Vol. 393 No. 35539 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Wednesday, July 7, 2021

WEDNESDAY New Rating High-Yield www.bondbuyer.com Narrative THE MARKETS Continues MUNICIPALS WERE BETTER TUESDAY on light but strong trading For Illinois in the secondary, as dealers By Yvette Shields pushed benchmarks lower with On Its Tear large blocks of high-grades After two decades of credit de- exchanging hands but sales to terioration — with a brief reprieve By Lynne Funk customers also showed strong about a decade ago that lifted the interest. �������������������������������2 state’s ratings due to a recalibra- With near-record low yields in tion of municipal credits — the 2021, high-yield municipals have WEB EXCLUSIVES pendulum shifted last week with a been the bright spot for returns for one-notch upgrade from Moody’s investors who took the risks associ- PODCAST: JOSEPH KRIST, PUBLISHER Investors Service. ated with junk-rated debt. of Muni Credit News, explores The upgrade gives the state more As a result, high-yields have state budgets, federal aid, breathing room between investment been the most sought-after munis climate change and cybersecu- grade and junk. It had been on the and the hardest to find as the credit rity. Paul Burton hosts. verge of becoming the first sov- “It’s important to bear in mind Illinois is still the lowest-rated state,” picture continues to improve for all. ereign state to lose its investment said Moody’s analyst Ted Hampton. High-yield returns are 6.26% AT $3.16 BILLION IN JUNE, TEXAS grade rating since mid-2017. That’s so far in the year, with a 1.27% sales tax collections were when the state’s budget impasse spreads, but it should still bolster state’s fiscal foundation. return in June alone, according to 18% higher than the same headed toward a third fiscal year. a battered fiscal image and tamp “I think it’s important to bear in Bloomberg Barclays High-Yield month a year ago and 10.4% The state’s other two general ob- down exposure to volatility with the mind Illinois is still the lowest Index data. High-grade municipals above those in June 2019, ligation ratings from S&P Global the benefits felt in the state’s next rated state” and “no one has waived have returned 1.14% so far in 2021. Ratings and Fitch Ratings still re- bond sale. a wand” and erased the state’s high The sector has rebounded ex- State Comptroller Glenn Hegar main one level away from junk. Reaction has spanned the spec- liabilities, governances challenges ponentially from the March/April said.“Monthly state sales tax The market already had baked trum with market participants and financial operating difficulties, 2020 COVID-led selloff that led collections remained excep- an upgrade into Illinois’ trading mostly saying it was deserved giv- Moody’s lead analyst Ted Hampton to extreme volatility in the munici- tionally strong, with receipts en the state’s fiscal progress and said in an interview last week. “But pal market with many questioning from all major sectors other its COVID-19 pandemic recov- I think what’s going on now really how far and how fast all municipal than those related to oil and TUESDAY’S YIELDS ery. Some said the upgrade was represents the first very strong pos- credits, particularly junk-rated and itive movement — positive enough gas surpassing pre-pandemic The Bond Buyer 40 expected, a reason for the state’s nonrated, would sink, how many levels,” Hegar said. narrowing spreads over the past to warrant an upgrade. It is to some defaults would be logged, and how 5.0 few months. But they are quick to extent a turning of the tide but the much investors might lose. WEST VIRGINIA EXPERIENCED STRONG To Maturity underline that’s the near-term view state still has a long way to go to High-yield took the hardest hits 4.2 3.40 Down 0.01 growth in tax revenues leav- and chronic pension strains, past look like the bulk of other states.” in March 2020, when total outflows ing it with a surplus of $413 3.4 decisions that favored one-shots, an Gov. J.B. Pritzker credited his were $46.128 billion according to To Par Call ongoing structural imbalance and administration and Democratic Refinitiv Lipper. million at the end of fiscal 2.6 1.73 Down 0.04 out-migration weigh heavily on the Turn to Market’s page 4 Turn to High-Yield page 3 year 2021, Gov. Jim Justice announced. The state saw 1.8 corporate net income taxes, 1.0 consumer sales taxes, personal 06/22 06/25 06/30 07/05 Puerto Rico Judge to Consider Retail Committee income taxes and severance 5.5 taxes all increase in the last By Robert Slavin fiscal year. 5.0 4.5 Puerto Rico bankruptcy DEADLINE EXTENDED: WE WILL 4.0 Judge Laura Taylor Swain has 3.5 accept nominations until set a schedule for consider- 3.0 Friday, July 9, for the Bond ing establishing a committee 2.5 Buyer’s sixth class of Rising to represent retail holders of 2.0 Puerto Rico bonds. Stars, an honor showcasing the 1.5 On June 30 Swain approved brightest young minds in the JJMAMFJDNOSA a motion by a retail bondhold- municipal bond industry. Complete market coverage appears on page 2 er to consider the committee, which would provide legal rep- resentation of retail bondhold- ers in the bankruptcy. New York attorney and Puer- to Rico bondholder Peter Hein had made earlier motions to establish a retail bondhold- ers committee but Swain had struck them down in April 2019. But in a June 9 filing, Hein Puerto Rico bankruptcy Judge Laura Taylor Swain will consider ap- Turn to Puerto Rico page 3 pointing a committee to represent retail bondholders.

001_BB070721 1 7/6/2021 5:07:24 PM Market News Wednesday, July 7, 2021 2 The Bond Buyer Munis Improve in Light Trading, Following Strength of UST Municipals were better on light but strong and the State of in May and should “remain very tight” this summer, he trading in the secondary, as dealers pushed New York Mort- 642,000 in June said. “Recruiting and retention will remain benchmarks lower with large blocks of high- gage Agency. in employment in extremely difficult, and wage growth will grades exchanging hands but sales to custom- Other trades to the service sec- remain very high.” ers also showed strong interest. note: Maryland tors, and anecdotal Supply issues should ease by year end, U.S. Treasuries helped direct municipals 5s of 2024 traded evidence indicates he said, and the unemployment rate could to lower yields as the UST 10-year fell to at 0.30%-0.28%. robust demand for decline to under 4% by this time next year. 1.36% — the lowest since Feb. 24 — and Fairfax County, workers and insuf- “A tight labor market is likely to be the new the 30-year clocked in at 1.989% near the Virginia, 4s of ficient supply.” normal until the next recession.” close — the first time it was below 2% since 2027 at 0.61% The prices BCA Research, in a report, expects the la- Feb. 11. versus 0.64% Fri- index slipped bor market recovery to expand in September. Triple-A benchmarks fell two to four basis day. By Lynne Funk & Aaron Weitzman to 79.5% from Treasury yields fell on Friday despite a points as a result with the 10-year municipal Los Angeles 80.6%, suggest- strong employment report headline number, now well below the 1% mark, with Refinitiv Department of ing “clear upward BCA said. “We see the bond market as overly MMD the lowest at 0.93%. Water and Power 5s of 2041 at 1.37%-1.35% pressure,” according to Levy. “The index was complacent in the face of what is shaping Heavier trading in the belly of the curve versus 1.38% Friday. above 70 for the fifth consecutive month and up to be a rapid labor market recovery that showed where opportunity might live for New York City water 5s of 2048 at 1.65%- above 60 for the ninth consecutive month, will only accelerate once schools reopen and buyers. Secondary trading showed as much 1.63% versus 1.73% original. both record levels,” he said. expanded unemployment benefits lapse in on Tuesday. Godley, Texas, ISD 5s of 2051 at 2.06% The dip adds credence to “the inflation is September.” A few trades of note: Anne Arundel 5s versus 2.20% original. LA DWP 5s of 2050 transitory argument,” Moya added. While Friday’s report wasn’t so strong of 2029 at 0.84% versus 0.87% Thursday. at 1.51%-1.50%. LA DWP 5s of 2051 at Separately, the employment trends index to “derail the Fed’s stance,” Sebastien Galy, Delaware 5s of 2029 at 0.73% versus 0.75% 1.53%-1.55% versus 1.60% Friday. NYC rose to 109.84 in June from an upwardly re- senior macro strategist at Nordea Asset Man- Friday. Georgia 5s of 2029 at 0.81% ver- water 5s of 2051 at 1.67%. vised 107.70 in May, first reported as 107.35, agement, said, “The Federal Reserve is likely sus 0.82% Friday. Washington 5s of 2029 According to Refinitiv MMD, short yields the Conference Board reported Tuesday. The far behind the curve given the fact that mon- at 0.83% versus 0.90% Wednesday. Harris were steady at 0.12% in 2022 and 0.17% index grew 28.2% from June 2020. etary policy takes six to eighteen months County, Texas, flood 5s of 2029 at 0.90%- in 2023. The yield on the 10-year fell three The gain “suggests that strong job growth to have an impact and the need for robust 0.89%. Harvard 5s of 2030 at 0.86% versus basis points to 0.93% while the yield on the will continue through the summer,” said Gad measures during COVID-19. The slower it 0.93% Wednesday. 30-year dropped three basis points to 1.44%. Levanon, head of The Conference Board’s is to tighten, the stronger will be the eventual Georgia 5s of 2031 at 0.94% versus The ICE municipal yield curve showed Labor Markets Institute. The labor market pace of tightening.” q 1.02%-1.00% Wednesday. Georgia 5s of bonds steady in 2022 at 0.11% and falling 2032 at 1.02%-1.01% versus 1.07% Thurs- one basis point to 0.14% in 2023. The 10- day. year maturity was better by two basis points 10-Year: MMD (AAA) (-0.02) California 5s of 2034 at 1.15%-1.14% at 0.96% and the 30-year yield fell four to 0.93 versus 1.20% Friday. 1.45%. 10-Year: ICE (AAA) (-0.02) Arlington County, Virginia, 5s of 2036 at The IHS Markit municipal analytics curve 0.96 10-Year: IHS (AAA) (-0.02) 1.17% and 5s of 2038 at 1.22% versus 1.29% showed short yields steady at 0.12% and 0.95 on June 24. 0.15% in 2022 and 2023, respectively, with 10-Year: BVAL (AAA) (unch) “After last week, the municipal yield curve the 10-year down two basis points at 0.95%, 0.94 is more uniformly valued,” according to a and the 30-year yield also fell two to 1.46%. 10-Year: U.S. Treasury (-0.06) Municipal Market Analytics Outlook report, Bloomberg BVAL saw short yields at 1.36 which added, “things may be a bit more 0.11% and 0.14% while the 10-year fell three 30-Year: MMD (AAA) (-0.03) appealing at the very center (11-13 years) basis points to 0.94% and the 30-year down 1.44 where more pressure on sellers is evident.” three to 1.46%. 30-Year: ICE (AAA) (-0.04) Ratios have barely moved but a basis Treasuries were stronger and equities were 1.45 point or two, up and down, of late. Munic- mixed. The 10-year Treasury was yielding 30-Year: IHS (AAA) (-0.02) ipal-to-UST ratios were at 68% in 10 years 1.36% and the 30-year Treasury was yielding 1.46 and 72% in 30 on Tuesday, according to 1.997%. 30-Year: BVAL (AAA) (-0.03) Refinitiv MMD. ICE Data Services had the Strength in the service sector, despite price 1.46 30-Year: U.S. Treasury (-0.06) 10-year muni-to-Treasury ratio at 69% and pressures and a dip in unemployment, sug- 2 the 30-year at 73%. gests tapering can wait until early next year, The light primary gets underway Wednes- one analyst said. Source: Indexes used are from 2 p.m., ET, readings day, led by a competitive deal from the Col- “The U.S. service sector is still strong and lier County, Florida, Water and Sewer District while pricing pressures remain, this report (//AAA/), set to sell $137.69 million of water does not provide any new signals that support and sewer revenue bonds at 11 a.m. eastern. the argument that tapering should happen Correction The other sizable deals are set for Thursday. sooner than early next year,” according to Ed Data in Tuesday’s story, ‘Record Port of Los Angeles Traffic Brings a Positive Out- New York State, New York City and their Moya, senior market analyst for the Americas look,’ was incorrect. The Port of Los Angeles moved 1 million twenty-foot equivalent public authorities plan to sell about $6.75 at OANDA. units of container volume in May, which was 74% more than the same month in 2020. billion of bonds in the third quarter of 2021, Investors anticipate the Federal Open state Comptroller Thomas DiNapoli said Market Committee meeting minutes will be Tuesday’s Economic Indicators Tuesday. hawkish, he said. The planned sales include $4.25 billion of The Institute for Supply Management’s Indicator Last Report Forecast Actual new money and $2.5 billion of refundings services PMI dipped to 60.1% in June from ISM Services PMI May: 64.0 June: 63.5 June: 60.1 and reofferings. a record-high 64.0% in May. Forecasts represent the median of estimates by economists polled by IFR Markets The calendar is broken down into sales Economists polled by IFR Markets expect- of $3.2 billion scheduled for July, of which ed a reading of 63.5%. $1.96 billion is for new-money and $1.24 The business activity/production index fell Tuesday’s Data billion for refunding purposes; $3.49 billion to 60.4% from 66.2% the prior month. 11 18 scheduled for August, of which $2.23 billion New orders declined to 62.1% from Government Securities Prices 10-year: 102 /32 to yield 1.37%, up /32 is for new-money purposes and $1.26 billion 63.9%, employment dropped to 49.3% from 30-year: 10815/ to yield 2.00%, up 14/ is for refunding or reoffering purposes; and 55.3%. 32 32 Municipal Bond Index 13820/ , up 7/ $65 million scheduled for September, which The employment index is “seemingly in- 32 32 is for new-money purposes. consistent with the robust gains in employ- The Bond Buyer’s Total: $9.589 billion, down $320.3 million Issuers include New York City, the Dormi- ment in the services sectors,” said Berenberg 30-Day Visible Supply Competitives: $3.742 billion, up $121.4 million tory Authority of the State of New York, the chief economist for the U.S., Americas and (as of 7/07) Negotiated: $5.847 billion, down $441.7 million Asia Mickey Levy, noting the employment New York City Transitional Finance Author- The MuniCenter List Offering Total: $009.2 million, up $0.4 million ity, the New York State Thruway Authority report showed “very strong gains of 497,000

002_BB070721 2 7/6/2021 5:07:26 PM Wednesday, July 7, 2021 Markets www.bondbuyer.com 3 With High-Yield Sector Soaring, Nuveen Expands Footprint Continued from page 1 ference between the indexes is 123 basis points, putting the latest outperformance by Turn the calendar page, and high-yield Refinitiv Lipper inflows/outflows lower-grade munis almost one standard de- inflows are breaking records in 2021. Total High-yield viation higher than ‘normal’ times,” he said. Since the start of the year, high-yield in- $3B “Fear of higher taxes and a crush of fund flows total $13.4 billion, the highest coming flows have been primary factors in lower-rat- on April 14 at $1.27 billion, to Refinitiv Lip- ed entities outperforming in the past year,” per data show. Municipal bond mutual funds $2B Kazatsky said. “Throw in a dash of federal make up more than 25% of muni holdings. stimulus and it has created a perfect storm for The spreads between triple-A credits and spread tightening.” junk have tightened considerably with the $1B But Kazatsky and others say caution is rapid vaccination- and federal aid-led re- warranted and as rates rise and aid dries up, covery from the pandemic and the resulting credit concerns are worth considering. economic rebuilding. The lowest-rated debt $0 “If you believe that statistics should revert Refinitiv MMD tracks is BAA, which cur- to the mean over time, and we’re setting new rently is spread plus-63 basis points to AAA record tights on spreads, the gap in credit in 10 years and longer. They were between $-1B could prove unsustainable,” he said. 96 basis points and 108 basis points to start “I think a vast majority of the good news 3/3 4/8 5/5 6/2 6/9 the year. Most expect a bull-tightening trend 3/10 3/17 3/24 3/31 4/14 4/22 4/29 5/12 5/19 5/26 6/16 6/23 6/30 has been priced in to high yields,” said US for munis in the near-term to continue. Municipal Bonds Managing Analyst Greg “If credit concerns were front and center Source: Refinitiv Lipper (includes ETFs) Saulnier at Refinitiv MMD. last year, they have largely dissipated for “For example, we have not really seen a most sectors, with high-yield munis and the structured as a perpetual fund and has no Miller said. shift in IL GO spreads since the Moody’s low end of investment grade outperform- foreseeable limits on capacity. It will focus If the data is any indication, high-yield upgrade because we often find spreads and ing the rest of the market and credit spreads on monthly tax-exempt income to help inves- municipals will continue in the near-term to trading to be a leading indicator of ratings pretty much returning to pre-crisis levels,” tors meet goals for income and tax efficiency. outperform their high-grade counterparts, actions,” Saulnier said. “That being said, said Barclays strategists Mikhail Foux, Clare At least 75% of the fund’s net assets are in though some caution performance might high-yield muni fund flows have decreased Pickering and Mayur Patel in a report. The municipal securities that are rated BBB/Baa have peaked. for four straight weeks. I think what slows upgrade of Illinois “and some related credits or lower or are unrated but judged by Nuveen “In the push for spread of any kind, high- the momentum is the fact that Treasury yields is yet another manifestation of this trend.” to be of comparable quality, said Miller, who yield munis are enjoying their moment,” said eventually need to rise and the relative value Now, Nuveen, already running the largest with Steve Hlavin, high yield portfolio man- Kim Olsan, senior vice president at FHN of munis, and high-yields, won’t justify the high-yield municipal fund with more than ager, manages the fund. With its tax-exempt Financial. A 6%-plus gain this year stands cost at some point.” $23 billion of assets under management, is focus, it targets U.S. retail investors. despite a mid-March selloff and caps a 10- Barclays also noted higher rates. “The expanding its reach in the space. Last week To protect against a selloff of the propor- year cumulative return of 94%, 37% above road ahead will be more challenging — a lot the investment behemoth introduced the first tions seen in March/April 2020, Miller said, the broad market, she said. will depend on rates, as well as whether tax high-yield municipal “interval fund” — the a quarterly shareholder redemption feature Olsan said one of the benchmark high- reform is passed later this year,” the strate- Nuveen Enhanced High Yield Municipal of the fund provides “a certain amount of yield names is NR/BB Chicago Board of gists wrote. “Moreover, resurgence of the Bond Fund — in another example of how the shareholder protection during fund outflow Education. March pricing had a 5% due 2029 Delta strain of coronavirus may negatively market has evolved since COVID led to out- periods.” indicated at a 2.10% yield (+129/AAA) but affect some sectors that are sensitive to re- flows of municipal bond mutual funds, with Nuveen’s new fund has the ability to re- recent trading at 1.25% was spread +42/ opening.” Nuveen’s high-yield sector being hit hardest. purchase between 5% to 25% of its net asset AAA. Likewise, Puerto Rico’s GO 8% due Nuveen’s interval fund, all else being The new fund, which will focus primarily value on a periodic basis, but it will target 2035 moved to an average price of $80.50 in equal, hopes to provide more liquidity to a on non-investment grade municipals, “seeks repurchasing 7.5% of its net assets on a quar- June, up from $63.00 during last year. market that generally lacks it. to provide a high-level of tax-exempt income terly basis, Miller said. It will offer repur- A 391-basis point outperformance of “Launching the first high-yield municipal and attractive total return,” according to Nu- chases during the months of February, May, Baa-rated munis over the AAA-rated coun- bond-focused interval fund allows us to deliv- veen, an arm of TIAA. August and November. terparts is at its widest for midyear since er our market-leading strategy in a structure Interval funds are closed-end funds that “Periods of muni fund outflows can be 2014, when the delta between the indexes that has the unique ability to capitalize upon do not trade on any exchanges. John Miller, swift and, often, short-lived, therefore, we be- was 562 basis points, noted Bloomberg In- certain market anomalies that may not be ful- head of municipals at Nuveen and portfolio lieve our fund may act as a source of liquid- telligence’s Eric Kazatsky. ly capitalized upon in more liquid structures,” manager of the new fund, said the fund is ity and can act as a counter-cyclical buyer,” “Since 2011, the decade-long average dif- Miller said. q

