED printing of CUSIP numbers on the Bonds shall be paid for by the District; provided, however, that IN ONE OR MORE DESIGNATED PUBLIC LOCATIONS WITHIN THE DISTRICT AT LEAST ONE the CUSIP Service Bureau charge for the assignment of such numbers shall be the responsibility of HOUR PRIOR TO THE TIME AND DATE SET FOR THE OPENING OF BIDS. and shall be paid for by the successful bidder. In the event that prior to the delivery of the Bonds, the income received by owners from bonds THE BONDS WILL NOT BE DESIGNATED BY THE DISTRICT AS “QUALIFIED TAX-EXEMPT of the same type and character becomes includable in the gross income of such owners for federal OBLIGATIONS” PURSUANT TO SECTION 265(B)(3) OF THE INTERNAL REVENUE CODE OF income tax purposes, the successful bidder may, at its election, be relieved of its obligations hereunder 1986, AS AMENDED (THE “CODE”). to purchase the Bonds and, in such case, the Deposit accompanying its bid will be returned. Each proposal must be for all of the Bonds and may state different rates of interest for Bonds The population of the District is approximately 13,045 (2019 U.S. Census estimate). The debt maturing in different calendar years; provided, however, that (1) only one rate of interest may be statement to be filedpursuant to Section 109.00 of the Local Finance Law in connection with bid for all Bonds maturing in any one calendar year, (2) variations in rates of interest so bid shall the sale of the Bonds, prepared as of February 23, 2021, will show the equalized value of real be in ascending progression in order of maturity so that the rate of interest on Bonds maturing in property subject to taxation by the District to be $701,056,962, the debt limit of the District to be any particular calendar year shall not be less than the rate of interest applicable to Bonds maturing $70,105,696 and the total net indebtedness of the District to be $14,829,580 (after factoring in any in any prior calendar year and (3) all rates of interest bid must be stated in a multiple of one-eighth applicable exclusions). or one-hundredth of one per centum per annum. No proposed purchase price may be less than the As a condition to the purchaser’s obligation to accept delivery of and pay for the Bonds, the total par value of the Bonds. No proposal for less than all of the Bonds will be considered. The date purchaser will be furnished, without cost, the following, dated as of the date of the delivery of and of delivery is currently anticipated to be the same as the dated date. If the date of delivery changes, payment for the Bonds: (1) a certificate of the Board President certifying that (a) as of the date of the the successful bidder shall be obligated to pay the price bid plus accrued interest, if any, on the officialstatement (the “OfficialStatement”) furnished by the District in relation to the Bonds, the Bonds from March 30, 2021 to the date of delivery. Official Statement did not contain any untrue statement of material fact or omit to state a material Each proposal must be either (1) enclosed in a sealed envelope the outside of which should be fact necessary to make the statements therein, in the light of the circumstances under which they marked “Proposal for $13,069,580 School District Serial Bonds, 2021”, and be addressed as follows were made, not misleading, subject to the condition that while information in the Official Statement to the Sale Officer, viz.: Brian Fugle, President of the Board of Education of the Attica Central School obtained from sources other than the District is not guaranteed as to accuracy, completeness or District, c/o Bernard P. Donegan, Inc., 345 Woodcliff Drive, 2nd Floor, Fairport, New York 14450; fairness, the Board President has no reason to believe and does not believe that such information (2) be received via facsimile transmission at 585.924.4636; or (3) be submitted electronically via is materially inaccurate or misleading, and (b) to the knowledge of the Board President, since the Parity. In the case of a facsimile bid, neither the District nor its agents will assume liability for any date of the OfficialStatement, there have been no material transactions not in the ordinary course inability of the bidder to reach the above-named fax number prior to the time of sale outlined of affairs entered into by the District and no material adverse changes in the general affairs of the above; time of receipt will be the time recorded by the facsimile receiver. In the case of a Parity District or in its financialcondition as shown in the OfficialStatement other than as disclosed or bid, each qualified prospective bidder shall be solely responsible to make necessary arrangements contemplated by the OfficialStatement, (2) a closing certificate,evidencing receipt for the proceeds to access Parity for purposes of submitting its bid in a timely manner and in compliance with the continued on next page

016_BB030321 16 3/2/2021 3:51:47 PM Wednesday, March 3, 2021 Competitive Sales Notices www.bondbuyer.com 17

continued from previous page Prices and provide the District and Bond Counsel with reasonable supporting documentation, such of the Bonds and a signature certificate, which will include a statement that no litigation is pending as a copy of the pricing wire or equivalent communication, the form of which is acceptable to or, to the knowledge of the signers, threatened affecting the Bonds, (3) a tax certificateexecuted Bond Counsel, on behalf of the District which includes, among other things, covenants, relating to compliance (b) will report to the District and Bond Counsel information regarding the actual prices at which with the Code, with the owners of the Bonds that the District will, among other things, (a) take all at least ten percent of the Bonds within each maturity of the Bonds have been sold to the public, actions on its part necessary to cause interest on the Bonds to be excluded from the gross income (c) will provide the District and Bond Counsel with reasonable supporting documentation or of the owners thereof for federal income tax purposes, including, without limitation, restricting, to certifications of such sale prices the form of which is acceptable to Bond Counsel. This reporting the extent necessary, the yield on investments made with the proceeds of the Bonds and investment requirement, which may extend beyond the closing date of the Bonds, will continue until such date earnings thereof, making required payments to the federal government, if any, and maintaining that ten percent of each maturity of the Bonds has been sold to the public, and books and records in a specified manner, where appropriate, and (b) refrain from taking action (d) has or will include within any agreement among underwriters, any selling group agreement which would cause interest on the Bonds to be includable in the gross income of the owners and each retail distribution agreement (to which the winning bidder is a party) relating to the initial thereof for federal income tax purposes, including, without limitation, refraining from spending sale of the Bonds to the public, together with the related pricing wires, language obligating each the proceeds of the Bonds and investment earnings thereon on certain specifiedpurposes, and (4) underwriter to comply with the reporting requirement described above. the approving opinion of Hodgson Russ LLP, of Buffalo, New York, Bond Counsel, to the effect that Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder the Bonds are valid and legally binding general obligations of the District for which the District has shall submit to the District and Bond Counsel a certificate (the “Issue Price Certificate”), satisfactory pledged its faith and credit and, unless paid from other sources, all the taxable real property within to Bond Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. the District is subject to the levy of ad valorem real property taxes to pay the Bonds and interest The form of Issue Price Certificate is available by contacting Bond Counsel or the Municipal Advisor. thereon, without limitation as to rate or amount (subject to certain statutory limitations imposed If the winning bidder has purchased the Bonds for its own account and not with a view to by Chapter 97 of the 2011 Laws of New York). distribution or resale to the public, then, whether or not the Competitive Sale Requirements were Bond counsel will deliver at closing its written opinion that interest on the Bonds is excluded met, the Issue Price Certificate will recite such facts and identify the price or prices at which the from gross income for federal income tax purposes and is not an item of tax preference for purposes purchase of the Bonds was made. of the federal alternative minimum tax imposed on individuals, with certain exceptions described in For purposes of this Notice, the “public” does not include the winning bidder or any person that the body of the Official Statement prepared by the District in connection with the sale of the Bonds, agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the and that such interest is exempt from New York State and New York City personal income taxes. Bonds to the public (such as a retail distribution agreement between a national lead underwriter The Official Statement dated February 23, 2021 relating to the Bonds is in a form “deemed final” and a regional firm under which the regional firm participates in the initial sale of the Bonds to the for purposes of SEC Rule 15c2-12 (the “Rule”), except for the omission therefrom of those items public). In making the representations described above, the winning bidder must reflect the effect allowable under the Rule. on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in Any party executing and delivering a bid for the Bonds agrees, if its bid is accepted by the District, connection with the initial sale of any of the Bonds. to provide to the District in writing, within two business days after the date of such award, all Unless the Bonds are purchased for the buyer’s own account, as principal for investment and information which the purchaser determines is necessary for it to comply with the Rule, including not for resale, the District will enter into a continuing disclosure undertaking (the “Disclosure all necessary pricing and sale information, information with respect to the purchase of bond Undertaking”) to provide, or cause to be provided, in accordance with the requirements of the insurance, if any, and underwriter identification. Within five business days following receipt by the Rule, certain financial and other information, as well as timely notice of the occurrence of certain District thereof, the District will furnish to the purchaser, in reasonable quantities as requested by designated events. Reference is made to the Official Statement for further details regarding the the purchaser, copies of the Official Statement, updated as necessary, and supplemented to include Disclosure Undertaking, a form of which is attached to the Official Statement. such information. Failure by the purchaser to provide such information will prevent the District Because a detailed Official Statement will be produced in connection with the sale of the Bonds, from furnishing the Official Statements as described above. The District shall not be responsible or such Official Statement should be read in conjunction with this Notice of Bond Sale. It should be liable in any manner for the purchaser’s determination of information necessary to comply with the noted that economic markets and the District’s finances have been affected by the COVID-19 global Rule or the accuracy of any such information provided by the purchaser or for failure to furnish pandemic. Please see the Official Statement for further details. the Official Statements as described above which esultsr from a failure by the purchaser to provide Requests for copies of the Official Statement of the District relating to the Bonds offered hereby, the aforementioned information within the time specified.Acceptance by the purchaser of the final additional copies of this Notice of Bond Sale or any other additional information may be directed Official Statement shall be conclusive evidence of the satisfactory completion of the obligation of to Bernard P. Donegan, Inc., 345 Woodcliff Drive, 2nd Floor, Fairport, New York 14450, Phone the District with respect to the preparation and delivery thereof. 585.924.2145, Fax 585.924.4636. By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a Dated: February 23, 2021 good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy Brian Fugle bid” being submitted for the purpose of assisting in meeting the competitive sale requirements President of the Board of Education relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, Attica Central School District including the requirement that bids be received from at least three (3) underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning bidder if the Competitive Sale Requirements were met at the same time it notifies the winning SUMMARY NOTICE OF SALE bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not satisfied. $219,695,000* The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, Las Vegas Valley Water District, Nevada advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as General Obligation (Limited Tax) of the date of the award. (Additionally Secured by SNWA Pledged Revenues) By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Water Refunding Bonds Bonds for its own account and not with a view to distribution or resale to the public) that if ten percent of each maturity of the Bonds (as hereinafter defined) is not sold on the Sale Date and if the Series 2021C Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option (2) PUBLIC NOTICE is hereby given that electronic bids via Parity will be received by the Las Vegas described below. Such election must be made on the bid form submitted by each bidder Valley Water District, Nevada on: For purposes of the “hold the price” or “follow the price” requirement described below, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms. Wednesday, March 10, 2021 (1) Hold the Price. The winning bidder: 8:00am (Pacific Time)* (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices and provide the District and Bond Counsel with reasonable supporting documentation, such * Preliminary, subject to change. as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel, (b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the date on which the winning bidder has sold to the public at least ten percent of the Bonds of such maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of such maturity or (ii) the close of business on the 5th business day after the date of the award of the Bonds, and THE DAILY NEWSPAPER OF PUBLIC FINANCE (c) has or will include within any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each For rates and additional information about advertising a Notice of underwriter to comply with the limitations on the sale of the Bonds as set forth above. Competitive Sale, please call Kerry-Ann C. Parkes at 212.803.8436 or (2) Follow the Price. The winning bidder: send an email to [email protected]. (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering

017_BB030321 17 3/2/2021 3:51:48 PM Wednesday, March 3, 2021 18 The Bond Buyer

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

3/3 - City of Centralia (WA), WA I-Deal Prospectus 3/3 - City of Centralia (WA), WA Electronic Official Statements Competitive 3/3 - Board of Education of Emery County School District, UT 3/8-College Community School District, IA GO School Bonds, Series 2021A 3/3 - Bayless Consolidated School District, MO 2/25-Marathon County, WI GO Promissory Notes & Health Care Project Building Bonds, Srs 2021A & 2021B 3/3 - City of Alcoa (TN), TN www.newissuehome.i-deal.com 2/25-Sedona Lakes MUD No. 1 of Brazoria County, TX Unlimited Tax Road Bonds, Srs 2021 3/3 - City of Alcoa (TN), TN 2/25-Harris County MUD No. 481, TX Unlimited Tax Park Bonds, Series 2021 BiDCOMP®/Parity® 3/3 - City of Fairborn, OH 3/3-Emery County SD BOE,UT General Obligation Bonds, Series 2021 3/3 - City of Cambridge (MA), MA 3/2/2021-Portland (City of), OR Limited Tax Revenue Refunding Bonds, Series 2021A&B 3/4 - City of New London (CT), CT www.i-dealprospectus.com 3/3-Cambridge (City of), MA GO Municipal Purpose Loan Bonds of 2021 3/4 - City of New London (CT), CT 3/4-New London (City Of), CT GO Bonds & BAN’s, Issue of 2021 3/8 - Northcentral Technical College District (WI), WI Full service electronic 2/24-Howard County, MD COP (Equipment Prog) Ref, 2021 Series A 3/8 - Independent School District No. 9 of Tulsa County (Union), OK document delivery and 3/3-Consolidated SD No. 1 (Parish of Lafourche), LA GO School Bonds, Series 2021 3/8 - Independent School District No. 196 (Rosemount-Apple Valley-Eagan), MN tracking system 3/4-Hanahan (City of), SC General Obligation Bonds of 2021 3/8 - College Community School District, IA 3/2-LaGrange (City of), GA Water & Sewer Revenue Bonds, Series 2021 3/8 - Fort Bend County Municipal Utility District No. 26, TX For more information, 3/3-Harris County MUD No. 468, TX Unlimited Tax Bonds, Series 2021 contact: 3/9-ISD No. 1 (Putnam City BOE), OK GO Combined Purpose Bonds of 2021 John Hester 3/8-ISD No. 1, OK (Chickasha SD), OK GO Combined Purpose Bonds, Srs 2021 (212) 849-5125 3/8-Johnson Creek (Village of), WI GO Corporate Purpose Bonds, Series 2021 3/8-Bowling Green (City of), KY GO Bonds, Srs 2021A & Taxable GO Bonds, Srs 2021B James Kellum (212) 849-5156 3/8-Northcentral TCD, WI GO Promissory Notes, Srs 2021A Employers: Are you 3/8-Maryland Heights Fire Protection District, MO GO Ref and Improv Bonds, Srs 2021 3/9-Perth Amboy (City of), NJ GO Bonds (2021) looking for a... I-Deal Prospectus Electronic Official Statements Negotiated ***Midland (City of), TX GO Refunding Bonds, Taxable Series 2021 ***THE POS HAS BEEN UPDATED TO INCLUDE THE RATINGS.*** Bond Counsel Wichita Falls ISD, TX Unlimited Tax School Building Bonds, Series 2021 Mineral Wells ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2021 Finance Director Midland (City of), TX GO Refunding Bonds, Taxable Series 2021 Oxford (Town of), ME GO Refunding Bonds, Series 2021 Research Analyst Amarillo JCD, TX Limited Tax Refunding Bonds, Taxable Srs 2021 **Northwest Harris County MUD No. 15, TX Unlimited Tax Refunding Bonds, Series 2021 ***THE POS HAS BEEN REVISED. DELIVERY DATE AND REFUNDED BONDS REDEMPTION DATE UPDATED*** Salesperson Parish of Livingston (Parish SB of), LA Refunding Bonds, Series 2021A&B(Taxable) **Fort Bend County MUD No. 5, TX Unlimited Tax Ref Bonds, Series 2021 Muni Bond Trader ***DELIVERY/REDEMPTION DATES HAVE BEEN UPDATED*** Fort Bend County MUD No. 5, TX Unlimited Tax Ref Bonds, Series 2021 Portfolio Manager Willis ISD, TX Unltd Tax School Bldg Bonds, Series 2021 Frenship ISD, TX Unlimited Tax School Building & Refunding Bonds, Series 2021 Investment Banker Mcallen (City of), TX GO Refunding Bonds, Taxable Series 2021 Palo Pinto County WC&ID No .1, TX Unldt Tax Utility System Ref & Improvement Bonds, Srs 2021 Temple (City of), TX Utility System Revenue Bonds, Series 2021 Underwriter Dickinson ISD, TX Unlimited Tax Schoolhouse Bonds, Series 2021 Kaufman County, TX Unlimited Tax Road Bonds, Srs 2021 Or other Public Finance Kaufman County, TX Limited Tax Bonds, Srs 2021A Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2021 Professionals? ***University of New Mexico (Regents of), Taxable Sub Lien System Ref Rev Bonds, Srs 2021 ***THE POS HAS BEEN REVISED TO INCLUDE THE RATINGS.*** Dalhart (City of), TX GO Refunding Bonds, Series 2021 If so, The Bond Buyer’s Classified ectionS can Central Community School System, LA Taxable GO School Ref Bonds, Series 2021 help you. For information on employment St. Martin Parish School District, LA Taxable GO School Ref Bonds, Series 2021 School District No. 1 of the Parish of Richland, LA GO School Bonds, Srs 2021 advertising options, including online advertising University of New Mexico (Regents of), Taxable Sub Lien System Ref Rev Bonds, Srs 2021 in our Career Zone section, please contact: Missouri (City of), TX GO Refunding Bonds & Combo Tax & Rev COOs, Series 2021 Development Corporation of McAllen Inc., TX Sales Tax Rev Ref Bonds, Taxable Srs 2021 Arlington ISD, TX Unlimited Tax School Building Bonds, Series 2021 Garland (City of), TX Electric Utility System Rev Ref Bonds, New Srs 2021 Victor Kuo at 212-803-8612 Friendswood ISD, TX Unltd Tax School Building Bonds, Series 2021 Bell County, TX Ltd Tax Ref Bonds, Series 2021&Taxable 2021A or e-mail [email protected], Splendora ISD, TX Unlimited Tax Refunding Bonds, Series 2021 Williamson County, TX Limited Tax Ref Bonds, Taxable Srs 2021 & Tax Exempt Srs 2021 or [email protected]. Krum ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2021

