Pandemic Spurs Hotel Bond Draw

Vol. 392 No. F587 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Friday, October 23, 2020

FRIDAY California Pandemic www.bondbuyer.com Income Tax THE ECONOMY Spurs Hotel BETTER-THAN-EXPECTED READS on Thursday’s economic data Backs Deal indicate the slow rebound By Keeley Webster Bond Draw continues. Initial jobless California comes to market claims declined to a seasonally Tuesday for the second time with By Shelly Sigo adjusted 787,000 in the week its income tax revenue bond credit ended Oct. 17, from the previ- for a program that funds housing Low revenue from a hotel occu- for homeless people with mental pancy rate of just 36% led the Myr- ous week’s downwardly revised illnesses. tle Beach Convention Center Hotel level of 842,000, the Labor Joint bookrunners Citi and Ray- Corp. in South Carolina to tap its Department said Thursday. ��2 mond James lead a syndicate that debt service reserve fund to make will price $450 million in taxable an interest payment this month. WEB EXCLUSIVES social bonds from the California Herman Coliver Locus Architecture The city of Myrtle Beach will Health Facilities Financing Au- fulfill its backup pledge to replenish PODCAST: RISING STARS HONOREES thority. Orrick is bond counsel Among the projects to be funded with No Place Like Home bond pro- the reserve, a move that Moody’s and Nixon Peabody is disclosure ceeds is the 1064 Mission Project in San Francisco. Amanda Stephens of Orrick Investors Service says in a com- counsel. Montague DeRose and ment piece is an “expected display and Jeffrey Lack of Fitch Associates is municipal advisor. Funding provided through the ple since 2018. of a parent government honoring Ratings explain how they The deal marks the second sale program is helping to fast-track Homelessness increased in the terms outlined in the bond doc- launched their public finance under the No Place Like Home projects to address what U.S. De- California by 21,306 people, or uments.” bond legislation signed by former partment of Housing and Urban 16.4%, and roughly half of that “The city has confirmed its in- careers, what motivates them Gov. Jerry Brown in 2016. The Development Secretary Ben Car- number were people considered to tent to appropriate the funds in its and who inspired them. Paul state’s inaugural sale — also tax- son described as “at crisis level” be experiencing long-term chronic fiscal year 2022 budget, scheduled Burton hosts. able — was for $500 million in in California in the agency’s annu- homelessness, according to HUD. to take effect on July 1, 2021,” said November 2019. al report on homelessness. The agency does an annual na- Moody’s analyst Frank Mamo. STATE AND LOCAL GOVERNMENTS ARE “As we look across our nation, tional count on a single day of The bonds, issued in 2015 by we see great progress, but we’re people considered to be homeless. the South Carolina Jobs-Econom- rushing to exhaust the federal THURSDAY’S YIELDS also seeing a continued increase It released the results in March. ic Development Authority, are se- aid they received under the Susie Coliver, a principal with The Bond Buyer 40 in street homelessness along our cured by operating revenue of the CARES Act prior to a Dec. 31 West Coast where the cost of Herman Coliver Locus Archi- Sheraton Myrtle Beach Convention 5.0 housing is extremely high,” Car- tecture, designed 1064 Mission Center and carry a pledge by the spending deadline at the same 4.2 To Maturity son said. Project, a 265-unit project in San city to replenish the fund after a time the short-term prospect 3.63 Unchanged HUD’s annual count found Francisco costing $160 million withdrawal, subject to annual ap- for another round of help from 3.4 that 567,715 persons experienced that the state highlighted in its on- propriation. homelessness on a single night in line road show. The facility is now known as the Washington appears increas- 2.6 2019, an increase of 14,885 peo- Turn to California page 4 Turn to Debt page 3 ingly dim. 1.8 To Par Call 2.65 Down 0.01 THE SECURITIES INDUSTRY SAW ITS 1.0 10/08 10/14 10/19 10/22 pre-tax profits rise 82% to Cuomo’s Deficit Delay Strategy Sows Doubts $27.6 billion in the first six 5.5 By Andrew Coen months of 2020 compared 5.0 to the same period in 2019, 4.5 New York Gov. Andrew Cuo- 4.0 according to New York State mo’s decision to not address a 3.5 widening revenue gap until after Comptroller Thomas DiNapoli. 3.0 the election, will delay resolution This year’s first-half profits 2.5 of the state’s deep fiscal chal- were about equal to 2019’s 2.0 lenges, and make balancing the 1.5 full-year profits of $28.1 bil- budget tougher, analysts said. OSAJJMAMFJDN Cuomo recently said he would lion. Complete market coverage appears on page 2 postpone major fiscal policy decisions until after Election Day in hopes of a Democratic victory that would spearhead a COVID-19 pandemic relief package for states. Without that aid, the Democratic governor has said, tax increases and spending cuts will be necessary to combat $30 billion of projected revenue Bloomberg News shortfalls through the 2022 fiscal year. New York Gov. Andrew Cuomo is delaying any permanent measures to Turn to New York’s page 3 combat the state’s massive revenue shortfall until after Election Day.

001_BB102320 1 10/22/2020 5:05:37 PM Market News Friday, October 23, 2020 2 The Bond Buyer Alabama Social Bonds Price; Refinitiv Lipper Sees an Inflow Municipal bond buyers saw some the last The $58.81 funding bonds. of 2.5283%. NHA Advisors and Back- large deals come to market on Thursday, million of Series Citigroup won strom McCarley Berry were the financial led by Alabama’s education social bonds. 2020B taxable the deal with a advisors. Fox Rothschild and Curls Bar- Municipals traded little changed on the refunding bonds true interest cost tling were the bond counsel. day, with yields steady to slightly stronger were priced at par of 2.5746%. Suffolk County, N.Y. (NR/BBB+/ along the AAA scales. to yield 0.253%, The bonds were BBB+/NR) sold $105.195 million of Se- Investors continued to put cash back 10 basis points priced to yield ries 2020A public improvement bonds. into tax-exempt mutual funds, with Refin- above the com- from 0.24% with Citigroup won the deal with a TIC of itiv Lipper reporting muni bond funds saw parable Treasury a 0.30% coupon 1.6369%. The bonds were priced to yield about $607 million of inflows in the latest security in 2021, in 2021 to 2.86% from 0.85% with a 5% coupon in 2021 to reporting week. and 0.353%, with a 2.90% 1.87% with a 2% coupon in 2031. In the primary, Wells Fargo Securities 20 basis points By Christine Albano & Chip Barnett coupon in 2041; Assured Guaranty Municipal insured priced the Alabama Public School and above Treasur- a 2049 maturi- the 2023 through 2020 maturities, which College Authority’s (Aa1/AA/AA+/NR) ies in 2022. The ty was priced to are rated AA by S&P Global Ratings. Cap- $1.481 billion of Series 2020A tax-exempt $147.335 million of Series 2020C taxable yield 3.01% with a 3% coupon. ital Markets Advisors was the financial ad- and Series 2020B and C taxable capital refunding bonds were priced at par to yield Hilltop Securities and Kipling Jones visor; Harris Beach was the bond counsel. improvement and refunding social bonds. from 0.253%, 10 basis points above Trea- were the financial advisors. McCall RBC received the written award on the The bonds have been certified as social suries in 2021, to 2.444%, 160 basis points Parkhurst, Kintop Smith and the State Tacoma School District No.10, Wash., bonds by Kestrel Verifiers. above Treasuries in 2035. Attorney General acted as bond counsel. (Aaa/AA+/NR/NR) $484.28 million of un- The $1.275 billion of tax-exempts were In the competitive arena, the Tarrant Clark County, Nev., (A1/AA/NR/NR) sold limited tax general obligation social bonds priced to yield from 0.26% with a 5% cou- Regional Water District, Texas (NR/AAA/ $200 million of Series 2020B limited tax The deal consists of $249.28 million of pon in 2022 to 1.98% with a 4% coupon AA+/NR) sold $388.185 million of Series general obligation building bonds. BofA Se- Series 2020B tax-exempts and $235 million in 2040. 2020B taxable water system revenue re- curities won the deal with a TIC of 2.3224%. of Series 2020C taxables. The bonds are is The bonds were priced to yield from 0.55% backed by the Washington state school dis- with a 5% coupon in 2022 to 2.65% with a trict credit enhancement program. 2.5% coupon in 2040. The deal was insured California’s competitive sale of $1.1 Economic Data Suggests ‘Gradual’ by Build America Mutual. Zions Public Fi- billion of general obligation bonds saw nance was financial advisor; Sherman & strong investor demand, California State Howard was bond counsel. Treasurer Fiona Ma said. Recovery Continues Rolling Along San Francisco (Aaa/AAA/AA+/) sold Separate bids were accepted for $321 $111.925 million of Series 2020D-1 public million of taxable new money GOs, $588 Better-than-expected reads of deeper scarring and an in- health and safety general obligation bonds. million of tax-exempt GOs, and $198 mil- on Thursday’s economic data ability to recall more workers. TD Securities won the deal with a TIC lion of taxable GO refunding bonds. q indicates the slow rebound This is starting to look like a continues. more traditional and longer Initial jobless claims de- recession, which bolsters the clined to a seasonally adjust- case for more stimulus now.” Muni money market funds see outflows ed 787,000 in the week end- Separately, existing-home ed Oct. 17, from the previous sales jumped 9.4% in Sep- $1B week’s downwardly revised tember to a seasonally ad- level of 842,000, originally justed 6.54 million annual $0 reported as 898,000, the La- pace, up from a downwardly Aaron Weitzman bor Department said Thurs- revised 5.98 million level in $-1B day. August, first reported as 6.00 Economists polled by IFR Markets pro- million, the National Association of Real- $-2B jected 860,000 claims in the week. tors reported Thursday. Continuing claims fell to 8.373 mil- Economists expected a rate of 6.25 mil- $-3B lion in the week ended Oct. 10, from a lion. downwardly revised level of 9.397 million “Home sales traditionally taper off to- $-4B a week earlier, first reported as 10.018 ward the end of the year, but in September they surged beyond what we normally see million. $-5B “In a sign that the U.S. labor market during this season,” according to NAR continues to gradually recover from the Chief Economist Lawrence Yun. “I would 7/13 7/20 7/27 8/3 8/10 8/17 8/24 8/31 9/7 9/14 9/21 9/28 10/5 10/12 10/19 pandemic shock, initial jobless claims attribute this jump to record-low interest fell to well below the consensus forecast,” rates and an abundance of buyers in the Source: Informa Financial Intelligence said Scott Anderson, chief economist at marketplace, including buyers of vaca- Bank of the West. “This is the third drop tion homes, given the greater flexibility to in claims in the last four weeks and the work from home.” Thursday’s Economic Indicators lowest [level] since mid-March.” Year-over-year sales soared 20.9%. The states with the largest rise in claims The Leading Economic Index grew Indicator Last Report Forecast Actual in the week ended Oct. 10 were: California 0.7% in September to 107.2 from 106.5, Initial Jobless Claims 10/10: 842,000 10/17: 860,000 10/17: 787,000 (27,870), Illinois (11,261), Massachusetts the Conference Board reported Thursday. Existing Home Sales Aug.: 5.98M Sept.: 6.25M Sept.: 6.54M (10,481), Georgia (9,292), and Indiana Economists estimated an increase of Leading Indicators Aug.: +1.4% Sept.: +0.6% Sept.: +0.7% (7,840), while the states with the biggest 0.6%. Forecasts represent the median of estimates by economists polled by IFR Markets drops were: Michigan (2,615), North Car- The increase follows jumps of 1.4% in olina (2,362), Virginia (1,733), Montana August and 2.0% in July. (579), and Mississippi (375). The coincident index gained 0.2% in Thursday’s Data “Claims in the most recent week the month to 101.7, after gains of 0.8% in 26 11 jumped fairly dramatically in California,” August and 1.6% in July, while the lagging Government Securities Prices 10-year: 97 /32 to yield 0.86%, down /32 according to Diane Swonk, chief econ- index fell 0.1% to 107.6, after declines of 5 30 30-year: 93 /32 to yield 1.67%, down /32 omist at Grant Thornton. “That may re- 0.1% and 1.0% the two prior months. Municipal Bond Index 13316/ , up 1/ flect some catch up in claims. The level of Regional manufacturing activity “rose 32 32 claims remains staggeringly high with 17 again in October but remained lower than The Bond Buyer’s Total: $19.540 billion, up $3.839 billion states now reporting an increase in claims a year ago, while expectations continued 30-Day Visible Supply Competitives: $3.966 billion, down $919.8 million of more than a 1,000 claims in a week. to expand,” according to Chad Wilkerson, (as of 10/23) Negotiated: $15.574 billion, up $4.759 billion The ranks of those applying for extended vice president and economist at the Feder- TheMuniCenter List Offering Total: $012.7 million, up $0.6 million unemployment benefits increased, a sign al Reserve Bank of Kansas City. q