CUSTOMER SERVICE Puerto Rico Bankruptcy Judge Mulls a Retail Committee For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. Subscription Rate: $3,420 annually; $3,390 for all other countries. Continued from page 1 day to submit a motion on the topic, Disclosure Statement make it “essen- (International rate is for only online.) other parties until 5:00 p.m. on July tial” that a committee be established for Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork said new developments “now show that 19 to respond, Hein until 5:00 p.m. on retail investors. at [email protected] or (877) 652-5295 for more information. Please the court should re-evaluate the need for a July 27 to reply to the responses. Swain note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. Single copies of current issues are available for $15. committee to represent retail investors and promised an oral argument on the pro- COMPLEX Back issue prices are based on publication date. should now appoint a committee to repre- posal on Aug. 18. Cancellation Policy for Print & Electronic Subscriptions: sent members of the eight retail investor In his motion Hein argued that, first, The plan and statement’s “complexi- 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 classes in the confirmation process.” retail bondholders are the only group ty” make them “beyond the capabilities or electronic subscription cancellations will receive a pro-rata refund of any who are not being directly or indirectly of the typical retail investor to evalu- prepaid subscription fees based on the date of termination. ate.” Those registered with the Copyright Clearance Center have permission to DEFINING RETAIL paid by Puerto Rico’s government and photocopy articles owned by The Bond Buyer for a flat fee of $10 per copy of debtor authorities. The hedge funds and “The court could set an appropriate each article. Send Payment to the Copyright clearance Center, 222 Rosewood The proposed Disclosure Statement other investment funds that negotiated cap on expenses by the committee’s Drive, Danvers, MA 01923. The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, defines retail investors as those holding the central government deal will get retained professionals, using as a bench- Saturday, Sunday and Federal Holidays, by Arizent, One State Street Plaza, less than $1 million in par amount. 1.5% of total part outstanding to cover mark starting point the level of fees in- 27th Floor, New York, NY 10004. Periodical rate postage paid at New York, Hein’s June 9 filing made a cross-mo- consummation costs. curred by professionals retained by ex- N.Y., and additional U.S. mailing offices. POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street tion that asked Swain to establish the Puerto Rico also pays for the attor- isting committees or cash payments and Plaza, New York, NY 10004. For subscriptions, renewals, address changes and committee in the confirmation process. neys representing the unsecured credi- payments in the form of administrative delivery service issues contact our Customer Service department at On the morning of June 30 Hein said tors and retirees’ committees and Hein expense claims that debtors have agreed (212) 803-8500 or email: [email protected]. he had settled with Oversight Board said it was only fair that the retail bond- to make to other parties,” Hein said. COPYRIGHT RESPONSIBILITY ©2021 Arizent and The Bond Buyer, All rights reserved. Each subscriber attorneys on a proposed timeline for holders also be given some attorney About Hein’s latest request Puerto has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has access to the subscriber’s copy. No part of this publication considering a committee. representation. Rico attorney John Mudd said, “She has may be reproduced, stored, or transmitted by any means, electronic, Later that day Swain approved the Second, Hein said the complexity of denied it in the past. Maybe this time mechanical or otherwise without written permission. Federal copyright law timeline giving Hein until 6 p.m., Tues- the proposed Plan of Adjustment and she will change her mind.” q carries liability of up to $100,000 per issue for such infringement.

003_BB070721 3 7/6/2021 5:07:28 PM 4 Midwest Wednesday, July 7, 2021 TRENDS IN THE REGION The Bond Buyer

Market’s Debate: Will Illinois be Able To Capitalize on Rating Momentum?

Continued from page 1 credit rating,” Mendoza said in the letter. backlog is also critical. Balanced budgets is mostly because of the significant federal The last fiscal year-end low was $4.6 bil- should be the norm.” relief mostly from the March 2021 Rescue lawmakers and what he describes as their lion in 2014. The state ended fiscal 2020 with Factors that Moody’s said could drive Plan Act,” said Tom Kozlik, head of strate- fiscal prudence for the upgrade. “After eight a $5.4 billion backlog, down from $6 billion further positive rating movement include gy and credit at HilltopSecurities Inc. “The credit downgrades our state suffered under in 2019. The backlog hit a peak of $14.7 enactment of recurring financial measures rating agencies have to acknowledge this my predecessor I say with full certainty Illi- billion several months into fiscal 2018 in No- that move the state toward structural balance, and that is what they are doing and/or likely nois’ fiscal condition is heading in the right vember of 2017 as the toll of the newly ended decisive action to improve pension funding, to do.” direction for first time in the 21st century,” two year budget showdown was fully felt. and improvements to the state’s governance “This action does not mean the momen- Pritzker said last week. The impasse ended when several Repub- profile, such as constitutional or legal chang- tum is with the state,” Kozlik added. “The Fiscal conservatives dismiss Pritzker’s licans joined the Democratic majority in es, that are likely to have a lasting effect be- momentum would be with the state once it self-pat on the back and attribute the upgrade passing a budget and income tax hike that yond the Pritzker administration. begins to make those difficult financial and to the flood of federal dollars. With the state’s was able to overcome then Gov. Bruce Raun- The state’s pension benefits are protected political choices. With those choices will deep pension wreck still present, they believe er’s vetoes. by a constitutional provision that bars impair- likely come hard and swift political backlash the state is ill-prepared to maintain momen- “We are finally emerging from the budget ment or diminishment of benefits. Some be- so they are unlikely.” tum when the federal spigot runs dry and impasse and the financial pressures of the lieve a constitutional amendment could alter Illinois should see some direct benefit spending pressures mount. pandemic and continue to make sustained the landscape but Pritzker, a Democrat, does when it next enters the market by drawing The latter is true as the influx of federal progress in lowering the state’s backlog as not back such a move. The state lacks any a broader base of buyers as some can’t pur- aid including $8.1 billion from the American well as paying off short-term debt. I believe meaningful plans to tackle the $141 billion chase bonds at the Baa3 level and could help Rescue Plan Act signed in March have fueled these are strong indicators that favor upgrad- pension mess in a system just 40.4% funded. some hold on to the bonds. “To the extent a stronger-than-expected economic recovery ing Illinois’ credit rating,” Mendoza wrote. Pritzker tried lift the constitutional ban on that some buyers have an incrementally high- nationally that has translated into strong state Whether Fitch Ratings, which last month a progressive income tax structure that could er floor of credit quality” the state could draw tax collections, not only in Illinois. How the moved its outlook on the state to positive make it easier to raise tax rates on a select more interest, Mousseau said. state has managed the extra cash played a from negative, and S&P Global Ratings fol- portion of residents but voters rejected the “I think that the Moody’s upgrade will central role in Moody’s upgrade. low remains to be seen. Even with an across- amendment last November. help the state GO and other related credits A plummeting bill backlog, holding the the-board upgrade, Illinois remains the weak- The state could move put in a statutory get better pricing when they next sell bonds,” line on most spending in the fiscal 2022 bud- est rated state by multiple notches and it’s an requirement to establish a rainy-day fund said John Ceffalio, senior municipal research get, chipping away at a structural imbalance outlier as most are rated in the double-A to with targets as the state’s existing account analyst at CreditSights Inc. “If Illinois contin- by raising $650 million from the elimination triple-A category. is near empty. “It was a long road down to ues on this credit path, which I expect, then of corporate tax breaks, paying down the And the state has a long way to go to get Baa3 and our rating adjustments are typically it will lead to further positive ratings actions remaining $928 million of $1.5 billion of closer to the average state. single notch” but decisions that deal with the during fiscal 2022.” inter-fund borrowing, and retiring early a $2 “The rating change is a modest adjustment state’s chronic strains and put in long-term The administration has said the next sale is billion, three-year Municipal Liquidity Facil- on the credit quality risk continuum. It prop- protections could drive a speedier catch up expected in the fall. ity loan taken out last December all factored erly reflects the modicum of improvement in to some other states, Hampton said. “We still think Illinois bonds look attrac- into the upgrade. the state’s overall liquidity and unaudited fi- The upgrade could mark a turning of the tive compared to alternatives at similar rat- “That is a significant difference from nancials, even if it was due in no small part to tide but the state must stay on a more fiscally ings and spread levels. Illinois debt is still what our prior rating level was premised the help of Uncle Sam,” said Richard Cicca- prudent track, especially as federal funds dry exposed to headline risk but there is positive on,” Hampton said. rone, president of Merritt Research Services. up. “I think COVID and the federal help has credit momentum that will help the bonds,” Analysts track the state’s accounts payable “Looking at the long-term picture, the given the state reset button,” said John Mous- Ceffalio said. “There is some limit to how far tally closely as a sign of liquidity. Comptrol- huge liabilities before the state relative to seau, president and chief executive officer the spreads can come in however, because we ler Susana Mendoza, whose office manages both the underfunded pensions as well as and director fixed income at Cumberland suspect there will be some profit taking from bill payment, highlighted the $2.8 billion [other post-employment benefits] will weigh Advisors. the 2020 buyers locking in gains.” q backlog carried over into the new fiscal year heavily on credit protection, particularly in Others are more skeptical and see the that began on July 1 — a low in at least a economic cycle downturns, Ciccarone said. upgrade only as a harbinger of near-term decade — in a letter to rating agencies advo- “It will be a long road ahead for the state. stability. cating for further upgrades. Consistently paying the actuarially deter- “This upgrade is not a result of Illinois For more content about this “I am sending more good news that I hope mined contribution will be important, but the making the necessary difficult choices. It is region, visit the Regional News will encourage the other ratings agencies to unfunded liability needs to be on multi-year important to note that the state is not on the tab on BondBuyer.com. follow Moody’s action and upgrade Illinois’ path of improvement. Erasing the unpaid bill road back to structural balance. The upgrade

Visible Supply by State General Obligation Yield Curves for Jul 2, 2021

July 6, 2021 June 29, 2021 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Illinois Baa2/BBB–/BBB– 0.30 0.95 1.61 2.12 Illinois 4 $16,200 5 $66,055 –49,855 Indiana Aaa/AAA/AAA 0.13 0.54 1.06 1.59 Indiana 2 7,240 7 179,350 –172,110 Iowa Aaa/AAA/AAA 0.13 0.53 1.04 1.57 Iowa 10 102,245 5 77,195 25,050 Michigan Aa1/AA/AA 0.14 0.56 1.08 1.65 Michigan 5 84,610 6 336,985 –252,375 Minnesota Aa1/AAA/AAA 0.12 0.52 1.00 1.52 Minnesota 10 46,205 7 113,435 –67,230 Missouri Aaa/AAA/AAA 0.14 0.54 1.01 1.52 Missouri 1 1,000 2 8,075 –7,075 Nebraska NR/AAA/NR 0.14 0.57 1.11 1.65 Nebraska 1 9,990 2 135,140 –125,150 North Dakota 0 0 0 0 0 North Dakota Aa1/AA+/NR 0.14 0.60 1.12 1.65 Ohio 1 24,000 4 64,265 –40,265 Ohio Aa1/AA+/AA+ 0.12 0.55 1.03 1.59 South Dakota 1 2,440 1 2,440 0 South Dakota Aaa/AAA/AAA 0.13 0.55 1.05 1.57 Wisconsin 20 383,275 15 375,070 8,205 Wisconsin Aa1/AA/AA+ 0.12 0.54 1.05 1.59 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

