Deal Funds Settlement for Flint

Vol. 393 No. 35502 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Thursday, April 29, 2021

THURSDAY Bonds Role Deal Funds www.bondbuyer.com In Equity THE REGIONS Settlement MUNICIPAL SECONDARY TRADING showed a touch of weakness Discussed for the third day Wednesday By Sarah Wynn as end-of-month repositioning For Flint and the May 15th tax dead- Municipal bonds have a signifi- line looms while New Jersey’s cant role to play in achieving racial By Yvette Shields transportation deal was a blow- equity as investors’ appetites grow out. ��2 for social impact bonds. Michigan will issue up to $700 A subcommittee of the House million of taxable private activ- WEB EXCLUSIVES Financial Services Committee ity bonds with Citigroup Global LEADERS: CHRISTOPHER JUMPER OF heard from muni stakeholders on Markets Inc. and Siebert Williams Assured Guaranty, Pat McCoy Wednesday regarding how the Shank & Co. LLC at the helm to of the New York Metropolitan muni market could address dis- fund a settlement that resolves liti- Transportation Authority, parities within itself. Specifically, Bloomberg News gation over the Flint water contam- and Tom Kozlik of Hilltop lawmakers discussed a study that ination crisis. Securities discuss how the found that historically Black col- Rep. Al Green, D-Texas, who led the House committee hearing, said Gov. Gretchen Whitmer and leges and universities pay more in some findings were “deeply troubling” to him. Attorney General Dana Nessel municipal bond market fared issuance fees than non-HBCUs. first announced the outline of set- after a year in pandemic con- “These findings are at once both nance professor at the University ever, he found that when HBCU tlement plans in August after 18 ditions. deeply personal and profoundly of Southern California, found that bonds are traded, it takes about months of negotiations. troubling,” said Rep. Al Green, HBCUs pay more in issuance fees 23% longer to find a willing buyer. It provides $600 million to set- A FORMER MORGAN STANLEY BROKER D-Texas. compared to non-HBCUs. HBCUs “Due to tax reasons, municipal tle claims for its role in the deba- will pay $5,000 in fines In a 2018 report — “What’s in pay about 20% more in fees to un- bonds offer the largest advantages cle that followed Flint’s move to after the Financial Industry a (school) name? Racial discrim- derwriters and that goes up to as to investors residing in the same switch its water source in 2014 Regulatory Authority found he ination in higher education bond much as 30% for schools in the state as the issuer,” Parsons said. while under state emergency man- bought and sold customers’ markets” — Chris Parsons, fi- deep South with historically high “What this means is that HBCUs, agement. The city failed to treat the securities without their con- levels of racial animus. by virtue of being located mostly in water properly leading to lead poi- sent, a practice the firm didn’t Parsons collected data on 4,145 the American South and Southeast, soning. Other lawsuits tied to the allow at the time. Constantinos WEDNESDAY’S YIELDS college-issued municipal bond of- may face collective reluctance from crisis are still pending as are state Maniatis agreed this week to what should be their most receptive The Bond Buyer 40 ferings between 1988 and 2010, criminal charges against former pay the fine and be suspend- 102 of which were conducted by investor base.” Gov. Rick Snyder and two former ed for 30 days while neither 5.0 HBCUs. “What we found in the paper is emergency managers. admitting nor denying FINRA’s 4.2 To Maturity Parsons found on average that that the institutions in these states State lawmakers late last year findings. 3.45 Unchanged HBCU-issued bonds appeared to where HBCUs are disproportion- signed off on the annual appropria- 3.4 trade at somewhat lower prices than ately located similarly seem re- tion of $35 million to cover annual To Par Call OFFICIAL FIGURES THAT THE CENSUS similar non-HBCU bonds, though luctant to have these bonds as part debt service for up to 30 years on 2.6 1.98 Unchanged Bureau released this week put not statistically significant. How- Turn to House page 3 Turn to Michigan page 3 Puerto Rico’s population on 1.8 April 1, 2020 at 3.29 million, 1.0 about a quarter-million people 04/15 04/20 04/23 04/28 more than the estimate the Legal Settlement a Consolation for Myrtle Beach Puerto Rico Oversight Board 5.5 By Chip Barnett used to put together its fiscal 5.0 plan for the territory. 4.5 Myrtle Beach and six other 4.0 municipalities in Horry Coun- ILLINOIS’ TALLY OF UNPAID STATE 3.5 bills hit a years-long low of ty, South Carolina, will benefit 3.0 from a judge’s ruling that shifts $3.5 billion this week, state 2.5 about $30 million of revenue Comptroller Susana Mendoza 2.0 from the county to the local told rating agencies in a fiscal 1.5 governments. update as the state awaits an AMFJDNOSAJJM A South Carolina state judge infusion of federal aid. Complete market coverage appears on page 2 on April 16 ratified an Octo- ber 2020 settlement of a suit filed by Myrtle Beach and the other municipalities against Horry County. The suit alleged the county repealed a resolution on hospitality taxes without the consent of the city. The added revenue is a credit positive for Myrtle Beach Bloomberg News and the other municipalities, Moody’s Investors Service People sit at a pier in Myrtle Beach, South Carolina, this month during Turn to Settlement page 16 spring break season. The pandemic took a bite out of tourism.