018_BB030321 18 3/2/2021 3:51:48 PM Wednesday, March 3, 2021 New Issues www.bondbuyer.com 19

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 Wednesday, March 3 Fort Smith SD #100 AR Ref (Tax) *95,800 10 am C Stephens Friday Eldredge 23-49 ------1-Mar Rector SD #1 AR Ref *1,730 1 pm C Stephens Friday Eldredge 22-35 ------BQ 26-Feb P Newtown (Town) CT GO 8,725 11:30 am E Phoenix Advisors Robinson & Cole 23-41 ------AAA ------BQ 25-Feb P West Hartford (Town) CT GO 17,000 11 am E Munistat Services Shipman & Goodwin 22-36 --- Aaa AAA ------24-Feb P Lafourche Par Cons SD #1 LA GO Sch 45,000 11:30 am C Raymond James Foley & Judell 22-41 ------A------17-Feb Cambridge MA GO Muni Purp Loan *106,000 11 am E Govt Finance Group Locke Lord 22-41 ------AAA ------24-Feb Baltimore County MD GO (Tax) *79,740 11:30 am E Public Resources McKennon Shelton 22-41 --- Aaa AAA AAA ------25-Feb Baltimore County MD GO Consol Pub Imp 145,000 9:45 am E Public Resources McKennon Shelton 22-41 --- Aaa AAA AAA ------25-Feb Baltimore County MD GO 205,000 10:15 am E Public Resources McKennon Shelton 23-51 --- Aaa AAA AAA ------25-Feb Baltimore County MD GO Consol Pub Imp (Tax) *219,635 12 pm E Public Resources McKennon Shelton 21-32 --- Aaa AAA AAA ------25-Feb Bayless Cons SD MO GO 2,900 10 am C Piper Sandler Gilmore & Bell 23-34 ------AA+ ------BQ 22-Feb Beulah Pub SD #27 ND GO Sch Bldg *6,900 11 am C PFM Fin Advisors Arntson Stewart 21-40 ------BQ 26-Feb Tioga Pub SD #15 ND GO Sch Bldg Ref (Tax) *2,055 11:30 am C PFM Fin Advisors Arntson Stewart 23-34 ------Today New York City NY GO (Tax) *92,810 11:15 am E Public Resources Norton Rose 32-34 --- Aa2 AA AA------25-Feb New York City NY GO (Tax) *107,190 10:45 am E Public Resources Norton Rose 28-31 --- Aa2 AA AA------25-Feb Creek Co ISD #3 OK GO *1,850 12 pm C Stephen L. Smith Phillips Murrah 23-24 ------BQ 19-Feb Central Bucks SD PA GO *14,020 11:15 am E PFM Fin Advisors King Spry 21-26 ------26-Feb Alcoa TN GO (Tax) *5,555 10:45 am E Cumberland Secs Owings Wilson 22-26 ------AA------19-Feb Alcoa TN GO *9,995 10:15 am E Cumberland Secs Owings Wilson 24-50 ------AA------BQ 19-Feb Harris Co MUD #468 TX Unltd Tax 5,760 10 am C Baird Allen Boone 22-45 ------BQ 18-Feb Emery Co SD BOE UT GO *45,955 9:30 am M Zions Pub Fin Farnsworth Johnson 22-41 --- Aaa ------23-Feb Centralia WA Ltd Tax GO *690 8:45 am P Northwest Muni Advs Foster Garvey 21-30 ------AA------23-Feb Centralia WA Elec Sys Rev *11,150 8:15 am P Northwest Muni Advs Foster Garvey 21-30 ------23-Feb Twin Lakes Vlg WI GO Prom *2,875 10 am C Ehlers Quarles & Brady 22-31 ------BQ 1-Mar

Thursday, March 4 Greenwood SD #25 AR Ref *2,650 10 am C Stephens Friday Eldredge 21-32 ------BQ 1-Mar P Montville (Town) CT GO 3,300 11:30 am E Phoenix Advisors Pullman & Comley 22-31 ------AA ------BQ 25-Feb New London CT GO 13,300 11 am E Munistat Services Tobin Carberry 24-41 ------A+ AA------24-Feb Marion IA GO Urban Renewal *1,530 10 am C Independent Pub Advs Dorsey & Whitney 22-30 ------BQ 1-Mar Marion IA GO Corp Purp *7,410 10 am C Independent Pub Advs Dorsey & Whitney 23-40 ------BQ 1-Mar Boyle Co SD Fin Corp KY Sch Bldg Ref Rev *1,430 12 pm E Baird Steptoe & Johnson 21-31 --- A1 ------BQ 1-Mar Breathitt Co SD Fin Corp KY Sch Bldg Rev *14,865 11 am E RSA Advisors, LLC Steptoe & Johnson 22-41 ------25-Feb Franklin Co SD Fin Corp KY Sch Bldg Ref Rev (Tax) *10,095 1 pm E RSA Advisors, LLC Steptoe & Johnson 21-32 ------26-Feb Kirksville MO Ref Rev *1,335 9 am C Piper Sandler Gilmore & Bell 21-30 ------A ------BQ 24-Feb Minot Pub SD #1 ND GO Sch Bldg Ref *5,535 10 am C PFM Fin Advisors Arntson Stewart 22-32 ------BQ 1-Mar Minot Pub SD #1 ND GO Sch Bldg Ref (Tax) *15,605 11 am C PFM Fin Advisors Arntson Stewart 22-34 ------1-Mar Dona Ana Comm Coll Dist NM GO Imp Ref *9,995 10 am M RBC Capital Mkts Modrall Sperling 21-33 --- Aa2 ------1-Mar P Rye Neck UFSD NY Sch Dist Ref *1,615 11 am E Capital Markets Adv Orrick Herrington 22-28 ------26-Feb P Rye Neck UFSD NY Sch Dist *10,000 11 am E Capital Markets Adv Orrick Herrington 22-48 ------26-Feb Hanahan City SC GO *13,900 11 am E First Tryon Advisors Haynsworth Sinkler 22-41 --- Aa2 ------25-Feb Sauk City Vlg WI GO Corp Purp *3,665 10 am C Ehlers Quarles & Brady 22-41 ------BQ 2-Mar

Monday, March 8 College Comm SD IA GO Sch *26,000 12 pm C Piper Sandler Ahlers & Cooney 22-41 --- Aa3 ------19-Feb Waukee Comm SD IA Sch Rev *9,710 10 am C PFM Fin Advisors Ahlers & Cooney 22-29 ------BQ 1-Mar Bowling Green KY GO (Tax) *5,945 10:30 am C Raymond James | MK Frost Brown Todd LLC 21-29 --- Aa1 ------1-Mar Bowling Green KY GO *35,760 10 am C Raymond James Frost Brown Todd LLC 30-46 --- Aa1 ------1-Mar Comstock Pub Schs MI Sch Bldg & Site *14,225 10:30 am E Baker Tilly MA Thrun Law Firm 21-45 ------23-Feb

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.

019_BB030321 19 3/2/2021 5:10:25 PM New Issues Wednesday, March 3, 2021 20 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 Rosemount-Apple Vly ISD #196 MN Certs of Part *8,990 11:30 am C Ehlers Dorsey & Whitney 22-31 ------BQ 23-Feb Benton Co R-IX SD MO GO Ref *3,645 10:30 am C Sentry Fin Svcs Gilmore & Bell 22-26 ------AA+ ------BQ Today Maryland Hghts Fire Prot Dist MO GO Ref & Imp *4,625 10 am C Stifel Nicolaus Gilmore & Bell 22-41 ------BQ 2-Mar West Fargo Pub SD #6 ND GO Sch Bldg Ref *48,095 11 am C PFM Fin Advisors Arntson Stewart 22-31 ------26-Feb Grady Co ISD #1 OK Comb Purp 2,700 10:30 am C BOK Fin Secs State Atty General 23-27 ------BQ 1-Mar Tulsa Co ISD #9 OK GO 26,000 11 am C Municipal Fin Svcs Hilborne & Weidman 23-26 ------24-Feb Fort Bend Co MUD #26 TX Unltd Tax 11,175 1 pm C Masterson Advisors Smith Murdaugh 26-46 --- Baa2 ------23-Feb Columbus SD WI GO Ref (Tax) *880 10:45 am C PMA Securities Quarles & Brady 22-31 --- Aa3 ------22-Feb Columbus SD WI GO Ref *2,245 10 am C PMA Securities Quarles & Brady 22-24 --- Aa3 ------BQ 22-Feb Johnson Creek Vlg WI GO Corp Purp *3,905 10 am C PFM Fin Advisors Quarles & Brady 23-40 ------BQ 1-Mar Northcentral Tech Coll Dt WI GO Prom 1,500 10:30 am C Baird Griggs Law Office 22-31 --- Aa1 ------23-Feb

Tuesday, March 9 Hope SD #1-A AR Cons Bds *1,550 10 am C Stephens Friday Eldredge 22-41 ------BQ Today Lincolnwood SD #74 IL GO (Tax) *235 10 am C PMA Securities Chapman and Cutler 24 ------25-Feb Lincolnwood SD #74 IL GO *6,640 10:15 am C PMA Securities Chapman and Cutler 24-39 ------BQ 25-Feb Jackson ISD Fin Corp KY Sch Bldg Ref Rev *551 11 am E RSA Advisors, LLC Steptoe & Johnson 22-30 ------BQ 2-Mar Sharon (Town) MA GO Muni Purp Loan *26,725 11 am E Hilltop Securities Locke Lord 22-41 ------1-Mar Midland Pub Schs MI Energy Conserv Imp *3,875 11 am E PFM Fin Advisors Thrun Law Firm 22-37 ------BQ 23-Feb Ypsilanti Comm Utils Auth MI Ref *2,755 1 pm E PFM Fin Advisors Miller Canfield 22-26 ------AA------BQ 1-Mar Perth Amboy NJ GO *7,245 11:30 am E GB Associates McManimon Scotland 22-41 ------BQ 23-Feb Attica Ctrl SD NY GO Sch Dist 13,070 11 am E Bernard P. Donegan Hodgson Russ 22-37 ------24-Feb Brightwaters Vlg NY Pub Imp 1,500 11 am E Liberty Capital Svcs Hawkins Delafield 23-41 ------BQ 1-Mar Oklahoma Co ISD #1 OK GO 28,500 11:45 am C Stephen L. Smith Phillips Murrah 23-25 ------25-Feb Tulsa Co ISD #2 OK Comb Purp (Tax) 6,145 11:45 am C Stephen H. McDonald State Atty General 23-26 ------25-Feb Fort Bend Co MUD #206 TX Unltd Tax 8,000 8:45 am C Masterson Advisors Allen Boone 22-45 ------23-Feb Virginia Pub Bldg Auth VA Pub Fac Ref (Tax) *11,050 11 am E Frasca & Associates Kaufman & Canoles 22-31 --- Aa1 AA+ AA+ ------2-Mar Virginia Pub Bldg Auth VA Pub Fac *264,860 10 am E Frasca & Associates Kaufman & Canoles 22-33 --- Aa1 AA+ AA+ ------2-Mar Virginia Pub Bldg Auth VA Pub Fac *275,170 10:30 am E Frasca & Associates Kaufman & Canoles 34-41 --- Aa1 AA+ AA+ ------2-Mar Mauston WI GO Corp Purp *3,630 10 am C Ehlers Quarles & Brady 22-41 ------BQ 1-Mar Onalaska WI GO Corp Purp *3,510 10 am C Baird Quarles & Brady 22-40 --- Aa2 ------BQ 24-Feb

Wednesday, March 10 Anne Arundel County MD GO *158,295 10:45 am E Public Resources McKennon Shelton 22-41 ------Today Anne Arundel County MD GO *256,335 10:15 am E Public Resources McKennon Shelton 21-50 ------Today Pinckney Comm Pub Lib MI Ref *2,035 1 pm E PFM Fin Advisors Miller Canfield 22-36 ------BQ 2-Mar Sterling Heights MI Cap Imp *15,000 11:30 am E Northland Securities Miller Canfield 22-41 ------2-Mar Sterling Heights MI Tran Fund *18,000 11 am E Northland Securities Miller Canfield 22-36 ------2-Mar P Lincoln Co Fire Prot Dt #1 MO GO *10,200 10 am C WM Fin Strategies Gilmore & Bell 23-41 AGM --- AA ------25-Feb Las Vegas Vly Wtr Dt NV Limited Tax *219,695 8 am P Hobb, Ongs Sherman & Howard ------1-Feb E Oklahoma Co Tech Ctr Dt #23 OK Bldg 730 11:45 am C Stephen H. McDonald State Atty General 23-26 ------BQ 25-Feb College of Charleston SC Rev Ref *24,815 11 am E Piedmont Securities Burr Forman McNair 22-37 ------Today Fort Bend Co MUD #133 TX Unltd Tax Road 2,670 9:45 am C Masterson Advisors State Atty General 22-44 ------BQ 23-Feb Lakeside MUD #3 TX Unltd Tax 5,750 10 am C Public Fin Group McCall Parkhurst 21-37 --- Baa1 ------BQ 15-Jan Newport News VA Wtr Rev 53,560 10:45 am E PFM Fin Advisors --- 22-41 ------19-Feb Caledonia Vlg WI GO Prom (Tax) 2,940 10:30 am C PMA Securities Quarles & Brady 22-30 --- Aa2 ------19-Feb Caledonia Vlg WI GO Prom 4,725 10 am C PMA Securities Quarles & Brady 22-30 --- Aa2 ------19-Feb Wilmot Union HSD WI GO Ref (Tax) *8,145 10 am C Ehlers Quarles & Brady 22-24 ------1-Mar

Thursday, March 11 Arkansas AR GO 268,845 10 am C Stephens Friday Eldredge 22-23 --- Aa1 AA ------24-Feb Campbell-Savona Ctrl SD NY Sch Dist Ref *2,870 11 am E Capital Markets Adv Timothy R. McGill 21-27 ------BQ Today Campbell-Savona Ctrl SD NY Sch Dist 6,265 11 am E Capital Markets Adv Timothy R. McGill 22-34 ------BQ Today Marcellus (Town) NY Pub Imp 3,000 10:45 am E Fiscal Adv & Mkt ------BQ 9-Feb Washington County NY Pub Imp 3,550 11:15 am E Fiscal Adv & Mkt ------BQ 4-Jan Garfield Co ISD #57 OK Comb Purp (Tax) 9,125 11:30 am C Stephen H. McDonald Floyd Law Firm 23 ------2-Mar Pottawatomie Co ESD #27 OK Bldg 1,500 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 26-Feb Harris Co MUD #120 TX Unltd Tax 2,875 12:45 pm C Masterson Advisors State Atty General 23-31 ------BQ 23-Feb Montgomery Co MUD #88 TX Unltd Tax 2,350 1:15 pm C Masterson Advisors State Atty General 22-42 ------BQ 23-Feb

020_BB030321 20 3/2/2021 5:10:26 PM Wednesday, March 3, 2021 New Issues www.bondbuyer.com 21

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 Rock Prairie Mgmt Dt #2 TX Unltd Tax Road 2,500 10 am C Post Oak Muni Advs State Atty General ------BQ 26-Feb

Monday, March 15 Mulvane KS GO Temp 2,015 10 am C Raymond James Triplett Woolf 22 ------BQ 18-Feb Bronxville Vlg NY Pub Imp 13,235 11 am E Fiscal Adv & Mkt ------BQ 16-Feb Thompson (Town) NY Pub Imp 1,871 10:30 am E Fiscal Adv & Mkt ------BQ 18-Feb Fort Bend Co MUD #155 TX Unltd Tax 1,450 12 pm C Rathmann & Assoc State Atty General ------BQ Today

Tuesday, March 16 Orcutt Union SD CA GO Bond Antic *6,500 9 am P Piper Sandler Stradling Yocca 23 ------BQ 1-Mar Siskiyou Union HSD CA GO *3,000 9 am P Dale Scott Lozano Smith 22-41 ------BQ 1-Mar Eagan MN GO (Tax) *8,230 10:30 am C Northland Securities Dorsey & Whitney 22-41 --- Aaa ------24-Feb West Orange Twp NJ GO (Tax) 6,300 11 am E NW Financial Group McManimon Scotland 22-50 ------2-Mar Harris Co Wtr Cntr & Imp Dt #99 TX Unltd Tax 7,435 10 am C GMS Group State Atty General ------BQ 26-Feb Madison Area Tech Coll Dt WI GO Prom 3,500 10 am C PMA Securities Quarles & Brady 27-28 ------1-Mar

Wednesday, March 17 Attica KS GO Ref *745 11 am C Ranson Fin Group Gilmore & Bell 22-31 ------BQ Today Mason Pub Schs MI Sch Bldg & Site 19,385 10:30 am E Baker Tilly MA Thrun Law Firm 22-47 ------Today Granite SD BOE UT GO Ref *54,805 9:30 am M Lewis Young Farnsworth Johnson 23-31 ------1-Mar

Thursday, March 18 Salida Union SD CA GO *6,665 9 am P Dale Scott Dannis Woliver ------BQ 1-Mar Newport MN GO 10,000 10 am C Ehlers Taft Stettinius 22-41 ------BQ 17-Feb Dutchess County NY Pub Imp 13,999 11 am E Fiscal Adv & Mkt ------1-Feb Dutchess County NY Pub Imp 40,000 11 am E Fiscal Adv & Mkt ------1-Feb Wyoming County NY Pub Imp 13,424 11 am E Fiscal Adv & Mkt ------11-Jan Kaufman Co MUD #6 TX Unltd Tax Road 5,015 10:30 am C Baird State Atty General 44 ------BQ Today

Monday, March 22 St Cloud Hsg & Redev Auth MN GO *2,500 10 am C Baker Tilly MA --- 22-37 ------BQ 2-Mar

Wednesday, March 24 Saint Paul MN GO Temp Tax *3,850 10 am C Baker Tilly MA --- 24 ------9-Feb Saint Paul MN GO Var Purp Ref *25,715 10 am C Baker Tilly MA --- 22-31 ------9-Feb Saint Paul MN GO Street *26,215 10 am C Baker Tilly MA --- 22-41 ------9-Feb Cortland NY Pub Imp 3,110 11 am E Fiscal Adv & Mkt ------BQ 16-Feb