004_BB070721 4 7/6/2021 5:07:29 PM Wednesday, July 7, 2021 Competitive Sales Notices www.bondbuyer.com 5 OFFICIAL NOTICE OF SALE redemption at par and accrued interest on the dates and in the amounts corresponding to the annual principal maturities hereinbefore set forth. The Bonds or portions of Bonds to be redeemed $5,780,000* shall be selected by lot. ALLEGAN DISTRICT LIBRARY If the term bonds option is selected, then the principal amount of the term bonds of a maturity to be redeemed on the dates set forth above shall be reduced by the principal amount of the term GENERAL OBLIGATION LIMITED TAX bonds of the same maturity which have been previously redeemed or called for redemption (other REFUNDING BONDS, SERIES 2021 than as a result of a mandatory redemption) or purchased or acquired by the Library and delivered to the Transfer Agent. The Library may satisfy mandatory redemption requirements by the purchase (*Subject to adjustment as set forth in this Notice of Sale) and surrender of term bonds in lieu of the calling of such term bonds for redemption. BIDS: Bids for the purchase of the above bonds (the “Bonds”) will be publicly opened and read C. Notice of Redemption. Not more than ninety (90) days but not less than thirty (30) days’ by an agent of the Allegan District Library, County of Allegan, Michigan (the “Library”) on July 14, notice of redemption shall be given by first class mail to the registered owner at the registered 2021, at 1:00 p.m., prevailing Eastern Time. Bids may be submitted to the Municipal Advisory address. Failure to receive notice of redemption shall not affect the validity of the proceedings Council of Michigan (the “MAC”) by email at [email protected], but no bid will be received for redemption. Bonds or portions of Bonds called for redemption shall not bear interest after the after the time for receiving bids specified above and the bidder bears all risks of transmission failure. redemption date; provided that funds are on hand with the bond registrar and Transfer Agent to ELECTRONIC BIDS: In the alternative, electronic bids will be received by PARITY® as agent redeem the Bonds called for redemption. of the undersigned. Further information about PARITY® may be obtained from the Municipal INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not Advisor (identified below) or PARITY® at (212) 849-5021. If any provision of this Official Notice exceeding 5% per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of of Sale shall conflict with information provided by PARITY®, as the approved provider of electronic 1% or both. Interest shall be computed using a 360-day year consisting of twelve 30 day months. bidding services, this Notice of Sale shall control. No change of the dated date will be allowed for The interest on any one Bond shall be at one rate only and all Bonds maturing in any one year must the computation of the winning bid. carry the same interest rate. Bonds maturing in any one year shall not bear an interest rate lower Bidders may choose any means or location to present bids, but a bidder may not present a bid by than the preceding year. No proposal for the purchase of less than all of the Bonds or at a price less more than one means or at more than one location. The award or rejection of bids will occur within than 99.00% or more than 110% of their par value will be considered. The maximum spread shall twenty-four (24) hours after the bid opening. be 3%. Interest rates shall not be in descending order. BOND DETAILS: The Bonds will be fully registered bonds of the denomination of $5,000 each or BOOK-ENTRY-ONLY: The Bonds will be issued in book-entry-only form as one fully registered any integral multiple thereof not exceeding the aggregate principal amount for each maturity at the bond per maturity and will be registered in the name of Cede & Co., as nominee for The Depository option of the purchaser thereof, dated the date of their delivery, and will bear interest from their date, Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Bonds. and payable on November 1, 2021, and semiannually on each May 1 and November 1 thereafter. Purchase of the Bonds will be made in book-entry-only form, in the denomination of $5,000 or any The Bonds will mature on the 1st day of May, as follows: whole multiple thereof. Purchasers will not receive certificates representing their interest in Bonds purchased. The book-entry-only system is described further in the Preliminary Official Statement Year Amount for the Bonds. 2022 140,000 BOND REGISTRAR TRANSFER AGENT AND PAYING AGENT: The Bonds shall be payable as to 2023 185,000 principal in lawful money of the United States upon surrender thereof at the corporate trust office 2024 190,000 of UMB Bank, N. A., Grand Rapids, Michigan, the Bond Registrar, Transfer Agent and Paying Agent. 2025 195,000 Interest shall be paid to the registered owner of each Bond as shown on the registration books at the 2026 195,000 close of business on the 15th day of the calendar month preceding the month in which the interest 2027 200,000 2028 205,000 payment is due. Interest shall be paid when due by check or draft drawn upon and mailed by the 2029 210,000 Bond Registrar and Transfer Agent to the registered owner at the registered address. As long as DTC, 2030 215,000 or its nominee Cede & Co., is the registered owner of the Bonds, payments will be made directly to 2031 215,000 such registered owner. Disbursement of such payments to DTC participants is the responsibility of 2032 220,000 DTC and disbursement of such payments to the beneficial owners of the Bonds is the responsibility 2033 225,000 of DTC participants and indirect participants as described in the Preliminary Official Statement 2034 230,000 for the Bonds. The Library from time to time as required may designate a successor bond registrar, 2035 235,000 transfer agent and paying agent. 2036 240,000 PURPOSE AND SECURITY: The Bonds are to be issued pursuant to the provisions of Act 265, 2037 245,000 Public Acts of Michigan, 1988 as amended, (“Act 265”) and Act 34 of the Michigan Public Acts of 2038 250,000 2001, as amended (“Act 34”) and a bond authorizing resolution approved by the Board of Trustees 2039 255,000 of the Library on May 17, 2021 (the “Bond Resolution”), for the purpose refunding its General 2040 260,000 Obligation Limited Tax Bonds, Series 2018 (Federally Taxable) (the “Prior Bonds”). The limited 2041 265,000 tax, full faith and credit of the Library have been pledged to the prompt payment of the principal 2042 270,000 of and interest on the Bonds as and when due, and the Library will levy ad valorem taxes, to 2043 275,000 the extent necessary for the payment of such principal and interest subject to constitutional and 2044 280,000 statutory tax rate limitations. The rights or remedies of bondholders may be affected by bankruptcy, 2045 285,000 insolvency, fraudulent conveyance or other laws affecting creditors’ rights generally now existing 2046 295,000 or hereafter enacted and by the application of general principles of equity include those relating to ADJUSTMENT TO THE MATURITY: The Library reserves the right to increase or decrease the equitable subordination. amount or timing of any principal maturity of the bonds after receipt of the bids and prior to the GOOD FAITH DEPOSIT: The successful bidder is required to submit its good faith deposit in final award. Such adjustment, if necessary, will be made in increments of $5,000, and may be made the amount specified below to the Library by wire transfer not later than noon, Eastern Time, on in one or more maturities. the next business day following the award. The amount of the good faith deposit for the Bonds is TERM BOND OPTION: The initial purchaser of the Bonds may designate any one or more $57,800*. The good faith deposit will be applied to the purchase price of the Bonds. In the event a maturities as term bonds and the consecutive maturities which shall be aggregated in the term purchaser fails to honor its accepted bid, the good faith deposit will be retained by the Library. No bonds. Such designation must be made with a bid or within one hour after the public opening of interest shall be paid to any successful bidder on the good faith deposit. Payment for the balance of the bids. If the term bonds option is selected, then the principal amount of the term bonds of a the purchase price of the Bonds shall be made at the closing. maturity to be redeemed on the dates set forth above shall be reduced by the principal amount of AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest the term bonds of the same maturity which have been previously redeemed or called for redemption true interest cost to the Library. True interest cost shall be computed by determining the annual (other than as a result of a mandatory redemption) or purchased or acquired by the Library and interest rate (compounded semiannually) necessary to discount the debt service payments on the delivered to UMB Bank, N. A., Grand Rapids, Michigan (the “Transfer Agent”). The Library may Bonds from the payment dates thereof to the expected dated date and to the price bid. satisfy mandatory redemption requirements by the purchase and surrender of term bonds in lieu of TAX MATTERS: In the opinion of Foster, Swift, Collins & Smith, P.C., Bond Counsel, under the calling of such term bonds for redemption. existing law, assuming compliance with certain covenants and the issue price rules set forth below, PRIOR REDEMPTION: interest on the Bonds is excludable from gross income for federal income tax purposes as described A. Optional Redemption. The Bonds maturing in the years 2022 through 2031, inclusive, in the opinion, and the Bonds and interest thereon are exempt from all taxation by the State of shall not be subject to optional redemption prior to maturity. The Bonds, or portions of Bonds Michigan or any political subdivision within the State of Michigan except estate taxes and taxes on in multiples of $5000, maturing on or after May 1, 2032 shall be subject to redemption prior to gains realized from the sale, payment or other disposition thereof. The Library has designated the maturity in whole or part, at the option of the Library, in any order of maturity and by lot within Bonds as “QUALIFIED TAX-EXEMPT OBLIGATIONS” for purposes of Section 265(b)(3) of the any maturity, on any date on or after May 1, 2031, at par plus accrued interest to the date fixed Internal Revenue Code of 1986, as amended. for redemption. Not less than thirty (30) days’ notice of redemption shall be given by first class ISSUE PRICE: The winning bidder shall assist the Library in establishing the issue price of the mail to the registered owner at the registered address. Failure to receive notice of redemption shall Bonds and shall execute and deliver to the Library at closing an “issue price” or similar certificate not affect the validity of the proceedings for redemption. Bonds or portions of Bonds called for setting forth the reasonably expected initial offering price to the public or the sales price or redemption shall not bear interest after the redemption date; provided, funds are on hand with the prices of the Bonds, substantially in the form either attached as an Appendix to the Preliminary Transfer Agent to redeem the bonds called for redemption. Official Statement, or as subsequently prepared by Bond Counsel, with such modifications as may B. Mandatory Redemption. Bonds designated as term bonds shall be subject to mandatory continued on next page

005_BB070721 5 7/6/2021 1:50:09 PM Competitive Sales Notices Wednesday, July 7, 2021 6 The Bond Buyer continued from previous page DELIVERY OF BONDS: The Library will furnish Bonds ready for execution at its expense. be appropriate or necessary, in the reasonable judgment of the winning bidder, the Library and Bonds will be delivered without expense to the purchaser through DTC in New York, New York, Bond Counsel. or such other place to be agreed upon. The usual closing documents, including a certificate that The Library intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of delivery “competitive sale” for purposes of establishing the issue price of the Bonds) will apply to the initial of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock noon, prevailing Eastern sale of the Bonds (the “Competitive Sale Requirements”) because: Time, on the 45th day following the date of sale, or the first business day thereafter if said 45th day (a) the Library is disseminating this Notice of Sale to potential underwriters in a manner that is is not a business day, the successful bidder may on that day, or any time thereafter until delivery of reasonably designed to reach potential underwriters; the Bonds, withdraw its proposal by serving notice of cancellation, in writing, on the undersigned (b) all bidders shall have an equal opportunity to bid; in which event the Library shall promptly return the good faith deposit. Payment for the Bonds (c) the Library anticipates receiving bids from at least three underwriters of municipal bonds shall be made in Federal Reserve Funds. Accrued interest to the date of delivery of the Bonds shall who have established industry reputations for underwriting new issuances of municipal bonds; and be paid by the purchaser at the time of delivery. (d) the Library anticipates awarding the sale of the Bonds to the bidder who submits a firm offer BOND INSURANCE AT PURCHASER’S OPTION: If the Bonds qualify for issuance of any to purchase the Bonds at the lowest true interest cost, as set forth in this Notice of Sale. policy of municipal bond insurance or commitment therefor at the option of the bidder/purchaser, Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the purchase the purchase of any such insurance policy or the issuance of any such commitment shall be at of the Bonds, as specified in the bid. the option and expense of the purchaser of the Bonds. There will be no changes made to the If all of the Competitive Sale Requirements are not satisfied, the Library shall so advise the Bond Resolution to reflect bond insurance. Any increased costs of issuance of the Bonds resulting winning bidder. The Library shall treat the first price at which 10% of a maturity of the Bonds (the from such purchase of insurance shall be paid by the purchaser, including but not limited to “10% Test”) is sold to the public as the issue price of that maturity, applied on a maturity-by-maturity any additional rating agency fees. Any other rating agency fees shall be the responsibility of the basis. The winning bidder shall advise the Library if any maturity of the Bonds satisfies the 10% Test purchaser of the Bonds. FAILURE OF THE MUNICIPAL BOND INSURER TO ISSUE THE POLICY as of the date and time of the award of the Bonds. The Library will not require bidders to comply AFTER THE BONDS HAVE BEEN AWARDED TO THE PURCHASER SHALL NOT CONSTITUTE with the “hold the offering-price rule” and therefore does not intend to use the initial offering price CAUSE FOR FAILURE OR REFUSAL BY THE PURCHASER TO ACCEPT DELIVERY OF THE to the public as of the sale date of any maturity of the Bonds as the issue price of that maturity. BONDS FROM THE LIBRARY. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not OFFICIAL STATEMENT: A copy of the Preliminary Official Statement relating to the Bonds satisfied. Bidders should prepare their bids on the assumption that all of the maturities of the Bonds may be obtained by contacting the Library’s municipal advisor, PFM Financial Advisors, LLC, will be subject to the 10% Test in order to establish the issue price of the Bonds. Attention: Paul R. Stauder, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone If the Competitive Sale Requirements are not satisfied, then until the 10% Test has been satisfied (734) 994-9700. The Preliminary Official Statement is in a form “deemed final” by the Library for as to each maturity of the Bonds, the winning bidder agrees to promptly report to the Library the purposes of SEC Rule 15c2-12(b)(1) (the “Rule”), except for the omission of certain information prices at which the unsold Bonds of that maturity have been sold to the public. That reporting permitted to be omitted by the Rule. Upon the sale of the Bonds, the Library will publish a final obligation shall continue, whether or not the closing date has occurred, until the 10% Test has Official Statement in substantially the same form as the Preliminary Official Statement, subject to been satisfied as to the Bonds of that maturity or until all Securities of that maturity have been sold. additions, deletions, and revisions as required to provide a completed final Official Statement. The By submitting a bid, each bidder confirms that: final Official Statement will also be posted at www.onlinemunis.com. Copies of the final Official (a) any agreement among underwriters, any selling group agreement and each retail distribution Statement will be provided, at the Library’s expense, on a timely basis in such reasonable quantities agreement (to which the bidder is a party) relating to the initial sale of the Bonds to the public, as may be necessary for the successful bidder’s regulatory compliance. Additional copies of the final together with the related pricing wires, contains or will contain language obligating each underwriter, Official Statement may be made available at the option and cost of the successful bidder. each dealer who is a member of the selling group, and each broker-dealer that is a party to such CONTINUING DISCLOSURE: In order to assist bidders in complying with paragraph (b)(5) retail distribution agreement, as applicable, to report the prices at which it sells to the public the of the Rule, the Library will undertake, pursuant to a resolution adopted by its governing body unsold Bonds of each maturity allotted to it until it is notified by the winning bidder that either and a continuing disclosure certificate, to provide annual reports and notices of certain events. A the 10% Test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have description of these undertakings is set forth in the Preliminary Official Statement and will also be been sold to the public, if and for so long as directed by the winning bidder and as set forth in the set forth in the final Official Statement. related pricing wires; and CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the successful (b) any agreement among underwriters relating to the initial sale of the Bonds to the public, bidder; however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP together with the related pricing wires, contains or will contain language obligating each underwriter numbers shall be cause for the successful bidder to refuse to take delivery of and pay the purchase that is a party to a retail distribution agreement to be employed in connection with the initial sale price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, of the Bonds to the public to require each broker-dealer that is a party to such retail distribution municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP agreement to report the prices at which it sells to the public the unsold Bonds of each maturity identification numbers shall be paid by the successful bidder. allotted to it until it is notified by the winning bidder or such underwriter that either the 10% Test BIDDER CERTIFICATION: NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the bidder has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act No. 517, the public, if and for so long as directed by the winning bidder or such underwriter and as set forth Public Acts of Michigan, 2012; MCL 129.311, et seq. in the related pricing wires. THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS: The Library reserves the right to Sales of any Bonds to any person that is a related party to an underwriter shall not constitute reject any or all bids. sales to the public for purposes of this Notice of Sale. Further, for purposes of this Notice of Sale: REGISTERED MUNICIPAL ADVISOR: Further information regarding the Bonds may be (a) “public” means any person other than an underwriter or a related party; obtained from PFM Financial Advisors, LLC, Attention: Paul R. Stauder, 555 Briarwood Circle, (b) “underwriter” means (A) any person that agrees pursuant to a written contract with the Suite 333, Ann Arbor, Michigan 48108, telephone (734) 994-9700, registered municipal advisor Library (or with the lead Underwriter to form an underwriting syndicate) to participate in the to the Library. initial sale of the Bonds to the public; and (B) any person that agrees pursuant to a written contract Pamela Armstrong, Director directly or indirectly with a person described in clause (A) to participate in the initial sale of the Allegan District Library Bonds to the public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the public); (c) a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profit interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity GIVE is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity or the other); and (d) “sale date” means the date that the Bonds are awarded by the Library to the winning bidder. LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Foster, Swift, Collins & Smith, P.C., attorneys of Grand Rapids, Michigan, a copy of which opinion will be furnished NOTICE without expense to the purchaser of the Bonds at the delivery thereof. The fees of Foster, Swift, Collins & Smith, P.C. for services rendered in connection with such approving opinion are expected buyers want to know to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to validity of the Bonds, Foster, Swift, Collins & Smith, P.C. has not been requested to examine or review and has not examined or reviewed any financial documents, statements or materials that have been or may be furnished in connection with the authorization, issuance or marketing of the Advertise your competitive sales in The Bond Buyer. Bonds, and accordingly will not express any opinion with respect to the accuracy or completeness For more information, contact or Kerry-Ann C. Parkes of any such financial documents, statements or materials. In submitting a bid for the Bonds, the bidder agrees to the representation of the Library by Foster, Swift, Collins & Smith, P.C. as Bond at 212-803-8436 or at [email protected] Counsel.

006_BB070721 6 7/6/2021 1:50:09 PM Wednesday, July 7, 2021 Competitive Sales Notices www.bondbuyer.com 7