001_BB042921 1 4/28/2021 4:57:08 PM Market News Thursday, April 29, 2021 2 The Bond Buyer N.J. a Blowout; Inflows Continue, But Weaker Tone Persists Municipal secondary trading showed a relative basis, and the progress When asked if the Fed would raise rates a touch of weakness for the third day as and you can tell in vaccinating if inflation increases before the labor mar- end-of-month repositioning and the May because coupon the public, the ket reaches full employment, Powell said, 15th tax deadline looms while New Jersey's spreads are al- Federal Open “It seems unlikely we would see inflation transportation deal was a blow out and ICI most non-exis- Market Commit- while there’s so much slack in the employ- reported another week of multi-billion in- tent.” tee held rates at ment market. flows into municipal bond mutual funds. Investors con- the zero lower “Powell wriggled out of that by stating Municipals exhibited a cautious tone tinue to pour bound and will he expects expectations to rise only af- Wednesday heading into the Fed’s an- money into continue asset ter actual inflation has increased, which nouncement that it would keep rates steady the funds with purchases at cur- of course ignores the inflation already for the near term and the pricing of the the Investment rent levels, stick- evident outside of CPI (or PCE),” said $1.57 billion New Jersey Transportation Company Insti- By Christine Albano & Gary Siegel ing to its stance Markus Schomer, chief economist at Pine- Trust Fund deal, which was oversubscribed tute Wednesday that recovery is Bridge Investments. “This is the biggest by as much as 20 times and repriced to reporting another “far from com- weakness in the Fed’s framework. Peo- lower yields, was the day's focus. week of inflows with $2.517 billion complete,” and inflation will be “transitory.” ple’s inflation expectations are driven by At the conclusion of the FOMC's two- ing into long-term municipal bond mutual “Amid progress on vaccinations and a broader sense of price movements while day meeting Wednesday, Chairman Jerome funds, after $2.289 billion the previous strong policy support, indicators of eco- the Fed concentrates on a narrow corner of Powell confirmed the Fed's intention to week. This is the seventh week of inflows nomic activity and employment have the inflation backdrop.” keep rates and its monthly bond buying pro- with only one week of outflows so far in strengthened,” the post-meeting statement Powell wouldn’t define how many gram steady, which was largely expected. 2021 and a total of more than $33 billion noted, including “sectors most adversely months would be a “string” of good em- “The muni market seemed to be oper- for the year. affected by the pandemic,” which “remain ployment readings, he noted there has ating with little to no concern over this ICI also reported $450 million of in- weak but have shown improvement.” been one and more would be needed for week’s FOMC policy meeting as bench- flows into exchange-traded funds for the The statement also said, “risks to the the Fed to take notice. mark tax-exempt yields held steady versus week ending April 22. In the previous economic outlook remain.” Last time, the “The Fed cannot acknowledge the a softer tone for Treasuries,” said Jeffrey week, ETFs saw $505 million of inflows. FOMC termed risks as “considerable.” strong, record-breaking economy without Lipton, head of municipal credit and mar- “We have seen positive bond inflows for “The Fed is sounding decidedly more starting the tapering or policy normaliza- ket strategy and municipal capital markets 48 of the last 49 weeks, which has given upbeat on the economy but is in absolutely tion debate,” Schomer said, adding “it at Oppenheimer & Co. munis much strength,” a second New York no rush to start debating modifications to seems the FOMC didn’t even talk about While the triple-A benchmarks were cut trader said. its policy trajectory,” said Brian Coulton, scaling back MBS purchases in spite of a 1 to 1.5 basis points, the primary market “That said, taxable equivalent yields Fitch’s chief economist. “We now think the booming housing market where inflation took the day’s news in stride and investors of munis are well below taxable munis Fed will start to discuss tapering over the is running above 10%.” gravitated toward the New Jersey deal, and corporates, and many strategists are summer but the actual taper probably still He also criticized the Fed’s preferred despite some historic spread compression suggesting to sell tax-exempts and buy won’t happen until the turn of the year.” measure of inflation, the personal con- for the issuer and bumps on the deal in a taxables,” the second trader said. But in his press conference, Federal sumption expenditures, which he called repricing. But at the same time, he said potential Reserve Board Chair Jerome Powell re- “the weakest of all the inflation indicators.” “The primary is being priced right with policy changes affecting municipal issu- sponded to a question about whether it “Every other sectoral inflation measure,” demand in complete support of product ance could boost demand even more going was time to talk about talking about ta- Schomer said, “PPI in the industrial sector, and there just doesn’t seem to be enough forward. pering, saying, “it is not time yet to have HPI or house prices in the housing market, supply to satiate market appetite,” Lip- “There is lots of optimism that tax-ex- a conversation about tapering.” He added and various asset prices in the financial sector ton said, adding that secondary spreads empt advanced refundings will return, it will be “some time” until the Fed sees are screaming inflation!” continue to tighten with ratios becoming adding about $100 billion to the calendar the further progress needed to begin those Lynne Funk and Aaron Weitzman contrib- even richer. in 2022,” he noted. discussions. uted to this report. Municipal to UST ratios closed at “As the tax debate gathers steam, some 58% in 10 years and 68% in 30 years on combination of higher taxes is likely to Wednesday, according to Refinitiv MMD come, and such scenario only enhances the while ICE Data Services had the 10-year value of the muni tax-exemption, for both ICI: Muni bond funds see $2.5B in at 59% and the 30 at 69%. individual and corporate buyers,” Lipton Traders said the New Jersey deal largely said. “For now, we are not sure just how latest week set the tone for the market. much additional downside potential there A New York trader said there was strong is for ratios, but we can say that the muni Tax-exempt $4B demand for the forward delivery bonds, asset class has proven to be quite surpris- which are rated Baa1 by Moody’s In- ing,” he added. $3B vestors Service and BBB by Standard & In the primary, Citigroup Global Mar- Poor’s. kets Inc. repriced $1.57 billion of refund- $2B “The fact that it’s a lower-rated trans- ing and forward delivery bonds for the action is interesting because typically for- New Jersey Transportation Trust Fund $1B wards are in the single or double-A rated Authority (Baa1/BBB/BBB+/). The $582 category,” the trader said. million of Series A refunding bonds saw $0 Judging by the appetite for attractively bumps of eight to 11 basis points from priced paper, however, he said the forward initial pricing wires. Bonds in 2025 with $-1B delivery bonds were highly sought after, as a 5% coupon yield 0.65% (-8), 5s of 2026 1/6 2/3 3/3 4/7 well as the non-forward bonds. at 0.81% (-8), 5s of 2031 at 1.70%, 4s of 1/13 1/20 1/27 2/10 2/17 2/24 3/10 3/17 3/21 3/28 4/14 4/22 The $582 million of Series A refund- 2036 at 2.00% (-11), callable in 6/15/2031. ing bonds saw bumps of eight to 11 basis The second, $590 million of Series AA Source: Investment Company Institute points from initial pricing wires. The for- forward delivery transportation program ward delivery bonds were also bumped in bonds, saw bumps of two to five basis a repricing. points, with 5s of 2023 at 0.93%, 5s of Wednesday’s Data The oversubscribed New Jersey deal 2026 at 1.37% (-2), 5s of 2031 at 2.17% 17 is typical in the current market backdrop, (-3), 5s of 2036 at 2.53% (-3), 5s of 2038 Government Securities Prices 10-year: 95 /32 to yield 1.62%, unchanged where large lower investment-grade deals at 2.59% (-5), callable in 6/15/2032. 30-year: 9032/ to yield 2.29%, down 5/ are few , according to John Mousseau, The third, $305.7 million of Series 2022 32 32 Municipal Bond Index 13715/ , unchanged president of Cumberland Advisors. A forward delivery transportation system 32 “The market sees the Federal govern- refunding bonds saw two to five basis The Bond Buyer’s Total: $7.694 billion, up $164.1 million ment for now as a gigantic backstop to the point bumps, with 4s of 2038 at 2.74% 30-Day Visible Supply Competitives: $4.189 billion, up $710.4 million market,” Mousseau said. “All incremental (-5), 4s of 2041 at 2.89% (-2) and 4s of (as of 4/29) Negotiated: $3.505 billion, down $546.3 million 2042 at 2.90% (-5), callable in 6/15/2032. yield is being gobbled up. The market is The MuniCenter List Offering Total: $012.0 million, down $0.1 million now rich on a nominal basis, as well as Acknowledging economic improvement

002_BB042921 2 4/28/2021 4:57:11 PM Thursday, April 29, 2021 Regions www.bondbuyer.com 3 Michigan Strategic Fund Readies Deal For Water Settlement Continued from page 1 package in January. A hearing over whether The crisis occurred after the city’s contract willful neglect of duty — but a conviction the settlement is fair, adequate, and reason- with Detroit to receive Lake Huron water can carry a prison term of up to one year for the settlement bonds. able is set for July 12 and final approval ended and the city, under the control of state each count and/or a $1,000 fine. The Michigan Strategic Fund’s board ap- could follow, but the bonds are supposed to appointed emergency managers, began pull- Former Flint Emergency Manager Gerald proved the bond issue at a meeting Tuesday be issued within 180 calendar days of the ing its water supply from the Flint River in Ambrose was charged four counts of mis- marking the final step to authorize the bond court’s preliminary approval. April 2014 while awaiting the completion conduct in office, each a felony that carries sale. The agency, an arm of the Michigan Defendants that have joined in the settle- of the $285 million bond-financed Kareg- a possible five-year sentence and/or $10,000 Economic Development Corporation, will ment since August include Flint, which is nondi water pipeline carrying Lake Huron fine. Former Flint Emergency Manager Dar- sell the bonds on behalf of a newly created providing $20 million through its insurer; water to Flint and other Genesee County nell Earley was charged with three counts special purpose entity known as the Flint McLaren Regional Medical Center which communities. of misconduct in office. The probe remains Water Advocacy Fund which is turn will is providing $20 million; and Rowe Profes- The city failed to properly treat the Flint open. transfer the funds to a settlement adminis- sional Services Co., which is contributing River water, triggering lead contamination Residents last October sued the Kareg- trator. $1.25 million. because of pipe corrosion. It was not abat- nondi bond underwriters in federal court “I’m encouraged to see this step taken Fitch Ratings late last year called the set- ed until the city in the fall of 2015 shifted accusing them of aiding and abetting in the in the settlement process,” Nessel said in a tlement a positive development for the state’s back to Detroit-supplied water. The lead events that led to the lead poisoning crisis. statement Tuesday. AA rating as it provided certainty over its poisoning resulted in long-term damage to The lawsuit filed in October in the U.S. Dis- An additional series may be sold as a fiscal exposure. “The $600 million liability residents, especially children. trict Court for the Eastern District of Mich- private placement. will have a minimal impact on Michigan’s Fifteen government officials were crimi- igan seeks up to $2 billion in damages from “The MSF may issue another series, if it long-term liability metrics, as calculated by nally charged as a result by former Attorney JPMorgan Chase & Co., Wells Fargo Bank, determines necessary, to be privately placed Fitch,” analysts said. General Bill Schuette. Seven struck plea and Stifel Nicolaus & Co. Inc. with a Qualified Investor Buyer,” MSF doc- The settlement directs 80% of net settle- agreements. When Nessel took office she A motion to dismiss filed by the banks uments say. ment funds to claims of children who were dismissed all pending criminal cases relat- in December is pending. The plaintiffs re- The bonds will be structured with level minors when first exposed to Flint River wa- ed to the crisis, two of which were against sponded in February. annual debt service and will carry ratings ter. It earmarks 2% for special education ser- former state-appointed city emergency man- Most recently, the Securities Industry and from at least two rating agencies, according vices in Genesee County. About 18% goes agers, and launched her own investigation. Financial Markets Association, or SIFMA, the borrowing authorization approved by the to claims filed by adults and for property In January, a grand jury handed down filed a brief in support of the banks. It argues MSF board. The $35 million annual repay- damage. Businesses can also file for losses. charges against Snyder and two emergency that underwriters are not and cannot be liable ment will be subject to annual appropriation. In addition to the toxic lead poisoning of managers he appointed. They were arraigned for the actions of bond issuers merely by un- The bonds won’t carry a state general obli- household water that is especially damaging along with six others on criminal charges. derwriting bonds, that federal securities law gation pledge. to children’s developing brains, a 2014-15 All nine have entered “not guilty” pleas. preempts the plaintiffs’ negligence claims, Judge Judith Levy of the United States Legionnaires’ disease outbreak in the Flint The charges filed against the Republican and that the theory of liability argued by the District Court for the Eastern District of region led to the deaths of at least 12 and ex-governor who served from 2011 to 2019 plaintiffs “would have catastrophic conse- Michigan gave preliminary approval to the sickened another 79 individuals. are only misdemeanors — two counts of quences for municipalities.” q House Hearing Brings up Role of Municipal Bonds in Racial Equity Issues