002_BB102320 2 10/22/2020 5:05:41 PM Friday, October 23, 2020 Regions www.bondbuyer.com 3 Debt Reserve is Tapped For a Convention Center Hotel in S.C. Continued from page 1 in 2001 to finance the construction of a 402- “In keeping with its history concerning through August,” Mamo said. room convention center hotel, build a parking the convention center hotel, city leadership The next debt service payment of Sheraton Myrtle Beach Hotel, although it is garage and refurbish facilities in the Myrtle considers it to be an appropriate exercise $657,000 is scheduled for April 1, 2021. attached to the convention center, a spokes- Beach Convention Center, according to bond of stewardship to honor its commitment to With the Sheraton’s August occupancy woman for the convention center said. documents on EMMA. replenish the debt service reserve fund on rate at just 36%, monthly net revenue still in “On Oct. 1, 2020, a total of $28,064.90 The bonds are rated A-plus with a stable the hotel bonds whenever a draw occurs,” the red and the city’s peak summer tourism was drawn on the debt service reserve fund... outlook by S&P Global Ratings. The debt Shelton said. over, hotel revenue is unlikely to cover the in order to make the $276,756.25 debt ser- isn’t rated by Moody’s, which rates the city Moody’s said the reserve fund totaled $1.4 corporation’s April 1 payment and another vice payment due on that date,” a material of Myrtle Beach Aa2 with a negative outlook million when $28,065 was withdrawn to its debt service reserve fund draw is likely, event notice posted on the Municipal Se- and rates its hospitality fee revenue bonds A3 make the Oct. 1 payment. said Mamo. curities Rulemaking Board’s EMMA filing with a negative outlook. “The draw by the hotel corporation, a Like most areas around the country, Myr- system says. Michael Shelton, Myrtle Beach’s chief component unit of the city, occurred in the tle Beach is under an emergency order due to The $16.4 million of bonds were issued in financial officer, said the city will replenish wake of a 74% year-over-year drop in the infections from the coronavirus that causes 2015 to refund a portion of the debt issued the reserve fund. Sheraton’s operating revenue from January COVID-19. q New York’s Budget Problems Probably Too Big For Any Stimulus to Solve

Continued from page 1 that up in perpetuity.” nicipalities — may become permanent gets, are especially vulnerable, he said. The state was already confronting fiscal without federal action. Moody’s Investors Service downgrad- “It is hard to imagine a federal aid pack- headwinds prior to the COVID-19 pandemic Progressive-leaning Democratic law- ed New York State’s general obligation age that would be large enough to close taking hold in March, with an estimated $6 makers in the state legislature have pro- bonds one notch to Aa2 from Aa1 citing the state’s gaps, particularly on an ongoing billion budget gap tied largely to rising Med- posed a series of taxes on the wealthy, the state’s inaction in addressing its large basis,” said David Friedfel, director of icaid costs. The New York State Division of such as higher income taxes on million- budget gap. The lower Moody’s rating is state studies for the Citizens Budget Com- Budget now projects a $14.5 billion reve- aires, and a stock-transfer tax, to help a notch below Fitch Ratings, S&P Global mission, an independent fiscal watchdog. nue shortfall for the current 2021 fiscal year, combat the revenue challenges, but Cuomo Ratings and Kroll Bond Rating Agency, “The longer the state waits, the harder it is which ends March 31, compared to what was has opposes those proposals. which rate the state’s GOs at AA-plus. to balance the budget and will make next budgeted. The Cuomo administration has Friedfel has suggested other avenues to Rachael Fauss, senior research analyst year even harder to close those gaps if warned the state’s revenue gap will grow to confront New York’s revenue gap, such at Reinvent Albany, said New York’s mu- federal aid doesn’t come.” $62 billion over a four-year period without as freezing planned middle-class tax cuts nicipalities and school districts are caught Cuomo’s belief that the Democrats taking aid from Washington. scheduled to take effect in January, which in limbo as they await clarity as to how the White House and Senate will result in While the state has managed to reduce could generate around $400 million of rev- Cuomo plans to attack the budget gap. a fast-tracked stimulus bill, similar to the its budget deficit to around $9 billion enue in fiscal 2022. Suspending New York’s “Local governments and vendors waiting American Recovery and Reinvestment Act of largely through $4 billion of spending sales tax exemption on clothing costing less for state funds don’t know if their state 2009, might not be the panacea the governor cuts from a hiring freeze and suspending than $110 would generate around $2 billion aid has been permanently cut or is just hopes for, said E.J. McMahon, founder and pay raises, Friedfel said, more long-term of new revenue by 2024, he said. delayed,” she said. “This may work po- research director for the conservative-leaning measures are needed without relying on McMahon said the state should focus on litically for the governor, but it stinks for Empire Center for Public Policy. Congress. Even if the Democrats are able permanent cuts. County governments, which local governments and state contractors President Barack Obama signed that bill to assume control of the White House have December deadlines to enact 2021 bud- facing their own budget shortfalls.” q less than a month after he assumed office, but and Senate in January, he said, there is McMahon cautioned, that only carried New no guarantee an aid package would arrive CUSTOMER SERVICE York for a short period. He said New York in time for the Empire State’s 2022 fiscal For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) should learn from this past experience under year that commences April 1. Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at previous Gov. 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It was a big reason Cuomo inherit- 1 to have the package approved.” The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, Saturday, Sunday and Federal Holidays, by Arizent, One State Street Plaza, 27th Floor, New York, NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices. ed a big budget gap when he took office Freeman Klopott, Cuomo’s budget POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery in 2011,” he said. “This pandemic has spokesman for the NYS DOB, said some service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. COPYRIGHT RESPONSIBILITY opened up a recurring structural budget of the temporary measures taken by the ©2020 Arizent and The Bond Buyer, All rights reserved. Each subscriber has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has that is $8 to $10 billion larger in the state governor — including reduced spending access to the subscriber’s copy. No part of this publication may be reproduced, stored, or transmitted by any means, electronic, mechanical or otherwise without written budget and the Feds are not going to make and 20% lower state aid payments to mu- permission. Federal copyright law carries liability of up to $100,000 per issue for such infringement. The Bond Buyer Indexes BB 20-Bond Index BB 11-Bond Index BB Revenue Bond Index BB Municipal Bond Index 5 5 5 5.0 Yield to Maturity Figures are weekly averages for daily yields from the BB40 ending Thursday

4 4 4 4.5 2.37% 1.90% 2.79% 3.63% Up 0.02 Up 0.02 Up 0.02 Up 0.01

3 3 3 4.0

2 2 2 3.5

1 1 1 3.0 07/30 08/13 08/27 09/10 09/24 10/08 10/22 07/30 08/13 08/27 09/10 09/24 10/08 10/22 07/30 08/13 08/27 09/10 09/14 10/08 10/22 07/30 08/13 08/27 09/10 09/14 10/08 10/22 08/06 08/20 09/03 09/17 10/01 10/15 08/06 08/20 09/03 09/17 10/01 10/15 08/06 08/20 09/03 09/17 10/01 10/15 08/06 08/20 09/03 09/17 10/01 10/15

003_BB102320 3 10/22/2020 5:05:42 PM 4 Far West Friday, October 23, 2020 DEAL IN FOCUS The Bond Buyer