Thursday, March 25 Mahtomedi ISD #832 MN GO *645 10 am C Baker Tilly MA --- 23-27 ------BQ 2-Mar Mahtomedi ISD #832 MN GO Ref (Tax) *890 10 am C Baker Tilly MA --- 22-24 ------2-Mar

Wednesday, March 31 Carver Co Comm Dev Agy MN Ref *1,430 10 am C Baker Tilly MA --- 22-41 ------BQ 23-Feb Carver Co Comm Dev Agy MN Ref *3,015 10 am C Baker Tilly MA --- 22-45 ------BQ 23-Feb Carver Co Comm Dev Agy MN Ref *4,445 10 am C Baker Tilly MA --- 22-34 ------BQ 23-Feb

Thursday, April 1 Binghamton NY Pub Imp --- 11 am E Fiscal Adv & Mkt ------2-Mar Manlius Vlg NY Pub Imp 1,790 11 am E Fiscal Adv & Mkt ------BQ 1-Mar

Wednesday, April 14 St Paul Pub Lib Agy MN GO Library Ref *3,810 10 am C Baker Tilly MA --- 30-35 ------9-Feb

Wednesday, April 21 Schenectady NY Pub Imp 17,350 11 am E Fiscal Adv & Mkt ------19-Feb

Tuesday, May 4 NE Clinton Ctrl SD NY Sch Dist 454 10:45 am E Fiscal Adv & Mkt ------9-Feb

For complete listings go to www.bondbuyer.com

021_BB030321 21 3/2/2021 5:10:26 PM New Issues Wednesday, March 3, 2021 22 The Bond Buyer

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 Wednesday, March 3 Holbrook (Town) MA GO Bond Antic 8,343 11 am E UniBank Fiscal Adv Locke Lord 22 ------BQ 25-Feb Elba (Town) NY Bond Antic 1,480 11 am E Municipal Solutions Hodgson Russ 22 ------BQ 9-Feb Fairborn OH GO Var Purp 4,175 11 am E Bradley Payne Squire Patton 22 ------BQ 19-Feb

Thursday, March 4 New London CT GO Bond Antic 22,600 11:30 am E Munistat Services Tobin Carberry 22 ------SP-1+ F1+ ------24-Feb Baltimore County MD GO Bond Antic 205,000 10:15 am E Public Resources McKennon Shelton 22 --- MIG1 SP-1+ F1+ ------25-Feb Bradley Beach Borough NJ Bond Antic 3,224 11 am E Municipal Official Archer & Greiner 21 ------BQ 1-Mar Wildwood Crest Borough NJ Bond Antic 9,000 11 am E Phoenix Advisors Hawkins Delafield 22 --- MIG1 ------BQ 1-Mar Briarcliff Manor UFSD NY Bond Antic 2,177 10:45 am E Fiscal Adv & Mkt Hawkins Delafield 22 ------BQ 11-Jan Camillus (Town) NY GO Bond Antic 1,505 11:30 am E Fiscal Adv & Mkt Bond Schoeneck 22 ------BQ 25-Feb Clayton (Town) NY Bond Antic 600 11 am E Municipal Solutions Barclay Damon 22 ------BQ 17-Feb Niskayuna (Town) NY Bond Antic 1,120 11 am E Fiscal Adv & Mkt ------BQ 19-Feb Onondaga Ctrl SD NY GO Bond Antic 4,000 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------29-Jan Otsego County NY GO Bond Antic 6,735 11 am E Fiscal Adv & Mkt Orrick Herrington 22 ------BQ 26-Feb Rye Neck UFSD NY Bond Antic 1,225 11 am E Capital Markets Adv Orrick Herrington 22 ------26-Feb

Tuesday, March 9 Fairfield Twp NJ Bond Antic 533 11 am E Municipal Official Fleishman Daniels 22 ------BQ Today Highland Pk Borough NJ Bond Antic 10,589 11 am E Municipal Official Wilentz Goldman 21 ------Today Woodbridge Twp NJ Bond Antic 83,605 11 am E Municipal Official Rogut McCarthy 22 ------Today Kingston NY Bond Antic 12,773 11 am E Munistat Services Orrick Herrington 22 ------2-Mar Lancaster Vlg NY Bond Antic 1,900 11 am E Munistat Services Hawkins Delafield 22 ------BQ Today

Wednesday, March 10 Palisades Pk Borough NJ GO Bond Antic 4,668 11 am E Municipal Official Rogut McCarthy 22 ------BQ Today Norwood Norfolk Ctrl SD NY Bond Antic 4,000 11 am E Fiscal Adv & Mkt ------BQ 3-Feb

Thursday, March 11 Albany NY Bond Antic 59,284 11 am E Fiscal Adv & Mkt ------22-Jan Albany CSD NY Bond Antic --- 10:30 am E Fiscal Adv & Mkt ------2-Mar Cicero (Town) NY Bond Antic --- 11 am E Fiscal Adv & Mkt ------BQ 2-Mar Dolgeville Ctrl SD NY Bond Antic 300 11 am E R.G. Timbs Timothy R. McGill 21 ------BQ 2-Mar Long Lake Ctrl SD NY Bond Antic 600 11 am E Bernard P. Donegan Barclay Damon 21 ------BQ 2-Mar Washington County NY Bond Antic 5,540 11:15 am E Fiscal Adv & Mkt ------BQ 4-Jan Westport Fire Dt NY Bond Antic 2,800 11 am E Fiscal Adv & Mkt ------BQ 11-Jan Wyoming Vlg NY Bond Antic 333 11:30 am E Municipal Solutions --- 22 ------2-Mar

Tuesday, March 16 Olean NY Bond Antic 2,969 11 am E Municipal Solutions --- 22 ------23-Feb

Wednesday, March 17 Milton (Town) NY Bond Antic 995 11 am E Fiscal Adv & Mkt ------BQ 25-Feb

Thursday, March 18 Oneida NY Bond Antic --- 11 am E Fiscal Adv & Mkt ------2-Mar

Wednesday, March 24 Elba Vlg NY Bond Antic 550 11 am E Municipal Solutions --- 22 ------2-Mar Sullivan County NY Bond Antic 9,140 11 am E Fiscal Adv & Mkt ------19-Feb

Thursday, March 25 Watertown (Town) NY Bond Antic 4,710 11 am E Municipal Solutions --- 22 ------2-Mar

Tuesday, March 30 Fayetteville-Manlius Ctrl SD NY Bond Antic --- 10:45 am E Fiscal Adv & Mkt ------2-Mar

Wednesday, March 31 Hornell NY Bond Antic 1,990 10:45 am E Fiscal Adv & Mkt ------BQ 25-Feb

For complete listings go to www.bondbuyer.com

022_BB030321 22 3/2/2021 5:10:27 PM Wednesday, March 3, 2021 New Issues www.bondbuyer.com 23

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 March 1 Huntsville Pub Bldg Auth AL Lease Rev 37,850 Raymond James PFM Fin Advisors ------1-Mar Pinal Co Elec Dt #3 AZ Elec Sys Ref 14,095 BofA Securities Piper Sandler ------25-Feb California Infra & Econ Dev Bk CA Rev (Tax) 75,000 JPMorgan ------26-Feb California Statewide Comm CA Special Tax 18,785 RBC Capital Mkts ------25-Feb Coalinga Pub Fin Auth CA Bond 18,325 Oppenheimer --- AGM ------26-Feb Long Beach Comm Coll Dt CA GO (Tax) 86,880 RBC Capital Mkts ------26-Feb Orange CA Pension (Tax) 285,680 Stifel Nicolaus Urban Futures ------25-Feb S California Pub Pwr Auth CA Ref Rev 79,320 UBS Financial Svcs PFM Fin Advisors ------26-Feb Whittier Union HSD CA GO 45,875 RBC Capital Mkts ------26-Feb Connecticut Hlth & Educ Facs CT Rev 14,000 Stifel Nicolaus ------2-Mar East Hartford Hsg Auth CT Multifam Hsg 9,500 D.A. Davidson ------19-Feb Iowa Lakes Reg Wtr IA Wtr Ref Rev 8,940 D.A. Davidson --- BAM ------26-Feb Aurora East SD #131 IL GO Ref 5,420 Loop Capital ------23-Feb Illinois Fin Auth IL Rev 218,385 Citigroup PFM Fin Advisors ------26-Feb Waukegan IL GO 12,950 Bernardi Securities --- BAM ------1-Mar Waukegan IL GO (Tax) 31,445 Bernardi Securities --- BAM ------1-Mar Barton Co USD #431 KS GO Ref (Tax) 8,525 Piper Sandler ------26-Feb Butler Co USD #385 KS GO Ref (Tax) 64,490 Stifel Nicolaus ------1-Mar Sumner Co USD #357 KS GO Ref (Tax) 11,400 Piper Sandler ------26-Feb Ascension Parish LA Rev Ref 4,890 D.A. Davidson ------26-Feb E Baton Rouge Swrg Comm LA Rev Ref 137,920 JPMorgan Govt Consultants ------26-Feb Louisiana Local Gov Env LA Rev 29,000 Raymond James Sisung Securities ------1-Mar Oxford (Town) ME GO Ref 13,705 Piper Sandler Northeast Muni Advs ------26-Feb Mona Shores Pub Schs MI Sch Bldg & Site 37,275 Stifel Nicolaus PFM Fin Advisors ------26-Feb Minnesota Hsg Fin Agy MN Hsg (AMT) 23,060 RBC Capital Mkts CSG Advisors ------26-Feb Minnesota Hsg Fin Agy MN Hsg 101,940 RBC Capital Mkts CSG Advisors ------26-Feb Mississippi MS GO (Tax) 119,730 Wells Fargo Secs Hilltop Securities ------26-Feb Mississippi MS GO 160,630 Raymond James Hilltop Securities ------1-Mar N Carolina Cap Facs Fin Agy NC Ed Facs Rev 46,865 Truist Secs, Inc. ------26-Feb Callaway Hosp Dt NE GO Ref 1,470 D.A. Davidson ------19-Feb Shickley Pub SD #0054 NE Limited Tax 1,385 D.A. Davidson ------19-Feb Waverly NE GO 3,500 D.A. Davidson ------26-Feb National Fin Auth NH Lease Rev (Tax) 106,000 Oppenheimer ------26-Feb Hazlet Twp BOE NJ Ref Sch 3,480 RBC Capital Mkts Acacia Fin Group ------25-Feb Albuquerque SD #12 NM Bond (Tax) 28,565 Stifel Nicolaus ------26-Feb Albuquerque SD #12 NM Bond 29,325 Stifel Nicolaus ------26-Feb Albuquerque SD #12 NM Bond 43,000 Stifel Nicolaus ------26-Feb Corinth Vlg NY GO Ref 2,900 Roosevelt & Cross ------26-Feb Geneseo Ctrl SD NY Sch Ref 5,050 Roosevelt & Cross ------26-Feb Huntington (Town) NY Rev 102,095 HJ Sims & Co ------NR NR NR --- 25-Feb New York City NY GO 900,000 BofA Securities Public Resources ------AA- --- 26-Feb Port Byron Ctrl SD NY Bond 2,285 Roosevelt & Cross ------26-Feb Saratoga Springs NY Pub Imp Ref 2,650 Roosevelt & Cross ------26-Feb West Irondequoit Ctrl SD NY Bond 4,880 Roosevelt & Cross ------26-Feb Lancaster CSD OH Bond (Tax) 14,120 PNC Capital Markets ------24-Feb Ohio OH GO (Tax) 25,000 BofA Securities ------25-Feb Ohio OH GO 107,885 BofA Securities ------25-Feb Ohio OH GO 204,965 BofA Securities ------25-Feb Ohio OH GO 226,430 BofA Securities ------25-Feb Zanesville CSD OH GO 7,850 PNC Capital Markets ------24-Feb Pilot Rock SD #2 OR GO 7,995 Piper Sandler ------26-Feb Armstrong County PA GO 8,650 PNC Capital Markets Susquehanna Group ------24-Feb Butler Co Area Voc Tech Sch Auth PA Sch Rev 7,510 PNC Capital Markets PFM Fin Advisors BAM ------24-Feb Parkland SD PA GO 13,670 RBC Capital Mkts PFM Fin Advisors ------26-Feb Parkland SD PA GO 13,730 RBC Capital Mkts PFM Fin Advisors ------26-Feb Peters Twp San Auth PA Swr Rev 9,665 Boenning&Scattergood ------26-Feb Radnor Twp PA GO 8,420 Boenning&Scattergood ------19-Feb

023_BB030321 23 3/2/2021 5:10:27 PM New Issues Wednesday, March 3, 2021 24 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

Tussey Mountain SD PA GO 13,020 Piper Sandler --- BAM ------26-Feb West Cocalico Twp PA GO 9,995 RBC Capital Mkts ------1-Mar Columbia SC Wtrwks & Swr Rev 17,390 PNC Capital Markets ------24-Feb Columbia SC Wtrwks & Swr Rev (Tax) 120,305 Raymond James ------25-Feb Banquete ISD TX Sch Bldg 4,125 Oppenheimer ------26-Feb Canyon Reg Wtr Auth TX Rev 12,355 FHN Fin Cap Mkts ------26-Feb Galveston ISD TX Ref (Tax) 29,735 Hilltop Securities USCA Municipal ------26-Feb Gillespie County TX GO Ref 7,920 SAMCO Cap Mkts ------26-Feb Harris Co MUD #390 TX Bond 3,570 SAMCO Cap Mkts ------26-Feb Harris Co MUD #459 TX Ref 1,875 Hilltop Securities ------24-Feb NW Harris Co MUD #36 TX Ref 6,170 Hilltop Securities --- BAM ------19-Feb Rappahannock Reg Jail Auth VA Ref Rev (Tax) 28,303 Raymond James ------26-Feb Burlington VT Airport Rev (Tax) 5,200 Ramirez PFM Fin Advisors ------25-Feb Clarksburg WV Wtr Ref Rev 2,705 Crews & Associates --- BAM ------2-Mar

Wednesday, March 3 Northeast Ohio Reg Swr Dt OH Wstwtr Rev Ref (Tax) 107,200 BofA Securities Baker Tilly MA ------18-Feb

Thursday, March 4 Owen-Withee SD WI Bond 4,015 Baird ------26-Feb

Week Of March 8 California Comm Hsg Agy CA Hsg Rev 161,575 Jefferies ------Today Chaffey Jt Union HSD CA GO 59,997 RBC Capital Mkts ------1-Mar San Diego Co Reg Transp Comm CA Sales Tax Rev (Tax) 169,705 Wells Fargo Secs ------Today Honolulu (City & Co) Wtr Bd HI Wtr Sys Rev (Tax) 28,775 BofA Securities ------Today Honolulu (City & Co) Wtr Bd HI Wtr Sys Rev 47,745 BofA Securities ------Today Broussard LA Sales Tax Rev (Tax) 14,480 Raymond James ------23-Feb Ozarks Tech Comm College MO COPs 34,155 Hilltop Securities ------2-Mar East Brunswick Twp NJ GO Ref 23,400 PNC Capital Markets ------17-Feb Hudson Falls Ctrl SD NY Sch Ref 1,760 Roosevelt & Cross ------26-Feb Marysville OH Spec Oblg 3,010 KeyBanc Cap Mkts ------Today Westfall LSD OH Sch Facs Constr 15,000 KeyBanc Cap Mkts Bradley Payne ------2-Mar Crestwood SD PA GO 6,100 PNC Capital Markets ------Today East Vincent Twp PA GO 9,620 Boenning&Scattergood ------2-Mar Montgomery Co MUD #3 TX Ref 3,620 Hilltop Securities --- BAM ------19-Feb Wichita Falls ISD TX Sch Bldg 246,385 FHN Fin Cap Mkts Sentry Mgmt ------Today Public Fin Auth WI Hlth Facs Rev 112,135 PNC Capital Markets Ponder ------BBB ------26-Feb Wisconsin WI Ref Rev (Tax) 166,230 Morgan Stanley ------1-Mar

Monday, March 8 Macon County NC Limited Oblig 19,390 Baird Davenport ------Today

Week Of March 22 Weed Union ESD CA COPs 3,395 Raymond James --- AGM ------26-Feb Brushy Creek MUD TX Ref 1,960 Raymond James ------2-Mar

Day to Day Arkansas Dev Fin Auth AR Rev Ref (Tax) 16,615 Stephens ------12-Feb California Hlth Facs Fin CA Rev 127,690 Goldman Sachs Ponder ------13-Mar Univ of California Regents CA Rev (Fwrd) 397,475 Jefferies Swap Financial ------18-Feb Capital Trust Agy FL Rev (Tax) 2,085 Stifel Nicolaus ------7-Feb Capital Trust Agy FL Rev 32,800 Stifel Nicolaus ------7-Feb Moline CUSD #40 IL GO 6,640 Raymond James --- BAM ------19-Feb Moline CUSD #40 IL GO Sch 11,040 Raymond James --- BAM ------19-Feb Reavis Twp HSD #220 IL GO (Tax) 19,790 Baird --- BAM ------19-Feb Goddard KS Sales Tax Rev 11,080 Crews & Associates ------4-Feb Leavenworth Co USD #458 KS GO Ref (Tax) 38,615 Piper Sandler ------19-Feb S Allegheny SD PA GO 10,000 Piper Sandler --- BAM ------19-Feb

024_BB030321 24 3/2/2021 5:10:28 PM Wednesday, March 3, 2021 Midwest Yearend Review www.bondbuyer.com 25