Continued from page 1 may have contributed to a ‘differential infor- HBCU bonds, promote developing ESG For HBCUs, increased borrowing costs mation environment’ relative to other bonds standards, increase the cap on bank-quali- mean investments in physical facilities and of their portfolios,” Parsons told The Bond during a significant period of the study,” Hall fied bonds and restore tax-exempt advance academic programs suffers and increases the Buyer. said. “Given the RTRS reporting require- refunding. costs of attendance, said William Fischer, Parsons called on lawmakers to grant ments, no such ‘differential information en- Rep. Emanuel Cleaver, D-Mo, also men- CEO of the Rice Capital Access Program. bonds issued by HBCUs a triple tax-exemp- vironment’ exists today.” tioned socioeconomic risks on municipalities. “For example, increased costs associated tion from federal, state and local taxes, treat- Despite that, Hall said more could be done He mentioned Ferguson, Missouri’s ability to with the financing of the dormitory are borne ing them the same way as Puerto Rico debt. to help HBCUs access capital markets more get significant bonding flexibility. Ferguson by the student through higher student hous- Gary Hall, a board member of the Securi- cost-effectively going forward. is where an unarmed Black man, Michael ing fees,” Fischer said. ties Industry and Financial Markets Associ- The appetite for social impact bonds is Brown, was killed in 2014 by a police officer. The impact of expensive debt also affects ation and a graduate of Howard University, growing. The municipal bond market saw Ferguson is a town of about 21,000 peo- local communities, he said. an HBCU, told lawmakers Wednesday that such rise issuances to $154 billion in 2020 ple, and yet, Ferguson police issue 32,000 Jim Nadler, CEO at Kroll Bond Rating state and local governments are increasingly from $17.9 billion in 2019, Hall said. traffic tickets a year, Cleaver said. Agency, talked about social and econom- financing projects that align with environ- Other ways to expand the buyer base for “We call that policing for profit,” Cleaver ic issues’ impact on municipal bonds on mental, social and governance goals. HBCU bond issuance could be lawmakers said. Wednesday and investor interest. “SIFMA and its members understand that authorizing a high-subsidy direct pay bond “If you have a town where you have rev- “Municipal bonds by their very nature America’s capital markets can play an im- or a federal guaranty on taxable direct pay enue focus on policing and a declining tax have material attributes of positive social important role in enabling and financing pro- bonds for HBCUs, Hall said. base, it means that you’re going to have a pact that deserve amplification,” Nadler said. grams to combat generational hardships such HBCUs currently get funding through the difficult time getting anything done as a mu- “Those that do not will suffer by not having as poverty, racism, climate change, and other Department of Education’s HBCU Capital nicipality,” Cleaver added. that type of analysis to show on their behalf.” critical infrastructure needs,” Hall said. “It is Financing Program, which provides low-cost Socioeconomic factors like poverty, diver- Investor preferences will continue to drive especially worth noting that municipal bonds loans to finance and refinance infrastructure sity of employment all factor into a risk of a pricing and liquidity in favor of a municipal- can also be leveraged in terms of sustainable improvements. Biden also said Wednesday municipality and their ability to get signifi- ity that has exhibited economic, racial and finance.” he plans to invest more in HBCUs. cant bonding, Cleaver said. social justice, Nadler added. q Hall said times have changed since the Seventy-nine HBCUs face on average 2018 study. The data from 1988 to 2010 does $46 million of deferred maintenance costs CUSTOMER SERVICE not take into account increased transparency according to a 2018 Government Account- For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. in the secondary market through the Munici- ability Office study. Also, 39% of HBCU Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) 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EMMA only existed receiving more of their revenue from gov- subscription cancellations will receive a pro-rata refund of any prepaid subscription fees based on the date of termination. at the very end of the timeframe covered by ernment sources than non-HBCUs can be Those registered with the Copyright Clearance Center have permission to photocopy articles owned by The Bond Buyer for a flat fee of $10 per copy of each article. the study. seen as too much reliance on any source of Send Payment to the Copyright clearance Center, 222 Rosewood Drive, Danvers, MA 01923. The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, Saturday, Sunday and Federal Holidays, by Arizent, One State Street Plaza, 27th Floor, New York, Hall is also a past MSRB chair. financing — a negative view by rating agen- NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices. “The study readily admits that the avail- cies. 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003_BB042921 3 4/28/2021 4:57:11 PM Competitive Sales Notices Thursday, April 29, 2021 4 The Bond Buyer OPTIONAL DTC BOOK-ENTRY-ONLY B. Optional Redemption. Bonds of this issue are not subject to redemption at the option of the Issuer prior to maturity. OFFICIAL NOTICE OF SALE Notice of redemption of any Bond shall be given not less than thirty (30) days and not more $4,000,000 than sixty (60) days prior to the date fixedfor redemption by mail to the Registered Owner at the registered address shown on the registration books kept by the Paying Agent. Bonds shall be NEW BUFFALO AREA SCHOOLS called for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 COUNTY OF BERRIEN shall be treated as representing the number of Bonds obtained by dividing the denomination of STATE OF MICHIGAN the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part shall state that upon surrender of the Bond to be redeemed a new Bond or 2021 SCHOOL BUILDING AND SITE BONDS Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered (GENERAL OBLIGATION - LIMITED TAX) shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of Bonds called for redemption shall accrue after the date fixed for redemption, whether BIDS for the purchase of the above 2021 School Building and Site Bonds (the “Bond” or “Bonds”) presented for redemption, provided funds are on hand with the Paying Agent to redeem the same. will be received electronically on behalf of New Buffalo Area Schools, Berrien County, Michigan If less than all of the Bonds of any maturity shall be called for redemption prior to maturity, unless (the “Issuer”), on Monday, the 10th day of May, 2021, until 1:30 o’clock in the p.m., prevailing otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by Eastern Time, by the Municipal Advisory Council of Michigan via email at [email protected]. the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the The bids will be opened and read at that time at the temporary offices of the Municipal Advisory principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the Council of Michigan. Award of the bids will be made on behalf of the Issuer by an authorized corporate trust office of the Paying Agent, such Bonds shall be paid and edeemed.r officer of the Issuer by 5:00 o’clock in the p.m., prevailing Eastern Time, on that date. INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates ELECTRONIC BIDS: Bidders submitting signed bids electronically must ensure their bids are not exceeding five percent (5%) per annum, to be fixed by the bids therefor, expressed in multiples received prior to the time and date fixed for receipt of bids. Bidders submitting bids electronically of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only. All Bonds bear the full risk of failed or untimely transmission of their bids. Bidders are encouraged to maturing in any one year must carry the same interest rate. No proposal for the purchase of less confirm the timely receipt of their full and complete bids by telephoning the Municipal Advisory than all of the Bonds or at a price less than 100% or greater than 125% of the par value, or at a Council of Michigan at (313) 963-0420. price which will cause the true interest cost on the Bonds to exceed five percent (5%) per annum, PARITY: Bids may be presented via PARITY on the date and at the time shown above. To the will be considered. No maturity may have an initial offering price to the public of less than 98.5% extent any instructions or directions set forth in PARITY conflict with this Notice, the terms of this of the par value of that maturity. Notice shall control. For further information about PARITY, potential bidders may contact PFM PURPOSE AND SECURITY: The Bonds are issued for the purpose of erecting, furnishing and Financial Advisors LLC, at (734) 995-9700 or PARITY at (212) 849-5021. equipping a new STEAM school building; remodeling, furnishing and refurnishing and equipping OPTIONAL DTC BOOK-ENTRY-ONLY: Unless otherwise requested by the winning bidder and re-equipping existing school buildings; acquiring and installing instructional technology and (the “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as instructional technology equipment for school buildings; and developing and improving athletic registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”) facilities and sites. The Bonds are issued under the provisions of Act 451, Public Acts of Michigan, under DTC’s Book-Entry-Only system of registration. Purchasers of interests in the Bonds (the 1976, as amended. The Issuer has pledged the limited tax full faith and credit of the Issuer for the “Beneficial Owners”) will not receive physical delivery of bond certificates, and ownership by payment of principal and interest on the Bonds. The Issuer has further pledged to levy sufficient ad the BeneficialOwners of the Bonds will be evidenced by book-entry-only. As long as Cede & valorem taxes within its authorized millage rate annually as a first budget obligation, subordinate Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and interest only to any first liens on said funds pledged for the payment of state aid notes, lines of credit or payments will be made directly to such registered owner which will in turn remit such payments tax anticipation notes heretofore or hereafter issued. The Issuer does not have the power to levy to the DTC participants for subsequent disbursement to the Beneficial Owners. taxes for the payment of the Bonds in excess of its constitutional or statutory tax rate limitations BOND DETAILS: Said Bonds will be fully registered Bonds, of the denomination of $5,000 and, if tax collections are insufficient to pay the principal of or interest on the Bonds when due, each or multiples thereof up to the amount of a single maturity, shall be dated the date of delivery, the Issuer pledges to use any and all other resources available for the payment of the Bonds. The numbered in order of issue from 1 upwards and will bear interest from their dated date payable Issuer has reserved the right to issue additional bonds of equal standing. on November 1, 2021, and semiannually thereafter. AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest The Bonds will mature on May 1 as follows: true interest cost which is the rate that will discount all future cash payments so that the sum of Year Amount Year Amount the present value of all cash flows will equal the Bond proceeds computed from May 27, 2021 (the 2022 $385,000 2027 $400,000 anticipated date of delivery). 2023 385,000 2028 405,000 LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun 2024 390,000 2029 410,000 Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished 2025 395,000 2030 415,000 without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law 2026 400,000 2031 415,000 Firm, P.C. for services rendered in connection with such approving opinion are expected to be MATURITY ADJUSTMENT: The Issuer reserves the right to decrease the aggregate principal paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if validity of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, necessary, will be made in increments of $5,000 and may be made in any maturity. and has not examined or reviewed, any financial documents, statements or other materials that ADJUSTMENT TO PURCHASE PRICE: In the event of a maturity adjustment, the purchase have been or may be furnished in connection with the authorization, marketing or issuance of price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the the Bonds and, therefore, has not expressed and will not express an opinion with respect to the Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the accuracy or completeness of any such financial documents, statements or materials. winning bid. TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), any year as serial bonds or term bonds, or both. The bidder must designate whether each of interest on the Bonds is excluded from gross income for federal income tax purposes, as described the principal amounts shown above represent a serial maturity or a mandatory redemption in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of requirement for a term bond maturity. There may be more than one term bond maturity. In any Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment or event, the above principal amount schedule shall be represented by either serial bond maturities other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT or mandatory redemption requirements, or a combination of both. Any such designation must be OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those made within one (1) hour of the Bond sale. requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified income for federal income tax purposes. to act as a paying agent in Michigan (the “Paying Agent“), or such other Paying Agent as the OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Issuer may hereafter designate by notice mailed to the registered owner not less than sixty (60) Statement in substantially the same form as the Preliminary Official Statement, subject to minor days prior to any change in Paying Agent. In the event the Bonds cease to be held in book entry additions, deletions and revisions as required to complete the Preliminary Official Statement. form only, the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid Promptly after the sales date, but in no event later than seven (7) business days after such date, the by check mailed to the owner as shown by the registration books of the Issuer as of the close Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a of business on the 15th day of the month preceding any interest payment date and the Bonds reasonably available electronic version of the same. The Issuer will determine which format will be will be transferable only upon the registration books of the Issuer kept by the Paying Agent. See provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any “Optional DTC Book-Entry-Only” above. underwriter identification necessary to complete the Official Statement within twenty-four (24) PRIOR REDEMPTION: hours after the award of Bonds. Additional copies of the final Official Statement may be obtained A. Mandatory Redemption - Term Bonds. up to three months following the sale of the Bonds by a request and payment of costs to the Principal designated by the Purchaser of the Bonds as a term maturity shall be subject to financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed mandatory redemption, in part, by lot, at par and accrued interest on the redemption dates by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the corresponding to the maturities hereinbefore scheduled. When term Bonds are purchased by date of delivery the information contained in the Official Statement, and any supplement to the the Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, than by mandatory redemption, the principal amount of the term Bonds affected shall be reduced and that the Official Statement does not contain any untrue statement of a material fact or omit to by the principal amount of the Bonds so redeemed or purchased in the order determined by state a material fact necessary to make the statements therein, in light of the circumstances under the Issuer. continued on next page