California Returns With Second Deal Backed by Its Millionaire’s Tax Credit

Continued from page 1 the state $2 billion in bond authority to be $1.05 billion remaining under the bond er Ma said following last year’s sale. It also provide funding to cities and counties to authorization, said Julie Giordano, the Cali- drew $200 million in orders from 18 local Coliver called the project one of the develop permanent supportive housing. fornia treasurer’s assistant director of public government investment funds, including 14 most challenging and stimulating she has Bonds are repaid with revenue from the finance. from California. worked on in the firm’s 40-year practice. Mental Health Services Act, a measure ap- Any increase to the bond authority would “This deep and broad base of investors In addition to the housing, it includes a proved by voters in 2004 that levies a 1% need to satisfy the California constitutional demonstrates the market’s support for the dozen offices for on-site social service pro- tax on personal income over $1 million to debt limit, which requires voter approval or No Place Like Home program,” Ma said viders, a 9,000-square-foot community be used for mental health programs. for the financing to meet the constitutional last year. health clinic, offices for the 80-person staff A study done on the connection between debt limit, Giordano said. The state will be pricing the bonds in a of the San Francisco Homeless Outreach mental illness and homelessness conduct- The No Place Like Home bonds were COVID-19 impacted market this year. team, a 6,000-square-foot culinary training ed by the California Policy Lab at UCLA initially authorized in legislation, only to The bonds are rated Aa3 by Moody’s program, two interior courtyards and a pri- found that 78% of unsheltered homeless be tied up in a legal validation challenge Investors Service, and AA-minus ratings vately-owned public open space. people had a mental health condition. that led lawmakers to put the bond autho- by both Fitch Ratings and S&P Global “1064 Mission has the most complex use The California Department of Housing rization before voters in November 2018. Ratings. of spaces, the largest number of clients and and Community Development disbursed Proposition 2 was approved with more than For Moody’s and Fitch, the ratings are others who serve in the role of clients, the $427 million from the NPLH program in 63% of the vote. one notch below their California general most diverse assortment of adjacent and March. The bonds are secured by loan payments obligation bond rating; S&P assigns the near-by neighbors with an interest in what “The No Place Like Home awards are a from the Department of Housing and Com- same rating as California GOs. transpires on the site, and the most over- key part of the state’s continued collabo- munity Development to the CHFFA. HCD The rating “reflects the high resiliency lapping set of public entities and oversight ration across all levels of government and will make the loan payments from the ser- of the pledged revenue stream, a relatively agencies at both the local and state level, communities to take urgent, meaningful vice contract payments it receives from volatile personal income tax on higher earn- of any multi-use project we have ever tack- action to address California’s homelessness CHFFA for providing services under the ers that is expected to experience strong led,” Coliver said. crisis,” Lourdes Castro Ramirez, secretary service contract. growth over time consistent with expected Typically, such projects take five to seven of the Business, Consumer Services and CHFFA will pay the service contract growth in the California economy,” accord- years from inception to opening, but the Housing Agency, said in a release. payments from dedicated personal income ing to Fitch, which affirmed its the rating Mission Street project will be completed in Two rounds of funding have already been tax revenues. HCD irrevocably pledges its on the original No Place Like Home bonds. four years, Coliver said. awarded under the program, according to right to receive service contract payments “The rating assumes leveraging up to Among the reasons Coliver cited for the Jennifer Seeger, deputy director of financial to CHFFA as security for its obligations un- the maximum annual service contract pay- relative speed of the project are that the fed- assistance for the California Department of der the loan agreement. HCD’s obligation ments permitted in statute and approved by eral government provided the land for the Housing and Community Development, is unconditional. voters, of $140 million per year to pay debt project, 1.1 acres in the middle of down- who spoke during the online road show. The all-in true interest rate on last year’s service and full issuance of the $2 billion town San Francisco, for $1 with the proviso The first round of $757.7 million went 15-year fixed-rate NPLH bonds was 2.77%, authorized by the No Place Like Home Act that the site be used exclusively for people to counties with at least 5% of the state’s with yields to investors ranging from of 2018,” Fitch analysts wrote. experiencing homelessness, in perpetuity; homeless population, which include Los 1.896% for the 2021 maturity to 3.034% Fitch says the its rating is capped at Cal- and that it would be completed within 36 Angeles County, Santa Clara County, San for the 2034 maturity, according to the trea- ifornia’s AA issuer default rating. months after the land disposition agreement Diego County and San Francisco County, surer’s office. That’s because the state collects the had been signed. Seeger said. The second round of $370.9 The 10-year came in at 2.584%, a 79 pledged revenues and the bond structure “The only way to meet this crazily fast million was awarded to the remaining coun- basis point spread to the 10-year Treasury relies on transfers and true-ups between the schedule was to have the mayor’s support ties, she said. on the date, according to Refinitiv historical state General Fund and the Mental Health in demanding that the various review agen- The proceeds of the 2020 bonds will pri- data. Services Fund, from which service contract cies make the project a super top priority, marily fund the larger metropolitan coun- The 15-bank syndicate generated in ex- payments will be paid. q and in demanding that they all play nicely ties through the first quarter of 2020. cess of $2.3 billion of total orders from over together,” Coliver said. “The city and the Additional new money or refunding 100 unique investors, including $84 million developers elected to utilize factory-built bonds can be issued provided that the total directly from international investors. housing, which may have saved three to debt service on all bonds and administrative The deal attracted $596 million in orders For more content about this five months as well, but it also added a level expenses does not exceed $140 million per from 13 investors with environmental, so- region, visit the Regional News of complexity, which cannot be overstated.” year, she said. cial and governance and socially responsi- tab on BondBuyer.com. The No Place Like Home program gives Following next week’s deal, there will ble investing objectives, California Treasur-

Visible Supply by State General Obligation Yield Curves for Oct. 21, 2020

October 22, 2020 October 15, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Alaska Aa3/AA–/A+ 0.22 0.40 1.19 2.02 Alaska 2 $66,040 0 $0 $66,040 California Aa2/AA–/AA 0.21 0.42 1.22 1.99 California 25 2,685,660 40 3,965,625 –1,279,965 Hawaii Aa1/Aa2/AA 0.21 0.37 1.11 1.96 Hawaii 0 0 2 1,047,150 –1,047,150 Idaho Aa1/AA+/AA+ 0.19 0.34 1.08 1.94 Idaho 1 30,797 1 30,797 0 Montana Aa1/AA/AA+ 0.19 0.36 1.12 1.96 Montana 0 0 3 55,180 –55,180 Nevada Aa1/AA+/AA+ 0.20 0.39 1.14 1.99 Nevada 2 232,435 7 704,615 –472,180 Oregon 1 8,775 2 90,995 –82,220 Oregon Aa1/AA+/AA+ 0.18 0.33 1.05 1.86 Washington 13 731,475 7 718,175 13,300 Washington Aaa/AA+/AA+ 0.19 0.32 1.07 1.89 Wyoming 0 0 0 0 0 Wyoming NR/AA+/NR 0.19 0.34 1.07 1.89 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

004_BB102320 4 10/22/2020 5:05:43 PM Friday, October 23, 2020 Competitive Sale Notice www.bondbuyer.com 5 AMENDMENT TO SUMMARY NOTICE OF SALE FOR BONDS COUNTY OF HUDSON, STATE OF NEW JERSEY $223,086,000 GENERAL IMPROVEMENT BONDS, SERIES 2020 BOOK-ENTRY ONLY / CALLABLE / NON-BANK QUALIFIED The time for the bid submission is hereby changed to 11:15 on October 27, 2020. All other terms of sale remain the same. See Full Notice of Sale and the Preliminary Official Statement in electronic format at www.MuniHub.com. /s/ Cheryl G. Fuller Cheryl G. Fuller Director of the Department of Finance and Administration/County Treasurer County of Hudson, State of New Jersey DATED: October 23, 2020

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005_BB102320 5 10/22/2020 1:49:38 PM Friday, October 23, 2020 6 The Bond Buyer

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10/26 - Lubbock County - TX I-Deal Prospectus 10/26 - Pilot Knob Municipal Utility District No. 3 (TX) - TX Electronic Official Statements Competitive 10/26 - Independent School District No. 720 (Shakopee) - MN 10/28-Highlands at Mayfield Ranch MUD, TX Unlimited Tax Bonds, Series 2020 10/26 - Independent School District No. 720 (Shakopee) - MN 10/26-Wauwatosa (City of), WI GO Corporate Purpose Bonds, Series 2020A 10/26 - City of St. Louis Park - MN 10/26-Sioux City CSD, IA School Infrastructure Sales, Sevices & Use Tax Rev Ref Bonds, Srs 2020 *REVISED* 10/26 - Independent School District No. 721 (New Prague) - MN www.newissuehome.i-deal.com 10/27-Litchfield (Town of), CT General Obligation Bonds, Issue of 2020 10/26 - Galva-Holstein Community School District - IA 10/29-North Charleston (City of), SC General Obligation Refunding Bonds of 2020 *REVISED* BiDCOMP®/Parity® 10/26 - City of Loogootee (IN) - IN 10/29-Weber County, UT Federally Taxable GO Ref Bonds, Series 2020 10/26 - Independent School District No. 2853 (Lac Qui Parle Valley) (MN) - MN www.i-dealprospectus.com 11/5-Collin County MUD No. 1, TX Unltd Tax Road Bonds, Series 2020 10/26 - City of Salem (MA) - MA 10/22-Sayreville (Borough of), NJ GO Notes, Series 2020 10/26 - Deckerville Community Schools - MI Full service electronic ***DATED & MATURITY DATES HAVE BEEN UPDATED*** 10/27 - City of Richfield - MN document delivery and 10/22-Calvert County, MD General Obligation Bonds (2020) 10/27 - Greenport Union Free School District - NY tracking system ***Revision to Amortization Schedule and Good Faith Deposit Amount*** 10/27 - Southold Union Free School District - NY 10/26-Rolling Creek UD, TX Unltd Tax Bonds, Series 2020A 10/27 - Pelham Union Free School District - NY 10/27 - Pelham Union Free School District - NY For more information, 10/26-Harris County MUD No.400, TX Unltd Tax Park Bonds, Series 2020B contact: 10/27-Rutherford County, TN GO Refunding Bonds, Series 2020 (Federally Taxable) John Hester 10/28-Denver CSD, IA School Infra Sales, Srv & Use Tax Rev Bonds, Series 2020***Addendum #1 to (212) 849-5125 Preliminary Official Statement Dated October 15, 2020 has been added.*** 10/28-Florham Park (Borough of), NJ Bond Anticipation Notes, Series 2020 James Kellum (212) 849-5156 10/28-Montgomery County MUD No. 128A, TX Unltd Tax Bonds, Srs 2020 & Unltd Tax Road Bonds, Srs 2020A 10/29-Clay Township of Hamilton County, IN GO Bonds, Series 2020A&B It’s more than a bond deal— 10/29-Jenks (City of), OK General Obligation Bonds of 2020 you’re improving a community 10/29-Colorado Water Resources & PDA, CO State Revolving Fund Rev Bonds, 2020 Series B I-Deal Prospectus Electronic Official Statements Negotiated Roanoke (City of), TX GO Ref Bonds & Combination Tax & Rev COO, Series 2020 Rockwall County, TX Limited Tax Refunding Bonds, Srs 2020 Paseo Del Este MUD No. 10, TX Unltd Tax Improvement&Ref Bonds, Series 2020 ***The POS has been revised to reflect the 2012 Bonds being refunded.*** Hickory Creek (Town of), TX Combo Tax & Rev Certificates of Obligation, Series 2020 Bryan (City of), TX GO Pension Bonds, Taxable Series 2020 Montgomery County, TX Limited Tax Refunding Bonds, Series 2020 Killeen (City of), TX WW&SS Rev Ref&Improv & Ref Bonds, Srs 2020&Taxable 2020A Paseo Del Este MUD No. 10, TX Unltd Tax Improvement&Ref Bonds, Series 2020 Pearland (City of), TX Permanent Improvement Ref Bonds, Series 2020 Northgate Crossing MUD No. 2, TX Unlimited Tax Refunding Bonds, Series 2020 Mesquite ISD, TX Unlimited Tax Ref Bonds, Taxable Srs 2020D Nash (City of), TX Combo Tax & Rev Certificates of Obligation, Series 2020 White Settlement ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020A Eagle Mountain-Saginaw ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020-C NO NEGOTIATED DEALS FOR TOMORROWS CALENDAR Lewisville ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020A&B Guadalupe-Blanco River Authority, TX Contract Rev Ref Bonds, Taxable Series 2020 Hunt Memorial Hospital District, TX GO Ref & Improvement Bonds, Srs 2020 Gladewater ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020 Belton ISD, TX Unlimited Tax Refunding Bonds, Series 2020 NO NEGOTIATED DEALS FOR TOMORROWS CALENDAR Henderson ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020 East Ouachita Parish SD, LA GO School Bonds, Series 2020 Midlothian ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020-A Midlothian ISD, TX Unltd Tax Ref Bonds, Series 2020-B Weslaco (City of), TX Limited Tax Refunding Bonds, Taxable Series 2020 Orono (Town of), ME 2020 GO Bonds, Series A & Refunding Bonds, Series B Killeen ISD, TX Unlimited Tax Refunding Bonds, Series 2020 Iberia PWSD, LA Taxable GO School Refunding Bonds, Srs 2020 *REVISED POS* Red Oak (City of), TX Combo Tax&Rev COO, Series 2020 Cuero (City of), TX GO Refunding Bonds, Series 2020 Price matters—get the best yield Mansfield ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020 Advertise your competitive sales in The Bond Buyer. Garland ISD, TX Unlimited Tax Refunding Bonds, Series 2020 ****THE POS HAS BEEN UPDATED TO INCLUDE THE FITCH RATINGS.**** For more information, contact or Kerry-Ann C. Parkes Garland ISD, TX Unlimited Tax Refunding Bonds, Series 2020 at 212-803-8436 or at [email protected] Denver City ISD, TX Unlimited Tax Refunding Bonds, Series 2020 Frenship ISD, TX Unlimited Tax Refunding Bonds, Series 2020