MIDWEST REGION: Bond Sales MIDWEST REGION: Top 10 Rankings

2020 2019 Volume in Number Volume in Number Change from Senior Managers Financial Advisors millions of issues millions of issues prior period Firm Volume Firm Volume Total ...... $83,580 2. 4,179 $72,151 8. 3,542 +15 8%. First Quarter ...... 21,336.8 782 14,154.2 596 +50.7 1 Citi $7,122.6 1 PFM Financial Adv LLC $17,564.8 2 J P Morgan Securities 6,668.6 2 Baker Tilly Municipal Adv 5,547.5 Second Quarter ...... 20,019.4 1,106 18,419.2 986 +8.7 3 Stifel Nicolaus 6,652.5 3 Acacia Financial Grp Inc 5,082.0 Third Quarter ...... 22,842.5 1,095 14,314.2 821 +59.6 4 BofA Securities 6,519.3 4 Ehlers & Associates 2,949.7 Fourth Quarter ...... 19,381.5 1,196 25,264.3 1,139 –23.3 5 Robert W Baird 6,455.1 5 Robert W Baird & Co Inc 2,334.5 Illinois ...... 14,018.9 532 10,891.0 505 +28.7 6 Jefferies 5,885.2 6 Columbia Capital Mngmt 2,197.6 Indiana ...... 5,253.5 356 6,547.6 301 –19.8 7 Morgan Stanley 4,961.6 7 Piper Sandler & Co 1,935.7 Iowa ...... 3,968.8 415 3,695.7 312 +7.4 8 RBC Capital Markets 4,341.1 8 CSG Advisors Incorporated 1,846.6 Michigan ...... 11,915.2 354 10,631.9 329 +12.1 9 Piper Sandler 3,716.1 9 Kaufman Hall & Asso Inc 1,785.9 Minnesota ...... 7,814.2 516 6,886.3 455 +13.5 10 Goldman Sachs 3,050.3 10 PMA Securities Inc 1,521.4 Missouri ...... 7,069.3 377 6,757.8 308 +4.6 Nebraska ...... 4,041.4 508 3,661.7 316 +10.4 North Dakota ...... 1,382.0 79 838.2 62 +64.9 Issuers Bond Counsel Ohio ...... 18,050.3 406 12,766.3 345 +41.4 1 Buckeye Tobacco Settle Fin Au $5,352.2 1 Squire Patton Boggs LLP $6,626.3 South Dakota ...... 945.1 66 694.1 48 +36.2 2 Wisconsin 2,318.6 2 Chapman and Cutler LLP 5,741.6 Wisconsin ...... 9,121.5 570 8,781.2 561 +3.9 3 Illinois Finance Authority 2,129.6 3 Kutak Rock LLP 5,680.5 Development ...... 2,307.5 99 1,825.7 93 +26.4 4 Chicago City-Illinois 1,685.6 4 Gilmore & Bell PC 5,092.3 Education ...... 27,273.3 1,682 22,742.4 1,427 +19.9 5 Illinois 1,590.0 5 Dickinson Wright PLLC 4,093.5 Electric Power ...... 896.9 42 1,844.6 43 –51.4 6 Wisconsin Public Finance Auth 1,452.2 6 Quarles & Brady LLP 4,080.2 Environmental Facilities . . 524.8 7 1,407.1 14 –62.7 7 Michigan Finance Authority 1,394.7 7 Dinsmore & Shohl LLP 3,771.9 Healthcare ...... 7,107.7 126 10,614.5 166 –33.0 8 Minnesota 1,264.9 8 Miller Canfield 3,501.6 Housing ...... 4,665.9 129 4,671.4 118 –0.1 9 Ohio 1,224.2 9 Ice Miller 3,405.9 Public Facilities ...... 3,919.1 272 4,057.9 237 –3.4 10 Great Lakes Water Auth 1,150.6 10 Dorsey & Whitney LLP 3,274.8 Transportation ...... 6,066.5 158 5,404.2 153 +12.3 Utilities ...... 6,678.8 500 6,844.5 334 –2.4 The Midwest region includes Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. Bond General Purpose . . . . . 24,139.7 1,164 12,739.5 957 +89.5 rankings are based on issues maturing in 13 months or more. Private placements, remarketings, and issues not meeting Refinitiv “T+5” policy rule are Tax-Exempt ...... 60,445.0 3,434 56,761.2 3,049 +6.5 excluded. In issues with multiple book-runners, each firm is credited with its actual allocation. In issues with multiple co-advisors or co-counsel, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 27) Taxable ...... 22,187.8 730 13,295.1 471 +66.9 Minimum-Tax ...... 947.4 15 2,095.5 22 –54.8 New-Money ...... 44,216.2 2,356 45,216.1 2,376 –2.2 Refunding ...... 32,105.8 1,591 20,984.5 993 +53.0 Combined ...... 7,258.2 232 5,951.2 173 +22.0 MIDWEST REGION: Biggest Issues Negotiated ...... 60,092.6 2,345 52,324.5 2,030 +14.8 Date Issuer Amount Manager(s) Competitive ...... 18,472.0 1,382 15,838.8 1,192 +16.6 Feb 25 Buckeye Tobacco Settle Fin Au, (tax/te) (ref) $5,352.2 Jefferies LLC/Citi Private Placements . . . . 5,015.6 452 3,988.5 320 +25.8 Revenue ...... 47,125.7 1,163 43,775.5 1,101 +7.7 Sep 24 Chicago City-Illinois, (tax/te) (nm/ref) 1,219.1 Jefferies LLC/Loop Capital Mkts General Obligation . . . . 36,454.5 3,016 28,376.4 2,441 +28.5 Aug 11 Minnesota (State), Gos (tax/te) (cpt) (nm/ref) 1,198.6 Morg Stan/Wells Fargo/RBC Capital Mkts Fixed Rate ...... 79,984.2 4,049 66,348.9 3,434 +20.6 Jan 17 Sales Tax Securitization Corp, (tax/te) 1,016.9 Goldman Sachs/J P Morgan Variable Rate (Short Put) . . 756.6 33 1,833.7 35 –58.7 Jun 9 Regents of the University of Michigan, (tax/te) 988.5 BA Securities/Goldman Sachs Variable Rate (Long/No Put) . 1,238.0 35 3,372.7 38 –63.3 Zero Coupon ...... 1,192.8 50 242.1 28 +392.7 Aug 27 Chicago Transit Authority, (tax/te) (ref) 901.9 Siebert Williams Shank Linked Rate ...... 335.6 10 323.4 6 +3.8 Oct 9 Michigan Finance Authority, (tax/te) 854.4 Jefferies LLC Convertible ...... 73.0 2 31.0 1 +135.5 May 13 Illinois (State), Gos 800.0 BA Securities Bond Insurance ...... 7,128.2 490 3,149.3 309 +126.3 Aug 27 Michigan (State) 800.0 J P Morgan Letter of Credit ...... 100.0 7 921.7 13 –89.2 Oct 20 Illinois (State), Gos (tax/te) (cpt) 790.0 J P Morgan/BA Securities Standby Purch Agreements . 222.7 4 510.1 10 –56.3 Insured Mortgages . . . . 245.9 5 244.7 6 +0.5 Jun 17 Ohio Public Fac Commission, Gos (tax/te) (ref) 780.0 Loop Capital Mkts Guaranties ...... 6,318.0 461 6,592.0 544 –4.2 Sep 10 Michigan State Building Auth, (tax/te) (nm/ref) 769.0 Jefferies LLC Other Enhancements . . . 0.0 0 0.0 0 n.m. Jun 4 Great Lakes Water Auth (GLWA), (tax/te) (ref) 687.5 Citi/Siebert Williams Shank State Governments . . . . 7,784.2 49 4,181.8 35 +86.1 Oct 14 Kansas City Industrial Dev Au, (amt/tax/te) (ref) 632.2 Morgan Stanley State Agencies ...... 17,905.9 261 23,977.1 366 –25.3 Jan 28 Wisconsin (State), (tax) (ref) 623.3 Citi Counties & Parishes . . . . 5,015.5 305 4,077.2 232 +23.0 Cities & Towns ...... 12,784.9 1,392 10,685.5 1,151 +19.6 Apr 28 University of Missouri Curators, (tax/te) (nm/ref) 590.2 Goldman Sachs/J P Morgan/Morgan Stanley District ...... 22,059.0 1,783 16,290.6 1,442 +35.4 Sep 23 Wisconsin Public Finance Auth, (tax/te) 530.6 BA Securities Local Authorities . . . . . 12,922.2 295 9,210.1 247 +40.3 Dec 1 Illinois State Toll Highway Auth 500.0 Siebert Williams Shank/RBC Capital Mkts Colleges & Universities . . . 4,662.9 88 3,078.4 62 +51.5 Dec 15 Illinois Finance Authority 500.0 Citi Direct Issuer ...... 416.5 5 647.5 5 –35.7 Jan 16 Chicago City-Illinois, Gos (ref) 466.5 J P Morgan/Goldman Sachs Tribal Governments . . . . 29.1 1 3.6 2 +708.3 Cooperative Utilities . . . . 0.0 0 0.0 0 n.m. Apr 30 Great Lakes Water Auth (GLWA), (tax/te) (ref) 463.1 Citi/Siebert Williams Shank Other Enhancements . . . 0.0 0 0.0 0 n.m. Jan 29 Ohio Turnpike & Infrastructure Comm, (tax) (ref) 458.3 Citi Bank Qualified ...... 7,059.2 1,894 5,874.5 1,631 +20.2 Mar 26 Missouri Hlth & Ed Facs Authority, (tax/te) 450.0 Wells Fargo/Morgan Stanley Build America Bonds . . . 0.0 0 0.0 0 n.m. Apr 22 Ohio Water Development Authority 450.0 J P Morgan Qualified Sch Construction . 0.0 0 0.0 0 n.m. Oct 30 Wisconsin Center Dt 444.4 Morgan Stanley Other Stimulus Program . . 240.0 2 0.0 0 n.m. Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Key to Abbreviations: amt – alternative minimum tax; cpt – competitive; GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – Source: Refinitiv (Jan. 27) tax-exempt. Source: Refinitiv (Jan. 27)

025_BB030321 25 3/2/2021 4:56:59 PM Midwest Yearend Review Wednesday, March 3, 2021 26 The Bond Buyer

ILLINOIS: Bond Sales INDIANA: Bond Sales 2020 2019 2020 2019 Volume in Number Volume in Number Change from Volume in Number Volume in Number Change from millions of issues millions of issues prior period millions of issues millions of issues prior period Total ...... $14,018 9. 532 $10,891 0. 505 +28 7%. Total ...... $5,253 5 . 356 $6,547 6 . 301 –19 8% . First Quarter ...... 3,014 3 . 123 2,915 2 . 121 +3 4 . First Quarter ...... 873 1 . 40 1,560 9 . 28 –44 1 . Second Quarter ...... 2,582 5 . 99 2,054 0 . 107 +25 7 . Second Quarter ...... 1,009 2 . 72 1,581 5 . 80 –36 2 . Third Quarter ...... 4,742 6 . 147 1,624 7 . 113 +191 9 . Third Quarter ...... 1,832 4 . 98 1,318 7 . 60 +39 0 . Fourth Quarter ...... 3,679 5 . 163 4,297 1 . 164 –14 4 . Fourth Quarter ...... 1,538 9 . 146 2,086 6 . 133 –26 2 . Development ...... 267 1 . 6 87 6 . 7 +204 9 . Development ...... 427 9 . 26 208 8 . 23 +104 9 . Education ...... 3,333 0 . 235 2,897 0 . 238 +15 1 . Education ...... 2,710 5 . 188 1,760 2 . 153 +54 0 . Electric Power ...... 2 6 . 1 9 9 . 1 –73 7 . Electric Power ...... 133 2 . 2 183 7 . 2 –27 5 . Environmental Facilities . . . 0 0 . 0 50 0 . 1 –100 0 . Environmental Facilities . . . 0 0 . 0 437 7 . 2 –100 0 . Healthcare ...... 1,260 2 . 12 424 2 . 8 +197 1 . Healthcare ...... 136 5 . 4 702 6 . 13 –80 6 . Housing ...... 451 9 . 12 518 9 . 11 –12 9 . Housing ...... 263 7 . 11 198 4 . 9 +32 9 . Public Facilities ...... 551 2 . 96 1,327 6 . 85 –58 5 . Public Facilities ...... 275 5 . 32 919 7 . 29 –70 0 . Transportation ...... 2,948 8 . 16 1,238 7 . 7 +138 1 . Transportation ...... 212 4 . 6 292 9 . 9 –27 5 . Utilities ...... 802 4 . 18 645 4 . 13 +24 3 . Utilities ...... 676 8 . 49 857 0 . 29 –21 0 . General Purpose ...... 4,401 7 . 136 3,691 8 . 134 +19 2 . General Purpose ...... 417 2 . 38 986 6 . 32 –57 7 . Tax-Exempt ...... 10,885 4 . 417 9,489 4 . 428 +14 7 . Tax-Exempt ...... 3,927 5 . 305 5,162 6 . 277 –23 9 . Taxable ...... 3,133 5 . 115 1,330 6 . 74 +135 5 . Taxable ...... 1,280 1 . 49 956 2 . 20 +33 9 . Minimum-Tax ...... 0 0 . 0 71 0 . 3 –100 0 . Minimum-Tax ...... 46 0 . 2 428 9 . 4 –89 3 . New-Money ...... 8,525 6 . 302 5,717 9 . 319 +49 1 . New-Money ...... 3,325 7 . 272 4,564 1 . 254 –27 1 . Refunding ...... 4,291 4 . 211 4,610 1 . 162 –6 9 . Refunding ...... 1,494 8 . 75 1,211 6 . 40 +23 4 . Combined ...... 1,201 9 . 19 563 0 . 24 +113 5 . Combined ...... 433 0 . 9 771 9 . 7 –43 9 . Negotiated ...... 11,368 0 . 344 7,778 6 . 296 +46 1 . Negotiated ...... 3,527 1 . 140 5,060 4 . 146 –30 3 . Competitive ...... 1,980 8 . 110 2,688 5 . 104 –26 3 . Competitive ...... 1,371 2 . 180 979 2 . 144 +40 0 . Private Placements . . . . . 670 1 . 78 423 9 . 105 +58 1 . Private Placements . . . . . 355 3 . 36 508 1 . 11 –30 1 . Revenue ...... 7,254 9 . 71 5,349 8 . 58 +35 6 . Revenue ...... 4,002 9 . 190 5,837 3 . 174 –31 4 . General Obligation . . . . . 6,764 0 . 461 5,541 2 . 447 +22 1 . General Obligation . . . . . 1,250 6 . 166 710 3 . 127 +76 1 . Fixed Rate ...... 13,289 4 . 518 10,535 1 . 495 +26 1 . Fixed Rate ...... 5,121 8 . 352 6,032 3 . 292 –15 1 . Variable Rate (Short Put) . . . 240 5 . 6 142 3 . 4 +69 0 . Variable Rate (Short Put) . . . 0 0 . 0 67 3 . 2 –72 5 . Variable Rate (Long/No Put) . 473 5 . 6 64 1 . 3 +638 7 . Variable Rate (Long/No Put) . 115 3 . 3 419 2 . 6 n m . . Zero Coupon ...... 15 5 . 2 62 4 . 2 –75 2 . Zero Coupon ...... 0 0 . 0 28 9 . 1 –100 0 . Linked Rate ...... 0 0 . 0 87 2 . 1 –100 0 . Linked Rate ...... 16 5 . 1 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Bond Insurance ...... 2,626 1 . 206 909 8 . 126 +188 6 . Bond Insurance ...... 528 2 . 41 171 5 . 19 +208 0 . Letter of Credit ...... 15 2 . 1 26 3 . 1 –42 2 . Letter of Credit ...... 0 0 . 0 60 4 . 1 –100 0 . Standby Purch Agreements . . 136 7 . 1 66 0 . 2 +107 1 . Standby Purch Agreements . . 0 0 . 0 0 0 . 0 n m . . Insured Mortgages . . . . . 0 0 . 0 70 4 . 1 –100 0 . Insured Mortgages . . . . . 0 0 . 0 17 9 . 1 –100 0 . Guaranties ...... 3 0 . 1 18 8 . 1 –84 0 . Guaranties ...... 1,074 3 . 105 1,207 8 . 119 –11 1 . State Governments . . . . . 1,590 0 . 5 1,190 3 . 5 +33 6 . State Governments . . . . . 0 0 . 0 0 0 . 0 n m . . State Agencies ...... 4,186 9 . 29 4,234 2 . 41 –1 1 . State Agencies ...... 710 5 . 20 2,807 1 . 40 –74 7 . Counties & Parishes . . . . . 408 8 . 16 160 4 . 11 +154 9 . Counties & Parishes . . . . . 210 7 . 16 141 6 . 16 +48 8 . Cities & Towns ...... 2,901 6 . 136 1,718 2 . 127 +68 9 . Cities & Towns ...... 730 4 . 79 691 4 . 57 +5 6 . District ...... 3,253 4 . 320 2,620 0 . 311 +24 2 . District ...... 1,501 8 . 127 785 5 . 97 +91 2 . Local Authorities ...... 1,287 5 . 16 926 1 . 9 +39 0 . Local Authorities ...... 1,387 8 . 104 2,001 1 . 89 –30 6 . Colleges & Universities . . . 390 7 . 10 41 9 . 1 +832 5 . Colleges & Universities . . . 712 3 . 10 120 9 . 2 +489 2 . Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . Bank Qualified ...... 820 0 . 194 820 9 . 246 –0 1 . Bank Qualified ...... 559 0 . 140 412 9 . 118 +35 4 . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 225 0 . 1 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . .

Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 27) Source: Refinitiv (Jan. 27)

ILLINOIS: Top Five Rankings INDIANA: Top Five Rankings Senior Managers Financial Advisors Senior Managers Financial Advisors Firm Volume Firm Volume Firm Volume Firm Volume 1 BofA Securities $1,839 .8 1 Acacia Financial Group $2,053 .1 1 Stifel Nicolaus $1,113 .8 1 Baker Tilly Municipal Adv $1,872 .0 2 J P Morgan Securities 1,697 .1 2 Speer Financial 1,189 .5 2 Robert W Baird 712 .2 2 Blue Rose Capital Advisors 231 .1 3 Goldman Sachs 1,534 .3 3 PMA Securities 1,063 .2 3 Goldman Sachs 273 .0 3 Cender & Company 208 .9 4 Loop Capital Mkts 875 .9 4 Sycamore Advisors 1,057 .0 4 J P Morgan Securities 259 .2 4 CFX 174 5. 5 Robert W Baird 781 .7 5 PFM Financial Advisors 954 .8 5 Raymond James 245 .6 5 Stifel Nicolaus 160 .3

Issuers Bond Counsel Issuers Bond Counsel 1 Illinois Finance Authority $2,129 .6 1 Chapman and Cutler $5,431 .7 1 Indiana Finance Authority $424 2. 1 Ice Miller $2,679 .3 2 Chicago City-Illinois 1,685 .6 2 Katten Muchin Rosenman 2,332 .4 2 Indiana University 381 3. 2 Barnes & Thornburg 1,294 .6 3 Illinois 1,590 0. 3 Charity & Associates 1,009 .6 3 Indiana Housing Finance Auth 195 4. 3 Taft Stettinius & Hollister 287 .1 4 Sales Tax Securitization Corp 1,016 .9 4 Sanchez Daniels & Hoffman 775 .5 4 Carmel Redevelopment Auth 187 5. 4 Bose McKinney & Evans 110 .2 5 Chicago Transit Authority 901 .9 5 Nixon Peabody 508 .5 5 Indiana Loc Pub Imp Bond Bank 184 .9 5 TWPeterson Law Office 109 .7

Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27) or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27)

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IOWA: Bond Sales MICHIGAN: Bond Sales 2020 2019 2020 2019 Volume in Number Volume in Number Change from Volume in Number Volume in Number Change from millions of issues millions of issues prior period millions of issues millions of issues prior period Total ...... $3,968 8 . 415 $3,695 7 . 312 +7 4% . Total ...... $11,915 2 . 354 $10,631 9 . 329 +12 1% . First Quarter ...... 978 9 . 94 665 7 . 44 +47 0 . First Quarter ...... 1,122 4 . 74 2,378 4 . 65 –52 8 . Second Quarter ...... 1,250 2 . 159 1,816 6 . 117 –31 2 . Second Quarter ...... 5,239 2 . 140 2,779 0 . 86 +88 5 . Third Quarter ...... 869 4 . 89 534 6 . 75 +62 6 . Third Quarter ...... 3,135 7 . 79 1,516 5 . 70 +106 8 . Fourth Quarter ...... 870 3 . 73 678 9 . 76 +28 2 . Fourth Quarter ...... 2,417 9 . 61 3,958 0 . 108 –38 9 . Development ...... 9 2 . 3 136 2 . 5 –93 2 . Development ...... 17 0 . 2 43 7 . 2 –61 1 . Education ...... 1,912 8 . 154 1,152 1 . 110 +66 0 . Education ...... 5,291 9 . 198 5,137 4 . 197 +3 0 . Electric Power ...... 17 9 . 5 48 9 . 9 –63 4 . Electric Power ...... 17 1 . 2 327 0 . 2 –94 8 . Environmental Facilities . . . 0 0 . 0 0 8 . 1 –100 0 . Environmental Facilities . . . 0 0 . 0 0 0 . 0 n m . . Healthcare ...... 30 4 . 3 221 4 . 12 –86 3 . Healthcare ...... 236 3 . 8 2,919 4 . 19 –91 9 . Housing ...... 162 7 . 6 170 0 . 7 –4 3 . Housing ...... 668 4 . 9 762 9 . 6 –12 4 . Public Facilities ...... 63 6 . 9 81 7 . 7 –22 2 . Public Facilities ...... 890 4 . 10 343 2 . 11 +159 4 . Transportation ...... 51 7 . 12 22 9 . 6 +125 8 . Transportation ...... 132 3 . 5 75 9 . 6 +74 3 . Utilities ...... 440 9 . 44 964 0 . 18 –54 3 . Utilities ...... 1,701 8 . 47 451 5 . 15 +276 9 . General Purpose ...... 1,279 6 . 179 897 8 . 137 +42 5 . General Purpose ...... 2,960 1 . 73 570 9 . 71 +418 5 . Tax-Exempt ...... 3,686 9 . 367 3,293 0 . 270 +12 0 . Tax-Exempt ...... 6,877 3 . 265 6,854 0 . 234 +0 3 . Taxable ...... 281 9 . 48 307 3 . 40 –8 3 . Taxable ...... 5,037 9 . 89 3,748 1 . 94 +34 4 . Minimum-Tax ...... 0 0 . 0 95 4 . 2 –100 0 . Minimum-Tax ...... 0 0 . 0 29 8 . 1 –100 0 . New-Money ...... 2,711 4 . 268 2,681 6 . 226 +1 1 . New-Money ...... 7,134 8 . 223 5,505 6 . 178 +29 6 . Refunding ...... 873 9 . 109 693 5 . 68 +26 0 . Refunding ...... 3,882 2 . 112 3,714 1 . 133 +4 5 . Combined ...... 898 2 . 19 1,412 2 . 18 –36 4 . Combined ...... 383 5 . 38 320 5 . 18 +19 7 . Negotiated ...... 9,481 1 . 181 9,508 6 . 198 –0 3 . Negotiated ...... 1,273 4 . 126 1,884 6 . 99 –32 4 . Competitive ...... 1,837 1 . 140 1,063 0 . 122 +72 8 . Competitive ...... 2,149 2 . 191 1,332 6 . 140 +61 3 . Private Placements . . . . . 597 0 . 33 60 3 . 9 +890 0 . Private Placements . . . . . 546 2 . 98 478 5 . 73 +14 1 . Revenue ...... 6,544 2 . 66 6,581 7 . 61 –0 6 . Revenue ...... 1,603 0 . 125 2,124 4 . 96 –24 5 . General Obligation . . . . . 5,371 0 . 288 4,050 2 . 268 +32 6 . General Obligation . . . . . 2,365 8 . 290 1,571 3 . 216 +50 6 . Fixed Rate ...... 11,442 4 . 344 9,395 7 . 317 +21 8 . Fixed Rate ...... 3,870 0 . 402 3,012 8 . 308 +28 5 . Variable Rate (Short Put) . . . 32 8 . 1 375 3 . 4 –91 3 . Variable Rate (Short Put) . . . 98 8 . 13 70 0 . 3 +41 1 . Variable Rate (Long/No Put) . 19 7 . 1 860 9 . 8 –97 7 . Variable Rate (Long/No Put) . 0 0 . 0 612 9 . 1 –100 0 . Zero Coupon ...... 196 7 . 2 0 0 . 0 n m . . Zero Coupon ...... 0 0 . 0 0 0 . 0 n m . . Linked Rate ...... 223 6 . 6 0 0 . 0 n m . . Linked Rate ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Bond Insurance ...... 731 9 . 44 290 4 . 29 +152 0 . Bond Insurance ...... 690 9 . 65 275 0 . 26 +151 2 . Letter of Credit ...... 0 0 . 0 375 3 . 4 –100 0 . Letter of Credit ...... 15 0 . 1 0 0 . 0 n m . . Standby Purch Agreements . . 0 0 . 0 0 0 . 0 n m . . Standby Purch Agreements . . 20 0 . 1 35 0 . 2 –42 9 . Insured Mortgages . . . . . 0 0 . 0 0 0 . 0 n m . . Insured Mortgages . . . . . 0 0 . 0 0 0 . 0 n m . . Guaranties ...... 1,520 0 . 92 2,203 8 . 130 –31 0 . Guaranties ...... 0 0 . 0 0 0 . 0 n m . . Other Enhancements . . . . 0 0 . 0 0 0 . 0 n m . . State Governments . . . . . 98 1 . 2 143 7 . 1 –31 7 . State Governments . . . . . 1,056 3 . 4 0 0 . 0 n m . . State Agencies ...... 548 3 . 10 790 5 . 16 –30 6 . State Agencies ...... 2,880 3 . 29 4,593 7 . 28 –37 3 . Counties & Parishes . . . . . 261 1 . 35 184 3 . 29 +41 7 . Counties & Parishes . . . . . 550 2 . 31 134 4 . 18 +309 4 . Cities & Towns ...... 1,177 7 . 200 849 3 . 144 +38 7 . Cities & Towns ...... 536 5 . 58 638 4 . 63 –16 0 . District ...... 1,384 5 . 124 791 8 . 86 +74 9 . District ...... 4,011 6 . 185 2,870 8 . 180 +39 7 . Local Authorities ...... 98 6 . 10 94 9 . 12 +3 9 . Local Authorities ...... 1,630 3 . 35 995 2 . 20 +63 8 . Colleges & Universities . . . 396 1 . 33 214 9 . 21 +84 3 . Colleges & Universities . . . 1,239 7 . 11 1,378 3 . 18 –10 1 . Direct Issuer ...... 4 5 . 1 626 4 . 3 –99 3 . Direct Issuer ...... 10 2 . 1 21 1 . 2 –51 7 . Bank Qualified ...... 823 4 . 201 609 5 . 152 +35 1 . Bank Qualified ...... 402 5 . 104 385 3 . 97 +4 5 . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . .

Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 27) Source: Refinitiv (Jan. 27)

IOWA: Top Five Rankings MICHIGAN: Top Five Rankings Senior Managers Financial Advisors Senior Managers Financial Advisors Firm Volume Firm Volume Firm Volume Firm Volume 1 Robert W Baird $689 .4 1 PFM Financial Advisors $1,203 .6 1 Stifel Nicolaus $1,688 .7 1 PFM Financial Advisors $6,064 .2 2 Citi 392 0. 2 Piper Sandler 803 .3 2 Jefferies 1,620 5. 2 Robert W Baird 1,254 .6 3 Piper Sandler 385 .0 3 Baker Tilly Municipal Adv 229 .1 3 J P Morgan Securities 1,363 .2 3 Yuba Group 988 .5 4 Morgan Stanley 308 .1 4 Speer Financial 169 .4 4 BofA Securities 1,283 .2 4 Baker Tilly Municipal Adv 777 .8 5 D A Davidson 296 .3 5 D A Davidson 49 .7 5 Citi 1,173 4. 5 CSG Advisors Incorporated 621 .6 Issuers Bond Counsel Issuers Bond Counsel 1 Iowa Finance Authority $364 .5 1 Ahlers & Cooney PC $2,101 .1 1 Michigan Finance Authority $1,394 7. 1 Dickinson Wright $4,075 .3 2 Iowa Higher Ed Loan Auth 181 .7 2 Dorsey & Whitney 1,069 .5 2 Great Lakes Water Auth 1,150 6. 2 Miller Canfield 3,240 .2 3 Iowa State Board of Regents 176 .8 3 Dav Bwn Koehn Shors & Rob 157 .1 3 Michigan 1,056 3. 3 Thrun Law Firm PC 2,333 .5 4 Cedar Rapids City-Iowa 144 .4 4 Shuttleworth & Ingersoll 88 .6 4 Regents of the Uni of Mich 988 5. 4 Dykema Gossett 727 .0 5 Des Moines City-Iowa 137 .5 5 Michigan State Building Auth 801 9. 5 Orrick Herrington & Sutcliffe 425 .7

Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27) or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27)

027_BB030321 27 3/2/2021 4:57:00 PM Midwest Yearend Review Wednesday, March 3, 2021 28 The Bond Buyer

MINNESOTA: Bond Sales MISSOURI: Bond Sales 2020 2019 2020 2019 Volume in Number Volume in Number Change from Volume in Number Volume in Number Change from millions of issues millions of issues prior period millions of issues millions of issues prior period Total ...... $7,814 2 . 516 $6,886 3 . 455 +13 5% . Total ...... $7,069 3 . 377 $6,757 8 . 308 +4 6% . First Quarter ...... 2,146 5 . 94 1,151 9 . 74 +86 3 . First Quarter ...... 1,352 0 . 75 1,150 6 . 54 +17 5 . Second Quarter ...... 922 3 . 118 1,702 2 . 129 –45 8 . Second Quarter ...... 1,212 8 . 79 2,691 0 . 100 –54 9 . Third Quarter ...... 2,540 4 . 107 2,226 2 . 112 +14 1 . Third Quarter ...... 2,539 1 . 108 1,532 4 . 73 +65 7 . Fourth Quarter ...... 2,205 1 . 197 1,805 9 . 140 +22 1 . Fourth Quarter ...... 1,965 5 . 115 1,383 8 . 81 +42 0 . Development ...... 103 5 . 13 24 6 . 3 +320 7 . Development ...... 324 2 . 9 496 5 . 16 –34 7 . Education ...... 3,007 6 . 167 2,181 0 . 153 +37 9 . Education ...... 2,962 9 . 215 1,511 6 . 156 +96 0 . Electric Power ...... 3 3 . 2 350 6 . 3 –99 1 . Electric Power ...... 0 0 . 0 0 9 . 1 –100 0 . Environmental Facilities . . . 27 6 . 3 35 7 . 5 –22 7 . Environmental Facilities . . . 174 9 . 2 0 0 . 0 n m . . Healthcare ...... 190 3 . 11 460 2 . 16 –58 6 . Healthcare ...... 580 3 . 9 1,292 3 . 20 –55 1 . Housing ...... 1,135 3 . 32 946 0 . 38 +20 0 . Housing ...... 383 4 . 8 265 0 . 3 +44 7 . Public Facilities ...... 109 0 . 7 74 2 . 6 +46 9 . Public Facilities ...... 492 3 . 29 141 9 . 27 +246 9 . Transportation ...... 615 8 . 25 967 6 . 27 –36 4 . Transportation ...... 884 6 . 15 1,814 9 . 19 –51 3 . Utilities ...... 339 7 . 52 173 8 . 38 +95 5 . Utilities ...... 417 2 . 31 776 8 . 26 –46 3 . General Purpose ...... 2,282 3 . 204 1,672 6 . 166 +36 5 . General Purpose ...... 849 7 . 59 457 9 . 40 +85 6 . Tax-Exempt ...... 6,187 4 . 443 5,761 0 . 415 +7 4 . Tax-Exempt ...... 4,749 4 . 337 4,736 5 . 276 +0 3 . Taxable ...... 1,494 8 . 67 939 9 . 37 +59 0 . Taxable ...... 1,803 2 . 38 1,188 1 . 30 +51 8 . Minimum-Tax ...... 132 0 . 6 185 4 . 3 –28 8 . Minimum-Tax ...... 516 7 . 2 833 2 . 2 –38 0 . New-Money ...... 4,954 0 . 311 4,929 1 . 340 +0 5 . New-Money ...... 4,112 9 . 166 4,753 3 . 210 –13 5 . Refunding ...... 1,905 7 . 180 1,299 6 . 99 +46 6 . Refunding ...... 1,854 1 . 181 1,721 8 . 81 +7 7 . Combined ...... 954 6 . 25 657 6 . 16 +45 2 . Combined ...... 1,102 3 . 30 282 7 . 17 +289 9 . Negotiated ...... 2,114 5 . 154 2,918 4 . 146 –27 5 . Negotiated ...... 5,032 6 . 272 4,302 1 . 218 +17 0 . Competitive ...... 5,514 6 . 330 3,933 9 . 305 +40 2 . Competitive ...... 1,404 0 . 64 958 0 . 40 +46 6 . Private Placements . . . . . 185 1 . 32 34 0 . 4 +444 4 . Private Placements . . . . . 632 7 . 41 1,497 7 . 50 –57 8 . Revenue ...... 1,673 8 . 81 2,384 2 . 92 –29 8 . Revenue ...... 4,784 6 . 169 5,501 6 . 169 –13 0 . General Obligation . . . . . 6,140 4 . 435 4,502 1 . 363 +36 4 . General Obligation . . . . . 2,284 7 . 208 1,256 2 . 139 +81 9 . Fixed Rate ...... 7,527 7 . 502 6,714 0 . 445 +12 1 . Fixed Rate ...... 7,037 3 . 375 6,684 1 . 305 +5 3 . Variable Rate (Short Put) . . . 119 6 . 3 104 3 . 4 +14 7 . Variable Rate (Short Put) . . . 0 0 . 0 42 7 . 2 –100 0 . Variable Rate (Long/No Put) . 109 1 . 7 51 0 . 4 +113 9 . Variable Rate (Long/No Put) . 32 0 . 2 31 0 . 1 +3 2 . Zero Coupon ...... 57 9 . 4 17 0 . 2 +240 6 . Zero Coupon ...... 0 0 . 0 0 0 . 0 n m . . Linked Rate ...... 0 0 . 0 0 0 . 0 n m . . Linked Rate ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Bond Insurance ...... 39 5 . 5 21 8 . 7 +42 8 . Bond Insurance ...... 548 4 . 24 270 5 . 9 +102 7 . Letter of Credit ...... 69 8 . 5 32 0 . 2 n m . . Letter of Credit ...... 0 0 . 0 0 0 . 0 n m . . Standby Purch Agreements . . 0 0 . 0 45 0 . 1 +91 2 . Standby Purch Agreements . . 0 0 . 0 0 0 . 0 n m . . Insured Mortgages . . . . . 32 0 . 1 28 9 . 2 +9 3 . Insured Mortgages . . . . . 213 9 . 4 120 0 . 1 +78 3 . Guaranties ...... 2,476 2 . 127 1,733 8 . 134 –8 3 . Guaranties ...... 793 9 . 88 663 7 . 102 +19 6 . State Governments . . . . . 1,264 9 . 6 661 5 . 4 +91 2 . State Governments . . . . . 0 0 . 0 0 0 . 0 n m . . State Agencies ...... 1,078 8 . 19 986 6 . 27 +9 3 . State Agencies ...... 1,944 5 . 28 2,344 7 . 40 –17 1 . Counties & Parishes . . . . . 636 6 . 43 694 0 . 39 –8 3 . Counties & Parishes . . . . . 413 2 . 21 132 6 . 12 +211 6 . Cities & Towns ...... 1,382 4 . 255 1,704 3 . 219 –18 9 . Cities & Towns ...... 959 6 . 78 1,376 0 . 68 –30 3 . District ...... 2,766 4 . 159 1,804 8 . 139 +53 3 . District ...... 2,177 0 . 228 1,725 8 . 165 +26 1 . Local Authorities ...... 569 2 . 32 845 9 . 24 –32 7 . Local Authorities ...... 890 3 . 15 1,110 0 . 19 –19 8 . Colleges & Universities . . . 116 0 . 2 189 2 . 3 –38 7 . Colleges & Universities . . . 662 9 . 6 68 7 . 4 +864 9 . Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . Direct Issuer ...... 21 8 . 1 0 0 . 0 n m . . Bank Qualified ...... 1,044 3 . 266 891 0 . 242 +17 2 . Bank Qualified ...... 844 2 . 208 614 5 . 158 +37 4 . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 15 0 . 1 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . .

Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 27) Source: Refinitiv (Jan. 27)

MINNESOTA: Top Five Rankings MISSOURI: Top Five Rankings Senior Managers Financial Advisors Senior Managers Financial Advisors Firm Volume Firm Volume Firm Volume Firm Volume 1 RBC Capital Mkts $1,557 .1 1 Ehlers & Associates $2,213 .4 1 Stifel Nicolaus $1,463 .7 1 Columbia Capital Mnmgmt $1,291 .7 2 Robert W Baird 1,485 .1 2 Baker Tilly Municipal Ad 1,346 .1 2 Morgan Stanley 1,089 .2 2 Janney Montgomery Scott 590 .2 3 Morgan Stanley 917 .9 3 Public Resources Adv Group 1,198 .6 3 BofA Securities 698 .8 3 Piper Sandler 573 .3 4 Wells Fargo 563 .2 4 CSG Advisors Incorporated 988 .6 4 LJ Hart & Company 494 .3 4 Hilltop Securities 421 .2 5 Piper Sandler 546 .4 5 PFM Financial Advisors 717 .1 5 Wells Fargo 451 .5 5 Ponder 414 3.

Issuers Bond Counsel Issuers Bond Counsel 1 Minnesota $1,264 9. 1 Kutak Rock $2,521 .3 1 Missouri Hlth & Ed Facs Auth $960 1. 1 Gilmore & Bell $3,708 .6 2 Minn Housing Fin Agency 988 .6 2 Dorsey & Whitney 1,960 .1 2 Kansas City Industrial Dev Au 664 2. 2 Thompson Coburn 956 .0 3 Hennepin Co-Minnesota 291 .6 3 Kennedy & Graven 1,157 .2 3 University of Missouri Curators 590 2. 3 Hardwick Law Firm 517 .3 4 Ramsey Co (White Bear Lake) 265 .2 4 Knutson Flynn & Deans 1,118 .1 4 Missouri Housing Dev Comm 313 9. 4 Kutak Rock 329 .5 5 Minn-St Paul Metro Council 251 .1 5 Taft Stettinius & Hollister 514 .0 5 Missouri Board of Public Bldgs 211 8. 5 Mickes O’Toole 266 .4

Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27) or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27)

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NEBRASKA: Bond Sales NORTH DAKOTA: Bond Sales 2020 2019 2020 2019 Volume in Number Volume in Number Change from Volume in Number Volume in Number Change from millions of issues millions of issues prior period millions of issues millions of issues prior period Total ...... $4,041 4 . 508 $3,661 7 . 316 +10 4% . Total ...... $1,382 0 . 79 $838 2 . 62 +64 9% . First Quarter ...... 583 8 . 94 428 2 . 45 +36 3 . First Quarter ...... 176 3 . 9 97 6 . 6 +80 6 . Second Quarter ...... 1,150 0 . 136 270 5 . 92 +325 1 . Second Quarter ...... 251 7 . 15 301 4 . 19 –16 5 . Third Quarter ...... 1,150 3 . 142 603 0 . 79 +90 8 . Third Quarter ...... 186 0 . 27 183 9 . 19 +1 1 . Fourth Quarter ...... 1,157 4 . 136 2,360 1 . 100 –51 0 . Fourth Quarter ...... 768 0 . 28 255 3 . 18 +200 8 . Development ...... 0 0 . 0 29 5 . 3 –100 0 . Development ...... 0 0 . 0 0 0 . 0 n m . . Education ...... 1,512 3 . 110 1,196 2 . 52 +26 4 . Education ...... 203 4 . 18 209 8 . 16 –3 1 . Electric Power ...... 460 4 . 21 268 9 . 14 +71 2 . Electric Power ...... 0 0 . 0 0 0 . 0 n m . . Environmental Facilities . . . 0 0 . 0 0 0 . 0 n m . . Environmental Facilities . . . 72 3 . 1 0 0 . 0 n m . . Healthcare ...... 237 4 . 10 162 8 . 4 +45 8 . Healthcare ...... 286 1 . 6 27 3 . 2 +948 0 . Housing ...... 210 1 . 3 360 2 . 5 –41 7 . Housing ...... 242 2 . 4 325 0 . 7 –25 5 . Public Facilities ...... 125 3 . 47 153 6 . 30 –18 4 . Public Facilities ...... 122 5 . 7 17 9 . 4 +584 4 . Transportation ...... 132 7 . 51 99 7 . 38 +33 1 . Transportation ...... 57 7 . 5 4 7 . 4 +1,127 7 . Utilities ...... 737 1 . 175 1,045 8 . 109 –29 5 . Utilities ...... 67 4 . 17 51 3 . 17 +31 4 . General Purpose ...... 626 1 . 91 345 0 . 61 +81 5 . General Purpose ...... 330 4 . 21 202 2 . 12 +63 4 . Tax-Exempt ...... 2,720 6 . 472 2,695 0 . 302 +0 9 . Tax-Exempt ...... 1,150 4 . 69 787 5 . 58 +46 1 . Taxable ...... 1,307 7 . 34 880 9 . 12 +48 5 . Taxable ...... 231 6 . 10 50 7 . 4 +356 8 . Minimum-Tax ...... 13 2 . 2 85 8 . 2 –84 6 . Minimum-Tax ...... 0 0 . 0 0 0 . 0 n m . . New-Money ...... 1,532 1 . 183 1,750 4 . 163 –12 5 . New-Money ...... 791 9 . 36 522 7 . 33 +51 5 . Refunding ...... 2,170 4 . 291 1,505 4 . 131 +44 2 . Refunding ...... 503 3 . 41 295 9 . 26 +70 1 . Combined ...... 339 1 . 34 405 9 . 22 –16 5 . Combined ...... 86 8 . 2 19 7 . 3 +340 6 . Negotiated ...... 3,469 3 . 485 3,403 4 . 305 +1 9 . Negotiated ...... 775 2 . 31 507 2 . 34 +52 8 . Competitive ...... 528 2 . 9 197 7 . 6 +167 2 . Competitive ...... 488 3 . 44 317 5 . 27 +53 8 . Private Placements . . . . . 44 0 . 14 60 6 . 5 –27 4 . Private Placements . . . . . 118 5 . 4 13 5 . 1 +777 8 . Revenue ...... 1,572 5 . 93 2,346 4 . 66 –33 0 . Revenue ...... 679 7 . 30 521 6 . 27 +30 3 . General Obligation . . . . . 2,468 9 . 415 1,315 3 . 250 +87 7 . General Obligation . . . . . 702 3 . 49 316 6 . 35 +121 8 . Fixed Rate ...... 3,877 9 . 504 2,812 4 . 312 +37 9 . Fixed Rate ...... 1,382 0 . 79 800 9 . 60 +72 6 . Variable Rate (Short Put) . . . 11 2 . 2 73 1 . 2 –84 7 . Variable Rate (Short Put) . . . 0 0 . 0 12 3 . 1 –100 0 . Variable Rate (Long/No Put) . 152 3 . 2 727 7 . 1 –79 1 . Variable Rate (Long/No Put) . 0 0 . 0 0 0 . 0 n m . . Zero Coupon ...... 0 0 . 0 0 0 . 0 n m . . Zero Coupon ...... 0 0 . 0 0 0 . 0 n m . . Linked Rate ...... 0 0 . 0 48 6 . 1 –100 0 . Linked Rate ...... 0 0 . 0 25 0 . 1 –100 0 . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Bond Insurance ...... 125 3 . 7 2 3 . 1 +5,347 8 . Bond Insurance ...... 95 4 . 9 118 8 . 3 –19 7 . Letter of Credit ...... 0 0 . 0 0 0 . 0 n m . . Letter of Credit ...... 0 0 . 0 0 0 . 0 n m . . Standby Purch Agreements . . 0 0 . 0 41 1 . 1 –100 0 . Standby Purch Agreements . . 0 0 . 0 12 3 . 1 –100 0 . Insured Mortgages . . . . . 0 0 . 0 0 0 . 0 n m . . Insured Mortgages . . . . . 0 0 . 0 0 0 . 0 n m . . Guaranties ...... 0 0 . 0 0 0 . 0 n m . . Guaranties ...... 96 2 . 12 100 8 . 12 –4 6 . State Governments . . . . . 8 2 . 1 5 3 . 2 +54 7 . Other Enhancements . . . . n m . . State Agencies ...... 210 1 . 3 511 8 . 7 –58 9 . State Governments . . . . . 0 0 . 0 0 0 . 0 n m . . Counties & Parishes . . . . . 227 1 . 52 86 7 . 20 +161 9 . State Agencies ...... 330 8 . 5 402 3 . 10 –17 8 . Cities & Towns ...... 1,124 1 . 158 343 9 . 114 +226 9 . Counties & Parishes . . . . . 406 8 . 11 16 8 . 3 +2,321 4 . District ...... 1,938 7 . 264 1,083 5 . 155 +78 9 . Cities & Towns ...... 396 2 . 30 250 6 . 21 +58 1 . Local Authorities ...... 486 8 . 26 1,057 8 . 15 –54 0 . District ...... 248 3 . 33 158 5 . 25 +56 7 . Colleges & Universities . . . 46 4 . 4 572 8 . 3 –91 9 . Local Authorities ...... 0 0 . 0 2 7 . 2 –100 0 . Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . Colleges & Universities . . . 0 0 . 0 7 4 . 1 –100 0 . Cooperative Utilities . . . . . 0 0 . 0 0 0 . n m . . Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . Bank Qualified ...... 991 7 . 399 536 9 . 256 +84 7 . Bank Qualified ...... 92 6 . 36 76 4 . 31 +21 2 . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . .

Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 27) Source: Refinitiv (Jan. 27)

NEBRASKA: Top Five Rankings NORTH DAKOTA: Top Five Rankings Senior Managers Financial Advisors Senior Managers Financial Advisors Firm Volume Firm Volume Firm Volume Firm Volume 1 D A Davidson $1,323 .8 1 Piper Sandler $501 .3 1 Colliers Securities $470 .9 1 PFM Financial Advisors $257 .8 2 Piper Sandler 1,021 .9 2 PFM Financial Advisors 283 .3 2 RBC Capital Markets 225 .0 2 Caine Mitter & Associates 225 .0 3 J P Morgan Securities 640 .0 3 Kuehl Capital Corp 131 .6 3 Robert W Baird 163 .5 3 Baker Tilly Municipal Advisors 137 .7 4 First National Capital Mkts 220 .8 4 Ramirez 125 8. 4 J P Morgan Securities 106 .7 4 Colliers Securities 74 .4 5 Ameritas Investment Corp 201 .8 5 Ponder 99 3. 5 Baker Group 87 .4 5 AMKO Advisors 29 .9 Issuers Bond Counsel Issuers Bond Counsel 1 Omaha City-Nebraska $338 .6 1 Kutak Rock $1,625 .6 1 Burleigh Co-North Dakota $239 4. 1 Arntson Stewart Wegner $615 .6 2 Lancaster Co (Lincoln 313 .6 2 Gilmore & Bell 1,224 .4 2 North Dakota Hsg Fin Agcy 225 0. 2 Kutak Rock 225 .0 3 Lincoln City-Nebraska 283 .3 3 Baird Holm 921 .1 3 Fargo City-North Dakota 132 1. 3 Ohnstad Twitchell 186 .6 4 Nebraska Invest Fin Auth 210 .1 4 Norton Rose Fulbright 125 .8 4 North Dakota Building Authority 88 6. 4 Dorsey & Whitney 164 .0 5 Douglas Co (Omaha) 172 .6 5 Rem Ludtke Parker Milli & Berger 61 .0 5 West Fargo City-North Dakota 85 1.

Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27) or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27)

029_BB030321 29 3/2/2021 4:57:01 PM Midwest Yearend Review Wednesday, March 3, 2021 30 The Bond Buyer

OHIO: Bond Sales SOUTH DAKOTA: Bond Sales 2020 2019 2020 2019 Volume in Number Volume in Number Change from Volume in Number Volume in Number Change from millions of issues millions of issues prior period millions of issues millions of issues prior period Total ...... $18,050 3 . 406 $12,766 4 . 345 +41 4% . Total ...... $945 1 . 66 $694 1 . 48 +36 2% . First Quarter ...... 9,391 4 . 86 1,864 4 . 47 +403 7 . First Quarter ...... 116 9 . 7 140 4 . 5 –16 7 . Second Quarter ...... 3,245 6 . 81 3,116 8 . 70 +4 1 . Second Quarter ...... 129 4 . 14 64 4 . 10 +100 9 . Third Quarter ...... 3,099 2 . 120 2,533 6 . 75 +22 3 . Third Quarter ...... 311 8 . 17 158 6 . 12 +96 6 . Fourth Quarter ...... 2,314 1 . 119 5,251 6 . 153 –55 9 . Fourth Quarter ...... 386 9 . 28 330 7 . 21 +17 0 . Development ...... 1,133 5 . 29 527 6 . 22 +114 8 . Development ...... 0 0 . 0 0 0 . 0 n m . . Education ...... 4,330 1 . 185 3,462 1 . 138 +25 1 . Education ...... 131 5 . 26 256 9 . 23 –48 8 . Electric Power ...... 250 1 . 6 626 8 . 7 –60 1 . Electric Power ...... 9 6 . 2 3 3 . 1 +190 9 . Environmental Facilities . . . 250 0 . 1 876 8 . 4 –71 5 . Environmental Facilities . . . 0 0 . 0 0 0 . 0 n m . . Healthcare ...... 2,114 3 . 27 2,568 8 . 32 –17 7 . Healthcare ...... 200 2 . 5 143 7 . 2 +39 3 . Housing ...... 636 3 . 30 423 7 . 15 +50 2 . Housing ...... 284 1 . 7 205 5 . 3 +38 2 . Public Facilities ...... 758 5 . 24 777 8 . 25 –2 5 . Public Facilities ...... 16 1 . 4 31 1 . 4 –48 2 . Transportation ...... 638 9 . 9 608 4 . 21 +5 0 . Transportation ...... 0 0 . 0 9 7 . 2 –100 0 . Utilities ...... 1,184 2 . 14 1,615 6 . 19 –26 7 . Utilities ...... 18 8 . 6 15 6 . 5 +20 5 . General Purpose ...... 6,754 4 . 81 1,278 9 . 62 +428 1 . General Purpose ...... 285 0 . 16 28 3 . 8 +907 1 . Tax-Exempt ...... 12,727 3 . 258 9,968 9 . 272 +27 7 . Tax-Exempt ...... 779 6 . 58 516 7 . 44 +50 9 . Taxable ...... 5,083 4 . 145 2,450 4 . 70 +107 5 . Taxable ...... 165 6 . 8 177 3 . 4 –6 6 . Minimum-Tax ...... 239 6 . 3 347 0 . 3 –31 0 . Minimum-Tax ...... 0 0 . 0 0 0 . 0 n m . . New-Money ...... 5,645 7 . 195 8,232 0 . 221 –31 4 . New-Money ...... 507 5 . 26 348 3 . 24 +45 7 . Refunding ...... 11,168 2 . 177 3,561 5 . 99 +213 6 . Refunding ...... 437 6 . 40 271 1 . 22 +61 4 . Combined ...... 0 0 . 0 74 7 . 2 –100 0 . Combined ...... 1,236 4 . 34 972 9 . 25 +27 1 . Negotiated ...... 902 8 . 65 683 0 . 44 +32 2 . Negotiated ...... 16,614 9 . 330 11,002 9 . 283 +51 0 . Competitive ...... 42 3 . 1 7 5 . 2 +464 0 . Competitive ...... 506 0 . 33 1,216 5 . 22 –58 4 . Private Placements . . . . . 0 0 . 0 3 6 . 2 –100 0 . Private Placements . . . . . 929 4 . 43 546 9 . 40 +69 9 . Revenue ...... 817 9 . 36 517 5 . 27 +58 0 . Revenue ...... 13,806 2 . 181 8,703 9 . 172 +58 6 . General Obligation . . . . . 127 2 . 30 176 5 . 21 –27 9 . General Obligation . . . . . 4,244 1 . 225 4,062 4 . 173 +4 5 . Fixed Rate ...... 831 3 . 62 642 7 . 46 +29 3 . Fixed Rate ...... 17,350 9 . 351 11,435 1 . 301 +51 7 . Variable Rate (Short Put) . . . 80 8 . 3 0 0 . 0 n m . . Variable Rate (Short Put) . . . 80 4 . 3 530 4 . 8 –84 8 . Variable Rate (Long/No Put) . 33 0 . 1 51 4 . 2 –35 8 . Variable Rate (Long/No Put) . 140 8 . 10 585 6 . 13 –76 0 . Zero Coupon ...... 0 0 . 0 0 0 . 0 n m . . Zero Coupon ...... 457 7 . 40 52 6 . 20 +770 2 . Linked Rate ...... 0 0 . 0 0 0 . 0 n m . . Linked Rate ...... 20 5 . 2 162 6 . 3 –87 4 . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Convertible ...... 0 0 . 0 0 0 . 0 n m . . Bond Insurance ...... 6 5 . 1 13 5 . 3 –51 9 . Bond Insurance ...... 776 8 . 52 553 8 . 33 +40 3 . Letter of Credit ...... 0 0 . 0 0 0 . 0 n m . . Letter of Credit ...... 0 0 . 0 85 0 . 2 –100 0 . Standby Purch Agreements . . 66 0 . 2 0 0 . 0 n m . . Standby Purch Agreements . . 0 0 . 0 260 8 . 2 –100 0 . Insured Mortgages . . . . . 0 0 . 0 0 0 . 0 n m . . Insured Mortgages . . . . . 0 0 . 0 7 5 . 1 –100 0 . Guaranties ...... 24 6 . 3 88 9 . 6 –72 3 . Guaranties ...... 330 0 . 33 574 5 . 40 –42 6 . State Governments . . . . . 0 0 . 0 0 0 . 0 n m . . State Governments . . . . . 1,448 2 . 21 1,156 0 . 17 +25 3 . State Agencies ...... 516 5 . 10 438 6 . 7 +17 8 . State Agencies ...... 2,825 0 . 32 3,486 5 . 35 –19 0 . Counties & Parishes . . . . . 27 1 . 3 8 7 . 1 +211 5 . Counties & Parishes . . . . . 1,466 4 . 33 1,901 7 . 35 –22 9 . Cities & Towns ...... 152 7 . 25 49 6 . 13 +207 9 . Cities & Towns ...... 1,636 9 . 88 1,552 0 . 76 +5 5 . District ...... 181 5 . 26 177 4 . 23 +2 3 . District ...... 2,676 6 . 164 2,284 4 . 122 +17 2 . Local Authorities ...... 0 0 . 0 0 0 . 0 n m . . Local Authorities ...... 6,566 5 . 56 1,929 1 . 54 +240 4 . Colleges & Universities . . . 38 3 . 1 16 2 . 2 +136 4 . Colleges & Universities . . . 1,050 6 . 10 456 7 . 6 +130 0 . Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . Direct Issuer ...... 380 0 . 2 0 0 . 0 n m . . Tribal Governments . . . . . 29 1 . 1 3 6 . 2 +708 3 . Bank Qualified ...... 389 9 . 67 399 4 . 65 –2 4 . Bank Qualified ...... 114 9 . 35 105 2 . 27 +9 2 . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . . Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . .

Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 27) Source: Refinitiv (Jan. 27)

OHIO: Top Five Rankings SOUTH DAKOTA: Top Five Rankings Senior Managers Financial Advisors Senior Managers Financial Advisors Firm Volume Firm Volume Firm Volume Firm Volume 1 Jefferies $3,211 3. 1 PFM Financial Advisor $7,220 .5 1 BofA Securities $269 .9 1 Caine Mitter & Associates $245 .8 2 Citi 3,156 4. 2 Acacia Financial Group 1,220 .3 2 Piper Sandler 247 .4 2 Kaufman Hall & Associates 153 .9 3 Stifel Nicolaus 1,514 .0 3 Baker Tilly Municipal Adv 883 .1 3 Colliers Securities 142 .6 3 Colliers Securities 139 .0 4 J P Morgan Securities 1,092 .9 4 Bradley Payne 750 .7 4 Wells Fargo 99 .0 4 PFM Financial Advisors 118 .6 5 Loop Capital Mkts 983 .6 5 Kaufman Hall & Associates 634 .3 5 D A Davidson 89 .7 5 AMKO Advisors 0 .4

Issuers Bond Counsel Issuers Bond Counsel 1 Buckeye Tobacco Settle Fin Au $5,352 .2 1 Squire Patton Boggs $6,626 .3 1 South Dakota Hou Dev Auth $245 8. 1 Kutak Rock $245 .8 2 Ohio 1,224 2. 2 Dinsmore & Shohl 3,752 .2 2 So Dakota Hlth & Ed Fac Au 153 9. 2 Perkins Coie 245 .3 3 Ohio Public Fac Commission 982 .0 3 Orrick Herrington & Sutcliffe 2,676 .1 3 South Dakota Building Au 116 8. 3 Chapman and Cutler 192 .2 4 Ohio Water Dev Auth 700 .0 4 Bricker & Eckler 1,656 .0 4 South Dakota Conservancy Dt 76 3. 4 Meierhenry Sargent 148 .4 5 Ohio Turnpike & Infra Comm 458 .3 5 Frost Brown Todd 532 .7 5 Sioux Falls City-South Dakota 42 3. 5 Dorsey & Whitney 73 .8

Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27) or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27)

030_BB030321 30 3/2/2021 4:57:01 PM Wednesday, March 3, 2021 Washington www.bondbuyer.com 31

WISCONSIN: Bond Sales 2020 2019 Regulation Said to Hurt Retail Volume in Number Volume in Number Change from millions of issues millions of issues prior period Continued from page 1 was, but that is no longer registered as an Total ...... $9,121 5 . 570 $8,781 2 . 561 +3 9% . ATS. First Quarter ...... 1,581 3 . 86 1,800 9 . 107 –12 2 . their orders exposed to multiple platforms The group said it is important that plat- Second Quarter ...... 3,026 5 . 193 2,041 8 . 176 +48 2 . to obtain the best price,” the Securities forms have similar trading protocols but Third Quarter ...... 2,435 8 . 161 2,082 1 . 133 +17 0 . Industry and Financial Markets Associa- that the SEC should not take a “one size Fourth Quarter ...... 2,077 9 . 130 2,856 4 . 145 –27 3 . tion said. fits all” approach. Development ...... 25 2 . 11 271 2 . 12 –90 7 . The SEC’s request for comment closely SEA Rule 15c3-5 should not be applied Education ...... 1,877 5 . 186 2,978 2 . 191 –37 0 . follows 2018 recommendations from the to RFQs, Tradeweb said. Electric Power ...... 2 7 . 1 24 9 . 3 –89 2 . SEC’s Fixed Income Market Structure “... fixed-income trading platforms do Environmental Facilities . . . 0 0 . 0 6 1 . 1 –100 0 . Advisory Committee. FIMSAC said at that not uniformly provide for arrangements Healthcare ...... 1,836 0 . 31 1,691 9 . 38 +8 5 . time that some platforms were regulated as between broker-dealers and customers for Housing ...... 228 0 . 7 495 8 . 14 –54 0 . ATS’, or regulated as broker-dealers, and automated and anonymous trading plat- Public Facilities ...... 514 6 . 7 189 2 . 9 +172 0 . others that operate on the same or similar forms,” Tradeweb argued. Transportation ...... 391 7 . 14 268 9 . 14 +45 7 . models are not regulated. The Bond Dealers of America said cur- Utilities ...... 292 7 . 47 247 6 . 45 +18 2 . Regulatory differences were driven by rent regulation is inconsistent and could General Purpose ...... 3,953 1 . 266 2,607 5 . 234 +51 6 . Regulation ATS, an SEC rule that estab- motivate regulatory arbitrage if new elec- Tax-Exempt ...... 6,753 3 . 443 7,496 6 . 473 –9 9 . lished a regulatory framework for ATS’ tronic trading entrants choose a structure Taxable ...... 2,368 1 . 127 1,265 5 . 86 +87 1 . that minimizes regulatory duties. Regula- Minimum-Tax ...... 0 0 . 0 19 0 . 2 –100 0 . in 1998. To comply, an ATS must register New-Money ...... 4,974 6 . 374 6,211 0 . 408 –19 9 . as a broker-dealer and file an initial op- tory arbitrage is the practice of exploiting Refunding ...... 3,524 4 . 174 2,099 9 . 132 +67 8 . eration report with the SEC. In 2018, the loopholes in rules by taking advantage of Combined ...... 622 5 . 22 470 2 . 21 +32 4 . SEC voted on amendments to Regulation inconsistent standards. Negotiated ...... 5,533 8 . 217 5,275 1 . 261 +4 9 . ATS to improve transparency, such as re- Investor protections aren’t currently Competitive ...... 2,650 2 . 280 3,144 4 . 280 –15 7 . quiring certain ATSs to file detailed public applied when two customers trade with Private Placements . . . . . 937 5 . 73 361 6 . 20 +159 3 . disclosures. each other. Revenue ...... 4,385 9 . 121 3,906 9 . 159 +12 3 . Further regulation could negatively im- “BDA supports applying key investor General Obligation . . . . . 4,735 6 . 449 4,874 2 . 402 –2 8 . pact broker-dealers ability to provide best protection rules to trades executed on elec- Fixed Rate ...... 8,253 4 . 560 8,283 7 . 553 –0 4 . execution to retail investors who hold over tronic platforms regardless of the parties Variable Rate (Short Put) . . . 132 5 . 3 416 3 . 5 –68 2 . 72% of the market, SIFMA said. to the trade,” said Michael Decker, BDA Variable Rate (Long/No Put) . 195 4 . 4 0 0 . 0 n m . . SIFMA also said that platforms that senior vice president for public policy. “In Zero Coupon ...... 465 1 . 2 81 2 . 3 +472 8 . act just as platforms that provide RFQs a transaction where a dealer’s counterparty Linked Rate ...... 75 0 . 1 0 0 . 0 n m . but. where transactions get executed inde- is a non-dealer and their identity is known Convertible ...... 0 0 . 0 0 0 . 0 n m . pendently. should remain outside the scope to the dealer, the dealer should bear cus- Bond Insurance ...... 959 5 . 36 521 9 . 53 +83 8 . of Regulation ATS. tomer protection responsibility.” Letter of Credit ...... 0 0 . 0 342 8 . 3 –100 0 . “Significant changes to Regulation ATS If two non-dealers are trading, the trad- Standby Purch Agreements . . 0 0 . 0 50 0 . 1 –100 0 . and/or the definition of exchange are not ing platform should shoulder that respon- Insured Mortgages . . . . . 0 0 . 0 0 0 . 0 n m . warranted. and could have unintended neg- sibility, Decker said. That doesn’t happen Guaranties ...... 0 0 . 0 0 0 . 0 n m . ative. consequences on the growth and often, though, Decker said. State Governments . . . . . 2,318 6 . 10 1,025 0 . 6 +126 2 . development of electronic trading in these “The trading platform should have the State Agencies ...... 2,674 3 . 76 3,381 2 . 115 –20 9 . markets,” SIFMA said. responsibility for ensuring that the trade Counties & Parishes . . . . . 407 4 . 44 616 0 . 48 –33 9 . Instead of creating new regulations for was conducted at a fair price so that the Cities & Towns ...... 1,786 8 . 285 1,511 8 . 249 +18 2 . trade complies with Municipal Securities District ...... 1,919 0 . 153 1,988 3 . 139 –3 5 . municipal ATS’ the SEC could instead Local Authorities ...... 5 3 . 1 247 3 . 3 –97 9 . act through interpretive guidance, SIFMA Rulemaking Board fair pricing rules or Colleges & Universities . . . 10 0 . 1 11 5 . 1 –13 0 . said. that the trade met suitability or best inter- Direct Issuer ...... 0 0 . 0 0 0 . 0 n m . . The current equity-focused ATS frame- est guidelines,” Decker said. “All of the Tribal Governments . . . . . 0 0 . 0 0 0 . 0 n m . work. won’t work for fixed-income, elec- kinds of regulations that apply to a dealer Other Enhancements . . . . 0 0 . 0 0 0 . 0 n m . tronic. trading platform MarketAxess when a dealer is conducting a trade on Bank Qualified ...... 976 7 . 244 1,022 5 . 239 –4 5 . warned. Platforms that aren’t regulated at behalf of a customer should apply to the Qualified Sch Construction . . 0 0 . 0 0 0 . 0 n m . all. should be regulated and minimum stan- trading platform when there is no dealer Other Stimulus Program . . . 0 0 . 0 0 0 . 0 n m . dards. should be created in a newly formed involved.” Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. ATS rule that works for fixed income, Decker said the request for comment Source: Refinitiv (Jan. 27) MarketAxess said. was just the start of a long rulemaking Rules related to ATS’ should not be ap- process. plied to requests for quotes, MarketAxess The MSRB also weighed in, noting that added. ATS’ have become a significant compo- WISCONSIN: Top Five Rankings MarketAxess itself allows participants nent of liquidity in the market — MSRB to post requests for quotes and execute trade data for 2020 also shows that ATSs Senior Managers Financial Advisors deals on its platform. Securities Exchange were involved 21% of all trades and 55% Act Rule 15c3-5 requires a broker-dealer of all inter-dealer trades. Firm Volume Firm Volume providing market access on an exchange “Consistent with the FIMSAC recom- 1 Robert W Baird $1,262 .6 1 Acacia Financial Group $1,564 .0 or ATS to have a variety of financial and mendation, the MSRB looks forward to 2 Citi 1,085 1. 2 Robert W Baird 1,008 .3 regulatory risk management controls. working collaboratively with the SEC and 3 BofA Securities 936 .7 3 Ehlers & Associates 736 .4 MarketAxess told the regulator that the Financial Industry Regulatory Author- 4 J P Morgan Securities 712 .8 4 Kaufman Hall & Associates 637 .2 electronic trading has grown rapidly and ity to review the regulatory framework for 5 Morgan Stanley 686 .1 5 PFM Financial Advisors 459 .9 that any future regulation should not upset oversight of the fixed income electronic that momentum. trading platforms,” said Ed Sisk, MSRB Issuers Bond Counsel SEC rules such as SEA Rule 15c3-5 chair. should not be applied to an RFQ and if FINRA also commented Monday, say- 1 Wisconsin $2,318 6. 1 Quarles & Brady $4,080 .2 ing it was difficult to harmonize rules to 2 Wisconsin Public Finance Auth 1,452 .2 2 Foley & Lardner 1,627 .5 RFQs were to be included as an ATS, the 3 Wisconsin Center Dt 525 .9 3 Norton Rose Fulbright 530 .6 SEC should be wary of that and other rules fixed income trading platforms without 4 Wisconsin Hlth & Ed Fac Auth 443 .1 4 Kutak Rock 444 .3 that rely on Regulation ATS, MarketAxess updates to Regulation ATS. 5 Milwaukee City-Wisconsin 286 .0 5 Katten Muchin Rosenman 286 .0 said. “In addition, given the Commission’s Electronic trading platform Tradeweb broker-dealer interpretive role, and its Markets Inc. said while it supports the supervisory role over the fixed income

Dollar amounts are in millions . Bond rankings are based on issues maturing in 13 months or more . Private placements, remarketings, and issues not meeting SEC’s efforts to tailor regulation to fixed markets, FINRA believes the SEC should Refinitiv “T+5” policy rule are excluded . In issues with multiple book-runners, each firm is credited with its actual allocation . In issues with multiple co-advisors income trading platforms, it will be com- update trading platform classifications in or co-counsel, the par amount of the issue is divided equally among the firms . Source: Refinitiv (Jan . 27) plicated. the unified manner recommended by the Tradeweb offers a RFQ platform that FIMSAC,” FINRA said. q

031_BB030321 31 3/2/2021 5:07:18 PM Market Statistics Wednesday, March 3, 2021 32 The Bon d Buyer

Market Indicators Dollar amounts are in millions

Day’s 2021 2021 Current Previous 2021 2021 Daily Yesterday Change High Date Low Date Weekly 2/25/21 2/18/21 High Date Low Date Municipal Bond Index ...... 135.03 +1/32 138.15 (2/10) 135.00 (2/25) 40 Average Dollar Price ...... 108.85 +0.02 111.49 (2/11) 108.73 (2/25) Bond Buyer Revenue Bond Index . . . . . 2.80% 2.54% 2.80% (2/25) 2.47% (2/11) Average Yield to Par Call ...... 2.38 unch 2.38 (2/25) 1.89 (2/10) Bond Buyer 20-Bond Index ...... 2.44% 2.17% 2.44% (2/25) 2.10% (2/11) Average Yield to Maturity ...... 3.56 unch 3.56 (3/1) 3.39 (2/11) Bond Buyer 11-Bond Index ...... 1.97% 1.70% 1.97% (2/25) 1.63% (2/11)

Wk of 3/5/2021 Wk of 2/26/2021 Wk of 2/19/2021 Wk of 2/28/2020 Current Day’s 2021 2021 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $6,197.6 $7,129.4 $6,319.7 $15,165.8 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 4,283.8 5,465.5 4,814.1 13,224.9 Total (Mar. 3) ...... $10,812.1 –1,085.2 $11,897.2 (3/1) $5,068.3 (1/4) Competitive Bonds...... 1,913.8 1,663.9 1,414.2 1,316.8 Competitive ...... 5,021.6 –84.9 5,297.7 (2/5) 1,616.6 (1/4) Short-Term Notes...... 377.2 376.4 271.9 600.6 Negotiated ...... 5,790.5 –1,000.3 8,640.9 (2/19) 2,079.0 (2/10)

Long-Term Bond Sales Thru 3/5/2021 Thru 2/26/2021 Thru 2/19/2021 Thru 2/28/2020 Month to Date...... $6,197.6 $30,606.5 $23,477.1 $42,229.0 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 ...... 63,100.2 56,902.6 49,773.2 75,021.9 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

Mar. 2, 2021 Mar. 1, 2021 Mar. 3, 2020 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.11 0.11 0.00 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 0.87 0.87 0.71 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.12 0.12 0.72 Weekly Averages Monthly Averages

02/26 3,550,483 6,376,585 9,927,068 Feb_21 3,772,075 5,659,974 9,432,049 Municipal Market Data 02/19 3,167,021 6,098,029 9,265,050 Jan 3,029,369 4,512,991 7,542,360 One-Month Note (MIG-1) ...... 0.04 0.04 0.87 02/12 4,149,078 4,606,420 8,755,497 Dec 1,736,966 6,215,668 7,952,635 Two-Month ...... 0.05 0.05 0.85 02/05 4,100,706 5,646,475 9,747,181 Nov 1,723,998 7,564,339 9,288,338 Three-Month ...... 0.07 0.07 0.83 01/29 3,519,247 4,805,468 8,324,715 Oct 5,378,836 13,046,808 18,425,644 Four-Month...... 0.09 0.09 0.81 01/22 3,270,878 5,788,936 9,059,814 Sep 4,298,532 10,376,432 14,674,964 Five-Month ...... 0.10 0.10 0.80 01/15 3,189,038 3,954,876 7,143,913 Aug 3,028,801 11,643,281 14,672,083 Six-Month ...... 0.11 0.11 0.80 01/08 2,186,615 3,757,872 5,944,486 Jul 3,105,291 10,327,625 13,432,916 Nine-Month...... 0.13 0.13 0.83 12/31 1,259,915 2,612,881 3,872,796 Jun 2,743,299 10,739,739 13,483,038 One-Year ...... 0.16 0.16 0.84 12/24 815,022 1,503,640 2,318,662 May 2,573,712 8,924,640 11,498,352 12/18 1,732,097 6,112,041 7,844,138 Apr 1,896,160 11,831,347 13,727,507 Variable-Rate Demand (Non-AMT/AMT) 12/11 2,699,958 10,456,538 13,156,496 Mar 2,330,672 11,328,615 13,659,287 Daily General Market ...... 0.02/0.04 0.02/0.04 1.29/1.34 12/04 1,905,990 9,557,175 11,463,165 Feb 3,488,285 6,834,552 10,322,837 Mar. 2, 2021 Feb. 23, 2021 Mar. 3, 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 ...... n.a./n.a. n.a./n.a. n.a./n.a. negotiated supply has been reported since 1971. Feb. 24, 2021 Feb. 17, 2021 Feb. 26, 2020 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.03 0.03 1.15

Visible Supply Declines Municipal Market Data General Obligation Yields

15 Aaa Aa Insured A Baa Jan. 19 – Mar. 3, 2021 2022 0.12 0.16 0.21 0.22 0.55 12 2023 0.20 0.24 0.32 0.34 0.72 2026 0.57 0.64 0.76 0.84 1.22 9 2031 1.15 1.30 1.40 1.47 1.96 2036 1.40 1.58 1.66 1.78 2.24 6 2041 1.60 1.79 1.87 1.98 2.44

3 2046 1.75 1.94 2.02 2.13 2.59 2051 1.80 1.99 2.07 2.18 2.64

0 Figures are as of 3 pm Eastern time Mar. 2, 2021. Yields represent the fair market offer side for most liquid and available credits in each 1/19 1/22 1/27 2/1 2/4 2/9 2/12 2/18 2/23 2/26 3/3 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.