004_BB042921 4 4/28/2021 3:08:18 PM Thursday, April 29, 2021 Competitive Sales Notices www.bondbuyer.com 5 B. Optional Redemption. continued from previous page SUMMARY NOTICE OF SALE Bonds of this issue are not subject to redemption at the option of the Issuer prior to maturity. which they were made, not misleading. Commonwealth of Pennsylvania Notice of redemption of any Bond shall be given not less than thirty (30) days and not more CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the than sixty (60) days prior to the date fixedfor redemption by mail to the Registered Owner at Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, General Obligation Bonds Electronic bids and only electronic bids will be received by the the registered address shown on the registration books kept by the Paying Agent. Bonds shall be in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities Commonwealth of Pennsylvania, via PARITY® (“Parity”) in the manner described below, until called for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the 11:00 A.M., Prevailing Eastern Time, on shall be treated as representing the number of Bonds obtained by dividing the denomination of fiscal year of the Issuer, commencing with the fiscal year ended June 30, 2021, certain annual Wednesday, May 5, 2021 the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for financialinformation and operating data, including audited financial statements for the preceding Bonds redeemed in part shall state that upon surrender of the Bond to be redeemed a new Bond or fiscal year, generally consistent with the information contained or cross-referenced in the Official for the purchase of all, but not less than all, of $1,046,625,000 aggregate principal amount of Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered Statement relating to the Bonds, (ii) timely notice of the occurrence of certain significant events Commonwealth of Pennsylvania General Obligations Bonds, First Series of 2021 and First shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or with respect to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required Refunding Series of 2021 (Federally Taxable) (subject to an upward or downward adjustment of portions of Bonds called for redemption shall accrue after the date fixed for redemption, whether annual financial information on or before the date specified in (i) above. such principal amount, as described in the Notice of Sale (“Notice”) aggregate principal amount of presented for redemption, provided funds are on hand with the Paying Agent to redeem the same. BOND INSURANCE: In the event the Purchaser elects to obtain bond insurance for the Bonds, Commonwealth of Pennsylvania General Obligation Bonds, (the “Bonds”) at which time and place If less than all of the Bonds of any maturity shall be called for redemption prior to maturity, unless all costs and expenses related to such bond insurance shall be the responsibility of the Purchaser. all proposals will be publicly received. Further information about PARITY, potential bidders may otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by The failure of such bond insurance to be issued at or before delivery of the Bonds shall not be a contact i-Deal LLC at 1359 Broadway, 2nd Floor, New York, NY 10018, telephone (212) 849-5021. the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the basis for the Purchaser to refuse to accept delivery of the Bonds. In the event the Purchaser obtains The Commonwealth reserves the right to modify or amend the Notice of Sale via The Bond principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the bond insurance, the bond insurer shall not be entitled to be designated as an addressee of any Buyer Wire. corporate trust office of the Paying Agent, such Bonds shall be paid and edeemed.r bond counsel opinion related to the Bonds, nor shall the bond insurer be entitled to a reliance Required bid security, by wire transfer within 24 hours of the bid deadline, is $1,000,000. The INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates letter associated with the same. If the Purchaser obtains bond insurance, the Issuer agrees to insert Bonds will be sold to the single bidder offering the lowest aggregate true interest cost (as defined not exceeding five percent (5%) per annum, to be fixed by the bids therefor, expressed in multiples any reasonable and necessary insurance language in the Bonds. in the Notice of Sale), subject to the Commonwealth’s reserved right to reject any and all bids of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only. All Bonds CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix F to the Preliminary and to the receipt of the approving legal opinions of the Office of the Attorney General of the maturing in any one year must carry the same interest rate. No proposal for the purchase of less Official Statement for the Bonds, dated April 28, 2021, for information and requirements Commonwealth of Pennsylvania and of McNees Wallace & Nurick LLC, Law Office of Frannie Reilly than all of the Bonds or at a price less than 100% or greater than 125% of the par value, or at a concerning establishing the issue price for the Bonds. LLC and Law Office of Nathanial M. Holmes, Co-Bond Counsel. Bond certificates will be delivered price which will cause the true interest cost on the Bonds to exceed five percent (5%) per annum, CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond through the Loan and Transfer Agent to DTC. Payment for the Bonds must be made by wire in will be considered. No maturity may have an initial offering price to the public of less than 98.5% and bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing immediately available funds for credit at the Manufacturers and Traders Trust Company, a New of the par value of that maturity. documents will be in substantially the same form as the drafts provided. Closing documents will York banking corporation, Loan and Transfer Agent, in Harrisburg, Pennsylvania, at 11:00 A.M., PURPOSE AND SECURITY: The Bonds are issued for the purpose of erecting, furnishing and not be modified at the request of a bidder, regardless of whether the bidder’s proposal is accepted. Prevailing Eastern Time, on May 6, 2021 or at such other place and time as may be agreed upon equipping a new STEAM school building; remodeling, furnishing and refurnishing and equipping DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. with the successful bidder. and re-equipping existing school buildings; acquiring and installing instructional technology and Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon Further information concerning the offering and the Bonds is contained in, and the offering is instructional technology equipment for school buildings; and developing and improving athletic with the Purchaser. The usual closing documents, including a certificate that no litigation is subject to the provisions of, the Notice of Sale included as Appendix I in the Preliminary Official facilities and sites. The Bonds are issued under the provisions of Act 451, Public Acts of Michigan, pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Statement, dated April 21, 2021, issued in connection with the Bonds, and may be obtained from 1976, as amended. The Issuer has pledged the limited tax full faith and credit of the Issuer for the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern the Loan and Transfer Agent, Manufacturers and Traders Trust Company, a New York banking payment of principal and interest on the Bonds. The Issuer has further pledged to levy sufficient ad Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day corporation, 213 Market Street, Harrisburg, Pennsylvania 17101 (Telephone (717) -230-3530), valorem taxes within its authorized millage rate annually as a first budget obligation, subordinate is not a business day, the Purchaser may on that day, or any time thereafter until delivery of the or from the Office of the Budget, Bureau of Redevelopment, Capital & Debt, 333 Market Street, only to any first liens on said funds pledged for the payment of state aid notes, lines of credit or Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. 18th Floor, Harrisburg, Pennsylvania 17101 (Telephone (717) 787-7342). Additional information tax anticipation notes heretofore or hereafter issued. The Issuer does not have the power to levy Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time related to the Commonwealth is available on the Commonwealth’s site, www.budget.pa.gov and taxes for the payment of the Bonds in excess of its constitutional or statutory tax rate limitations of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser on the Investor Relations platform Munite™ (https://go.munite.com/#/retail/pa/obligor/57120/0). and, if tax collections are insufficient to pay the principal of or interest on the Bonds when due, furnishes the Paying Agent with a list giving the denominations and names in which it wishes to TOM WOLF, Governor the Issuer pledges to use any and all other resources available for the payment of the Bonds. The have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds Issuer has reserved the right to issue additional bonds of equal standing. STACY GARRITY, State Treasurer will be delivered in the form of a single certificate for each maturity registered in the name of the TIMOTHY L. DEFOOR, Auditor General AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest Purchaser, subject to the election under the “Optional DTC Book-Entry-Only” provisions herein. true interest cost which is the rate that will discount all future cash payments so that the sum of CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the the present value of all cash flows will equal the Bond proceeds computed from May 27, 2021 (the Purchaser; however, neither the failure to print CUSIP numbers nor any improperly printed anticipated date of delivery). CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law identification numbers shall be paid by the Purchaser. Firm, P.C. for services rendered in connection with such approving opinion are expected to be BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the The primary source paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in validity of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq. and has not examined or reviewed, any financial documents, statements or other materials that FURTHER INFORMATION may be obtained from PFM Financial Advisors LLC, 555 for municipal finance have been or may be furnished in connection with the authorization, marketing or issuance of Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone: (734) 994-9700. the Bonds and, therefore, has not expressed and will not express an opinion with respect to the THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. accuracy or completeness of any such financial documents, statements or materials. ENVELOPES containing the bids should be plainly marked “Proposal for New Buffalo Area news is also where TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Schools 2021 School Building and Site Bonds.” Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes, as described Lisa Werner the industry in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Secretary, Board of Education Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT professional goes to OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross income for federal income tax purposes. seek job opportunities. OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sales date, but in no event later than seven (7) business days after such date, the GIVE Let them know that you are hiring. Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a reasonably available electronic version of the same. The Issuer will determine which format will be provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any underwriter identification necessary to complete the Official Statement within twenty-four (24) NOTICE hours after the award of Bonds. Additional copies of the final Official Statement may be obtained Place your job posting in The Bond Buyer up to three months following the sale of the Bonds by a request and payment of costs to the financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed buyers want to know by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the print, online, and Daily Briefing date of delivery the information contained in the Official Statement, and any supplement to the Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, Advertise your competitive sales in The Bond Buyer. e-Newsletter with Wei-Ke (Victor) Kuo at and that the Official Statement does not contain any untrue statement of a material fact or omit to For more information, contact or Kerry-Ann C. Parkes 1-212-803-8612 or [email protected]. state a material fact necessary to make the statements therein, in light of the circumstances under at 212-803-8436 or at [email protected]