006_BB102320 6 10/22/2020 1:49:42 PM Friday, October 23, 2020 New Issues www.bondbuyer.com 7

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Monday, October 26 Carlisle IA GO Cap Loan *2,950 11 am C PFM Fin Advisors Ahlers & Cooney 21-36 ------BQ 20-Oct Council Bluffs IA GO *5,115 10 am C PFM Fin Advisors Ahlers & Cooney 21-32 ------19-Oct Galva-Holstein Comm SD IA GO Sch *2,720 11 am C Piper Sandler Ahlers & Cooney 21-34 ------A+ ------BQ 8-Oct Sioux City Comm SD IA Rev Ref *33,440 12 pm C Piper Sandler Ahlers & Cooney 21-29 ------A+ ------16-Oct Waukee Comm SD IA GO Sch *84,290 9:30 am C PFM Fin Advisors Ahlers & Cooney 22-40 --- Aa2 ------19-Oct Lisle-Woodridge Fire Prot Dt IL Ref *3,834 11 am C Speer Financial Chapman and Cutler 21-33 ------BQ 1-Oct Carnegie Pub Lib IN GO *2,500 11:30 am E Baker Tilly MA Beers Mallers 22-33 ------A ------BQ 21-Oct Elkhart Pub Lib IN GO *4,000 11 am E Baker Tilly MA Barnes & Thornburg 21-31 ------A+ ------BQ 21-Oct Loogootee IN Swr Works Rev 1,810 11 am E Baker Tilly MA Dentons Bingham 23-40 ------BQ 14-Oct Salem MA GO Muni Purp Loan *9,070 12 pm E Hilltop Securities Hinckley Allen 21-49 ------AA ------19-Oct Deckerville Comm Schs MI Sch Bldg & Site *2,430 1 pm E PFM Fin Advisors Thrun Law Firm 22-30 ------AA ------BQ 15-Oct Brooklyn Center MN GO Imp *5,005 10:30 am C Baker Tilly MA Kennedy & Graven 22-31 ------BQ 6-Oct Cook County MN GO Sales Tax (Tax) *10,455 12 pm C Ehlers Fryberger Buchanan 21-33 ------16-Oct Eden Prairie ISD #272 MN GO *26,870 10 am C Ehlers Kennedy & Graven 22-41 ------16-Oct Lac Qui Parle Vly ISD #2853 MN GO *3,890 11:30 am C Baker Tilly MA Dorsey & Whitney 22-36 ------6-Oct Murray County MN GO *11,345 10:30 am C Northland Securities Fryberger Buchanan 22-41 --- Aa3 ------20-Oct New Prague ISD# 721 MN GO Sch Bldg Ref *12,035 11 am C Baker Tilly MA Knutson Flynn 22-25 ------6-Oct Shakopee ISD #720 MN GO Sch Bldg Ref *16,140 10 am C Baker Tilly MA Knutson Flynn 22-25 ------6-Oct Shakopee ISD #720 MN GO *27,810 10 am C Baker Tilly MA Knutson Flynn 21-30 ------6-Oct Shakopee ISD #720 MN GO Ref (Tax) *77,270 10 am C Baker Tilly MA Knutson Flynn 24-36 ------6-Oct St Louis Park MN GO *15,540 10:30 am C Ehlers Kennedy & Graven 22-42 ------16-Oct Worthington MN GO Sales Tax *7,970 10:30 am C Ehlers Dorsey & Whitney 22-35 ------BQ 16-Oct Conemaugh Vly SD PA GO *9,270 12:15 pm E PFM Fin Advisors Dinsmore & Shohl 21-42 ------BQ 22-Oct East Fort Bend Co Dev Auth TX Contract Rev 4,620 12 pm C Post Oak Muni Advs Allen Boone 21-43 ------BQ 19-Oct Harris Co MUD #400 TX Unltd Tax 3,245 10 am C Rathmann & Assoc Schwartz Page 23-50 ------14-Oct Lubbock County TX Unltd Tax Road *41,000 9 am C Specialized Pub Fin Bickerstaff, Heath 22-40 ------AA+ ------15-Oct Pilot Knob MUD #3 TX Unltd Tax 3,975 9:30 am C Specialized Pub Fin McCall Parkhurst 22-45 --- Baa3 ------BQ 16-Oct Rolling Creek Util Dt TX Unltd Tax 3,815 11 am C Rathmann & Assoc Coats Rose 22-39 ------BQ 19-Oct Kohler Vlg WI GO Prom *810 10 am C Ehlers Quarles & Brady 21-25 ------BQ 20-Oct Kohler Vlg WI GO Swr *2,430 10 am C Ehlers Quarles & Brady 22-40 ------BQ 20-Oct New Berlin SD WI GO Ref *13,045 10 am C PMA Securities Quarles & Brady 21-31 --- Aa2 ------7-Oct Wauwatosa WI GO Prom 5,335 10 am C Baird Quarles & Brady 21-30 --- Aaa ------7-Oct Wauwatosa WI GO Corp Purp 8,600 10 am C Baird Quarles & Brady 21-40 --- Aaa ------7-Oct

Tuesday, October 27 Central Arkansas Wtr AR Wtr Ref Rev (Tax) *7,195 10 am C Stephens Wright Lindsey 21-41 --- Aa2 ------21-Oct Central Arkansas Wtr AR Cap Imp & Ref *13,765 10 am C Stephens Wright Lindsey 28-41 --- Aa2 ------21-Oct Central Arkansas Wtr AR Cap Imp & Ref *32,920 10 am C Stephens Wright Lindsey 27-42 --- Aa2 ------21-Oct Eureka Springs SD #21 AR Ref 9,995 11 am C First Sec Beardsley Friday Eldredge 22-40 --- Aa2 ------BQ 22-Oct Carpinteria USD CA GO Ref (Tax) *14,000 9:45 am P Piper Sandler Stradling Yocca 21-40 ------AAA ------15-Oct Carpinteria USD CA GO (Tax) *30,000 9 am P Piper Sandler Stradling Yocca 34-48 ------AAA ------15-Oct Dublin USD CA GO Ref *29,175 9:30 am P KNN Public Finance Jones Hall 34-39 --- Aa1 AA+ ------19-Oct Longmont CO Open Space *17,855 9:30 am M Hilltop Securities Butler Snow 21-34 --- A1 A ------20-Oct Litchfield (Town) CT GO *2,125 11:30 am E Hilltop Securities Joseph Fasi 21-35 ------AA+ ------BQ 20-Oct Black Hawk County IA GO *14,000 10:30 am C Speer Financial Ahlers & Cooney 21-30 ------15-Oct River Grove SD #85 1/2 IL GO Ref (Tax) *435 10 am C PMA Securities Chapman and Cutler 25-27 ------15-Oct River Grove SD #85 1/2 IL GO Sch *4,930 10 am C PMA Securities Chapman and Cutler 26-40 ------BQ 15-Oct Barr-Reeve Comm Sch IN First Mtg *4,770 11 am E Baker Tilly MA Ice Miller 21-40 ------AA+ ------BQ 7-Oct

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

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

007_BB102320 7 10/22/2020 4:13:36 PM New Issues Friday, October 23, 2020 8 The Bond Buyer

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Concord Comm Schs IN GO *7,250 11:30 am E Baker Tilly MA Ice Miller 21-27 ------BQ 22-Oct Indianapolis-Marion Pub Lib IN GO *5,350 11:30 am E Baker Tilly MA Barnes & Thornburg 21-23 --- Aa1 ------BQ 21-Oct Plainfield Comm Sch Corp IN GO 1,000 11 am E Financial Solutions Ice Miller 21-23 ------BQ 2-Oct Andover KS GO Ref *4,365 11 am C Piper Sandler Triplett Woolf 21-33 ------BQ 22-Oct Clearwater KS GO Temp *1,825 11 am C Ranson Fin Group Gilmore & Bell 21-24 ------BQ 16-Oct Newton KS GO Tax Increment *1,920 10 am C Baker Tilly MA Gilmore & Bell 21-30 ------29-Sep Newton KS GO Imp Ref *9,710 10 am C Baker Tilly MA Gilmore & Bell 21-40 ------29-Sep Bellevue KY GO Pub Project Ref *3,100 11 am E RSA Advisors, LLC Calfee Halter 21-40 ------AA------BQ 21-Oct Nicholasville KY GO *38,715 12 pm E RSA Advisors, LLC Dinsmore Shohl 21-41 ------21-Oct Plainville (Town) MA GO Muni Purp Loan *13,245 11 am E Hilltop Securities Locke Lord 21-40 ------22-Oct Auburn ME GO 10,110 11 am E Moors & Cabot Pierce Atwood 21-30 ------19-Oct Burnsville MN GO 20,570 10 am C Ehlers Kennedy & Graven 21-40 ------19-Oct Minnesota MN Gen Fund Oblig (Tax) *65,945 10:30 am C PFM Fin Advisors Kutak Rock 23-41 ------AA+ ------22-Oct Richfield MN GO Ref *3,255 10:30 am C Ehlers Kennedy & Graven 22-33 ------BQ 16-Oct Shoreview MN GO *10,000 10:30 am C Baker Tilly MA --- 22-36 ------14-Oct Park Hill SD MO GO Ref *31,910 10 am C Piper Sandler Gilmore & Bell 21-30 ------AA+ ------20-Oct Apex (Town) NC GO Ref (Tax) *28,725 11 am E Davenport Womble Bond 22-37 --- Aaa AAA ------19-Oct Hudson County NJ Gen Imp 223,086 11:15 am E NW Financial Group Wilentz Goldman 21-41 ------20-Oct Roselle Borough NJ GO 9,320 11 am E Acacia Fin Group Gibbons P.C. 21-44 ------15-Oct New Mexico NM Severance Tax *95,955 8:30 am M Fiscal Strategies Rodey, Dickason 21-30 --- Aa2 AA------19-Oct Amherst (Town) NY Pub Imp *11,491 11 am E Capital Markets Adv Harris Beach 21-43 ------20-Oct Oakfield Vlg NY Pub Imp *564 11:30 am E Municipal Solutions Hodgson Russ 21-34 ------BQ 6-Oct P Pelham UFSD NY Sch Dist Ref *2,460 11 am E Capital Markets Adv Hawkins Delafield 21-25 ------16-Oct P Pelham UFSD NY Sch Dist *57,368 11 am E Capital Markets Adv Hawkins Delafield 21-49 ------16-Oct P Tarrytown Vlg NY Pub Imp Ref *4,465 11 am E Capital Markets Adv Jeffrey E Storch 21-31 ------19-Oct P Tarrytown Vlg NY Pub Imp *7,053 11 am E Capital Markets Adv Jeffrey E Storch 21-38 ------19-Oct P Tarrytown Vlg NY Pub Imp Ref (Tax) *27,885 11 am E Capital Markets Adv Jeffrey E Storch 21-37 ------19-Oct Strongsville OH GO Imp *5,500 11 am E MAS Financial Adv Squire Patton 21-40 ------BQ 20-Oct Lwr Moreland Twp SD PA GO *9,195 11:15 am E PFM Fin Advisors King Spry 21-50 ------BQ 22-Oct Aiken Co Cons SD SC GO *18,500 11 am E Compass Muni Adv Burr & Forman 21-25 --- Aa1 AA ------19-Oct Rutherford County TN GO Ref (Tax) *64,400 9:30 am C Stephens Bass Berry 21-32 ------Today Montgomery Co MUD #92 TX Unltd Tax 3,350 10 am C GMS Group Allen Boone 24-43 ------BQ 14-Oct Northtown MUD TX Unltd Tax 10,000 10 am C Public Fin Group McCall Parkhurst 21-33 ------21-Oct Schertz TX GO Ref *7,705 11 am C SAMCO Cap Mkts Norton Rose 22-36 ------BQ 19-Oct Whitewright ISD TX Unltd Tax *6,490 10 am C USCA Municipal McCall Parkhurst 21-33 ------BQ 22-Oct Culpeper Co Econ Dev Auth VA Pub Fac *4,595 10:30 am E Davenport Haneberg Hurlbert 22-31 --- Aa2 AA AA+ ------21-Oct Culpeper County VA GO Ref *8,685 10 am E Davenport Haneberg Hurlbert 22-32 --- Aa1 AA+ AAA ------21-Oct Virginia Res Auth VA Rev *21,735 10:30 am E Davenport McGuireWoods 21-40 --- Aa1 AA ------22-Oct Virginia Res Auth VA Rev (Tax) *26,565 12:30 pm E Davenport McGuireWoods 21-45 ------22-Oct Virginia Res Auth VA Infrastructure Rev *48,595 10 am E Davenport McGuireWoods 21-40 --- Aaa AAA ------22-Oct Alderwood Wtr & Wstwtr Dist WA Wtr & Swr Rev Ref (Tax) *23,000 9 am P Piper Sandler Pacifica Law Group 21-43 ------22-Oct Alderwood Wtr & Wstwtr Dist WA Wtr & Swr Rev Ref *54,000 8:30 am P Piper Sandler Pacifica Law Group 21-39 ------22-Oct Edmonds WA Wtr & Swr Rev *13,945 8:30 am P Northwest Muni Advs Foster Garvey 39-45 ------AA ------5-Oct Evergreen SD #114 WA Unltd Tax GO *230,550 8:30 am P Educational Svc 112 Pacifica Law Group 21-39 ------19-Oct King County WA GO *53,415 7:45 am P Piper Sandler Pacifica Law Group 21-50 --- Aaa AAA AAA ------20-Oct King County WA GO (Tax) *73,830 8:15 am P Piper Sandler Pacifica Law Group 21-34 --- Aaa AAA AAA ------20-Oct Brown County WI GO Ref *7,500 10 am C PMA Securities Quarles & Brady 21-30 --- Aaa ------BQ 6-Oct Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 22-25 --- Aa1 ------19-Oct