OFFICIAL 2024 500,000 2034 825,000 NOTICE OF BOND SALE 2025 525,000 2035 870,000 2026 555,000 2036 910,000 $15,000,000 OF GENERAL OBLIGATION SCHOOL BONDS, 2027 580,000 2037 945,000 2028 610,000 2038 985,000 SERIES 2021 2029 645,000 2039 1,025,000 OF 2030 675,000 2040 1,065,000 ST. TAMMANY PARISH WIDE SCHOOL DISTRICT NO. 12 OF 2031 710,000 2041 1,110,000 THE PARISH OF ST. TAMMANY, STATE OF LOUISIANA The Bonds will be issued as fully registered bonds in “book-entry only” form and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Electronic bids via PARITY® DTC will act as securities depository for the bonds, and purchasers of the Bonds will not receive certificates representing their interest in the Bonds purchased. will be received until eleven thirty (11:30) o’clock a.m., Central Those Bonds maturing March 1, 2032, and thereafter, will be callable for redemption by the Time (Louisiana Time), on Issuer in full or in part at any time on or after March 1, 2031, and if less than a full maturity, Thursday, August 5, 2021 then by lot within such maturity, at the principal amount thereof and accrued interest to the date fixed for redemption. In the event any Bond to be redeemed is of a denomination larger than NOTICE IS HEREBY GIVEN that the Parish School Board of the Parish of St. Tammany, State Five Thousand Dollars ($5,000), a portion of such Bond ($5,000 or any multiple thereof) may of Louisiana (the “Governing Authority”) acting as the governing authority of St. Tammany Parish be redeemed. Official notice of such call of any of the Bonds for redemption will be given by first Wide School District No. 12 of the Parish of St. Tammany, State of Louisiana (the “Issuer”), will class mail, postage prepaid, by notice deposited in the United States mails, or by accepted means receive electronic bids via PARITY® at the C. J. Schoen Administrative Complex Board Room, of electronic communication, not less than thirty (30) days prior to the redemption date addressed 321 N. Theard Street, Covington, Louisiana 70433, until eleven thirty (11:30) o’clock a.m., to the registered owner of each bond to be redeemed at his address as shown on the registra¬tion Central Time (Louisiana Time), on Thursday, August 5, 2021 (or such other date as may be books of the Paying Agent. determined by the Governing Authority) for the purchase of Fifteen Million Dollars ($15,000,000) Bidders shall have the option to designate certain consecutive serial maturities of the Bonds as of General Obligation School Bonds, Series 2021 (the “Bonds”) of the Issuer, authorized at an term bonds (“Term Bonds”) bearing a single interest rate or yield. If the successful bidder for the election held in the Issuer on May 4, 2019 for the purpose of acquiring and/or improving lands Bonds designates certain consecutive serial maturities of such series of Bonds to be combined as for building sites and playgrounds, if necessary, including construction of necessary sidewalks and one or more Term Bonds as allowed herein, then such Term Bond shall be subject to mandatory streets adjacent thereto; purchasing, erecting and/or improving school buildings and other school sinking fund redemption by the Issuer at a redemption price equal to one hundred percent (100%) related facilities within and for the Issuer and acquiring the necessary equipment and furnishings of the principal amount thereof, together with accrued interest to the date fixed for redemption at therefor, and specifically for those projects in the “Capital Improvements Plan” approved by the the rate stated in the Term Bond to be redeemed. Each such mandatory sinking fund redemption Governing Authority on December 13, 2018, title to which shall be in the public, and paying the shall be made on the date on which a consecutive maturity included as part of a Term Bond is costs of issuance thereof, under the authority conferred by Article VI, Section 33 of the Constitution payable in accordance with the proposal of the successful bidder for Bonds and in the amount of of the State of Louisiana of 1974, Part II of Chapter 4 of Subtitle II of Title 39 of the Louisiana the maturing principal installment for the Bonds listed herein for such principal payment date. Revised Statutes of 1950, as amended, and other constitutional and statutory authority. Term Bonds to be redeemed within a single maturity shall be selected in the manner provided for Electronic bids will be received for the Bonds via PARITY®, in the manner described optional redemption of the Bonds within a single maturity. below, until 11:30 a.m., Central Time (Louisiana Time), on Thursday, August 5, 2021. The principal of the Bonds, upon maturity or redemption, will be payable at the principal Bids may be submitted electronically via PARITY® pursuant to this Official Notice of Bond Sale corporate trust office of the Paying Agent upon presentation and surrender thereof, and interest until 11:30 a.m., Central Time (Louisiana Time), but no bid will be received after the time for on the Bonds will be payable by the Paying Agent by check mailed by the Paying Agent to the receiving bids specified above. To the extent any instructions or directions set forth in PARITY® registered owner (determined as of the 15th calendar day of the month next preceding said interest conflict with this Official Notice of Bond Sale, the terms of this Official Notice of Bond Sale payment date) at the address as shown on the books of said Paying Agent. Said Paying Agent will shall control. For further information about PARITY®, potential bidders may contact PARITY® at be a qualified bank or trust company selected by the Issuer. (212) 849-5021. Except as provided under DTC’s book-entry only system, the Bonds may be transferred, registered Each prospective electronic bidder shall be solely responsible to register to bid via PARITY® as and assigned only on the registration books of the Paying Agent, and such registration shall be at described above. Each qualified prospective electronic bidder shall be solely responsible to make the expense of the Issuer. A Bond may be assigned by the execution of an assignment form on the necessary arrangements to access PARITY® for the purposes of submitting its bid in a timely manner Bonds or by other instruments of transfer and assignment acceptable to the Paying Agent. A new and in compliance with the requirements of the Notice of Sale. Neither the Issuer nor PARITY®, Bond or Bonds will be delivered by the Paying Agent to the last assignee (the new registered owner) shall have any duty or obligation to provide or assure access to PARITY® to any prospective bidder, in exchange for such transferred and assigned Bonds after receipt of the Bonds to be transferred and neither the Issuer nor PARITY® shall be responsible for a bidder’s failure to register to bid or in proper form. Such new Bond or Bonds must be in the denomination of $5,000 or any integral for proper operation of, or have any liability for any delays or interruptions of, or any damages multiple thereof within a single maturity. Neither the Issuer nor the Paying Agent shall be required caused by, PARITY®. The Issuer is using PARITY® as a communication mechanism, and not as the to issue, register, transfer or exchange (i) any Bond during a period beginning at the opening of Issuer’s agent, to conduct the electronic bidding for the Bonds. No other form of electronic bid or business on the 15th day of the month next preceding an interest payment date and ending at provider of electronic bidding services will be accepted. The Issuer is not bound by any advice and the close of business on the interest payment date, or (ii) any Bond called for redemption prior to determination of PARITY® to the effect that any particular bid complies with the terms of this Official maturity during a period beginning at the opening of business fifteen (15) days before the date of Notice of Bond Sale and in particular the “Bid Requirements” hereinafter set forth. All costs and the mailing of a notice of redemption of such Bonds and ending on the date of such redemption. expenses incurred by prospective bidders in connection with their registration and submission of In connection with the sale of the Bonds, a good faith deposit of 1% of the principal amount bids via PARITY® are the sole responsibility of the bidders; and the Issuer is not responsible, directly of the Bonds will be required. The manner and time of such deposit shall be set forth in the or indirectly, for any of such costs or expenses. If a prospective bidder encounters any difficulty in Preliminary Official Statement for the Bonds. The good faith deposit of the successful bidder or submitting, modifying or withdrawing a bid for the Bonds, he should telephone PARITY® at (212) bidders will be deposited and the proceeds credited against the purchase price of the Bonds, or 849-5021 and notify the Issuer’s Municipal Advisor, Raymond James & Associates, Inc. at (225) in the case of neglect or refusal to comply with such bid, will be forfeited to the Issuer as and for 381-3362. liquidated damages. No interest will be allowed on the amount of the good faith deposit. Electronic bids must be submitted for the purchase of the Bonds via PARITY®. Bids will be Bidders shall name the rate or rates of interest the Bonds shall bear, not exceeding six per centum communicated electronically to the Issuer at 11:30 a.m., local Louisiana time, on August 5, 2021. (6%) per annum on any Bond in any interest payment period. Bids must stipulate a purchase price Prior to that time, a prospective bidder may (1) submit the proposed terms of its bid via PARITY®, for the Bonds not less than the par value thereof and accrued interest from the date of the Bonds (2) modify the proposed terms of its bid, in which event the proposed terms as last modified will to the date of delivery of the Bonds. No bid which specifies cancellation of the Bonds will be (unless the bid is withdrawn as described herein) constitute its bid for the Bonds, or (3) withdraw considered. No bids providing for additional or supplemental interest will be considered. its proposed bid. Once the bids are communicated electronically via PARITY® to the Issuer, each The Governing Authority will meet at the place and time hereinabove set forth for the receipt of bid will constitute an irrevocable offer to purchase the Bonds on the terms therein provided. For bids. The Bonds will be awarded to the bidder whose bid offers the lowest “true interest cost” to the purposes of the electronic bidding process, the time as maintained on PARITY® shall constitute the Issuer for the full authorized amount of the Bonds, to be determined by doubling the semiannual official time. interest rate (compounded semiannually) necessary to discount the debt service payments on the The Bonds will be dated the date of delivery, will be payable from unlimited ad valorem taxation, Bonds from the payment dates to the date of delivery, such that the sum of such present values is and will be in the denomination of Five Thousand Dollars ($5,000) each, or any integral multiple equal to the price bid, including any premium bid (the preceding calculation is sometimes referred thereof within a single maturity. The Bonds will bear interest from date thereof or the most recent to as the “Canadian Interest Cost Method” or “Present Value Method”). In the case of a tie bid, the interest payment date to which interest has been paid or duly provided for, at a rate or rates not winning bid will be awarded by lot. If any bid for the Bonds shall be acceptable, a prompt award exceeding six per centum (6%) per annum on any Bond in any interest payment period, said of the bonds will be made. The right is expressly reserved to waive any irregularity in any bid or to interest to be payable on March 1, 2022, and semiannually thereafter on March 1 and September 1 reject any and all bids received. of each year. The Bonds will mature serially on March 1 of each year as follows, to-wit: The Official Statement containing pertinent information relative to the authorization, sale and PRINCIPAL PRINCIPAL security of the Bonds is being prepared and may be obtained upon its completion from the Issuer’s YEAR AMOUNT YEAR AMOUNT Bond Counsel, Foley & Judell, L.L.P., One Canal Place, 365 Canal Street, Suite 2600, New Orleans, 2022 $455,000 2032 $750,000 Louisiana 70130. The Purchaser will be furnished a reasonable number of final official statements 2023 475,000 2033 785,000 on or before the seventh business day following the sale of the Bonds. continued on next page

007_BB070721 7 7/6/2021 1:50:10 PM Legal Notices Wednesday, July 7, 2021 8 The Bond Buyer continued from previous page NOTICE OF INTENTION TO SELL The approving legal opinion of Foley & Judell, L.L.P., Bond Counsel, who have supervised the proceedings, the Bonds and the transcripts of record as passed upon will be furnished to the $6,900,000* successful bidders without cost to them. Said transcripts will contain the usual closing proofs, SAN MATEO UNION HIGH SCHOOL DISTRICT including a certificate that up to the time of delivery no litigation has been filed questioning the (SAN MATEO COUNTY, CALIFORNIA) validity of the Bonds or the taxes necessary to pay the same. It is anticipated that the American Bankers’ Association Committee on Uniform Security 2021-22 TAX AND REVENUE ANTICIPATION NOTES Identification Procedures (CUSIP) identification numbers will be printed on the Bonds, but the (FEDERALLY TAXABLE) failure to print such numbers shall not constitute cause for refusal by the successful bidder to accept delivery of and to pay for the Bonds. No CUSIP identification number shall be deemed to be part NOTICE IS HEREBY GIVEN that the San Mateo Union High School District (the “District”), of any Bond or a part of the contract evidenced thereby, and no liability shall hereafter attach to in San Mateo County, California, intends to offer for public sale on or about July 21, 2021, at the Issuer or any of the officers or agents thereof because of or on account of such numbers. All the hour of 9:00 a.m. Pacific Time, at the office of Keygent, LLC, 1730 E. Holly Avenue, Suite expenses in relation to the printing of the CUSIP identification numbers on the Bonds shall be paid 762, El Segundo, California 90245, approximately $6,900,000* principal amount of tax and by the Issuer. However, the CUSIP Service Bureau charge for the assignment of such numbers shall revenue anticipation notes of the District designated “San Mateo Union High School District (San be the responsibility of and shall be paid by the successful bidder. Mateo County, California) 2021-22 Tax and Revenue Anticipation Notes (Federally Taxable)” (the In order to assist bidders in complying with S.E.C. Rule 15c2-12(b)(5), the Governing Authority “Notes”). Within 26 hours, the District will consider the bids received and, if acceptable bids are will undertake, pursuant to the resolution providing for the issuance of the Bonds and a Continuing received which comply with the provisions of the Notice Inviting Proposals for Purchase of Notes Disclosure Certificate, to provide annual reports and notices of certain events. A description of this described below, award the sale of the Notes on the basis of the true interest cost. In the event that undertaking is set forth in the Preliminary Official Statement and will also be set forth in the Final no bids are awarded by the designated time, proposals will be received at a subsequent time and Official Statement. date to be determined by the District and publicized via PARITY, the Bond Buyer Wire, or Thomson In the event the Issuer does not receive sufficient qualified bids to satisfy the competitive sale Municipal Market Monitor (www.tm3.com). requirements of Treasury Regulation ‘ 1.148 1(f)(3)(i), which would allow the Issuer to treat the NOTICE IS HEREBY FURTHER GIVEN that the Notes will be offered for public sale subject to reasonably expected initial offering price to the public as of the sale date as the issue price of the the terms and conditions of the Notice Inviting Proposals for Purchase of the Notes (the “Notice Bonds, the “Hold the Offering Price Rule” of Treasury Regulation ‘ 1.148 1(f)(2)(ii), shall apply, Inviting Proposals for Purchase of Notes”). Copies of the Preliminary Official Statement for the which will allow the Issuer to treat the initial offering price to the public of each maturity as of Notes and the Notice Inviting Proposals for Purchase of Notes will be furnished, as available, upon the sale date as the issue price of that maturity (the “Hold the Offering Price Rule”). So long as the request made to Keygent, LLC, 1730 E. Holly Avenue, Suite 762, El Segundo, California 90245, Hold the Offering Price Rule applies to any maturity of the Bonds, the winning bidder will neither Attn: Chris Hiatt, phone (310) 322-4222, e mail: [email protected], the Municipal offer nor sell that maturity to any person at a price that is higher than the initial offering price to Advisor to the District for the Notes. the public during the period starting on the sale date and ending on the earlier of the following: (i) Dated: July 7, 2021 the date on which the winning bidder has sold at least 10 percent of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public or (b) the close of SAN MATEO UNION HIGH SCHOOL DISTRICT the fifth (5th) business day after the sale date. The winning bidder agrees to promptly report to the Issuer’s municipal advisor named below when it has sold 10 percent of a maturity of the Bonds to By: /s/ Yancy Hawkins the public at a price that is no higher than the initial offering price to the public if that occurs prior Yancy Hawkins, CPA, Associate to the close of the fifth (5th) business day after the sale date. Superintendent/Chief Business Officer In order to provide the Issuer with information required to enable it to comply with certain * Preliminary, subject to change. conditions of the Internal Revenue Code of 1986, as amended (the “Code”), relating to the exclusion of interest on the Bonds from gross income for federal income tax purposes, the winning bidder will be required to complete, execute and deliver to the Issuer (on or before the date of delivery of the Bonds) a certification regarding the “issue price” of the Bonds substantially in the form attached as an appendix to the Preliminary Official Statement for the Bonds, subject to modification in a manner acceptable to the Issuer. Each bidder, by submitting its bid, agrees to complete, execute Notice of Defeasance and deliver such a certificate by the date of delivery of the Bonds, if its bid is accepted by the Issuer. It will be the responsibility of the winning bidder to institute such syndicate reporting PROVISION FOR PAYMENT NOTICE requirements, to make such investigation, or otherwise to ascertain the facts necessary to enable it STATE OF GEORGIA GENERAL OBLIGATION REFUNDING BONDS 2011E-2 to make such certification with reasonable certainty. Any questions concerning such certification should be directed to Foley & Judell, L.L.P., Bond Counsel. STATE OF GEORGIA GENERAL OBLIGATION REFUNDING BONDS 2012C THUS DONE AND SIGNED at Covington, Louisiana, on this, the 10th day of June, 2021. The holders and owners of the hereinafter described State of Georgia General Obligation Refunding Bonds (collectively, the “Defeased Bonds”), issued by the State /s/ C. Brandon Harrell of Georgia, are hereby notified that The Bank of New York Mellon Trust Company, President N.A., as Escrow Agent, has received and has on irrevocable deposit under an Escrow ATTEST: Agreement, dated as of July 1, 2021, cash sufficient to pay the interest and principal on the Defeased Bonds as the same become due and payable, up to and on the applicable Redemption Dates as set forth below: /s/ Frank J. Jabbia Secretary STATE OF GEORGIA GENERAL OBLIGATION REFUNDING BONDS 2011E-2 DEFEASED BY THE 2021A BONDS – ALL REDEMPTIONS AT 100% Bond CUSIP Maturity Interest Par Payment or Series Number Date Rate Amount Redemption Date 2011E-2 373384VT0 1-Sep-21 5.00% $32,590,000 1-Sep-21 Total 2011E-2 Defeased Bonds $32,590,000 STATE OF GEORGIA GENERAL OBLIGATION REFUNDING BONDS 2012C To put a Request for DEFEASED BY THE 2021A BONDS – ALL REDEMPTIONS AT 100% Bond CUSIP Maturity Interest Par Payment or Series Number Date Rate Amount Redemption Date Proposals in The Bond Buyer 2012C 373384XZ4 1-Sep-21 4.00% $45,630,000 1-Sep-21 Total 2012C Defeased Bonds $45,630,000 The Escrow Agent shall transfer funds to The Bank of New York Mellon Trust for a bond counsel, contact Company, N.A., as paying agent for the Defeased Bonds, for application to the payment of the principal of and interest on the Defeased Bonds as further described in the Escrow Agreement. All of the Defeased Bonds are now deemed to have been paid and the holders and owners of the Defeased Bonds shall hereafter be limited to the application of such cash for payment of the principal of and interest on the Defeased Bonds as further described in the Escrow Agreement. This notice appears as matter of information only and is not an official notice of redemption as required by the bond resolutions adopted by the Commission relating Wei-Ke (Victor) Kuo at 1-212-803-8612 to the issuance of the State of Georgia General Obligation Refunding Bonds and does not require or solicit the presentation or surrender of any of the Defeased Bonds. Additional information, including a copy of the Escrow Agreement, can be or at [email protected] obtained by contacting the Georgia State Financing and Investment Commission at 404-463-5600. Dated: July 7, 2021 Bank of New York Mellon, as Trustee

008_BB070721 8 7/6/2021 1:50:11 PM

Fiduciary Communications Company, 1 Whitehall Street, 9th Floor, New York, NY 10004 Phone Nos.: 212-803-8610/8611/8612. Fax: 212-803-8660 Date(s) 07/07/2021 . Directory: Notices

Filename: 655760 AL Date: 07/01/2021 OV

Time: 15:38 Initials: zs

Arch: (653933) APPR : FOR FINAL PUBLICATION FOR FINAL Bond Buyer Signature By signing this approval block client approves final publication and all costs related Publication(s) Wednesday, July 7, 2021 Notice of Defeasance www.bondbuyer.com 9