005_BB042921 5 4/28/2021 3:08:18 PM Thursday, April 29, 2021 6 The Bond Buyer

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

4/29 - John Swett Unified School District - CA I-Deal Prospectus 4/29 - City of Maryville (TN) - TN Electronic Official Statements Competitive 4/29 - Lewis County (TN) - TN 4/22-Racine County, WI GO Corporate Purpose&Taxable GO Capital Imprv Proj Bonds, Series 2021B&C 4/29 - North Dakota Public Finance Authority - ND 4/28-East Montgomery County MUD No. 6, TX Unlimited Tax Bonds, Series 2021 www.newissuehome.i-deal.com 4/29 - Purchase Fire District in the Town of Harrison (NY) - NY 4/29-Lewis County, TN GO Public Improvement Bonds, Series 2021 (Bank Qualified) 4/29 - Town of Hingham - MA BiDCOMP®/Parity® 5/4-Fillmore (City of), CA Water Refunding Revenue Bonds, Srs 2021 4/29 - Blue Hills Regional Technical High School District (MA) - MA 5/4-Cranford (Township of), NJ General Improvement Bonds, 2021 4/29 - Shelby County School District Finance Corporation - KY 5/4-Augusta (City of), ME General Obligation Bonds (2021) 4/29 - DeWitt School District No. 1 of Arkansas County - AR www.i-dealprospectus.com 4/27-South Bend (City of), IN Local Income Tax Lease Rental Revenue Bonds, Series 2021 4/29 - Seeger School Building Corporation - IN 4/28-Belleville (Township of), NJ General Obligation Bond, Series 2021 4/29 - Town of Franklin (MA) - MA Full service electronic 4/29-North Dakota PFA, ND Capital Financing Program Bonds, Series 2021A 4/29 - City of Attleboro - MA document delivery and 5/3-Northcentral TCD, WI GO Promissory Notes, Srs 2021B 4/29 - City of Rochester (IN) - IN tracking system 5/3-Hendersonville (City of), TN GO Refunding Capital Outlay Notes, Srs 2021 4/29 - County of Kent (MI) - MI 5/3-Nevada CSD, IA General Obligation School Bonds, Series 2021 4/29 - Town of Rockport (MA) - MA 4/29 - Town of Franklin (MA) - MA For more information, 5/4-White Settlement (City Of), TX Combination Tax & Limited Surplus Revenue COO’s, Series 2021 contact: 4/29 - Borough of Beach Haven (NJ) - NJ 5/5 -Seattle (City of), WA Limited Tax GO Improvement & Refunding Bonds, Srs 2021A&B ( Taxable) 4/29 - Rossville Consolidated School District (IN) - IN John Hester 5/3-Harris County MUD No. 538, TX Unlimited Tax Bonds, Series 2021 5/3 - Harris County Municipal Utility District No.538 (TX) - TX (212) 849-5125 5/4-Washington County, MD Public Improvement Bonds (2021 5/3 - Denmark Township (MN) - MN 5/5- Pennsylvania (Commonwealth of), PA General Obligation Bonds, Series 2021 James Kellum 5/3 - City of Dubuque - IA (212) 849-5156 5/6-Northeast Iowa CC, IA GO School Bonds, Srs 2021 5/3 - City of Dubuque - IA 5/10-Centerville CSD, IA GO School Bonds, Series 2021 5/3 - City of Hendersonville (TN) - TN 5/10-MOC-Floyd Valley CSD, IA GO School Bonds, Series 2021 5/3 - Northcentral Technical College District (WI) - WI 5/3 - Village of Hustisford - WI I-Deal Prospectus 5/3 - City of Bartlesville - OK Electronic Official Statements Negotiated 5/3 - Johnson County Unified School District No. 232 (De Soto) - KS Northside ISD, TX Unlimited Tax School Building & Ref Bonds, Series 2021 5/3 - Hawkins County (TN) - TN Rains ISD, TX Unlimited Tax Refunding Bonds, Series 2021 5/3 - City of Sapulpa - OK Friendswood (City Of), TX GO Improvement & Refunding Bonds, Series 2021 5/3 - Nevada Community School District - IA Weslaco (City of), TX Certificates of Obligation, Series 2021 5/4 - City of Fillmore - CA Mesa (City of), AZ Utility Systems Rev&Ref Bonds, Series 2021 5/4 - North Kansas City School District No. 74 (MO) - MO Mesa (City of), AZ GO&GO Refunding Bonds, Series 2021 5/4 - City of New Ulm - MN El Paso (City of), TX GO Refunding Bonds, Taxable Series 2021A 5/4 - City of White Settlement - TX Montgomery County MUD No. 113, TX Uld Tax Ref Bonds& Road Improv & Refunding Bonds, Srs 2021 5/4 - City of Golden Valley - MN El Paso (City of), TX GO & Combo Tax & Rev COO’s, Series 2021,A&B 5/4 - City of Bristol (TN) - TN Hutto ISD, TX Unltd Tax Refunding Bonds, Series 2021A 5/4 - County of Gloucester - NJ Hutto ISD, TX Unlimited Tax Refunding Bonds, Series 2021B 5/4 - County of Gloucester - NJ Manchester (Town of), CT GO Bonds & Refunding Bonds, Series 2021 A&B 5/4 - Port Authority of New York and New Jersey - NY Harris County MUD No. 1, Tx Unlimited Tax Refunding Bonds, Series 2021 5/4 - Town of Newburgh (NY) - NY Lamar CISD, TX Unlimited Tax Schoolhouse Bonds, Series 2021 5/4 - Town of Wellesley - MA Northside ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2021 5/4 - Township of Cranford (NJ) - NJ Ledyard (Town of), CT GO&GO Ref Bonds, Issue of 2021, Series A&B & GO BANs 5/4 - Traverse City Area Public Schools - MI Allen ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2021 5/4 - City of Augusta (ME) - ME 5/4 - Town of North Castle - NY Sunrise Beach Village (City of), TX GO Refunding Bonds, Series 2021 5/4 - Town of Walkerton - IN Nichols Hills (City of), OK GO Refunding Bonds, Series 2021 5/4 - City of Doral (FL) - FL Round Rock Transportation & EDC, TX Senior Lien Sales Tax Revenue Bonds, Taxable Series 2021 5/4 - Town of Webster (MA) - MA Tyler (City of), TX Hotel Occupancy Tax Revenue Bonds, Series 2021 5/4 - Pea Ridge School District No. 109 of Benton County - AR Youngsville (City of), LA Sales Tax Rev & Ref Bonds, Series 2021 5/5 - City of Seattle (WA) - WA **Bossier City (City of), LA Taxable Utilities Revenue Refunding Bonds, Srs 2021 5/5 - City of Seattle (WA) - WA **S&P RATINGS HAS BEEN ADDED 5/5 - Twin Lakes Township - MN Louisiana Local Govt Env Fac&Comm Dev Auth, LA Revenue Refunding Bonds, Series 2021 5/5 - City of Shaker Heights (OH) - OH Troy ISD, TX Unlimited Tax Refunding Bonds, Srs 2021 5/5 - City of Mishawaka - IN Venus ISD, TX Unlimited Tax Refunding Bonds, Series 2021 5/5 - Town of North Reading - MA Bossier City (City of), LA Taxable Utilities Revenue Refunding Bonds, Srs 2021 5/5 - Town of North Reading - MA Snyder (City of), TX GO Refunding Bonds, Series 2021A&B (Taxable) 5/5 - Independent School District No. 273 (Edina) - MN Williamson County MUD No. 13, TX Unlimited Tax Refunding Bonds, Srs 2021 5/5 - Commonwealth of Pennsylvania (PA) - PA Leon Valley (City of), TX GO Refunding Bonds, Series 2021 5/5 - City of Escanaba - MI Burnet (City of), TX GO Refunding Bonds, Srs 2021 5/5 - Independent School District No. 5 of Tulsa County (Jenks) - OK Three Rivers ISD, TX Unlimited Tax Refunding Bonds, Srs 2021 Harlingen (City of), TX GO Refunding Bonds, Series 2021 Travis County MUD No. 11, TX Unltd Tax Ref Bonds, Series 2021 Alamo Community College District, TX Maintenance Tax Ref Bonds, Series 2021 To place your Bond Redemption Advertisement in The Bond Buyer, please call ***Dallas ISD, TX Unltd Tax Ref Bonds, Taxable Series 2021B Kerry-Ann Blake-Parkes at 212-803-8436 or email it to [email protected]. ***Ratings Reports have been added, No Change to POS***