Wednesday, October 28 DeWitt SD #1 AR Cons Bds 4,630 11 am C First Sec Beardsley Friday Eldredge 22-44 --- Aa2 ------BQ 22-Oct Novato USD CA GO *101,000 9:30 am P Isom Advisors Dannis Woliver 22-45 ------21-Oct Clermont IA GO Corp Purp *775 11 am C Speer Financial Dorsey & Whitney 22-40 ------BQ 15-Oct Davenport IA GO *24,665 10 am C PFM Fin Advisors Dorsey & Whitney 22-36 --- Aa3 AA ------21-Oct Denver Comm SD IA Sch *8,840 12 pm C Piper Sandler Ahlers & Cooney 22-41 ------A+ ------BQ 16-Oct Winfield Pk Dt IL GO Park *5,400 11 am C Speer Financial Chapman and Cutler 22-40 ------BQ 16-Oct Lowell (Town) IN GO *995 11 am E Financial Solutions Taft Stettinius 21-28 ------BQ 13-Oct North Miami Comm Schs IN GO *1,500 11 am E Baker Tilly MA Ice Miller 21-33 ------BQ 22-Oct

008_BB102320 8 10/22/2020 4:13:37 PM Friday, October 23, 2020 New Issues www.bondbuyer.com 9

Thursday, October 29 Hermitage SD #12 AR Ref 1,025 11 am C First Sec Beardsley Friday Eldredge 21-38 ------BQ 22-Oct Colorado Wtr Res Pwr Dev Auth CO Rev *11,220 9 am M Ramirez Norton Rose 21-50 ------Today Southeast Polk Comm SD IA GO *92,000 10 am C PFM Fin Advisors Ahlers & Cooney 22-36 ------Today Naperville IL GO *35,190 11:15 am C Speer Financial Katten Muchin 21-40 ------21-Oct Winnetka Vlg IL GO Ref (Tax) *12,315 10:45 am C Speer Financial Chapman and Cutler 21-40 ------19-Oct Clay Twp of Hamilton Co IN GO *3,530 11 am E Crowe LLP Kroger Gardis 21-40 ------BQ 22-Oct Clay Twp of Hamilton Co IN GO *4,305 11 am E Crowe LLP Kroger Gardis 21-40 ------BQ 22-Oct Bowling Green ISD Fin Corp KY Sch Bldg Rev 17,700 12 pm E Baird Frost Brown 21-40 ------Today Campbell Co SD Fin Corp KY Sch Bldg Rev *900 11:30 am E RSA Advisors, LLC Dinsmore & Shohl 21-40 ------BQ Today Newaygo County MI GO Ref (Tax) *2,725 11 am E PFM Fin Advisors Dickinson Wright 21-25 ------20-Oct Bergen County NJ Gen Imp (Tax) 6,670 11:15 am E NW Financial Group Waters McPherson 21-30 ------22-Oct Bergen County NJ GO 36,300 11:15 am E NW Financial Group Waters McPherson 21-35 ------22-Oct Parsippany-Troy Hills Twp NJ GO *14,745 11 am E --- McManimon Scotland 21-32 ------22-Oct Waterford Twp NJ GO 3,438 11:30 am E Phoenix Advisors Parker McCay 21-31 ------BQ 22-Oct Naples Vlg NY Bond Antic 290 11 am E Municipal Solutions --- 23 ------6-Oct Wheatland (Town) NY Ref Sch 700 11:30 am E Municipal Solutions --- 21-31 ------6-Oct Jenks OK GO 20,500 11:30 am C Baker Group Johanning & Byrom 22-40 ------22-Oct North Charleston SC GO Ref *7,800 11 am E First Tryon Advisors Haynsworth Sinkler 21-25 ------21-Oct Sioux Falls SD Sales Tax Rev *39,500 10:15 am C PFM Fin Advisors Perkins Coie 21-40 --- Aa1 ------Today Bell Co MUD #1 TX Unltd Tax 3,275 9:30 am C Public Fin Group McCall Parkhurst 21-42 --- Baa3 ------BQ 21-Oct Lakeside Wtr Cntr & Imp #2A TX Unltd Tax 5,500 10:30 am C Specialized Pub Fin State Atty General ------BQ 19-Oct Williamson Co MUD #12 TX Unltd Tax 11,000 12 pm C Specialized Pub Fin State Atty General 21-48 ------14-Oct Weber County UT GO Ref (Tax) *28,200 9:15 am M Zions Pub Fin Gilmore & Bell 21-34 ------21-Oct Alexandria VA GO Ref (Tax) *60,295 10:15 am E Davenport McGuireWoods 23-35 --- Aaa AAA ------Today Snohomish County WA GO Ref *3,035 8:45 am P Northwest Muni Advs Hillis Clark 21-35 ------5-Oct Snohomish County WA GO Ref *75,995 8:15 am P Northwest Muni Advs Hillis Clark 21-40 ------5-Oct Milwaukee WI GO Ref *120,000 10 am C PFM Fin Advisors Katten Muchin 30 ------A AA------16-Oct For complete listings go to www.bondbuyer.com

009_BB102320 9 10/22/2020 4:13:38 PM New Issues Friday, October 23, 2020 10 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 Tuesday, October 27 P Pinellas Co SD FL Tax Antic *85,000 11 am E Ford & Associates Nabors Giblin 21 ------15-Oct Charlemont (Town) MA Bond Antic 500 11 am E UniBank Fiscal Adv --- 21 ------BQ 22-Oct Dunstable (Town) MA Bond Antic 213 11 am E UniBank Fiscal Adv --- 21 ------BQ 14-Oct Boonton (Town) NJ Bond Antic 761 11 am E Municipal Official Hawkins Delafield 21 ------BQ 22-Oct Eatontown Borough NJ Bond Antic 1,576 11 am E Municipal Official Archer & Greiner 21 ------BQ 22-Oct Hammonton (Town) NJ Bond Antic (Tax) 548 11 am E Municipal Official Wilentz Goldman 21 ------21-Oct Hammonton (Town) NJ Bond Antic 1,667 11 am E Municipal Official Wilentz Goldman 21 ------BQ 21-Oct Haworth Borough NJ Bond Antic 1,618 11 am E Municipal Official Rogut McCarthy 21 ------BQ 22-Oct Maywood Borough NJ GO Bond Antic 8,498 11 am E Municipal Official Rogut McCarthy 21 ------BQ 21-Oct Ocean Twp (Ocean Co) NJ Bond Antic 1,449 11 am E Municipal Official Fleishman Daniels 21 ------BQ 22-Oct Pohatcong Twp NJ Bond Antic 920 11 am E Phoenix Advisors Gibbons P.C. 21 ------BQ 22-Oct Roselle Borough NJ Bond Antic 8,034 10:45 am E Acacia Fin Group Gibbons P.C. 21 ------BQ 22-Oct Vineland NJ Bond Antic 16,400 11:30 am E Phoenix Advisors McManimon Scotland 21 ------22-Oct Weehawken Twp NJ Bond Antic 952 10:30 am E NW Financial Group JP CAPIZZI LLC 21 ------21-Oct Weehawken Twp NJ Bond Antic (Tax) 2,500 10:45 am E NW Financial Group JP CAPIZZI LLC 21 ------21-Oct Wood-Ridge Borough NJ Bond Antic 2,923 11:30 am E Municipal Official McManimon Scotland 21 ------BQ 22-Oct Amherst (Town) NY Bond Antic *37,390 11 am E Capital Markets Adv Harris Beach 21 ------22-Oct Greenport UFSD NY Tax Antic *3,500 11 am E Munistat Services Hawkins Delafield 21 ------BQ 19-Oct Southold UFSD NY Tax Antic *3,800 11 am E Munistat Services Hawkins Delafield 21 ------BQ 19-Oct Richland County WI GO Prom (Tax) 1,050 10 am C Wisconsin Pub Fin Quarles & Brady 21 ------19-Oct