NOTICE OF CASH DEFEASANCE AND ESCROW DEPOSIT NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY WATER AND SEWER SYSTEM SECOND GENERAL RESOLUTION REVENUE BONDS Need to NOTICE IS HEREBY GIVEN to the holders of the Bonds of the Authority set forth in the Schedule below (the “Defeased Bonds”) that there has been deposited with U.S. BANK NATIONAL ASSOCIATION, as Trustee and Escrow Agent, moneys and direct obligations of the United States of America, as permitted by the Authority’s Water and Sewer System Second General Revenue Bond Resolution, adopted by the assemble a Authority on March 30, 1994, as amended and supplemented to the date hereof (the “Second General Resolution”), the principal of and interest on which, when due at maturity or redeemed prior to maturity, will provide moneys which, together with the moneys deposited with the Escrow Agent at the same time, shall be sufficient and available to pay the principal amount thereof and interest due and to become due on the Defeased bond deal Bonds on and prior to the respective redemption dates or maturity dates as set forth in the Schedule below. The Defeased Bonds are deemed to be paid in accordance with Section 1201 of the Second General Resolution. The Trustee has been irrevocably instructed to pay the Defeased Bonds on the respective maturity dates or redemption date, as applicable, at 100% of the principal amount thereof, plus accrued interest thereon team for to the respective redemption dates and maturity dates. Schedule of Defeased Bonds to be Redeemed Prior to Maturity your new Interest Maturity Principal Amount Principal Amount Redemption CUSIP No.* Series Rate Date (June 15) Outstanding to be Redeemed Date (June 15) 64972F5U6 2012 EE 4.00% 2023 $5,320,000 $5,320,000 2022 transaction? 64972GLM4 2012 FF 5.00% 2023 $24,510,000 $24,510,000 2022 Schedule of Defeased Bonds Defeased to Maturity Interest Maturity Date Principal Amount Principal Amount CUSIP No.* Series Rate (June 15) Outstanding to be Redeemed 64972F5T9 2012 EE 4.00% 2022 $8,705,000 $8,705,000 64972F6C5 2012 EE 5.00% 2022 $12,000,000 $12,000,000 64972F7N0 2012 FF 5.00% 2022 $10,800,000 $10,800,000 64972GXL3 2014 DD 5.00% 2022 $51,640,000 $51,640,000 64972GDK7 2014 DD 4.00% 2022 $4,200,000 $4,200,000 64972GDU5 2014 DD 5.00% 2023 $46,895,000 $46,895,000 64972GDL5 2014 DD 4.00% 2023 $3,950,000 $3,950,000 64972GRY2 2019 AA 4.00% 2023 $3,995,000 $3,995,000 64972GSA3 2019 AA 5.00% 2023 $106,775,000 $106,775,000 64972GUN2 2020 CC-1 4.00% 2023 $4,845,000 $4,845,000 64972GVR2 2020 CC-2 2.00% 2022 $3,500,000 $3,500,000 64972GVQ4 2020 CC-2 5.00% 2022 $80,900,000 $80,900,000 64972GVT8 2020 CC-2 4.00% 2023 $2,395,000 $2,395,000 64972GVS0 2020 CC-2 5.00% 2023 $110,000 $110,000 N/A 2016 Series 5-A (Clean Water) 5.00% 2022 $9,375,000 $5,975,000 N/A 2016 Series 5-A (Clean Water) 3.00% 2022 $420,000 $420,000 N/A 2016 Series 5-A (Clean Water) 4.00% 2022 $2,600,000 $2,600,000 N/A 2016 Series 5-B (Drinking Water) 5.00% 2022 $3,870,000 $1,100,000 *No representation is made by the Authority, the Trustee and Paying Agent or the Escrow Agent as to the accuracy of the CUSIP numbers either as printed on the Defeased Bonds or as set forth in this Notice. New York CitY MuNiCipal water FiNaNCe authoritY Dated this 30th day of June, 2021 By: U.S. Bank National Association, as Trustee

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Fiduciary Communications Company One State Street Plaza, 25th Floor Buyer’s print New York, NY 10004 Phone Nos.: 212-803-8620/8628 Date(s) Fax: 212-803-8667 . and online 06/30/2021 07/07/2021 Directory: F:\Notices\Template platforms to Filename: 655423 AL advertise your Date: 06/23/2021 OV

Time: 12:52 RFP and reach Initials: zs your target

Arch: 636716 APPR audience.

Municipal finance firms look for new business opportunities :

in The Bond Buyer including the opportunity to be on PUBLICATION FOR FINAL your Contact Wei-Ke

Bond Buyer Bond Buyer (Victor) Kuo at Signature By signing this approval block client approves final publication and all costs related next bond deal team. To advertise your RFP, contact Publication(s) 1-212-803-8612 or at Wei-Ke (Victor) Kuo at 1-212-803-8612 or at [email protected]. [email protected].

009_BB070721 9 7/6/2021 1:50:18 PM Wednesday, July 7, 2021 10 The Bond Buyer

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

07/07 - Truckee Meadows Fire Protection District (NV) - NV I-Deal Prospectus 07/07 - City of Covington (TN) - TN Electronic Official Statements Competitive 07/07 - Williamson County Municipal Utility District No. 19A (TX) - TX 7/13-Portland WD, ME 2021 Water System Revenue Bonds (Green Bonds) 07/07 - City of Nederland - TX 7/6-Rowlett (City of), TX WW&SS Revenue Bonds, Series 2021 www.newissuehome.i-deal.com 07/07 - Virginia Housing Development Authority (VA) - VA 7/6-Rowlett (City of), TX GO Bonds, Srs 2021 07/07 - Frontier Central School District - NY BiDCOMP®/Parity® 7/7-Edgewater (Borough of), NJ Bond Anticipation Notes, Series 2021 07/07 - Collier County Water-Sewer District (FL) - FL 7/7-***Woodway (City of), TX Tax&Rev COO, Series 2021***RATINGS REPORT ADDED 07/07 - City of Maumee - OH 7/8-Oklahoma County ISD No. 12, OK GO Building Bonds, Series 2021 07/07 - Pike County School District Finance Corporation - KY www.i-dealprospectus.com 7/12-Blackhawk TCD, WI GO Promissory Notes, Srs 2021B 07/07 - City of Woodway - TX 7/12-Cleveland County ISD No. 2, OK GO Building Bonds, Series 2021B 07/08 - Miami-Dade County (FL) - FL Full service electronic 7/12-Moraine Park TCD, WI GO Promissory Notes, Series 2021-22A 07/08 - Miami-Dade County (FL) - FL document delivery and 7/13-Berkeley (City of),CA Tax & Revenue Anticipation Notes 2021-2022 07/08 - City of Cookeville - TN tracking system 7/14-North Iowa Area CC, IA Taxable Industrial New Jobs Training Certificates, Series 2021-1 07/08 - Town of Canandaigua - NY 7/19-Colfax-Mingo CSD, IA GO School Bonds, Srs 2021 07/08 - Township of Robbinsville - NJ 07/08 - City of Palm Coast (FL) - FL For more information, 6/8-Fort Bend County MUD No. 130, TX Defined Area Unlimited Tax Bonds, Series 2021A contact: 07/08 - Town of Marshfield - MA 7/7-Ventnor (City of), NJ School Bonds & Bond Anticipation Notes, Series 2021 07/08 - Township of Robbinsville - NJ John Hester 7/8-Harris County MUD No. 449, TX Unltd Tax Bonds, Series 2021 07/12 - Moraine Park Technical College District (WI) - WI (212) 849-5125 7/19-College CSD, IA School Infrastructure Sales, Services&Use Tax Rev Bonds, Srs 2021 07/12 - City of Eudora - KS 7/12-Mansfield (City of), TX Combination Tax & Revenue COO, Srs 2021 James Kellum 07/12 - Bondurant-Farrar Community School District - IA (212) 849-5156 7/12-Sterling County, TX General Obligation Bonds, Series 2021 07/12 - City of Janesville (WI) - WI 7/13-Anna (City of), TX GO Refunding & Improvement Bonds, Series 2021 07/12 - Independent School District No. 1 of Logan County (Guthrie) - OK 7/15-Headwaters MUD (Hays County of), TX Unlimited Tax Road Bonds, Series 2021 07/12 - Norwalk Community School District - IA 07/12 - Linn-Mar Community School District - IA I-Deal Prospectus 07/13 - Village of Fox Point (WI) - WI Electronic Official Statements Negotiated 07/13 - City of Oakdale (MN) - MN ***Travis County MUD No. 15, TX Unlimited Tax Refunding Bonds, Series 2021 ***REVISED POS 07/13 - Harnett County - NC Travis County MUD No. 15, TX Unlimited Tax Refunding Bonds, Series 2021 07/13 - City of Somerville - MA Williamson County MUD No. 10, TX Unlimited Tax Refunding Bonds, Srs 2021 07/14 - Boone Community School District - IA Williamson County MUD No. 11, TX Unltd Tax Ref Bonds, Series 2021 07/14 - New Hampshire Municipal Bond Bank - NH Lakeside WC&ID No. 2-C, TX Unlimited Tax Refunding Bonds, Series 2021 07/14 - New Hampshire Municipal Bond Bank - NH ***St. James (Parish of) CSD, LA Taxable GO School Refunding Bonds, Series 2021 07/14 - Town of Granby (CT) - CT ***THE S&P RATING REPORT HAS BEEN UPDATED. St. James (Parish of) CSD, LA Taxable GO School Refunding Bonds, Series 2021 Texas Municipal Power Agency, TX Transmission Sys Rev Ref Bonds, Series 2021 Robinson (City of), TX GO Refunding Bonds, Series 2021 New Home ISD, TX Unlimited Tax School Building Bonds, Srs 2021 Godley ISD, TX Unlimited Tax School Building Bonds, Series 2021 Burnet Consolidated ISD, TX Unlimited Tax School Building Bonds, Series 2021 You have a career Royse City ISD, TX Unlimited Tax School Building Bonds, Series 2021 Cleburne ISD, TX Unlimited Tax School Building Bonds, Series 2021 Edgewood ISD, TX Unlimited Tax Refunding Bonds, Series 2021A opportunity for an Northwest ISD, TX Unlimited Tax School Building Bonds, Series 2021 Collin County, TX Ltd Tax Ref Bonds, Tax Srs 2021&Ltd Tax Perm Improv&Ref Bonds, Srs 2021 Fort Bend Grand PTRA, TX Ltd Contract Tax & Subordinate Lien Toll Road Rev Bonds, Srs 2021 experienced municipal Richardson ISD, TX Unlimited Tax School Building Bonds, Series 2021 St. Tammany Parish Hospital Service Dist. No. 2, LA GO Bonds, Series 2021 finance professional Fate (City of), TX General Obligation Bonds, Series 2021A Flower Mound (Town of), TX GO Refunding Bonds & COOs, Series 2021 Broussard (City of), LA Taxable Recreational Facility Sales Tax Rev Ref Bonds, Srs 2021 Turn to The Bond Buyer, the essential Mesquite (City of), TX Combination Tax & Limited Surplus Revenue COO, Taxable Series 2021 municipal finance resource, to seek Katy ISD, TX Unlimited Tax Refunding Bonds, Series 2021A Katy ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2021B potential candidates. Richardson ISD, TX Unlimited Tax School Building Bonds, Series 2021 North Texas MWD, TX Water System Rev Ref & Improv Bonds, Series 2021 New York State EFC, NY State Clean Wtr & Drinking Wtr Revol Funds Rev Bonds, Srs 2021A Fort Bend County, TX Senior Lien Toll Road Revenue Bonds, Srs 2021 Richwood (City of), TX GO Bonds, Srs 2021 To place a job posting, Spring ISD, TX Unlimited Tax Refunding Bonds, Series 2021 Grand Prairie (City of), TX Combo Tax&Rev COO, Taxable Srs 2021A&GO Bonds, Taxable Srs 2021 contact Wei-Ke (Victor) Kuo at Greater Texoma Utility Authority, TX Contract Rev Ref Bonds, Series 2021 Live Oak Creek MUD No. 1 of Tarrant County, TX Unltd Tax Road Ref Bonds, Srs 2021 1-212-803-8612 or [email protected] Upper Trinity Reg Water Dist, TX Reg Treated Water Supply Sys Rev Ref Bonds, Series 2021 Ellington (Town of), CT GO & Refunding Bonds, Series 2021 A&B(Federally taxable)

010_BB070721 10 7/6/2021 1:50:19 PM Wednesday, July 7, 2021 New Issues www.bondbuyer.com 11

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, July 7 Lavaca SD #3 AR Ref *460 11 am C First Sec Beardsley Friday Eldredge 22-37 ------BQ 1-Jul P Collier Co Wtr-Swr Dt FL Wtr & Swr Rev *137,690 11 am E PFM Fin Advisors Nabors Giblin 22-46 ------AAA ------24-Jun Lockport IL GO *2,000 10:15 am C Speer Financial Ice Miller 23-24 ------BQ 22-Jun Pike Co SD Fin Corp KY Sch Bldg Rev *855 11 am E RSA Advisors, LLC Steptoe & Johnson 22-31 --- A1 ------BQ 1-Jul Ventnor City NJ Sch *8,810 11 am E NW Financial Group Archer & Greiner 22-33 ------AA ------29-Jun Truckee Meadows Fire Port Dt NV GO Cap Imp *7,000 8:30 am P JNA Consulting Sherman & Howard 22-46 ------AA------BQ 22-Jun P East Fishkill (Town) NY Pub Imp *5,326 11 am E Capital Markets Adv Orrick Herrington 22-41 ------BQ 28-Jun Frontier Ctrl SD NY Sch Dist *16,880 11 am E R.G. Timbs Hodgson Russ 22-34 ------28-Jun Maumee OH GO Var Purp *24,000 11 am E Baker Tilly MA Squire Patton 22-41 --- Aa2 ------30-Jun Covington TN GO Ref *4,765 9:15 am C Cumberland Secs Glankler Brown 22-40 ------A+ ------BQ 24-Jun Nederland TX Certs of Oblig *4,350 10 am C USCA Municipal Norton Rose 22-36 ------BQ 30-Jun Williamson Co MUD #19A TX Unltd Tax *6,535 10 am C Specialized Pub Fin McCall Parkhurst 23-51 --- Baa3 ------17-Jun Woodway TX Certs of Oblig *18,600 11 am C RBC Capital Mkts Germer PLLC 22-46 ------AA+ ------30-Jun Virginia Hsg Dev Auth VA Rental Hsg *50,000 11 am E Municipal Official Hawkins Delafield 24-56 ------25-Jun

Thursday, July 8 P Miami-Dade County FL Spec Oblg Ref *61,580 10 am E PFM Fin Advisors Greenberg Traurig 22-27 ------28-Jun P Miami-Dade County FL Spec Oblg *85,600 9:45 am E PFM Fin Advisors Greenberg Traurig 22-46 ------28-Jun Palm Coast FL Util Sys Ref (Tax) *63,070 11 am E Hilltop Securities Bryant Miller 21-36 ------AA- AA ------28-Jun Cass County IN Redev *4,520 11 am E Baker Tilly MA Ice Miller 22-37 ------A+ ------BQ 2-Jul Marshfield (Town) MA GO Muni Purp Loan *2,930 11 am E Hilltop Securities Locke Lord 22-41 ------AA+ ------BQ 1-Jul Robbinsville Twp NJ GO *4,451 11 am E Phoenix Advisors Malamut & Associates 22-36 ------AA+ ------BQ 23-Jun Albion Vlg NY Pub Imp 422 11:30 am E Bernard P. Donegan Timothy R. McGill 23-27 ------BQ 28-Jun Amsterdam NY Pub Imp (Tax) 975 11:30 am E Municipal Solutions Norton Rose 22-30 ------15-Jun Canandaigua (Town) NY GO Pub Imp *3,570 11 am E Bernard P. Donegan Timothy R. McGill 21-34 ------BQ 25-Jun Lancaster (Town) NY GO 10,020 11 am E Capital Markets Adv Hodgson Russ 22-51 ------2-Jul Ontario County NY GO Pub Imp *2,900 11:15 am E Fiscal Adv & Mkt Hodgson Russ 22-31 ------BQ 3-Jun Pearl River UFSD NY GO Sch Dist *14,400 11 am E Fiscal Adv & Mkt Hawkins Delafield 22-36 ------22-Jun Penn Yan Ctrl SD NY Sch Dist 12,880 11:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 22-48 ------23-Jun S Glens Falls Ctrl SD NY Sch Dist 12,000 11:15 am E Fiscal Adv & Mkt Orrick Herrington 22-48 ------1-Jul S Glens Falls Ctrl SD NY Sch Dist 39,855 11:15 am E Fiscal Adv & Mkt Orrick Herrington 22-35 ------19-Mar Verdoy Fire Dt NY Fire District 1,500 11 am E Fiscal Adv & Mkt ------BQ 22-Feb Oklahoma Co ISD #12 OK GO Bldg 13,000 10:30 am C BOK Fin Secs State Atty General 23-26 ------1-Jul Cookeville TN GO Ref *6,885 10:15 am E Cumberland Secs Waller Lansden 22-31 --- Aa2 ------BQ 1-Jul Fort Bend Co MUD #130 TX Unltd Tax 4,300 10 am C Rathmann & Assoc Allen Boone 23-47 ------BQ 24-Jun Fort Bend Co MUD #169 TX Contract Rev 9,425 10 am C Masterson Advisors Allen Boone 22-45 ------BBB------22-Jun Harris Co MUD #449 TX Unltd Tax 14,950 10 am C Baird Allen Boone 22-46 ------24-Jun Montgomery Co MUD #126 TX Unltd Tax 5,400 9 am C Masterson Advisors Schwartz Page 22-45 ------BQ 24-Jun

Monday, July 12 Bondurant-Farrar Comm SD IA GO Sch *21,640 10 am C Piper Sandler Ahlers & Cooney 22-41 ------A+ ------23-Jun Independence IA Wtr Rev *1,140 11 am C Speer Financial Dorsey & Whitney 22-35 ------BQ 2-Jul Independence IA GO Corp Purp *2,770 10:30 am C Speer Financial Dorsey & Whitney 22-31 ------BQ 2-Jul Linn-Mar Comm SD IA Rev Ref *24,440 2 pm C Piper Sandler Ahlers & Cooney 22-34 ------A+ ------23-Jun Norwalk Comm SD IA GO Sch *7,335 1:30 pm C Piper Sandler Dorsey & Whitney 22-40 --- Aa2 ------BQ 23-Jun Eudora KS GO Temp *2,550 10 am C Baker Tilly MA Gilmore & Bell 23 ------BQ 21-Jun Grand Haven Chtr Twp MI Park Imp *6,140 11:30 am E PFM Fin Advisors Mika Meyers 22-41 ------BQ 1-Jul