006_BB042921 6 4/28/2021 3:08:19 PM Thursday, April 29, 2021 New Issues www.bondbuyer.com 7

Friday, April 30 Canadian Co ISD #34 OK Bldg 3,290 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 20-Apr Carter Co ISD #32 OK Bldg 1,305 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 20-Apr

Monday, May 3 Ankeny IA GO *29,210 10 am C PFM Fin Advisors Ahlers & Cooney 22-31 --- Aa1 ------27-Apr Dubuque IA GO (Tax) *12,945 10 am C Independent Pub Advs Ahlers & Cooney 22-36 ------27-Apr Dubuque IA GO *29,395 10 am C Independent Pub Advs Ahlers & Cooney 22-41 ------27-Apr Nevada Comm SD IA GO Sch *9,140 1:30 pm C Piper Sandler Ahlers & Cooney 22-30 ------A+ ------BQ 27-Apr Johnson Co USD #232 KS GO Ref & Imp *19,340 11 am C Stifel Nicolaus Gilmore & Bell 22-36 ------28-Apr Denmark Twp MN GO Street *3,705 10 am C Ehlers Kennedy & Graven 22-36 ------BQ 26-Apr Leake County MS GO 3,500 11 am C Municipal Official Butler Snow 22-41 ------BQ Today Tate County MS GO 13,400 11:30 am C Govt Consultants Butler Snow 22-36 ------14-Apr Bartlesville OK Comb Purp 1,150 11 am C Municipal Fin Svcs Public Fin Law Grp 23-27 ------23-Apr Beckham Co ISD #6 OK Bldg 1,490 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 21-Apr Kingfisher Co ISD #3 OK Bldg (Tax) 1,030 11:45 am C Stephen H. McDonald State Atty General 23 ------26-Apr Mcintosh Co ISD #27 OK Bldg 190 6 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 22-Apr Pawnee Co ISD #1 OK GO 1,250 6:50 pm C Stephen L. Smith Phillips Murrah 23-27 ------BQ 21-Apr Pittsburg Co ISD #2 OK Bldg *875 12:45 pm C Stephen H. McDonald State Atty General 23-26 ------BQ 21-Apr Sapulpa OK GO 5,750 11:30 am C Municipal Fin Svcs Hilborne & Weidman 23-46 ------BQ 21-Apr Clearfield Area SD PA GO *16,310 12:15 pm E PFM Fin Advisors Eckert Seamans 21-38 ------27-Apr Hawkins County TN GO Ref *9,400 11:15 am E Cumberland Secs Bass Berry 22-34 --- Aa3 ------BQ 26-Apr Hendersonville TN Cap Outlay Ref *8,060 10:15 am C Raymond James Bass Berry 21-29 ------BQ 23-Apr Harris Co MUD #538 TX Unltd Tax 5,500 9 am C Baird Allen Boone 23-46 ------BQ 23-Apr Hustisford Vlg WI GO Prom *1,285 10:30 am C Ehlers Quarles & Brady 24-31 ------BQ 26-Apr Northcentral Tech Coll Dt WI GO Prom 11,500 10:30 am C Baird Griggs Law Office 21-31 --- Aa1 ------15-Apr

Tuesday, May 4 Pea Ridge SD #109 AR Cons Bds *2,890 11 am C First Sec Beardsley Friday Eldredge 22-48 --- Aa2 ------Today Fillmore CA Wtr Ref Rev *4,250 9:30 am P Columbia Cap Mgmt Aleshire & Wynder 22-32 ------A+ ------19-Apr Doral FL GO *88,700 11 am E PFM Fin Advisors Greenberg Traurig 22-50 ------16-Apr

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_BB042921 7 4/28/2021 3:18:25 PM New Issues Thursday, April 29, 2021 8 The Bond Buyer