Wednesday, October 28 Florham Pk Borough NJ Bond Antic *2,621 11 am E Municipal Official Pearlman & Miranda 21 ------BQ 22-Oct North Arlington Borough NJ GO Bond Antic 7,050 11 am E Municipal Official Rogut McCarthy 21 ------BQ Today Rochelle Pk Twp NJ GO Bond Antic 2,084 11 am E Municipal Official Rogut McCarthy 21 ------BQ 21-Oct Westfield (Town) NJ GO Bond Antic 7,165 11 am E Municipal Official Rogut McCarthy 21 ------BQ 20-Oct Bethpage UFSD NY Tax Antic *7,500 11 am E Capital Markets Adv Hawkins Delafield 21 ------BQ 22-Oct Bridgeport Fire District NY Bond Antic 1,550 11 am E Bernard P. Donegan Timothy R. McGill 21 ------BQ 16-Oct Cortland NY GO Bond Antic 12,835 11 am E Fiscal Adv & Mkt Bond Schoeneck 21 ------20-Oct Kingston CSD NY Bond Antic 42,000 11 am E Capital Markets Adv Orrick Herrington 21 ------21-Oct Suffern Vlg NY Bond Antic 2,059 11 am E Capital Markets Adv Hawkins Delafield 21 ------BQ 21-Oct Valley Stream UFSD #24 NY Tax Antic *3,000 11 am E Munistat Services Hawkins Delafield 21 ------BQ 21-Oct Waterville Ctrl SD NY Bond Antic 351 10:45 am E Fiscal Adv & Mkt Timothy R. McGill 21 ------BQ 20-Oct

Thursday, October 29 Barnegat Light Borough NJ Bond Antic 3,989 11 am E Phoenix Advisors GluckWalrath 21 ------BQ 22-Oct Garwood Borough NJ Bond Antic 3,905 11 am E Municipal Official Rogut McCarthy 21 ------BQ 21-Oct Montville Twp NJ Bond Antic 2,700 11:30 am E Phoenix Advisors McManimon Scotland 21 ------BQ Today Waterford Twp NJ Bond Antic 1,980 11:15 am E Phoenix Advisors Parker McCay 21 ------BQ Today Binghamton CSD NY Bond Antic 23,830 10:30 am E Fiscal Adv & Mkt ------20-Oct Hartford Ctrl SD NY Bond Antic 405 11 am E Bernard P. Donegan Bartlett Pontiff 21 ------BQ 19-Oct LaGrange (Town) NY Bond Antic 2,780 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 20-Oct Williamson Ctrl SD NY Bond Antic 270 11 am E Fiscal Adv & Mkt Timothy R. McGill 21 ------BQ 16-Oct

Tuesday, November 3 Guilderland Ctrl SD NY Bond Antic 17,500 11 am E Fiscal Adv & Mkt ------20-Oct Keene Ctrl SD NY GO Bond Antic 2,000 10:45 am E Fiscal Adv & Mkt Bond Schoeneck 21 ------BQ 20-Oct

Wednesday, November 4 E Bloomfield Ctrl SD NY Bond Antic 5,000 11 am E Fiscal Adv & Mkt ------BQ 19-Oct

Thursday, November 5 Oak Lawn Pk Dt IL GO *2,136 10:15 am C Speer Financial Chapman and Cutler 21 ------BQ Today Carrollton (Town) NY Bond Antic 270 11:30 am E Municipal Solutions --- 21 ------Today Central Square Ctrl SD NY Bond Antic 11,995 11:15 am E Fiscal Adv & Mkt ------19-Oct Gowanda Vlg NY Bond Antic 1,139 11 am E Municipal Solutions --- 21 ------Today For complete listings go to www.bondbuyer.com

010_BB102320 10 10/22/2020 4:13:39 PM Friday, October 23, 2020 New Issues www.bondbuyer.com 11

Negotiated Bond Offerings Compiled by IHS Markit

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

Week Of October 19 Nash TX Combined Tax Rev 2,800 Service Asset Hilltop Securities BAM --- AA ------Today

Week Of October 26 North Slope Borough AK GO Sch 5,815 KeyBanc Cap Mkts JD Cap Mkts ------21-Oct North Slope Borough AK GO 60,225 KeyBanc Cap Mkts JD Cap Mkts ------21-Oct James Fork Reg Wtr Dt AR Wtr Ref Rev 9,560 Stephens --- BAM ------Today S Arkansas Univ BOT AR Rev 7,595 Stephens ------Today Pima Co Indl Dev Auth AZ Ed Facs Rev 87,130 Piper Sandler Choice Advisors ------Today Prescott Vly (Town) AZ Rev Ref 19,670 Stifel Nicolaus ------Today Prescott Vly (Town) AZ Rev Ref (Tax) 5,630 Stifel Nicolaus ------Today Apple Vly USD CA Certs of Part 14,715 UBS Financial Svcs ------Today Arcadia CA Pension (Tax) 89,930 Stifel Nicolaus ------22-Oct California Muni Fin Auth CA Ref Rev 35,615 Morgan Stanley ------Today California Muni Fin Auth CA Ref Rev (Fwrd) 20,420 Morgan Stanley ------Today California Muni Fin Auth CA Rev 3,225 Piper Sandler ------Today California Muni Fin Auth CA Ref Rev 13,425 Piper Sandler ------Today California Poll Cntr Fin Auth CA Bond Antic (Tax) 25,000 Piper Sandler ------Today California Pub Fin Auth CA Ed Facs Rev 27,510 RBC Capital Mkts ------14-Oct California Pub Wks Bd CA Lease Rev Ref (Fwrd) 508,295 Wells Fargo Secs ------AA- --- Today California Sch Fin Auth CA Fac Rev 9,715 Piper Sandler ------Today Chowchilla ESD CA GO 5,000 RBC Capital Mkts ------Today Conejo Vly USD CA GO (Tax) 5,000 Wells Fargo Secs ------Today Lake Elsinore Redev Agy Succ Agy CA Tax Alloc 8,000 Stifel Nicolaus ------16-Oct Lodi USD CA GO 10,000 Stifel Nicolaus ------Today Los Angeles Comm Coll Dt CA GO Ref (Tax) 1,794,935 BofA Securities ------Today Los Angeles USD CA GO 889,970 Goldman Sachs ------16-Oct Los Angeles USD CA GO 167,090 Goldman Sachs ------Today Madera County CA Special Tax 12,350 Stifel Nicolaus ------Today Milpitas Muni Fin Auth CA Lease Rev 18,710 Stifel Nicolaus ------Today Placentia Pub Fin Auth CA Lease Rev (Tax) 53,000 Stifel Nicolaus ------Today Redding CA Wstwtr Rev Ref 52,665 JPMorgan PFM Fin Advisors ------AA ------Today Riverside Co Comm Facs Dt #07-2 CA Special Tax 27,220 Stifel Nicolaus --- AGM ------24-Oct San Bruno Pk SD CA GO (Tax) 1,770 Raymond James ------Today San Bruno Pk SD CA GO 24,230 Raymond James ------Today Tulare CA Swr Rev Ref 20,475 Morgan Stanley ------Today Tulare CA Swr Rev Ref (Tax) 17,355 Morgan Stanley ------Today United Wtr Conserv Dt CA Certs of Part 26,575 JPMorgan ------Today 2000 Holly Metro Dt CO GO 5,112 Wells Fargo Secs ------Today Belford North Metro Dt CO Ltd Tax GO 39,155 D.A. Davidson ------Today Colliers Hill Metro Dt #3 CO Ltd Tax GO 26,150 D.A. Davidson ------Today Dacono CO Certs of Part 6,500 Piper Sandler --- BAM ------Today Monument (Town) CO COPs 15,410 Piper Sandler --- AGM ------Today North Range Metro Dt #3 CO Limited Tax 49,125 D.A. Davidson North Slope Cap Adv ------Today Pueblo City-Co Lib Dt CO COPs (Tax) 8,235 Stifel Nicolaus ------Today Pueblo City-Co Lib Dt CO COPs 6,500 Stifel Nicolaus ------Today Sterling Ranch Comm Auth Bd CO Limited Tax 39,574 Jefferies Piper Sandler ------15-Oct Thompson Crossing Metro Dt #6 CO GO Ref & Imp 3,860 D.A. Davidson ------Today Triview Metro Dt CO Wtr & Wstwtr Rev Ref 11,115 Piper Sandler --- BAM ------Today Velocity Metro Dt #5 CO Ltd Tax GO 38,137 D.A. Davidson Piper Sandler ------Today Woodmen Heights Metro Dt #2 CO Ltd Tax GO 13,566 D.A. Davidson ------Today For complete listings go to www.bondbuyer.com Negotiated Note Offerings Compiled by IHS Markit

Week Of October 19 Burlington Co Bridge Comm NJ Lease Rev 56,995 PNC Capital Markets ------15-Oct Monmouth Co Imp Auth NJ Note (Tax) 23,265 Raymond James NW Financial Group ------19-Oct

011_BB102320 11 10/22/2020 4:13:40 PM Market Statistics Friday, October 23, 2020 12 The Bon d Buyer

Market Indicators Dollar amounts are in millions

Day’s 2020 2020 Current Previous 2020 2020 Daily Yesterday Change High Date Low Date Weekly 10/22/20 10/15/20 High Date Low Date Municipal Bond Index ...... 133.16 +1/32 140.05 (3/9) 119.16 (3/20) 40 Average Dollar Price ...... 107.62 +0.02 110.82 (8/10) 96.78 (3/20) Bond Buyer Revenue Bond Index . . . . . 2.79% 2.77% 3.34% (4/2) 2.44% (8/6) Average Yield to Par Call ...... 2.65 –0.01 4.70 (3/20) 1.86 (3/9) Bond Buyer 20-Bond Index ...... 2.37% 2.35% 2.84% (4/2) 2.02% (8/6) Average Yield to Maturity ...... 3.63 unch 4.31 (3/20) 3.35 (3/9) Bond Buyer 11-Bond Index ...... 1.90% 1.88% 2.37% (4/2) 1.55% (8/6)

Wk of 10/23/2020 Wk of 10/16/2020 Wk of 10/9/2020 Wk of 10/18/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $16,370.1 $6,451.2 $15,816.3 $13,194.9 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 10,486.6 3,199.3 10,261.8 10,056.0 Total (Oct. 23) ...... $19,540.3 +3,839.4 $24,255.6 (10/19) $7,051.7 (1/29) Competitive Bonds...... 5,883.5 3,251.9 5,553.4 2,879.4 Competitive ...... 3,965.9 –919.8 8,391.2 (10/19) 1,325.0 (3/24) Short-Term Notes...... 454.4 497.9 462.2 359.7 Negotiated ...... 15,574.4 +4,759.2 16,841.0 (10/13) 4,084.5 (2/19) Long-Term Bond Sales Thru 10/23/2020 Thru 10/16/2020 Thru 10/9/2020 Thru 10/18/2019 Month to Date...... $44,200.6 $27,830.5 $21,379.3 $33,870.9 Year to Date ...... 393,109.8 376,739.7 370,288.6 314,605.5 The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com. day”schedule.