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

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

011_BB070721 11 7/6/2021 3:59:48 PM New Issues Wednesday, July 7, 2021 12 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 Wayland Union SD MI Ref (Tax) *5,260 1 pm E PFM Fin Advisors Thrun Law Firm 24-28 ------1-Jul Barnesville MN GO Tax Abate *1,135 10:30 am C Ehlers Ohnstad Twichell 23-42 ------BQ 2-Jul Barnesville MN GO Imp *1,320 10:30 am C Ehlers Ohnstad Twichell 22-37 ------BQ 2-Jul Columbia Heights MN GO Tax Increment (Tax) *6,000 10 am C Ehlers Kennedy & Graven 24 ------2-Jul Royalton MN GO Ref 1,220 11:30 am C David Drown Taft Stettinius 22-33 ------BQ Today Royalton MN GO 1,870 11 am C David Drown Taft Stettinius 22-37 ------BQ Today Shorewood MN GO Street *4,325 12 pm C David Drown Kutak Rock 23-42 ------BQ Today Cleveland Co ISD #2 OK GO Bldg 8,040 10 am C BOK Fin Secs State Atty General 23-26 ------2-Jul Creek Co ISD #21 OK Bldg 355 5:30 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 30-Jun Logan Co ISD #1 OK GO Bldg 1,200 11 am C Municipal Fin Svcs Hilborne & Weidman 23 ------BQ 1-Jul Hendersonville Util Dt TN Wtr & Swr Rev Ref *9,400 11:15 am E Cumberland Secs Bass Berry 22-39 ------AA ------BQ 6-Jul Caddo Mills Muni Mgmt Dt #1 TX Unltd Tax Road 4,085 10:30 am C Baird Coats Rose 23-46 ------Today Jasper ISD TX Sch Bldg *18,500 11 am C U.S. Capital Adv Norton Rose 22-46 PSF ------Today Mansfield TX Certs of Oblig *9,155 10 am C Hilltop Securities Bracewell LLP 22-41 --- Aa1 AAA AA+ ------Today Sabinal ISD TX Unltd Tax *7,575 11 am C SAMCO Cap Mkts McCall Parkhurst 22-51 PSF ------BQ 6-Jul Sterling Co TX GO *9,685 9 am C Specialized Pub Fin Bickerstaff, Heath 22-31 ------A+ ------Today Blackhawk Tech Coll Dt WI GO Prom 3,800 10 am C Baird Quarles & Brady 24-31 --- Aa2 ------18-Jun Ellsworth Vlg WI GO Corp Purp *1,230 10 am C Ehlers Quarles & Brady 22-41 ------BQ 2-Jul Janesville WI GO Prom *21,730 10:30 am C Wisconsin Pub Fin Kutak Rock 22-31 ------25-Jun Moraine Park Tech Coll Dt WI GO Prom 3,750 9:30 am C Baird Quarles & Brady 22-31 --- Aaa ------BQ 16-Jun Oostburg Vlg WI GO Ref *2,915 11 am C Ehlers Quarles & Brady 22-29 ------BQ Today Orfordville Vlg WI GO Corp Purp *3,335 10 am C Ehlers Quarles & Brady 22-41 ------BQ 25-Jun

Tuesday, July 13 Orange Co Sanit Dt CA Wstwtr Rev Ref *135,550 10:45 am E Public Resources Norton Rose ------6-Jul P New Milford (Town) CT GO 9,000 11:30 am E Phoenix Advisors Pullman & Comley 23-41 ------6-Jul Butler Co Comm Coll KS COPs *4,525 10 am C Ranson Fin Group Gilmore & Bell 22-28 ------BQ 2-Jul Clearwater KS GO Temp *400 11 am C Ranson Fin Group Gilmore & Bell 24 ------BQ 1-Jul Breathitt Co SD Fin Corp KY Sch Bldg Rev *1,070 11 am E RSA Advisors, LLC Steptoe & Johnson 22-41 ------2-Jul Marblehead (Town) MA GO Muni Purp Loan *11,490 11 am E Hilltop Securities Locke Lord 22-41 ------Today Massachusetts Coll Bldg MA Project *2,325 11 am E Acacia Fin Group Hinckley Allen 23-41 ------6-Jul Massachusetts Coll Bldg MA Project *16,450 10:30 am E Acacia Fin Group Hinckley Allen 23-51 ------6-Jul Portland Wtr Dt ME Wtr Sys Rev *7,325 11 am E Moors & Cabot Pierce Atwood 22-41 ------BQ 1-Jul Auburn Hills MI Ltd Tax GO *14,500 11 am E PFM Fin Advisors Dickinson Wright 22-33 ------1-Jul Oakdale MN GO Imp *2,890 10 am C Baker Tilly MA Kennedy & Graven 23-32 ------BQ 15-Jun Harnett County NC GO Sch 43,000 11 am E Davenport Parker Poe 22-41 --- Aa2 AA------28-Jun Fargo Pk Dt ND Ref Imp *1,150 11 am C PFM Fin Advisors Ohnstad Twichell 22-39 ------BQ Today Maplewood Twp NJ GO *15,811 10:30 am E Municipal Official McManimon Scotland 22-34 ------29-Jun North Massapequa Fire Dt NY Fire District *4,500 11 am E Munistat Services Hawkins Delafield 22-36 ------BQ 2-Jul Parishville-Hopkinton Ctrl SD NY Sch Dist 107 11 am E R.G. Timbs Timothy R. McGill 22-26 ------BQ 6-Jul Potsdam Ctrl SD NY Sch Dist 373 10 am E Fiscal Adv & Mkt Timothy R. McGill 22-26 ------BQ 1-Jul P West Islip UFSD NY Sch Dist *9,246 11 am E Capital Markets Adv Hawkins Delafield 22-36 ------1-Jul Jackson Co ISD #1 OK Trans Equipment 465 11:45 am C Stephen H. McDonald State Atty General 23-24 ------BQ 1-Jul Kay Co ISD #125 OK Bldg 1,510 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 2-Jul Anna TX GO Ref & Imp *11,010 10 am C Hilltop Securities McCall Parkhurst 22-46 ------6-Jul Fort Bend Co MUD #194 TX Unltd Tax Road 4,470 9 am C Masterson Advisors Allen Boone 23-46 ------1-Jul Fairfax Co Wtr Auth VA Wtr Rev *82,305 10:45 am E PFM Fin Advisors Ballard Spahr 22-51 ------AAA AAA ------6-Jul Fox Point Vlg WI GO Prom 3,175 10 am C Baird Husch Blackwell 22-31 --- Aaa ------BQ 16-Jun Gateway Tech Coll Dt WI GO Prom 4,000 10 am C Baird Quarles & Brady 22-31 ------30-Jun Madison Area Tech Coll Dt WI GO Prom *3,500 10 am C PMA Securities Quarles & Brady 22-23 ------AAA ------23-Jun

Wednesday, July 14 San Jose CA GO (Tax) *8,450 7:30 am P Public Resources Jones Hall 22 ------6-Jul San Jose CA GO (Tax) *37,635 7:30 am P Public Resources Jones Hall 21 ------6-Jul San Jose CA GO *154,445 7:30 am P Public Resources Jones Hall 22-51 ------6-Jul Santa Clara County CA GO (Tax) 350,000 8:30 am P KNN Public Finance Orrick Herrington ------1-Jul Granby (Town) CT GO *5,000 11:30 am E DIXWORKS Pullman & Comley 22-41 ------BQ 8-Jun Boone Comm SD IA GO Sch *23,000 10 am C Piper Sandler Ahlers & Cooney 22-41 ------A+ ------23-Jun

012_BB070721 12 7/6/2021 3:59:49 PM Wednesday, July 7, 2021 New Issues www.bondbuyer.com 13

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 North Iowa Area Comm Coll IA New Jobs Training (Tax) *2,140 12 pm C Piper Sandler Ahlers & Cooney 22-31 --- Aa2 ------1-Jul Allegan Dt Lib MI GO *5,780 1 pm E PFM Fin Advisors Foster Swift 22-46 ------BQ Today New Hampshire Muni Bond Bk NH Bond (Tax) *10,250 11 am E Hilltop Securities Locke Lord 22-41 ------30-Jun New Hampshire Muni Bond Bk NH Bond *123,025 10:30 am E Hilltop Securities Locke Lord 22-50 ------30-Jun Huntington (Town) NY Pub Imp Ref *3,075 11 am E Munistat Services Hawkins Delafield 22-27 ------Today Huntington (Town) NY Pub Imp *23,900 11 am E Munistat Services Hawkins Delafield 22-36 ------Today LeRay (Town) NY Ref 908 11:15 am E Municipal Solutions --- 22-28 ------28-Jun Mexico Ctrl SD NY Sch Dist --- 10:45 am E Fiscal Adv & Mkt ------BQ Today Atoka Co ISD #7 OK Bldg 140 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 6-Jul Dayton TN GO *7,775 10:15 am E Cumberland Secs Bass Berry 22-41 ------BQ 6-Jul Fort Bend Co MUD #134D TX Unltd Tax 2,855 10 am C Baird State Atty General ------BQ 1-Jul Harris Co MUD #460 TX Unltd Tax 8,460 9:30 am C GMS Group State Atty General ------BQ 29-Jun Harris Co MUD #473 TX Unltd Tax Road 3,120 10:15 am C Masterson Advisors Allen Boone 22-46 ------BQ 1-Jul Langham Creek Util Dt TX Unltd Tax 3,425 10:30 am C Masterson Advisors State Atty General 31-46 ------BQ 1-Jul Stafford TX Certs of Oblig *6,350 11 am C RBC Capital Mkts State Atty General ------BQ Today Verandah MUD TX Unltd Tax Road 5,780 10 am C Hilltop Securities State Atty General 23-46 ------BQ 1-Jul

Thursday, July 15 Bloomingdale Fire Prot Dt #1 IL GO *2,000 10:15 am C Speer Financial Ice Miller 23-28 ------BQ 2-Jul Kalamazoo Pub Schs MI Sch Bldg & Site *43,575 11 am E PFM Fin Advisors Miller Canfield 22-41 ------30-Jun Moorestown Twp NJ GO *17,495 11 am E Municipal Official McManimon Scotland 22-51 ------2-Jul Cortland Enlarged CSD NY Sch Dist 399 11:30 am E Fiscal Adv & Mkt ------Today Ottawa Co ISD #18 OK Bldg 555 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 6-Jul Swarthmore Boro Auth PA Rev (Tax) *21,560 10:45 am E The Yuba Group Saul Ewing Arnstein 22-38 --- Aaa AAA ------6-Jul Swarthmore Boro Auth PA Rev *73,230 10:15 am E The Yuba Group Saul Ewing Arnstein 31-51 --- Aaa AAA ------6-Jul Memphis TN Gen Imp 160,000 9:30 am C PFM Fin Advisors ------2-Jul Headwaters MUD TX Unltd Tax Road *5,805 9 am C Specialized Pub Fin McLean & Howard 24-46 ------BBB------BQ 29-Jun Newport MUD TX Unltd Tax 20,840 1 pm C Masterson Advisors State Atty General 26-46 ------1-Jul Travis Co Wtr Cntr Imp #17 TX Unltd Tax 1,665 11 am C Specialized Pub Fin State Atty General ------29-Jun Travis Co Wtr Cntr Imp #17 TX Unltd Tax 6,830 12 pm C Specialized Pub Fin State Atty General ------29-Jun Travis Co Wtr Cntr Imp #17 TX Wtr & Swr 13,425 10 am C Specialized Pub Fin State Atty General ------29-Jun Beaver Dam WI Swr Sys Rev *1,170 10 am C Ehlers Quarles & Brady 22-31 ------6-Jul

Monday, July 19 Colfax-Mingo Comm SD IA GO Sch *10,000 10 am C Piper Sandler Ahlers & Cooney 22-41 ------A ------BQ 2-Jul College Comm SD IA Sales & Srvc Tax Rev *9,000 12 pm C Piper Sandler Ahlers & Cooney 22-40 ------A+ ------2-Jul Dodge City KS GO Temp *2,295 11 am C Piper Sandler Gilmore & Bell 23 ------SP-1+ ------BQ Today Dodge City KS GO *7,725 11 am C Piper Sandler Gilmore & Bell 22-41 ------BQ Today Excelsior MN GO *7,550 10 am C Baker Tilly MA Taft Stettinius 23-42 ------BQ 15-Jun Lakeville MN GO *7,920 10 am C Northland Securities Dorsey & Whitney 23-32 --- Aaa ------29-Jun Hancock County MS GO 7,000 11:30 am C Govt Consultants Butler Snow 22-33 ------BQ 2-Jul Burkburnett TX Wtrwks & Swr Sys *2,805 11:30 am C Hilltop Securities Norton Rose 22-41 ------A ------BQ 9-Jun

Tuesday, July 20 Stanislaus USD CA GO *10,000 9 am P Dale Scott ------BQ 1-Jul Marshall MN Pub Util Rev (Tax) *2,715 10 am C Baker Tilly MA Kennedy & Graven 22-28 ------21-Jun Marshall MN Pub Util Rev *3,420 10 am C Baker Tilly MA Kennedy & Graven 22-25 ------BQ 21-Jun Canastota Ctrl SD NY Sch Dist 275 11 am E Fiscal Adv & Mkt ------23-Apr Green Lake County WI GO Ref 2,680 10 am C Baird Quarles & Brady ------BQ 29-Jun Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 23-26 ------29-Jun

Wednesday, July 21 Merced Comm Coll Dt CA GO *9,500 9 am P Fieldman Rolapp Stradling Yocca ------6-Jul San Mateo Union HSD CA Tax & Rev Antic (Tax) *6,900 9 am P Keygent LLC ------Today Cattaraugus-Little Vly Ctrl SD NY Sch Dist 285 11 am E Fiscal Adv & Mkt ------BQ Today Montgomery County NY GO 6,500 11 am E Fiscal Adv & Mkt ------Today Williamson Co MUD #31 TX Unltd Tax Road 4,420 9:30 am C Specialized Pub Fin State Atty General 44 ------BQ 1-Jul

For complete listings go to www.bondbuyer.com

013_BB070721 13 7/6/2021 3:59:50 PM New Issues Wednesday, July 7, 2021 14 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, July 7 West Barnstable Fire Dist MA GO Bond Antic 180 11 am E Hilltop Securities --- 22 ------BQ 1-Jul Edgewater Borough NJ Bond Antic 4,268 11 am E NW Financial Group DeCotiis FitzPatrick 22 ------BQ 1-Jul Franklin Twp (Gloucester Co) NJ Bond Antic 3,068 11 am E Municipal Official Archer & Greiner 22 ------BQ 1-Jul Ventnor City NJ Bond Antic *19,500 11 am E NW Financial Group Archer & Greiner 22 ------SP-1+ ------2-Jul Berlin Ctrl SD NY GO Bond Antic 3,000 10:45 am E Fiscal Adv & Mkt Whiteman Osterman 22 ------BQ 22-Jun Bethlehem Ctrl SD NY Bond Antic 3,724 11 am E Capital Markets Adv Whiteman Osterman 22 ------BQ 2-Jul Corinth Ctrl SD NY GO Bond Antic 11,340 10:30 am E Fiscal Adv & Mkt Barclay Damon 22 ------22-Jun Edwards-Knox Ctrl SD NY GO Bond Antic 3,000 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------BQ 22-Jun Fayetteville-Manlius Ctrl SD NY GO Bond Antic 24,746 10 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------22-Jun Franklinville Ctrl SD NY GO Bond Antic 5,100 10:30 am E Fiscal Adv & Mkt Hodgson Russ 22 ------BQ 16-Apr Frontier Ctrl SD NY Bond Antic 4,022 11 am E R.G. Timbs Hodgson Russ 22 ------28-Jun Gananda Ctrl SD NY Bond Antic 8,000 11:15 am E Bernard P. Donegan Timothy R. McGill 22 ------BQ 24-Jun Garrison UFSD NY Bond Antic *6,150 11 am E Bernard P. Donegan Barclay Damon 22 ------BQ 25-Jun Lafayette Ctrl SD NY Bond Antic 2,805 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------BQ 20-Apr New York Mills UFSD NY Bond Antic 1,091 10 am E R.G. Timbs Timothy R. McGill 22 ------BQ 28-Jun Owego Apalachin Ctrl SD NY GO Bond Antic 22,476 11:30 am E Fiscal Adv & Mkt Orrick Herrington 22 ------22-Jun Seneca Falls Ctrl SD NY GO Bond Antic 14,715 11 am E Fiscal Adv & Mkt Harris Beach 22 ------19-Mar Skaneateles Ctrl SD NY GO Bond Antic 30,831 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------22-Jun Southwestern Ctrl SD NY Bond Antic 1,335 11 am E Municipal Solutions Hodgson Russ 22 ------BQ 16-Jun