032_BB030321 32 3/2/2021 4:45:01 PM Wednesday, March 3, 2021 Market Statistics www.bondbuyer.com 33

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 3/2 75.2 Waco, Tax., (Aa1/AA+) ...... 0.17 0.66 1.60 1.85 2.05 2.25 … 3/2 26.7 LaGrange, Ga., (Aa3) ...... 0.17 0.60 1.25 1.85 2.10 … … 1M — 03/30/2021 ...... 0 040/35. 0 035/30. 0 041 . 3/2 23.5 Gwinnett Co Urban, Ga., (Aaa/AAA/AAA) . . . 0.23 1.00 1.75 2.15 2.65 … … 3M — 06/03/2021 ...... 0 045/40. 0 035/30. 0 046 . 3/2 8.5 Town of Wellfleet, Mass., (AAA) ...... 0.17 0.62 1.20 1.50 2.00 … …

6M — 09/02/2021 ...... 0 060/55. 0 055/50. 0 061 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Treasury Notes and Bonds Aaa – AAA 2/25 12.9 Bedford (Town), N.Y., ...... 0.25 0.69 1.34 2.05 2.30 2.50 2.55 Yesterday’s Prev. Day’s Yesterday’s 2/25 10.8 Reading (Town), Mass., ...... 0.15 0.61 1.36 1.85 … … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 2/24 159.5 Town of Brookline, Mass., ...... 0.10 0.54 1.13 1.83 2.05 2.27 … 2Y — 0 .13% due 2/2023 . . . . . 99 316/010. 99 316/010. 0 129. 2/24 14.7 Simsbury (Town), Conn., ...... 0.18 0.50 1.05 1.70 … … … 2/23 225.0 Mecklenburg County, N.C., ...... 0.12 0.50 1.10 1.70 1.93 … … 5Y — 0 .38% due 2/2026 . . . . . 99 042/056. 98 306/002. 0 677. 2/18 77.8 Arlington (Town), Mass., ...... 0.10 0.35 1.10 1.45 1.70 2.06 … 10Y — 0 .88% due 2/2031 . . . . 97 08+/10+. 97 012/032. 1 420. 2/18 26.4 Howard County, Md., ...... 0.07 0.29 0.80 1.40 1.64 1.76 … 2/17 125.8 Howard County, Md., ...... 0.06 0.31 0.79 1.67 … … … 30Y — 1 .13% due 2/2051 . . . . 92 17+/19+. 92 120/140. 2 217. 2/17 12.3 Southampton (Town), N.Y., ...... 0.06 0.21 0.88 1.27 1.57 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 2/11 3.9 Lincoln (Town), Mass., ...... 0.10 0.26 0.80 … 1.60 … … 2/9 6.3 Garden City Vlg, N.Y., ...... 0.10 0.23 0.75 1.30 1.55 … … 2/8 4.8 Milton (Town), Mass., ...... 0.10 0.26 0.80 1.30 … … … Barclays Capital Long Treasury Bond Index Aa1/Aa2/Aa3 – AA+/AA/AA– Index Value Yield Index Total 3/1 17.3 Waukee, Iowa., ...... 0.17 0.71 1.30 2.00 … … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 2/25 22.6 Rock County, Wis., ...... 0.22 0.78 1.47 1.85 … … … 2/25 24.2 N Texas Muni Wtr Dt, Tex., ...... 0.25 0.75 1.30 1.60 2.20 2.30 2.37 Close 4332 69. 4391 65. –58 96. 2 12. 2 05. +0 07. 4232 69. 2/25 19.0 Marathon County, Wis., ...... … 0.83 1.54 1.90 2.12 … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 2/24 48.0 Montgomery County, Tenn., ...... 0.16 0.61 1.25 1.60 1.85 … … 2/23 14.1 Lakeville ISD #194, Minn., ...... 0.25 0.75 1.60 2.10 … … … (Jan. 1 1973 = 100). 2/22 5.7 Hunt County, Tex., ...... 0.20 0.55 1.05 1.50 1.75 … … 2/18 24.7 Florida Bd of Governors, Fla., ...... 0.15 0.40 0.95 1.80 … … … 2/18 7.0 Clinton Twp, N.J., ...... 0.20 0.45 1.05 1.50 … … … 2/17 571.7 Nashville Metro Gov, Tenn., ...... 0.06 0.29 0.86 1.71 1.97 … … 2/17 34.5 Orland Pk Vlg, Ill., ...... 0.15 0.43 1.02 1.39 1.70 1.89 … State and Local Government Series Rates 2/17 20.0 Moore County, N.C., ...... 0.06 0.25 0.75 1.40 1.65 … … A1/A2/A3 – A+/A/A– 2/24 3.0 Maryville, Mo., ...... 0.50 0.95 1.20 1.55 … … … Wednesday Thursday Friday Monday Tuesday 2/18 5.6 Hillsboro, Tex., ...... … 0.45 1.00 1.40 1.65 1.85 … Feb. 24 Feb. 25 Feb. 26 Mar. 1 Mar. 2 1/27 4.3 Sumner Co USD #356, Kan., ...... 0.20 0.40 0.90 1.25 … … … Overnight*...... 0 01 . 0 01 . 0 01 . 0 01 . 0 02 . 1/14 4.2 East Central Spec Util Dt, Tex., ...... 0.20 0.50 1.10 1.45 1.70 … … Three Months...... 0 03 . 0 03 . 0 03 . 0 03 . 0 03 . 12/17 7.0 Atchison, Kan., ...... 0.16 0.30 0.70 1.20 … … … Six Months...... 0 04 . 0 05 . 0 05 . 0 05 . 0 05 . 12/9 2.5 Napoleon, Ohio., ...... 0.20 0.45 1.10 … 1.70 … … Nine Months...... 0 05 . 0 06 . 0 06 . 0 06 . 0 06 . 12/8 4.1 Winfield, Kan., ...... 0.21 0.38 0.90 1.40 1.70 … … One Year...... 0 06 . 0 07 . 0 07 . 0 07 . 0 06 . 12/8 3.0 Caney Creek MUD, Tex., ...... 0.40 0.75 1.25 … 2.15 … … Two Years ...... 0 11 . 0 13 . 0 13 . 0 13 . 0 12 . 11/23 3.8 Faribault ISD #656, Minn., ...... 0.35 0.70 1.30 … 2.10 … … Three Years...... 0 22 . 0 27 . 0 31 . 0 27 . 0 26 . 11/19 18.9 Sikeston Bd of Muni Utilities, Mo., ...... 0.30 0.60 1.30 2.00 2.45 2.60 2.35 Four Years...... 0 41 . 0 47 . 0 54 . 0 49 . 0 48 . 11/9 1.2 Lake Lemon Conserv Dt, Ind., ...... 0.80 1.10 1.75 2.00 2.30 … … Five Years...... 0 60 . 0 67 . 0 76 . 0 71 . 0 69 . 11/5 5.2 Salem City, Utah., ...... … 0.55 1.30 1.80 2.20 … … Six Years...... 0 82 . 0 87 . 0 98 . 0 93 . 0 90 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 1 02 . 1 07 . 1 16 . 1 12 . 1 10 . Eight Years...... 1 18 . 1 23 . 1 29 . 1 27 . 1 25 . Nine Years...... 1 29 . 1 34 . 1 38 . 1 36 . 1 34 . Merrill Lynch Corporate Bond Indexes 10 Years...... 1 39 . 1 43 . 1 45 . 1 44 . 1 43 . 15 Years...... 1 81 . 1 85 . 1 85 . 1 84 . 1 84 . Performance Comparisons for Mar. 1, 2021 20 Years...... 2 08 . 2 12 . 2 10 . 2 10 . 2 10 . Aaa–Baa Rated Corporates 25 Years...... 2 20 . 2 23 . 2 17 . 2 19 . 2 18 . Index Avg. Pct.of Total Return% 30 Years...... 2 25 . 2 28 . 2 19 . 2 22 . 2 21 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3455.03 2.15 +100.00 –0.54 –3.16 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2250.20 1.50 +64.97 –0.41 –1.11 Industrials 811.43 1.52 +34.87 –0.41 –1.23 Utilities 792.02 1.67 +5.90 –0.49 –1.42 Finance 794.36 1.56 +8.77 –0.41 –0.85 Banks 836.79 1.34 +17.13 –0.40 –0.96 Canadians/Yankees 742.87 1.34 +35.00 –0.36 –0.86 Long-term (10 years and over) 3650.86 3.36 +35.03 –0.77 –6.70 MARKET Industrials 1404.58 3.36 +21.71 –0.75 –6.67 Utilities 1385.85 3.41 +6.93 –0.75 –6.77 STATISTICS Finance 1427.78 3.27 +2.95 –0.77 –6.12 For additional market data, please visit Banks 1538.53 3.20 +2.89 –0.87 –6.74 bondbuyer.com/marketstatistics. Canadians/Yankees 1949.51 3.56 +10.77 –1.25 –6.69 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.

033_BB030321 33 3/2/2021 4:14:22 PM Market Statistics Wednesday, March 3, 2021 34 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 Changes to the list of bonds used to calculate the Municipal Bond Index after the Feb. 26 pricing. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 As of Feb. 26, the new coefficient is 1.0695, the new average coupon is 4.06%, the new average FEB 21 25 ...... 2.44 1.97 2.80 1.55 2.34 18 ...... 2.17 1.70 2.54 1.29 2.08 par call date is September 27, 2026, and the new average maturity date is November 16, 2046. 11 ...... 2.10 1.63 2.47 1.16 1.95 4 ...... 2.14 1.67 2.51 1.14 1.93 One bond is added to the index: JAN 21 28 ...... 2.14 1.67 2.51 1.05 1.81 21 ...... 2.21 1.74 2.58 1.09 1.83 Hospital Revenue Bonds Series 2021 14 ...... 2.21 1.74 2.58 1.14 1.88 7 ...... 2.17 1.70 2.56 1.08 1.85 4.00s dated 03/11/2021, due 07/01/2051; ÿ rst coupon 07/01/2021; DEC 20 31 ...... 2.12 1.65 2.53 0.92 1.64 term amount: $67,43,000; callable 07/01/2031 at par; 24 ...... 2.12 1.65 2.57 0.93 1.67 ratings: BB+; conversion factor: 0.8484; CUSIP: 11861MBM7; 17 ...... 2.12 1.65 2.57 0.94 1.68 quoted dollar price on revision date: 105.257 10 ...... 2.13 1.66 2.58 0.92 1.64 3 ...... 2.13 1.66 2.58 0.93 1.67 One bond is removed from the index in accordance to the index criteria: NOV 20 25 ...... 2.13 1.66 2.58 0.88 1.62 19 ...... 2.19 1.72 2.61 0.86 1.58 39. Calif Infra and Eco Dev Bnk Ref Rev Bds3.00s due 07/01/2050 12 ...... 2.28 1.81 2.70 0.88 1.65 5 ...... 2.24 1.77 2.60 0.78 1.54 OCT 20 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 20 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 20 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

(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 2/27/2020 5/28/2020 8/27/2020 11/25/2020 2/25/2021

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.44 2.17 2.27 2.84 2.02 10-Year Treasury Note 1.55 1.29 1.30 1.55 0.54 STATISTICS 30-Year Treasury Bond 2.34 2.08 1.80 2.34 1.19 Basis Pt Spread to Note –89.00 –88.00 –97.00 –88.00 –221.00 For additional market data, please visit BBI as % of Note 157.42 168.22 174.62 450.79 157.42 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –10.00 –9.00 –47.00 –9.00 –158.00 BBI as % of Bond 104.27 104.33 126.11 225.40 104.27

034_BB030321 34 3/2/2021 4:50:44 PM Wednesday, March 3, 2021 Market Statistics www.bondbuyer.com 35

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 135.03 135.02 136.03 137.30 139.05 Standard & Poor’s Securities Evaluations Inc. Tuesday, March 2, 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 112.1840 0.9256 121.2014 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 111.9800 0.9628 116.3066 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 110.9580 0.9256 119.8768 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 111.2430 0.9269 120.0162 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 107.8360 0.9269 116.3405 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 107.9730 0.9269 116.4883 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 107.875 unch 2.54 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 111.4110 0.9269 120.1974 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 114.625 unch 2.09 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 107.5910 0.8539 125.9995 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 106.125 unch 2.41 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 106.1700 0.8539 124.3354 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 108.125 unch 2.94 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 105.7690 0.8771 120.5894 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 111.125 unch 2.15 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 106.2040 0.8595 123.5649 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 106.1730 0.8595 123.5288 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 108.5900 0.8539 127.1695 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 111.250 unch 0.74 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 107.0370 0.8568 124.9265 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 111.375 unch 0.68 15 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 102.3740 0.7809 131.0975 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 109.750 unch 2.46 16 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 104.2340 0.7768 134.1838 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 106.125 unch 2.26 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 103.1260 0.7768 132.7575 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 107.000 unch 2.40 18 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 110.6660 0.8512 130.0117 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 114.000 unch 2.05 19 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 107.8990 0.8512 126.7610 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 107.625 unch 1.41 20 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 109.7300 0.8568 128.0696 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 108.625 unch 2.05 21 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 111.5740 0.8512 131.0785 22 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 111.1650 0.8568 129.7444 HOSPITAL 23 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 106.9180 0.8174 130.8025 A3/A-/- Bucks County Industrial Dev Auth.3.00 08/15/2053 . . . 101.125 + 0.625 2.86 24 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 110.9080 0.8568 129.4444 -/BB+/- Bucks County Industrial Dev Auth.4.00 07/01/2051 . . . 105.125 unch 3.42 25 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 109.7990 0.8512 128.9932 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 104.250 unch 2.19 26 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 108.5930 0.8484 127.9974 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 103.125 unch 2.40 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 107.8120 0.8484 127.0769 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 110.750 unch 2.20 28 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 110.7840 0.8568 129.2997 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 106.250 unch 2.23 29 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 111.5730 0.8484 131.5099 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 110.250 unch 2.45 30 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 108.9780 0.8539 127.6238 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 110.875 unch 2.15 31 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 113.9560 0.8512 133.8769 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 111.625 unch 2.35 32 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 110.1990 0.8595 128.2129 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 102.375 unch 2.51 33 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 112.0440 0.8625 129.9061 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 113.250 unch 2.16 34 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 114.5680 0.8484 135.0401 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 110.625 unch 2.02 35 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 108.4300 0.8539 126.9821 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 108.375 unch 2.83 36 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 113.2350 0.8568 132.1604 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 108.625 unch 2.67 37 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 108.1950 0.8539 126.7069 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 107.750 unch 2.79 38 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 110.0170 0.995 110.5698 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 109.000 unch 2.64 39 Bucks County Industrial Dev Auth. 3.00 . . .08/15/2053 08/15/2030 101.1350 0.7893 128.1325 40 Bucks County Industrial Dev Auth. 4.00 . . .07/01/2051 07/01/2031 105.0810 0.8484 123.8579 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 109.750 unch 2.25 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 108.8528 108.8370 109.5986 111.0597 112.5357 POWER Yield To Par Call ...... 2.38 2.38 2.22 1.97 1.99 Yield To Maturity ...... 3.56 3.56 3.50 3.42 3.39 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 112.000 unch 1.07 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 111.000 unch 0.96

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 . . . . 112.125 unch 0.26 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 ...... 107.875 unch 2.02 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 ...... 108.000 unch 1.97 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 110.000 - 0.125 17.21 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 105.750 unch 2.42 The Municipal Bond Index presented today employs the coefficient derived from the February 26, 2021 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 111.625 unch 2.17 pricing, 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 WATER par call 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 Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 106.875 unch 2.36 from the 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 . . 112.000 unch 2.21

035_BB030321 35 3/2/2021 4:50:59 PM Wednesday, March 3, 2021 36 The Bond Buyer

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Kevin Dunphy Nicole Riggs Nick Boyle Lisa Smith Zachary Garrett New York, NY New York, NY Los Angeles, CA Los Angeles, CA Los Angeles, CA 347-541-2608 [email protected]

MUFG Bank, Ltd. A member of MUFG, a global financial group

©2021 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc. Products and services mentioned may be offered and marketed by other MUFG entities. MUFG Bank, Ltd., is not a member FDIC and its products ARE NOT insured by the FDIC or other government agency.

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