Short-Term Tax-Exempt Yields

Oct. 22, 2020 Oct. 21, 2020 Oct. 24, 2019 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.21 0.21 0.94 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 3.55 3.55 1.18 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.22 0.22 1.15 Weekly Averages Monthly Averages

10/16 6,593,527 15,479,388 22,072,914 Sep_20 4,298,532 10,376,432 14,674,964 Municipal Market Data 10/09 6,623,447 12,417,597 19,041,044 Aug 3,028,801 11,643,281 14,672,083 One-Month Note (MIG-1) ...... 0.13 0.13 1.16 10/02 4,833,269 10,413,038 15,246,307 Jul 3,105,291 10,327,625 13,432,916 Two-Month ...... 0.14 0.14 1.16 09/25 4,018,092 11,668,416 15,686,508 Jun 2,743,299 10,739,739 13,483,038 Three-Month ...... 0.16 0.16 1.16 09/18 5,170,531 9,495,869 14,666,400 May 2,573,712 8,924,640 11,498,352 Four-Month...... 0.17 0.17 1.16 09/11 4,699,956 9,605,407 14,305,363 Apr 1,896,160 11,831,347 13,727,507 Five-Month ...... 0.18 0.18 1.17 09/04 2,549,129 11,257,801 13,806,929 Mar 2,330,672 11,328,615 13,659,287 Six-Month ...... 0.19 0.19 1.18 08/28 1,603,164 12,513,841 14,117,005 Feb 3,488,285 6,834,552 10,322,837 Nine-Month...... 0.21 0.21 1.22 08/21 2,664,302 12,951,809 15,616,111 Jan 3,686,529 6,255,930 9,942,460 One-Year ...... 0.22 0.22 1.25 08/14 4,340,046 10,208,796 14,548,842 Dec 2,415,545 8,879,401 11,294,946 08/07 3,704,647 10,374,496 14,079,142 Nov 3,001,881 12,458,477 15,460,358 Variable-Rate Demand (Non-AMT/AMT) 07/31 1,693,472 10,075,327 11,768,799 Oct 3,948,065 10,035,436 13,983,501 Daily General Market ...... 0.12/0.15 0.12/0.15 1.17/1.24 07/24 2,560,298 8,953,749 11,514,046 Sep 2,908,169 9,016,317 11,924,486 Oct. 22, 2020 Oct. 15, 2020 Oct. 24, 2019 The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the Seven-Day General Markets ...... 0.21/0.27 0.20/0.25 1.31/1.33 negotiated supply has been reported since 1971. Oct. 14, 2020 Oct. 7, 2020 Oct. 16, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.12 0.11 1.29

Visible Supply Increases Municipal Market Data General Obligation Yields

27 Aaa Aa Insured A Baa Sep. 10 – Oct. 23, 2020 24 2021 0.17 0.22 0.21 0.28 1.15 21 2022 0.18 0.24 0.25 0.31 1.22 18 2025 0.28 0.38 0.46 0.57 1.44 15 2030 0.96 1.11 1.19 1.30 2.22

12 2035 1.31 1.51 1.57 1.74 2.69

9 2040 1.52 1.73 1.78 1.95 2.90

6 2045 1.69 1.90 1.94 2.11 3.06

3 2050 1.74 1.95 2.00 2.17 3.12

0 Figures are as of 3 pm Eastern time Oct. 22, 2020. Yields represent the fair market offer side for most liquid and available credits in each 9/10 9/15 9/18 9/23 9/28 10/1 10/6 10/9 10/15 10/20 10/23 ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright Competitive Negotiated property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

012_BB102320 12 10/22/2020 4:51:15 PM Friday, October 23, 2020 Market Statistics www.bondbuyer.com 13

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

Treasury Bills Offer Amount Yesterday’s Prev. Day’s Yesterday’s Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 10/22 39.4 Springfield, Mass., (AA) ...... 0.30 0.50 1.28 2.15 2.50 … … (in percent of discount) Bid/Offer Bid/Offer Bid Yield 10/22 24.0 Folsom Cordova USD, Calif., (Aa3/AA–) . . . 0.45 1.00 1.00 1.90 2.50 … … 1M — 11/17/2020 ...... 0 075/65. 0 075/70. 0 076 . 10/22 22.2 Colts Neck Twp, N.J., (Aa1) ...... 0.30 0.40 1.25 2.10 2.35 2.52 … 10/22 17.7 Calvert Co Comm, Md., (Aaa/AAA/AAA) . . . 0.25 0.65 1.40 2.05 … … … 3M — 01/21/2020 ...... 0 090/85. 0 095/90. 0 091 . 10/22 60.0 S Orange-Maplewood BOE, N.J., (A3) . . . . … 0.69 1.65 2.20 2.45 2.70 … 6M — 04/22/2020 ...... 0 110/105. 0 115/110. 0 112 . 10/22 8.0 W Lafayette Pub Lib Lsg, Ind., (A–) ...... 0.70 0.10 1.70 1.90 … … …

Treasury Notes and Bonds Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Yesterday’s Prev. Day’s Yesterday’s Aaa – AAA 10/21 9.0 Lenexa, Kan., ...... 0.25 0.34 1.00 … 1.75 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 10/21 5.5 North Haven (Town), Conn., ...... … 0.35 1.00 1.90 2.20 … … 2Y — 0 .13% due 09/2022 . . . . 99 29+/306. 99 296/310. 0 165. 10/21 4.5 Sedgwick County, Kan., ...... 0.20 0.35 1.00 1.50 1.75 … … 5Y — 0 .25% due 09/2025 . . . . 99 11+/130. 99 15+/170. 0 381. 10/20 46.5 Cary (Town), N.C., ...... 0.25 0.64 1.45 1.90 … … … 10/20 30.8 Charles Co Comm, Md., ...... 0.25 0.65 1.35 2.00 2.25 2.45 … 10Y — 0 .62% due 08/2030 . . . . 97 262/282. 98 052/072. 0 857. 10/20 23.6 Wayland (Town), Mass., ...... 0.17 0.31 1.10 1.80 2.00 … … 30Y — 1 .25% due 08/2050 . . . . 93 050/070. 94 030/050. 1 667. 10/15 163.2 Cook Co Comm Coll Dt #512, Ill., ...... 0.34 0.61 1.41 2.21 2.11 … … 10/15 110.3 Virginia, Va., ...... 1.14 0.27 0.85 1.77 1.98 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 10/14 4.4 Harrison Vlg, N.Y., ...... 1.17 0.32 1.15 1.80 2.11 … … 10/14 5.8 Johnson Co Pub Bldg, Kan., ...... 0.20 0.45 1.15 … 2.20 … … 10/13 38.9 Plymouth, Minn., ...... … 0.32 1.05 1.78 2.06 … … Barclays Capital Long Treasury Bond Index 10/13 12.3 Cook Co SD #30, Ill., ...... 0.35 0.60 1.40 2.00 2.55 … … Index Value Yield Index Total Aa1/Aa2/Aa3 – AA+/AA/AA– Yesterday Prev. Day Change Yesterday Prev. Day Change Return 10/21 142.1 Virginia Pub Sch Auth, Va., ...... 0.22 0.38 1.11 2.05 2.30 2.52 2.57 10/21 51.4 Braintree (Town), Mass., ...... 0.21 0.40 1.16 2.00 2.25 2.50 … Close 4828 75. 4848 51. –19 76. 1 49. 1 41. +0 08. 4728 75. 10/21 46.5 Spotsylvania County, Va., ...... 0.22 0.40 1.05 1.78 2.02 … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 10/20 70.0 Berkeley USD, Calif., ...... … 0.26 0.94 1.60 2.15 2.41 2.46 10/20 32.9 Toombs Co Pub Facs Auth, Ga., ...... 0.28 0.55 1.15 2.00 2.28 2.42 2.50 (Jan. 1 1973 = 100). 10/20 22.3 N Kentucky Wtr Dt, Ky., ...... 0.30 0.55 1.36 2.12 … … … 10/19 11.8 Fox Crossing Vlg, Wis., ...... 0.35 0.60 1.40 1.90 2.30 … … 10/19 6.9 Martin County, Minn., ...... … 0.45 1.05 1.55 1.80 … … 10/16 29.0 Scituate (Town), Mass., ...... 0.17 0.36 1.10 1.75 2.05 … … 10/15 88.5 North Dakota Bldg Auth, N.D., ...... 0.24 0.54 1.28 1.70 1.91 … … 10/15 84.6 Univ of Minnesota Regents, Minn., ...... 0.40 0.75 1.50 1.95 2.50 2.87 … State and Local Government Series Rates 10/15 40.3 Louisville/Jefferson Co Metro, Ky., ...... 0.30 0.45 1.63 2.14 2.40 … … A1/A2/A3 – A+/A/A– Friday Monday Tuesday Wednesday Thursday 9/30 8.0 Kentucky Rural Wtr Fin, Ky., ...... 0.30 0.65 1.30 2.10 2.30 2.40 … Oct. 16 Oct. 19 Oct. 20 Oct. 21 Oct. 22 9/24 21.8 Arkansas City, Ks., ...... 0.35 0.55 1.25 1.65 … … … 9/16 5.6 Wallkill Fire Dt, N.Y., ...... 0.40 0.60 1.10 1.60 1.87 2.05 2.16 Overnight*...... 0 07 . 0 07 . 0 07 . 0 07 . 0 07 . 9/16 4.0 Concordia, Kan., ...... 0.30 0.60 1.00 1.20 1.60 … … Three Months...... 0 09 . 0 09 . 0 09 . 0 10 . 0 08 . 9/1 6.2 Marshfield, Wis., ...... 0.25 0.45 1.00 1.59 … … … Six Months...... 0 11 . 0 11 . 0 11 . 0 12 . 0 10 . 8/14 19.4 LaPorte County, Ind., ...... 0.25 0.50 1.05 1.50 1.80 … … Nine Months...... 0 12 . 0 12 . 0 11 . 0 12 . 0 11 . 8/13 4.6 City of Waterville, Maine., ...... 0.28 0.40 1.00 1.55 1.80 … … One Year...... 0 12 . 0 12 . 0 11 . 0 12 . 0 12 . 8/11 4.6 City of Van Alstyne, Tex., ...... 0.30 0.50 1.00 … 1.85 2.05 … Two Years ...... 0 13 . 0 13 . 0 13 . 0 15 . 0 13 . 8/3 31.1 St Joseph, Mo., ...... … 0.55 1.20 1.80 2.05 … … Three Years...... 0 17 . 0 18 . 0 18 . 0 19 . 0 19 . 7/22 5.0 Junction City, Kan., ...... 0.40 0.80 1.30 2.00 … … … Four Years...... 0 23 . 0 25 . 0 25 . 0 26 . 0 26 . 7/21 4.2 Dodge City, Kan., ...... 0.28 0.45 1.00 1.35 1.65 … … Five Years...... 0 31 . 0 33 . 0 33 . 0 35 . 0 35 . 7/14 1.8 Ellsworth, Kan., ...... 0.35 0.60 1.10 … 1.75 … … Six Years...... 0 42 . 0 44 . 0 45 . 0 47 . 0 46 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 52 . 0 54 . 0 55 . 0 58 . 0 57 . Eight Years...... 0 60 . 0 62 . 0 64 . 0 67 . 0 66 . Nine Years...... 0 68 . 0 70 . 0 72 . 0 75 . 0 74 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 75 . 0 77 . 0 79 . 0 82 . 0 81 . 15 Years...... 1 06 . 1 08 . 1 10 . 1 14 . 1 13 . Performance Comparisons for Oct. 19, 2020 20 Years...... 1 30 . 1 32 . 1 35 . 1 39 . 1 37 . Aaa–Baa Rated Corporates 25 Years...... 1 45 . 1 47 . 1 50 . 1 54 . 1 53 . Index Avg. Pct.of Total Return% 30 Years...... 1 53 . 1 54 . 1 57 . 1 62 . 1 60 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3480.24 2.05 100.00 +0.36 +7.12 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2242.30 1.48 64.19 +0.14 +6.08 Industrials 809.30 1.46 34.70 +0.16 +5.79 Utilities 794.02 1.53 5.70 +0.15 +7.12 Finance 788.07 1.63 8.33 +0.15 +5.67 Banks 833.54 1.35 16.99 +0.09 +6.40 Canadians/Yankees 740.66 1.31 34.43 +0.13 +5.64 Long-term (10 years and over) 3749.95 3.09 35.81 +0.75 +9.09 MARKET Industrials 1438.02 3.10 22.31 +0.73 +8.37 Utilities 1440.50 3.08 7.10 +0.81 +10.49 STATISTICS Finance 1452.77 3.06 2.94 +0.79 +10.14 For additional market data, please visit Banks 1581.06 2.96 2.81 +0.74 +8.98 bondbuyer.com/marketstatistics. Canadians/Yankees 2022.45 3.21 10.81 +0.78 +8.69 Index values reflect the compounded total return growth of each respective market, with values set at 100 at inception dates. Total return equals the sum of price change, interest income, and reinvestment income.Source: Merrill Lynch & Co.