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Iowa City IA GO *11,325 11 am C Speer Financial Ahlers & Cooney 22-31 ------22-Apr Salem Middle Sch Bldg Corp IN First Mtg *5,570 11 am E Baker Tilly MA Ice Miller 25-29 ------AA+ ------BQ Today Walkerton (Town) IN GO *476 11 am E Baker Tilly MA Ice Miller 22-26 ------BQ 26-Apr Olathe KS Wtr & Swr *38,300 10 am C Columbia Cap Mgmt Gilmore & Bell 21-41 ------Today Massachusetts MA GO *200,000 11 am E Acacia Fin Group Hinckley Allen 35-42 ------Today Massachusetts MA GO *400,000 11:30 am E Acacia Fin Group Hinckley Allen 47-51 ------Today Washington Co Comm MD Pub Imp *10,740 11 am E Davenport Funk & Bolton 22-41 ------AA+ ------Today Augusta ME GO 2,240 11 am E Northeast Muni Advs Preti Flaherty 22-41 ------BQ 23-Apr Birmingham MI GO *4,750 11:30 am E Bendzinski Miller Canfield 24-41 ------BQ 26-Apr Jackson County MI Limited Tax (Tax) 10,000 11 am E PFM Fin Advisors Dickinson Wright 21-23 ------27-Apr Traverse City Area Pub Schs MI Sch Bldg & Site *42,500 11 am E PFM Fin Advisors Thrun Law Firm 22-31 ------20-Apr Becker MN GO Street *8,600 10 am C Northland Securities Taft Stettinius 23-32 --- A1 ------Today Golden Valley MN GO Imp *3,605 10 am C Baker Tilly MA Kennedy & Graven 22-41 ------BQ 26-Apr New Ulm MN GO Pub Utl Rev Ref *3,300 10 am C PFM Fin Advisors Dorsey & Whitney 22-34 --- Aa2 ------BQ 27-Apr North Kansas City SD #74 MO GO Imp *60,000 9:30 am C Piper Sandler Gilmore & Bell 22-41 --- Aa1 AA+ ------23-Apr Cranford Twp NJ Gen Imp 9,700 11 am E Municipal Official Rogut McCarthy 21-32 ------BQ 20-Apr P Gloucester County NJ County College 8,600 10:45 am E Acacia Fin Group Parker McCay 22-36 ------26-Apr P Gloucester County NJ GO 16,495 10:45 am E Acacia Fin Group Parker McCay 22-31 ------26-Apr Laurens Vlg NY Ref Sch 905 11:30 am E Municipal Solutions --- 21-45 ------BQ 20-Apr NE Clinton Ctrl SD NY Sch Dist 454 10:45 am E Fiscal Adv & Mkt Harris Beach 22-26 ------9-Feb P North Castle (Town) NY Pub Imp *10,000 11 am E Capital Markets Adv Jeffrey E Storch 22-36 ------BQ 23-Apr Oneida County NY GO Pub Imp *10,800 11 am E Fiscal Adv & Mkt Orrick Herrington 22-35 ------16-Apr Port Auth NY & NJ NY Cons Bds *187,425 10:45 am E Frasca & Associates Orrick Herrington 27-34 ------28-Apr Cotton Co ISD #333 OK Bldg 565 12:45 pm C Stephen H. McDonald State Atty General 23-26 ------BQ 23-Apr Nowata Co ISD #3 OK Bldg 550 6 pm C Stephen L. Smith Phillips Murrah 23-26 ------BQ 23-Apr Payne Co ISD #103 OK Bldg 230 12 pm E Stephen L. Smith Phillips Murrah 23 ------BQ 22-Apr Tulsa Co ISD #14 OK Bldg 340 11:45 am C Stephen H. McDonald State Atty General 23 ------BQ 22-Apr Bristol TN GO Sch Fire *5,150 10:15 am E Cumberland Secs Bass Berry 22-45 --- Aa2 ------BQ 28-Apr Alief ISD TX Sch Bldg & Ref *66,140 10 am C U.S. Capital Adv Hunton Andrews 22-41 PSF ------Today White Settlement TX Certs of Oblig *6,000 10 am C Hilltop Securities McCall Parkhurst 22-41 ------BQ 27-Apr

Wednesday, May 5 Mishawaka IN Wtrwks Rev 51,600 11 am E Baker Tilly MA Ice Miller 22-42 ------AA------20-Apr Madison County KY GO *6,980 11 am E RSA Advisors, LLC Dinsmore Shohl 22-36 --- Aa2 ------Today Simpson County KY GO Ref & Imp (Tax) *5,065 1 pm E Compass Muni Adv Dinsmore & Shohl 22-36 ------A+ ------26-Apr Brimfield (Town) MA GO Bldg *2,320 11 am E UniBank Fiscal Adv Locke Lord 22-36 ------BQ Today Canton (Town) MA GO Muni Purp Loan *8,270 11:30 am E UniBank Fiscal Adv Locke Lord 22-33 ------BQ Today North Reading (Town) MA GO Muni Purp Loan *4,100 11 am E Hilltop Securities Locke Lord 22-41 --- Aa2 ------BQ 26-Apr Crestwood SD MI Energy Conserv Imp *2,625 1 pm E PFM Fin Advisors Thrun Law Firm 23-42 ------BQ 27-Apr Escanaba MI Ref *1,880 11 am E PFM Fin Advisors Miller Canfield 22-31 ------BQ 27-Apr Garden City MI GO *4,255 11:30 am E Bendzinski Miller Canfield 21-23 ------BQ 28-Apr Edina ISD #273 MN GO *10,570 11 am C Ehlers Dorsey & Whitney 25-31 ------23-Apr Twin Lakes Twp MN GO Utl Rev *795 10:30 am C Ehlers Kennedy & Graven 23-42 ------BQ 26-Apr Buena Vista Twp NJ GO 2,178 11 am E Municipal Official Fleishman Daniels 22-36 ------BQ 28-Apr Lyndon (Town) NY Pub Imp 175 11:30 am E Municipal Solutions Orrick Herrington 22-25 ------BQ 16-Apr Comanche Co ISD #4 OK GO 550 7 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 26-Apr Garfield Co ISD #42 OK Bldg 500 12 pm C Stephen L. Smith Phillips Murrah 23 ------BQ 23-Apr Garfield Co ISD #42 OK Bldg 2,455 12 pm C Stephen L. Smith Phillips Murrah 23-24 ------BQ 23-Apr Tulsa Co ISD #5 OK Comb Purp (Tax) 31,520 11:30 am C Stephen H. McDonald Hilborne & Weidman 23-26 ------23-Apr Pennsylvania PA Ref (Tax) *496,625 11 am E PFM Fin Advisors McNees Wallace 21-31 --- Aa3 --- AA------23-Apr Pennsylvania PA Bond *550,000 11 am E PFM Fin Advisors McNees Wallace 22-41 --- Aa3 --- AA------23-Apr Seattle WA Limited Tax (Tax) *21,405 8:15 am P Piper Sandler Stradling Yocca 22-41 ------AAA AAA ------27-Apr Seattle WA Limited Tax *144,855 7:45 am P Piper Sandler Stradling Yocca 22-41 ------AAA AAA ------27-Apr Hampshire Co BOE WV Sch 26,200 11:30 am E Piper Sandler Steptoe & Johnson 22-31 ------21-Apr

Thursday, May 6 Downey USD CA GO Ref *10,585 10:30 am P Piper Sandler Stradling Yocca 21-31 ------26-Apr Downey USD CA GO *63,000 9:30 am P Piper Sandler Stradling Yocca 22-48 ------26-Apr

008_BB042921 8 4/28/2021 3:18:26 PM Thursday, April 29, 2021 New Issues www.bondbuyer.com 9

Friday, May 7 Lincoln Co ISD #95 OK Comb Purp 850 12:45 pm C Stephen H. McDonald State Atty General 23-26 ------BQ 26-Apr Muskogee Co ISD #74 OK Bldg 750 11:45 am C Stephen H. McDonald State Atty General 23-26 ------BQ 26-Apr

Monday, May 10 Centerville Comm SD IA GO Sch *10,000 1:30 pm C Piper Sandler Ahlers & Cooney 22-41 ------A ------BQ 28-Apr Eastern Iowa Comm Coll IA New Jobs Training (Tax) 5,465 10 am C Baker Tilly MA Ahlers & Cooney 23-31 ------27-Apr Moc-Floyd Vly Comm SD IA GO Sch *9,935 12 pm C Piper Sandler Ahlers & Cooney 22-41 ------BQ Today Western Iowa Tech Comm Coll IA New Jobs Training (Tax) *4,175 10:30 am C Speer Financial Ahlers & Cooney 22-31 ------26-Apr Hesston KS GO *915 10 am C Ranson Fin Group Triplett Woolf 22-25 ------BQ 28-Apr Hesston KS GO Ref & Imp *3,535 10 am C Ranson Fin Group Triplett Woolf 21-34 ------BQ 28-Apr New Buffalo Area Schs MI Sch Bldg & Site 4,000 1:30 pm E PFM Fin Advisors Thrun Law Firm 22-31 ------BQ Today Craig Co ISD #17 OK Bldg 340 6:30 pm C Stephen L. Smith Phillips Murrah 23-26 ------BQ 28-Apr Mayes Co ISD #2 OK Bldg 615 6 pm C Stephen L. Smith Phillips Murrah 23 ------BQ Today Osage Co ISD #2 OK Bldg (Tax) 620 11:45 am C Stephen H. McDonald State Atty General 23 ------28-Apr Texas Co ISD #1 OK Bldg 225 11:45 am C Stephen H. McDonald State Atty General 23-24 ------BQ 28-Apr Wagoner Co ISD #365 OK Bldg 170 4:30 pm C Stephen L. Smith Phillips Murrah 23-26 ------BQ 28-Apr