Thursday, July 8 Los Altos SD CA Tax & Rev Antic 12,000 9:30 am P Backstrom McCarley Quint & Thimmig ------28-Jun Connecticut Reg SD #14 CT GO Bond Antic 8,500 11:30 am E Phoenix Advisors Pullman & Comley 22 ------BQ 1-Jul Holliston (Town) MA GO Bond Antic *8,375 11 am E UniBank Fiscal Adv Locke Lord 22 ------BQ 2-Jul Marshfield (Town) MA GO Bond Antic 2,500 11 am E Hilltop Securities Locke Lord 22 ------BQ 1-Jul North Haledon Borough NJ Bond Antic 2,114 11 am E Municipal Official Wilentz Goldman 22 ------BQ 2-Jul Robbinsville Twp NJ Bond Antic 1,858 11:15 am E Phoenix Advisors Malamut & Associates 22 ------BQ 1-Jul Amsterdam NY GO Bond Antic (Tax) 1,795 11:30 am E Municipal Solutions Norton Rose 22 ------15-Jun Byron-Bergen Ctrl SD NY Bond Antic 462 10 am E R.G. Timbs Harris Beach 22 ------BQ 29-Jun Canaseraga Ctrl SD NY Bond Antic 3,640 11 am E Fiscal Adv & Mkt Timothy R. McGill 22 ------BQ 9-Apr Fairport Ctrl SD NY GO Bond Antic 20,000 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------30-Jun Hamburg Vlg NY Bond Antic 6,800 11 am E Municipal Solutions Hodgson Russ 22 ------BQ 15-Jun Kinderhook Ctrl SD NY Bond Antic *24,000 11:15 am E Bernard P. Donegan Barclay Damon 22 ------29-Jun Kings Point Vlg NY GO Var Purp 6,825 11 am E Fiscal Adv & Mkt Hawkins Delafield 22 ------BQ 23-Jun Lake George Ctrl SD NY Bond Antic 497 11 am E Fiscal Adv & Mkt Barclay Damon 22 ------BQ 2-Jul Lancaster (Town) NY Bond Antic 7,371 11 am E Capital Markets Adv Hodgson Russ 22 ------6-Jul Lansing Ctrl SD NY GO Bond Antic 4,817 11:15 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------BQ 29-Jun Oppenheim-Ephratah CSD NY Bond Antic 4,531 11 am E R.G. Timbs Barclay Damon 22 ------BQ 1-Jul Oswego CSD NY GO Bond Antic 35,000 10:15 am E Fiscal Adv & Mkt Bond Schoeneck 22 ------30-Jun Otselic Vly Ctrl SD NY GO Bond Antic 4,360 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 22 ------BQ 30-Jun Pearl River UFSD NY Bond Antic 21,170 11 am E Fiscal Adv & Mkt Hawkins Delafield 22 ------22-Jun S Glens Falls Ctrl SD NY GO Bond Antic 1,171 11:15 am E Fiscal Adv & Mkt Orrick Herrington 22 ------19-Mar Vestal Ctrl SD NY GO Bond Antic 25,475 10:45 am E Fiscal Adv & Mkt Orrick Herrington 22 ------23-Jun Warwick Vly Ctrl SD NY Bond Antic 859 11:30 am E Fiscal Adv & Mkt Orrick Herrington 22 ------BQ 23-Jun West Bloomfield (Town) NY Bond Antic 890 11:45 am E Bernard P. Donegan Timothy R. McGill 22 ------BQ 28-Jun

Friday, July 9 Lavallette Borough NJ Bond Antic 1,653 11 am E Municipal Official GluckWalrath 22 ------BQ Today

Monday, July 12 Hancock Ctrl SD NY Bond Antic 4,331 10:45 am E Fiscal Adv & Mkt ------21-Jun

Tuesday, July 13 Berkeley CA Tax & Rev Antic *45,000 8:30 am P NHA Advisors Jones Hall 22 ------SP-1+ ------2-Jul Colorado CO Tax & Rev Antic *370,000 11 am E RBC Capital Mkts Kutak Rock 22 ------6-Jul P New Milford (Town) CT GO Bond Antic 9,300 11 am E Phoenix Advisors Pullman & Comley 22 ------6-Jul

For complete listings go to www.bondbuyer.com

014_BB070721 14 7/6/2021 3:59:51 PM Wednesday, July 7, 2021 New Issues www.bondbuyer.com 15

Negotiated Bond Offerings Compiled by IHS Markit

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

Week Of July 6 Harrison City AR Sales & Use Tax Rev 18,825 Crews & Associates ------2-Jul Superstition Fire & Med Dt AZ Certs of Part (Tax) 29,370 Stifel Nicolaus ------30-Jun Tempe AZ Certs of Part (Tax) 343,000 RBC Capital Mkts ------1-Jul California Muni Fin Auth CA Rev 11,160 Piper Sandler ------2-Jul California St Univ Trustees CA Sys Rev 120,295 JPMorgan KNN Public Finance ------2-Jul California St Univ Trustees CA Sys Rev (Tax) 1,662,595 JPMorgan KNN Public Finance ------2-Jul Eastern Muni Wtr Dt CFD #2015-71 CA Special Tax 3,595 Stifel Nicolaus Fieldman Rolapp ------2-Jul Lake Tahoe Comm Coll Dt CA GO 14,000 Morgan Stanley ------11-Jun Porterville USD CA GO Ref (Tax) 10,690 Raymond James ------6-Jul Rancho Cordova CA Special Tax 10,000 Piper Sandler ------1-Jul Santa Cruz County CA Limited Oblig 1,250 Piper Sandler ------2-Jul Chaffee County CO Certs of Part 7,700 Stifel Nicolaus ------30-Jun Chambers Highpoint Metro Dt #2 CO Ltd Tax GO 11,270 D.A. Davidson ------2-Jul Winsome Metro Dt #3 CO GO 9,037 D.A. Davidson ------2-Jul Georgia Muni Elec Auth GA Bond 69,795 Goldman Sachs PFM Fin Advisors ------2-Jul Georgia Muni Elec Auth GA Bond 134,025 Goldman Sachs PFM Fin Advisors ------2-Jul Georgia Muni Elec Auth GA Bond 54,075 Goldman Sachs PFM Fin Advisors ------2-Jul Lebanon CUSD #9 IL GO Sch Ref (Tax) 7,595 Stifel Nicolaus ------2-Jul Tri-Township Cons Sch Bldg Corp IN First Mtg Rev 2,720 Stifel Nicolaus ------2-Jul Manhattan KS Hlth Care Rev (Tax) 3,500 Ziegler Cap Mkts ------2-Jul Manhattan KS Hlth Care Rev 41,690 Ziegler Cap Mkts ------2-Jul Massachusetts Dev Fin Agy MA Rev 62,575 Ziegler Cap Mkts ------2-Jul East Jackson Comm Schs MI GO Ref (Tax) 15,135 Stifel Nicolaus PFM Fin Advisors ------2-Jul Archie R-V SD MO GO Sch Bldg 1,000 Stifel Nicolaus ------25-Jun Mississippi Dev Bank MS Spec Oblg 12,500 Raymond James ------30-Jun Winside Pub SD #0595 NE GO Sch Bldg 9,990 Piper Sandler ------1-Jul Bayonne NJ Sch Ref (Tax) 11,605 Stifel Nicolaus NW Financial Group ------2-Jul Bayonne NJ Gen Imp (Tax) 65,795 Stifel Nicolaus NW Financial Group ------2-Jul Franklin Twp BOE- Somerset NJ Ref Sch (Tax) 59,510 Citigroup Phoenix Advisors ------2-Jul Morris Co Imp Auth NJ Energy (Tax) 13,930 PNC Capital Markets NW Financial Group ------16-Jun Salem Co Imp Auth NJ Rev Ref 14,775 RBC Capital Mkts --- AGM ------2-Jul New Mexico Mtg Fin Auth NM Singlefam Mtg Rev 100,000 RBC Capital Mkts CSG Advisors ------29-Jun Herkimer County NY Pub Imp Ref 1,090 Roosevelt & Cross ------2-Jul Sherwood OR Bond 20,125 Piper Sandler ------2-Jul Sherwood OR Bond 19,490 Piper Sandler ------2-Jul Ford City Boro Swg Disp Auth PA Swr Rev 7,115 PNC Capital Markets --- AGM ------30-Jun Hampton Twp SD PA GO (Tax) 2,325 Piper Sandler ------23-Apr Hampton Twp SD PA GO 11,995 Piper Sandler ------23-Apr Loyalsock Twp SD PA GO 9,735 Piper Sandler ------1-Jul National Fin Auth PA Rev 31,715 Ziegler Cap Mkts ------2-Jul Old Forge SD PA GO 12,620 RBC Capital Mkts ------1-Jul Ridley SD PA GO 22,620 RBC Capital Mkts ------1-Jul Upper Darby SD PA GO 37,780 RBC Capital Mkts PFM Fin Advisors BAM ------2-Jul Celina ISD TX Sch Bldg 75,000 Piper Sandler ------1-Jul Galveston Pub Fac Corp TX Multifam Hsg 51,755 Orec Securities ------18-Jun Housing Options, Inc. TX Muni Temp 25,000 Orec Securities ------2-Jul Italy TX GO Ref 1,595 Raymond James --- BAM ------7-Jun Lakeside Wtr Cntr & Imp #2-C TX Ref 1,825 Hilltop Securities Specialized Pub Fin ------30-Jun N Ctrl Texas Hsg Fin TX Multifam Hsg 23,000 RBC Capital Mkts Hilltop Securities ------30-Jun Travis Co MUD #15 TX Ref 1,865 Raymond James Specialized Pub Fin ------15-Jun For complete listings go to www.bondbuyer.com

Negotiated Note Offerings Compiled by IHS Markit

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

Wednesday, July 14 Oak Creek WI Note Antic 16,320 Baird ------15-Jun

015_BB070721 15 7/6/2021 3:59:52 PM Market Statistics Wednesday, July 7, 2021 16 The Bond Buyer

Market Indicators Dollar amounts are in millions

Day’s 2021 2021 Current Previous 2021 2021 Daily Yesterday Change High Date Low Date Weekly 7/1/21 6/24/21 High Date Low Date Municipal Bond Index ...... 138.20 +7/32 138.25 (6/14) 135.00 (2/25) 40 Average Dollar Price ...... 111.67 +0.18 111.79 (6/14) 108.73 (2/25) Bond Buyer Revenue Bond Index . . . . . 2.50% 2.53% 2.80% (2/25) 2.43% (6/10) Average Yield to Par Call ...... 1.73 –0.04 2.38 (2/25) 1.73 (6/14) Bond Buyer 20-Bond Index ...... 2.14% 2.16% 2.44% (2/25) 2.07% (6/10) Average Yield to Maturity ...... 3.40 –0.01 3.56 (3/1) 3.39 (6/9) Bond Buyer 11-Bond Index ...... 1.67% 1.69% 1.97% (2/25) 1.60% (6/10)

Wk of 7/9/2021 Wk of 7/2/2021 Wk of 6/25/2021 Wk of 7/3/2020 Current Day’s 2021 2021 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $4,709.9 $6,250.8 $11,395.5 $7,392.5 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 3,994.3 3,916.4 9,410.3 5,475.0 Total (Jul. 7)...... $9,589.2 –320.3 $16,737.0 (6/7) $5,068.3 (1/4) Competitive Bonds...... 715.6 2,322.5 1,984.4 438.1 Competitive ...... 3,741.9 +121.4 5,878.2 (5/3) 1,616.6 (1/4) Short-Term Notes...... 462.5 782.3 2,568.1 3,126.1 Negotiated ...... 5,847.3 –441.7 12,312.9 (6/7) 2,079.0 (2/10)

Long-Term Bond Sales Thru 7/9/2021 Thru 7/2/2021 Thru 6/25/2021 Thru 7/3/2020 Month to Date...... $4,709.9 $1,200.3 $42,067.8 $2,653.9 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 ...... 233,414.5 228,704.6 222,453.9 213,004.2 the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com. This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to

Short-Term Tax-Exempt Yields

Jul. 6, 2021 Jul. 2, 2021 Jul. 7, 2020 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.00 0.00 0.00 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 0.23 0.23 0.21 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.06 0.06 0.00 Weekly Averages Monthly Averages 07/02 3,289,474 5,887,895 9,177,370 Jun_21 3,780,258 8,728,447 12,508,705 Municipal Market Data 06/25 3,991,275 8,095,982 12,087,256 May 4,224,087 6,591,352 10,815,439 One-Month Note (MIG-1) ...... 0.04 0.04 0.21 06/18 3,624,637 9,144,982 12,769,619 Apr 3,930,293 6,407,549 10,337,841 Two-Month ...... 0.06 0.06 0.22 06/11 3,867,538 11,397,029 15,264,567 Mar 3,816,495 7,370,335 11,186,830 Three-Month ...... 0.06 0.06 0.23 06/04 3,699,351 7,414,856 11,114,206 Feb 3,772,075 5,659,974 9,432,049 Four-Month...... 0.06 0.06 0.24 05/27 3,439,554 6,722,601 10,162,154 Jan 3,029,369 4,512,991 7,542,360 Five-Month ...... 0.07 0.07 0.25 05/21 4,119,516 6,768,325 10,887,841 Dec 1,736,966 6,215,668 7,952,635 Six-Month ...... 0.07 0.07 0.26 05/14 4,264,713 6,103,100 10,367,814 Nov 1,723,998 7,564,339 9,288,338 Nine-Month...... 0.08 0.08 0.28 05/07 4,847,827 6,850,830 11,698,656 Oct 5,378,836 13,046,808 18,425,644 One-Year ...... 0.11 0.11 0.31 04/30 3,808,953 5,104,334 8,913,286 Sep 4,298,532 10,376,432 14,674,964 04/23 3,302,355 6,521,627 9,823,982 Aug 3,028,801 11,643,281 14,672,083 Variable-Rate Demand (Non-AMT/AMT) 04/16 3,919,032 5,989,779 9,908,811 Jul 3,105,291 10,327,625 13,432,916 Daily General Market ...... 0.02/0.04 0.02/0.04 0.05/0.09 04/09 4,549,702 7,794,937 12,344,639 Jun 2,743,299 10,739,739 13,483,038 Jul. 6, 2021 Jun. 29, 2021 Jul. 7, 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. Jun. 30, 2021 Jun. 23, 2021 Jul. 1, 2020 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.03 0.03 0.09

Visible Supply Declines Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa May 21 – Jul. 7, 2021 2022 0.12 0.14 0.19 0.20 0.38 15 2023 0.17 0.19 0.26 0.28 0.50 12 2026 0.48 0.53 0.58 0.64 0.90 2031 0.93 1.06 1.11 1.18 1.56 9 2036 1.11 1.26 1.29 1.41 1.74

6 2041 1.26 1.41 1.45 1.56 1.89 2046 1.39 1.54 1.58 1.69 2.02 3 2051 1.44 1.59 1.63 1.74 2.07

0 Figures are as of 3 pm Eastern time Jul. 6, 2021. Yields represent the fair market offer side for most liquid and available credits in each 5/21 5/26 6/2 6/7 6/10 6/15 6/18 6/23 6/28 7/1 7/7 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.

016_BB070721 16 7/6/2021 4:57:38 PM Wednesday, July 7, 2021 Market Statistics www.bondbuyer.com 17