013_BB102320 13 10/22/2020 4:17:44 PM Market Statistics Friday, October 23, 2020 14 The Bond Buyer

Bond Buyer Indexes Municipal Bond Index Update Average Municipal Bond Yields — Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year NOTE : We have no new bond after September 15, 2020 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2020 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after OCT 22 ...... 2.37 1.90 2.79 0.86 1.67 the October 15 pricings. The list will be revised at the next regularly scheduled revision on 15 ...... 2.35 1.88 2.77 0.74 1.52 October 30. 8 ...... 2.35 1.88 2.77 0.77 1.57 1 ...... 2.25 1.78 2.67 0.68 1.46 As a result, the coefficient remains at 1.0685, the average coupon rate at 4.11%, the SEP 24 ...... 2.21 1.74 2.71 0.67 1.40 average par call date is August 7, 2026 and the average maturity date is August 25, 2046. 17 ...... 2.22 1.75 2.72 0.69 1.43 10 ...... 2.22 1.75 2.64 0.68 1.42 3 ...... 2.22 1.75 2.64 0.63 1.34 AUG 27 ...... 2.20 1.73 2.62 0.74 1.50 20 ...... 2.15 1.68 2.57 0.65 1.38 13 ...... 2.05 1.58 2.47 0.71 1.42 6 ...... 2.02 1.55 2.44 0.54 1.20 JUL 30 ...... 2.09 1.62 2.51 0.54 1.20 23 ...... 2.10 1.63 2.52 0.59 1.24 16 ...... 2.12 1.65 2.54 0.62 1.31 9 ...... 2.19 1.72 2.61 0.61 1.31 2 ...... 2.21 1.74 2.63 0.68 1.43 JUN 25 ...... 2.21 1.74 2.63 0.68 1.43 18 ...... 2.21 1.74 2.63 0.70 1.47 11 ...... 2.19 1.72 2.61 0.66 1.41 4 ...... 2.16 1.69 2.58 0.82 1.61 MAY 28 ...... 2.16 1.69 2.58 0.70 1.47 21 ...... 2.37 1.90 2.79 0.68 1.40 14 ...... 2.48 2.01 2.90 0.63 1.30 7 ...... 2.60 2.13 3.02 0.63 1.31 APR 30 ...... 2.56 2.09 2.98 0.64 1.28 23 ...... 2.36 1.89 2.86 0.60 1.19 16 ...... 2.25 1.78 2.75 0.62 1.21 9 ...... 2.49 1.99 2.99 0.73 1.35 2 ...... 2.84 2.37 3.34 0.63 1.26

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

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

(2) Revenue bonds maturing in 30 years are used in compiling this index. It has an average rating equivalent to Moody’s A1 and S&P’s A-plus. (No average Fitch rating is provided because Fitch does not rate seven of the bonds.) The bonds and their ratings are: Moody’s S&P Fitch Atlanta, Ga., airport (AMT) ...... Aa3 AA– AA– Connecticut Housing Finance Authority ...... Aaa AAA NR Dallas-Fort Worth International Airport Board, Tex. (AMT)...... A1 A+ A Energy Northwest (formerly WPPSS), Wash., power revenue ...... Aa2 AA– AA– Illinois Health Facilities Financing Authority (Northwestern Memorial Healthcare)...... Aa2 AA+ NR Illinois Housing Development Authority mtg. revenue bonds ...... Aa2 AA NR Intermountain Power Agency, Utah ...... A1 A+ AA JEA (formerly Jacksonville Electric Authority), Fla. electric revenue ...... A2 A+ AA Kentucky Turnpike Authority ...... Aa3 A– NR Los Angeles Department of Water and Power, Calif., electric revenue ...... Aa2 AA AA Massachusetts Port Authority (AMT) ...... Aa2 AA– AA MEAG Power (formerly Municipal Electric Authority of Georgia) ...... A1 A A– Nebraska Public Power District, power supply ...... A1 A+ A+ New Jersey Turnpike Authority, turnpike revenue ...... A2 A+ A New York State Local Government Assistance Corp., revenue ...... Aa1 AA+ NR New York State Power Authority, general purpose ...... Aa1 AA AA North Carolina Municipal Power Agency No. 1, Catawba electric revenue ...... NR A A Port Authority of New York and New Jersey, consolidated (AMT) ...... Aa3 AA– AA– Puerto Rico Electric Power Authority ...... Ca D D Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue ...... Aa1 AA NR South Carolina Public Service Authority, electric revenue ...... A2 A A– Texas Municipal Power Agency ...... A1 A+ A+ Virginia Housing Development Authority ...... Aa1 AA+ NR

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

Weekly Yields of 20-Bond GO Index and Treasury Securities

20-Bond Index 5.00 Treasury Bond 4.00 Treasury Note

3.00

2.00

1.00

0.00 10/24/2019 1/23/2020 4/23/2020 7/23/2020 10/22/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.37 2.35 2.75 2.86 2.02 10-Year Treasury Note 0.86 0.74 1.77 1.92 0.54 STATISTICS 30-Year Treasury Bond 1.67 1.52 2.26 2.40 1.19 Basis Pt Spread to Note –151.00 –161.00 –98.00 –75.00 –221.00 For additional market data, please visit BBI as % of Note 275.58 317.57 155.37 450.79 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –70.00 –83.00 –49.00 –30.00 –158.00 BBI as % of Bond 141.92 154.61 121.68 225.40 113.27

014_BB102320 14 10/22/2020 5:08:41 PM Friday, October 23, 2020 Market Statistics www.bondbuyer.com 15

Municipal Bond Index Municipal Bond Prices Current Day Previous Day Week Ago Month Ago Year Ago These 40 Bonds are evaluated and priced daily by The Bond Buyer Municipal Bond Index 133.16 133.15 133.22 134.27 133.25 Standard & Poor’s Securities Evaluations Inc. Thursday, October 22, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 113.8290 0.9256 122.9786 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 110.7170 0.9628 114.9948 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 108.9190 0.9256 117.6739 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 112.3700 0.9269 121.2321 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 102.1810 0.9269 110.2395 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 101.6940 0.9269 109.7141 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 105.000 unch 3.12 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 112.5290 0.9269 121.4036 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 113.500 unch 2.28 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 107.1750 0.8539 125.5124 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 104.625 unch 2.88 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 105.9850 0.8539 124.1187 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 102.375 +1.250 3.69 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 102.6140 0.8771 116.9924 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 109.875 unch 2.43 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 105.8470 0.8595 123.1495 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 104.6560 0.8595 121.7638 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 107.9500 0.8539 126.4200 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 112.375 unch 0.85 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 107.1830 0.8568 125.0969 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 112.500 unch 0.80 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 108.6680 0.8539 127.2608 A2/-/- Calif Infra and Eco Dev Bnk Ref Rev Bds.3.00 07/01/2050 100.000 unch 2.99 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 102.1640 0.7809 130.8285 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 109.750 unch 2.54 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 103.3880 0.7768 133.0947 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 106.000 unch 2.45 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 102.5210 0.7768 131.9786 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 107.125 unch 2.48 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 108.3300 0.8512 127.2674 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 111.250 unch 2.47 20 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 104.9430 0.8512 123.2883 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 108.625 unch 2.24 21 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 107.0980 0.8568 124.9977 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 107.125 unch 1.80 22 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 112.6000 0.8512 132.2838 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 108.000 unch 2.31 23 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 109.8690 0.8568 128.2318 24 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 106.3270 0.8174 130.0795 HOSPITAL 25 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 111.0190 0.8568 129.5740 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 103.375 unch 2.39 26 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 109.7390 0.8512 128.9227 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 102.500 unch 2.54 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 107.7000 0.8484 126.9448 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 108.875 unch 2.58 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 106.5340 0.8484 125.5705 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 105.875 unch 2.47 29 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 108.8860 0.8568 127.0845 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 110.125 unch 2.52 30 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 111.4980 0.8484 131.4215 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 111.000 unch 2.23 31 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 109.8550 0.8539 128.6509 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 111.500 unch 2.42 32 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 111.2080 0.8512 130.6485 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 102.125 unch 2.58 33 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 110.1610 0.8595 128.1687 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 112.625 unch 2.31 34 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 111.6820 0.8625 129.4864 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 108.375 unch 2.52 35 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 113.5600 0.8484 133.8520 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 108.250 unch 2.90 36 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 108.2110 0.8539 126.7256 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 107.750 unch 2.86 37 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 112.5920 0.8568 131.4099 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 106.500 unch 3.02 38 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 102.3870 0.8539 119.9051 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 109.875 unch 2.57 39 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 100.2550 0.995 100.7588 40 Calif Infra and Eco Dev Bnk Ref Rev Bds. 3.00 07/01/2050 07/01/2030 100.0470 0.7809 128.1176 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 107.125 unch 2.77 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 107.6223 107.5982 107.7737 108.6902 108.3923 POWER Yield To Par Call ...... 2.65 2.66 2.63 2.48 2.76 Yield To Maturity ...... 3.63 3.63 3.62 3.57 3.62 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 110.750 unch 1.94 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 108.875 unch 2.03

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 113.875 unch 0.28 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A2/A/A Metro Transp Auth NY.5.00 11/15/2043 ...... 102.125 + 0.500 4.24 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A2/A/A Metro Transp Auth NY.5.00 11/15/2038 ...... 101.625 + 0.125 4.41 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 100.250 unch 4.70 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 102.625 - 0.375 3.48 The Municipal Bond Index presented today employs the coefficient derived from the October 15, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 112.625 unch 2.11 pricing, when it was set at 1.0685. The average price represents the simple average price of the 40 bonds. The yield to par call is computed from the average price, the average coupon (4.08%), and the average first WATER par call date ( August 07, 2026). Noncallable bonds are included in the par call yield calculations, with their maturity dates serving as their par call dates in the calculations. The yield to maturity is computed Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 106.375 unch 2.51 from the average price, the average coupon, and the average maturity date (August 25, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 111.625 unch 2.33

015_BB102320 15 10/22/2020 5:08:27 PM Friday, October 23, 2020 16 The Bond Buyer

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