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 ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield 7/6 6.8 Rowlett, Tex., (Aa3/AA–) ...... 0.20 0.60 1.20 1.90 2.18 … … 1M — 08/03/2021 ...... 0 ..040/30 . . . 0 .040/30 0 .041 Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 3M — 09/30/2021 ...... 0 ..045/35 . . . 0 .045/35 0 .046 Aaa – AAA 6M — 12/30/2021 ...... 0 ..040/30 . . . 0 .040/30 0 .041 6/29 30.9 City of Woburn, Mass., ...... 0.15 0.54 1.06 2.00 2.24 … … 6/23 146.8 Texas, Tex., ...... … 0.73 1.24 1.39 1.92 … … Treasury Notes and Bonds 6/23 28.3 Fairfield (Town), Conn., ...... 0.15 0.54 1.28 1.80 2.10 … … Yesterday’s Prev. Day’s Yesterday’s 6/23 15.2 Lincoln, Ne., ...... 0.16 0.56 1.10 1.80 … … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 6/17 38.0 McKinney, Tex., ...... 0.15 1.00 1.80 2.15 2.50 … … 6/17 28.9 Irving, Tex., ...... 0.15 0.60 1.20 1.60 2.10 … … 2Y — 0 .13% due 6/2023 ...... 99 . .25+/266. 99 .241/253 0 .228 6/16 11.6 Great Neck UFSD, N.Y., ...... 0.10 0.42 0.93 1.65 2.00 … … 5Y — 0 .75% due 6/2026 . . . . . 100. . .100/11+. 100 .020/03+ 0 .811 6/15 4.5 Plainview Ctrl SD, N.Y., ...... 0.20 0.57 1.20 1.65 … … … 10Y — 1 .63% due 5/2031 . . . . .102 . ..11+/13+ 101 .246/266 1 .368 6/15 2.5 Orange County, N.C., ...... 0.06 0.42 0.92 1.54 1.80 … … 6/14 13.1 Alamo Heights, Tex., ...... 0.14 0.90 1.65 2.13 2.50 2.62 … 30Y — 2 .38% due 5/2051 . . . . .108 . ..146/166 107 .11+/13+ 1 .997 6/9 20.5 Burlington (Town), Mass., ...... 0.10 0.38 0.96 1.68 2.03 … 2.30 Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 6/9 8.9 Winchester (Town), Mass., ...... 0.10 0.43 0.95 1.70 2.00 … … Aa1/Aa2/Aa3 – AA+/AA/AA– Barclays Capital Long Treasury Bond Index 7/1 50.2 Temple, Tex., ...... 0.18 0.67 1.25 2.04 2.25 … … 7/1 10.0 Brookhaven UFSD, N.Y., ...... 0.35 0.95 1.68 2.03 … … … Index Value Yield Index Total 7/1 7.0 De Soto, Kann., ...... 0.25 0.70 1.20 1.47 … … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 6/29 358.1 Santa Clara Cty Fin Auth, Calif., ...... 0.12 0.49 1.05 1.34 2.24 … 2.55 Close 4462 .96 4442 .22 +20 .74 2 .00 2 .03 –0 .03 4362 .96 6/29 261.6 City of Seattle, Wash., ...... 0.12 0.24 1.08 1.39 1.64 … 1.84 6/29 25.3 Somerset County, N.J., ...... 0.25 0.60 1.45 2.39 … … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 6/28 55.3 College Station, Tex., ...... 0.16 0.60 1.23 2.05 2.25 … … (Jan. 1 1973 = 100). 6/24 24.2 North Babylon UFSD, NY., ...... 0.20 0.60 1.26 2.20 … … … 6/24 7.4 Bristol (Town), RI., ...... 0.20 0.60 1.05 … 2.04 … … 6/23 140.0 Hempstead (Town), N.Y., ...... 0.15 0.59 1.20 2.10 2.31 … … 6/23 47.9 City of Midland, Tex., ...... 0.16 0.66 1.31 1.57 1.79 … … 6/23 26.9 Quincy, Mass., ...... 0.18 0.57 1.13 2.00 2.15 … 2.43 State and Local Government Series Rates A1/A2/A3 – A+/A/A– 6/28 2.6 Ellsworth, Kann., ...... 0.20 0.65 1.30 … 1.80 … … 6/21 7.3 Atchison, Kan., ...... 0.25 0.65 1.20 1.60 … … … Tuesday Wednesday Thursday Friday Tuesday Jun. 29 Jun. 30 Jul. 1 Jul. 2 Jul. 6 6/10 4.1 Harriman, Tenn., ...... 0.25 0.60 1.20 … 1.90 … … 6/9 11.0 Marion, Ind., ...... 0.25 0.65 1.42 1.75 2.10 … … Overnight* ...... 0 . .03...... 0. ..03 . 0 .03 0 .03 0 .03 6/3 6.6 Central Fulton SD, Pa., ...... 0.80 1.00 1.40 1.58 2.05 … … Three Months...... 0 . .04...... 0. .04 0 .04 0 .04 0 .04 Six Months...... 0 . .05...... 0. ..04 . 0 .04 0 .04 0 .04 5/26 8.5 Kentucky Rural Wtr Fin, Ky., ...... 0.25 0.75 1.50 2.00 … … … Nine Months...... 0. ..05 ...... 0 . .05 0 .05 0 .05 0 .05 5/25 7.0 St Charles, Minn., ...... 0.20 0.65 1.25 1.70 … … … 5/25 5.0 West Branch Comm SD, Iowa., ...... 0.25 0.75 1.30 1.80 … … … One Year...... 0. ..06 ...... 0 . .07. . . 0 .07 0 .07 0 .07 5/20 2.9 Glens Falls CSD, N.Y., ...... 0.15 0.70 1.30 1.60 … … … Two Years ...... 0 . .26...... 0. ..24 . . 0 .24 0 .24 0 .23 Three Years...... 0. ..47 ...... 0 . .45. 0 .46 0 .46 0 .43 5/6 71.2 Uniondale UFSD, N.Y., ...... … 0.45 1.08 1.88 2.08 … … Four Years...... 0. ..69 ...... 0 . .66. . 0 .67 0 .67 0 .64 5/3 5.7 Sapulpa, Okla., ...... … 0.65 1.20 1.50 1.75 2.00 … Five Years...... 0 . .90...... 0. ..88 . . 0 .88 0 .88 0 .84 4/29 7.2 Lewis County, Tenn., ...... 0.25 0.70 … 1.55 1.85 … 2.10 Six Years...... 1. ..10 ...... 1 . .07. . . 1 .07 1 .07 1 .03 For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 1 . .26...... 1. ..22 1 .22 1 .21 1 .17 Eight Years...... 1 . .36...... 1. ..32 . 1 .32 1 .31 1 .27 Nine Years...... 1. ..44 ...... 1 . .39. . 1 .40 1 .39 1 .35 Merrill Lynch Corporate Bond Indexes 10 Years...... 1 . .50...... 1. ..46 . . . 1 .46 1 .45 1 .41 15 Years...... 1 . .84...... 1. ..79 . . . 1 .79 1 .78 1 .75 Performance Comparisons for Jul. 5, 2021 20 Years...... 2 . .05...... 2. ..00 . . . 2 .00 1 .99 1 .95 Aaa–Baa Rated Corporates 25 Years...... 2 . .10...... 2. ..05 . . . 2 .05 2 .04 2 .00 Index Avg. Pct.of Total Return% 30 Years...... 2 . .11...... 2. ..06 . . . 2 .07 2 .05 2 .02 Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3534.00 2.10 100.00 +0.39 –0.94 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2269.52 1.53 64.05 +0.19 –0.27 Industrials 819.40 1.53 32.97 +0.20 –0.26 Utilities 797.07 1.73 6.22 +0.20 –0.79 Finance 801.27 1.54 9.59 +0.19 +0.01 Banks 841.75 1.40 17.23 +0.17 –0.37 Canadians/Yankees 747.99 1.38 34.35 +0.15 –0.18 Long-term (10 years and over) 3830.13 3.13 35.95 +0.75 –2.12 MARKET Industrials 1476.10 3.13 22.01 +0.76 –1.92 Utilities 1453.13 3.20 7.10 +0.66 –2.24 STATISTICS Finance 1491.45 3.07 3.27 +0.89 –1.93 For additional market data, please visit Banks 1598.64 3.02 3.02 +0.69 –3.10 bondbuyer.com/marketstatistics. Canadians/Yankees 2031.09 3.39 10.90 +0.54 –2.78 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.

017_BB070721 17 7/6/2021 4:15:41 PM Market Statistics Wednesday, July 7, 2021 18 The Bond Buyer

Bond Buyer Indexes Municipal Bond Index Update Average Municipal Bond Yields — Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year NOTE : We have no new bond after February 26, 2021 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after JUL 21 1 ...... 2.14 1.67 2.50 1.47 2.07 the June 30, 2021 pricings. The list will be revised at the next regularly scheduled revision JUN 21 24 ...... 2.16 1.69 2.53 1.49 2.10 on July 15, 2021. 17 ...... 2.09 1.62 2.45 1.52 2.11 10 ...... 2.07 1.60 2.43 1.45 2.15 3 ...... 2.18 1.71 2.54 1.63 2.30 As a result, the coefficient remains at 1.0695, the average coupon rate at 4.06%, the average par call date is September 27, 2026 and the average maturity date is MAY 21 27 ...... 2.20 1.73 2.56 1.62 2.30 November 16, 2046. 20 ...... 2.26 1.79 2.62 1.64 2.34 13 ...... 2.28 1.81 2.64 1.66 2.40 6 ...... 2.25 1.78 2.61 1.57 2.24 APR 21 29 ...... 2.27 1.80 2.63 1.64 2.31 22 ...... 2.26 1.79 2.62 1.56 2.24 15 ...... 2.26 1.79 2.62 1.55 2.23 8 ...... 2.30 1.83 2.66 1.63 2.32 1 ...... 2.34 1.87 2.70 1.68 2.34 MAR 21 25 ...... 2.35 1.88 2.71 1.63 2.34 18 ...... 2.40 1.93 2.76 1.71 2.45 11 ...... 2.35 1.88 2.71 1.52 2.25 4 ...... 2.44 1.97 2.80 1.55 2.30 FEB 21 25 ...... 2.44 1.97 2.80 1.55 2.34 18 ...... 2.17 1.70 2.54 1.29 2.08 11 ...... 2.10 1.63 2.47 1.16 1.95 4 ...... 2.14 1.67 2.51 1.14 1.93 JAN 21 28 ...... 2.14 1.67 2.51 1.05 1.81 21 ...... 2.21 1.74 2.58 1.09 1.83 14 ...... 2.21 1.74 2.58 1.14 1.88 7 ...... 2.17 1.70 2.56 1.08 1.85 DEC 20 31 ...... 2.12 1.65 2.53 0.92 1.64 24 ...... 2.12 1.65 2.57 0.93 1.67 17 ...... 2.12 1.65 2.57 0.94 1.68 10 ...... 2.13 1.66 2.58 0.92 1.64

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

Moody’s/S&P/Fitch Moody’s/S&P/Fitch Moody’s/S&P/Fitch Baltimore, Md. Aa2 / AA / NR *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA– California Aa2 / AA– / AA Memphis, Tenn. Aa2 / AA / NR *Phoenix, Ariz Aa1 / AA+ /AAA *Denver, Colo. Aaa / AAA / AAA Miami-Dade Co., Fla. Aa2 / AA / AA *Seattle, Wash. Aaa / AAA / AAA *Florida Aaa / AAA / AAA Milwaukee, Wis. A2 / A / AA– *South Carolina Aaa / AA+ / AAA *Georgia Aaa / AAA / AAA New York City Aa2 / AA / AA– *Texas Aaa / AAA / AAA Houston, Tex. Aa3 / AA / AA *New York State Aa2 / AA+ / AA+ *Washington Aaa / AA+ / AA+ *Maryland Aaa / AAA / AAA North Carolina Aaa / AAA / AAA

(2) Revenue bonds maturing in 30 years are used in compiling this index. It has an average rating equivalent to Moody’s A1 and S&P’s A-plus. (No average Fitch rating is provided because Fitch does not rate seven of the bonds.) The bonds and their ratings are: Moody’s S&P Fitch Atlanta, Ga., airport (AMT) ...... Aa3 AA– AA– Connecticut Housing Finance Authority ...... Aaa AAA NR Dallas-Fort Worth International Airport Board, Tex. (AMT)...... A1 A+ A+ Energy Northwest (formerly WPPSS), Wash., power revenue ...... Aa2 AA– AA– Illinois Health Facilities Financing Authority (Northwestern Memorial Healthcare)...... Aa2 AA+ NR Illinois Housing Development Authority mtg. revenue bonds ...... Aa2 AA NR Intermountain Power Agency, Utah ...... A1 A+ AA– JEA (formerly Jacksonville Electric Authority), Fla. electric revenue ...... A2 A+ AA Kentucky Turnpike Authority ...... Aa3 A– A+ Los Angeles Department of Water and Power, Calif., electric revenue ...... Aa2 AA AA data, Massachusetts Port Authority (AMT) ...... Aa2 AA– AA The Bond Buyer MEAG Power (formerly Municipal Electric Authority of Georgia) ...... A1 A A– Nebraska Public Power District, power supply ...... A1 A+ A+ New Jersey Turnpike Authority, turnpike revenue ...... A2 A+ A your reliable quantitative New York State Local Government Assistance Corp., revenue ...... Aa1 AA+ NR New York State Power Authority, general purpose ...... Aa2 AA AA North Carolina Municipal Power Agency No. 1, Catawba electric revenue ...... NR A A Port Authority of New York and New Jersey, consolidated (AMT) ...... Aa3 A+ A+ tool for understanding Puerto Rico Electric Power Authority ...... Ca D D Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue ...... Aa1 AA+ NR South Carolina Public Service Authority, electric revenue ...... A2 A A– Texas Municipal Power Agency ...... A1 A+ A+ the municipal market. Virginia Housing Development Authority ...... Aa1 AA+ NR (3) Yield on the most current U.S. Treasury 10-year note and 30-year Treasury bond. (Source: Refinitiv) Go to bondbuyer.com/marketstatistics for more information. Weekly Yields of 20-Bond GO Index and Treasury Securities [email protected]

20-Bond Index 5.00 Treasury Bond

4.00 Treasury Note

3.00

2.00

1.00

0.00 7/2/2020 10/1/2020 12/31/2020 4/1/2021 7/1/2021 BB-Market Statistics House Ad V2.indd 1 6/21/21 2:04 PM Latest Previous Year 12-Month Week Week Ago High Low 20-Bond Index 2.14 2.16 2.21 2.44 2.02 MARKET 10-Year Treasury Note 1.47 1.49 0.68 1.71 0.54 30-Year Treasury Bond 2.07 2.10 1.43 2.45 1.20 STATISTICS Basis Pt Spread to Note –66.90 –67.10 –153.00 –55.40 –161.00 BBI as % of Note 145.48 145.06 325.00 387.04 134.07 For additional market data, please visit Basis Pt Spread to Bond –6.60 –6.10 –78.00 11.70 –89.00 bondbuyer.com/marketstatistics. BBI as % of Bond 103.18 102.91 154.55 174.17 94.91

018_BB070721 18 7/6/2021 5:05:26 PM Wednesday, July 7, 2021 Market Statistics www.bondbuyer.com 19

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 138.20 138.13 138.09 138.12 133.29 Standard & Poor’s Securities Evaluations Inc. Tuesday, July 6, 2021 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 110.7000 0.9256 119.5981 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 111.4900 0.9628 115.7977 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 110.5600 0.9256 119.4468 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 110.7610 0.9269 119.4962 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 108.4550 0.9269 117.0083 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 108.8050 0.9269 117.3859 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 111.875 + 0.125 1.74 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 110.4180 0.9269 119.1261 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 117.000 + 0.250 1.72 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 108.6950 0.8539 127.2924 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 109.500 + 0.125 1.40 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 109.0830 0.8539 127.7468 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 115.250 + 0.125 2.04 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 107.9480 0.8771 123.0738 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 114.750 + 0.250 1.47 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 108.4000 0.8595 126.1198 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 109.4700 0.8595 127.3647 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 111.0180 0.8539 130.0129 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 110.750 unch 0.34 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 109.3050 0.8568 127.5735 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 110.375 unch 0.48 15 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 105.8980 0.7809 135.6102 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 113.000 + 0.250 1.91 16 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 105.7950 0.7768 136.1934 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 109.125 + 0.125 1.24 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 105.3070 0.7768 135.5651 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 109.250 + 0.125 1.76 18 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 112.2770 0.8512 131.9044 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 116.250 + 0.250 1.67 19 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 111.8190 0.8512 131.3663 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 108.625 + 0.125 0.69 20 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 112.6580 0.8568 131.4869 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 111.000 + 0.125 1.35 21 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 114.7170 0.8512 134.7709 22 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 114.7890 0.8568 133.9741 HOSPITAL 23 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 110.1210 0.8174 134.7211 A3/A-/- Bucks County Industrial Dev Auth.3.00 08/15/2053 . . . 104.625 + 0.375 2.43 24 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 114.5070 0.8568 133.6450 -/BB+/- Bucks County Industrial Dev Auth.4.00 07/01/2051 . . . 111.875 + 0.375 2.65 25 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 112.9790 0.8512 132.7291 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 105.750 + 0.125 1.84 26 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 113.9590 0.8484 134.3223 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 105.250 + 0.125 1.93 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 113.9670 0.8484 134.3317 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 113.125 + 0.250 1.73 28 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 113.1650 0.8568 132.0787 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 108.375 + 0.125 1.41 29 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 114.2830 0.8484 134.7041 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 114.375 + 0.250 1.77 30 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 114.0660 0.8539 133.5824 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 114.500 + 0.250 1.47 31 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 116.2330 0.8512 136.5519 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 114.250 + 0.250 1.91 32 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 114.4120 0.8595 133.1146 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 105.875 + 0.125 1.73 33 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 116.0110 0.8625 134.5055 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 116.875 + 0.250 1.61 34 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 116.9660 0.8484 137.8666 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 112.250 + 0.250 1.61 35 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 114.1360 0.8539 133.6644 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 114.125 + 0.250 2.02 36 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 116.8760 0.8568 136.4099 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 114.000 + 0.250 1.81 37 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 115.2200 0.8539 134.9338 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 114.000 + 0.250 1.81 38 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 114.9510 0.995 115.5286 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 114.125 + 0.250 1.83 39 Bucks County Industrial Dev Auth. 3.00 . . .08/15/2053 08/15/2030 104.6240 0.7893 132.5529 40 Bucks County Industrial Dev Auth. 4.00 . . .07/01/2051 07/01/2031 111.8590 0.8484 131.8470 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 112.625 + 0.250 1.64 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 111.6676 111.4896 111.4000 111.4614 108.2072 POWER Yield To Par Call ...... 1.73 1.77 1.79 1.80 2.62 Yield To Maturity ...... 3.40 3.41 3.41 3.41 3.62 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 111.500 + 0.125 0.68 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 110.500 + 0.125 0.57

This Index is owned by The Bond Buyer. Copyright 2021 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2021 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 110.750 unch 0.20 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A3/BBB+/A- Metro Transp Auth NY.5.00 11/15/2043 ...... 108.500 unch 1.35 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A3/BBB+/A- Metro Transp Auth NY.5.00 11/15/2038 ...... 108.750 unch 1.21 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 115.000 + 0.125 16.88 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 108.000 unch 1.49 The Municipal Bond Index presented today employs the coefficient derived from the June 30, 2021 pricing, A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 114.750 + 0.250 1.61 when it was set at 1.0695. The average price represents the simple average price of the 40 bonds. The yield to par call is computed from the average price, the average coupon (4.08%), and the average first par call WATER date ( September 27, 2026). Noncallable bonds are included in the par call yield calculations, with their maturity dates serving as their par call dates in the calculations. The yield to maturity is computed from the Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 110.125 + 0.250 1.78 average price, the average coupon, and the average maturity date (November 16, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 116.000 + 0.250 1.56

019_BB070721 19 7/6/2021 5:04:54 PM Wednesday, July 7, 2021 20 The Bond Buyer

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020_BB070721 20 7/6/2021 5:07:30 PM