Tuesday, May 11 Berkeley CA GO *45,000 9 am P NHA Advisors Jones Hall 22-51 ------Today Hillsborough County FL Cap Imp *164,600 10:30 am E Public Resources Bryant Miller 22-51 ------23-Apr Southeastern Comm Coll IA New Jobs Training (Tax) *1,495 10:30 am C Speer Financial Ahlers & Cooney 22-31 ------28-Apr Elk River MN GO Wtr Utl *1,750 10:30 am C Baker Tilly MA --- 22-41 ------27-Apr Marshall MN GO *1,965 10 am C Baker Tilly MA Kennedy & Graven 23-30 ------BQ 20-Apr Marshall MN GO St-Aid Street *2,310 10 am C Baker Tilly MA Kennedy & Graven 22-29 ------BQ 20-Apr Caddo Co ISD #12 OK Comb Purp 490 11:45 am C Stephen H. McDonald State Atty General 23-26 ------BQ 28-Apr Okmulgee Co ESD #11 OK Comb Purp 945 12:45 pm C Stephen H. McDonald State Atty General 23-27 ------BQ 28-Apr Travis Co MUD #17 TX Unltd Tax 5,725 10 am C Public Fin Group State Atty General ------BQ 8-Apr NE Wisconsin Tech Coll Dt WI GO Prom 4,400 10 am C PMA Securities Quarles & Brady 22-27 ------26-Apr

Wednesday, May 12 New Mexico NM GO *171,760 10:30 am E Fiscal Strategies Rodey, Dickason 22-31 ------28-Apr Hector (Town) NY Sch 300 11:30 am E Municipal Solutions --- 22-26 ------BQ 20-Apr South Bristol (Town) NY Pub Imp --- 10 am E Fiscal Adv & Mkt ------BQ 9-Apr P Jefferson Co BOE WV Sch 43,735 11:30 am E Piper Sandler Bowles Rice 22-36 ------28-Apr

Thursday, May 13 Manhattan KS GO *5,515 11 am C Baker Tilly MA --- 22-41 ------27-Apr Elko New Market MN GO *4,160 10 am C Baker Tilly MA --- 22-40 ------BQ 13-Apr Lyndonville Vlg NY Ref Sch 728 11:30 am E Municipal Solutions --- 21-44 ------BQ 2-Apr

For complete listings go to www.bondbuyer.com

009_BB042921 9 4/28/2021 3:18:27 PM New Issues Thursday, April 29, 2021 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 Thursday, April 29 Blue Hills Reg Tech HSD MA GO Bond Antic 5,940 11 am E Hilltop Securities Locke Lord 21 ------BQ 22-Apr Franklin (Town) MA GO Bond Antic 1,200 11 am E Hilltop Securities Locke Lord 22 ------BQ 26-Apr Hingham (Town) MA GO Bond Antic *22,044 11 am E Capital Markets Adv Locke Lord 22 ------21-Apr Beach Haven Borough NJ Bond Antic 6,675 11:30 am E Phoenix Advisors Windels Marx 22 ------BQ 22-Apr Eagleswood Twp NJ Bond Antic 1,051 11 am E Municipal Official DeCotiis FitzPatrick 22 ------BQ 21-Apr Egg Harbor Twp NJ Bond Antic 480 11 am E Municipal Official Fleishman Daniels 22 ------BQ 27-Apr Glen Gardner Boro NJ Bond Antic 862 11 am E Municipal Official Gibbons P.C. 22 ------BQ 28-Apr Ho-Ho-Kus NJ GO Bond Antic 3,000 11 am E Municipal Official Rogut McCarthy 22 ------BQ 22-Apr Attica Vlg NY Bond Antic 619 11 am E Bernard P. Donegan Timothy R. McGill 22 ------BQ 19-Apr Geneva NY Bond Antic 10,141 11 am E Municipal Solutions Hancock Estabrook 22 ------1-Apr Le Roy Ctrl SD NY Bond Antic 588 11 am E Fiscal Adv & Mkt Harris Beach 22 ------BQ 26-Apr Leroy Ctrl SD NY Bond Antic 588 11 am E Fiscal Adv & Mkt Harris Beach 22 ------BQ 19-Mar Stuyvesant Fire Dt #1 NY Bond Antic 990 11 am E Fiscal Adv & Mkt Rodenhausen Chale 21 ------BQ 20-Apr

Friday, April 30 Lacey Twp NJ Bond Antic 11,181 11 am E Municipal Official GluckWalrath 22 ------26-Apr Mansfield Twp (Warren County) NJ Bond Antic 211 11 am E Municipal Official Gibbons P.C. 22 ------BQ 28-Apr

Tuesday, May 4 Falmouth (Town) MA GO Bond Antic 400 11 am E Hilltop Securities Locke Lord 21 ------Today Webster (Town) MA GO Bond Antic 3,650 11 am E Hilltop Securities Locke Lord 22 ------BQ 28-Apr Wellesley (Town) MA GO Bond Antic 4,135 11 am E Hilltop Securities Locke Lord 22 ------22-Apr Berkeley Twp NJ Bond Antic 6,936 11 am E Phoenix Advisors GluckWalrath 21 ------Today Morrisville Ctrl SD NY Bond Antic 2,410 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 16-Apr Newburgh (Town) NY Bond Antic 4,190 11 am E Munistat Services Orrick Herrington 22 ------BQ 22-Apr Walton Ctrl SD NY Bond Antic 50 11 am E Fiscal Adv & Mkt Whiteman Osterman 21 ------BQ 8-Apr Wayne County OH Bldg Auth 1,500 11 am E Sudsina & Assoc Squire Patton 22 ------BQ 28-Apr

Wednesday, May 5 North Reading (Town) MA GO Bond Antic 5,536 11 am E Hilltop Securities Locke Lord 22 --- MIG1 ------BQ 26-Apr Wakefield (Town) MA GO Bond Antic 1,390 11 am E Hilltop Securities Locke Lord 21 ------BQ Today Wakefield (Town) MA GO Bond Antic (Tax) 2,205 11 am E Hilltop Securities Locke Lord 21 ------Today Harrington Pk Borough NJ Bond Antic 3,830 11 am E Phoenix Advisors Wilentz Goldman 22 ------BQ Today Irvington Twp NJ Bond Antic (Tax) 259 11:15 am E NW Financial Group McManimon Scotland 22 ------22-Apr Irvington Twp NJ Bond Antic 9,721 11 am E NW Financial Group McManimon Scotland 22 ------22-Apr Saddle Brook Twp NJ GO Bond Antic 4,715 11 am E Municipal Official Rogut McCarthy 22 ------BQ 28-Apr Brewster Vlg NY Note (Tax) 244 11 am E Bernard P. Donegan Hawkins Delafield 22 ------27-Apr Shaker Heights OH Var Purp 5,200 11 am E MAS Financial Adv Squire Patton 22 ------BQ 14-Apr

Thursday, May 6 Evans (Town) NY Bond Antic 741 11 am E Municipal Solutions --- 22 ------BQ 20-Apr Jamestown NY Bond Antic 1,968 11 am E Capital Markets Adv Squire Patton 22 ------BQ Today Mohawk Vlg NY Bond Antic 360 10:45 am E Fiscal Adv & Mkt ------BQ 20-Apr

Tuesday, May 11 Pittsburg KS GO Temp *3,590 11 am C Baker Tilly MA Gilmore & Bell 22 ------BQ 20-Apr Marathon Ctrl SD NY GO Bond Antic 6,200 10:45 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 6-Apr Parish (Town) NY Rev Antic 100 10:45 am E Fiscal Adv & Mkt ------BQ 27-Apr

Wednesday, May 12 Northern Adirondack Ctrl SD NY Bond Antic 1,750 11 am E Fiscal Adv & Mkt ------BQ 20-Apr St Lawrence County NY Bond --- 10:30 am E Fiscal Adv & Mkt ------BQ 30-Mar

Thursday, May 13 Kirkland (Town) NY Bond Antic 400 11 am E Fiscal Adv & Mkt ------BQ 23-Apr Watkins Glen Vlg NY Bond Antic 995 11 am E Municipal Solutions --- 22 ------BQ 20-Apr

Tuesday, May 18 Dobbs Ferry UFSD NY Bond Antic 13,500 10:45 am E Fiscal Adv & Mkt ------19-Mar

For complete listings go to www.bondbuyer.com

010_BB042921 10 4/28/2021 3:18:28 PM Thursday, April 29, 2021 New Issues www.bondbuyer.com 11

Negotiated Bond Offerings Compiled by IHS Markit

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

Week Of April 26 California Muni Fin Auth CA Rev Antic 1,800 Stifel Nicolaus ------23-Apr Corte Madera (Town) CA Certs of Part 6,095 Oppenheimer ------23-Apr Corte Madera (Town) CA Pension (Tax) 18,975 Oppenheimer ------26-Apr Greene Co Bldg Corp IN Lease Rental 6,200 Stifel Nicolaus ------23-Apr Greene Co Redev Auth IN Lease Rev Ref 5,600 Stifel Nicolaus ------23-Apr Massachusetts Clean Wtr Tr MA Revolving Fund Loan 142,865 Morgan Stanley PFM Fin Advisors ------AAA --- 22-Apr Massachusetts Clean Wtr Tr MA Revolving Fund Loan 211,875 Morgan Stanley PFM Fin Advisors ------AAA --- 22-Apr Romulus Comm Schs MI GO Ref (Tax) 12,700 Huntington Secs PFM Fin Advisors ------23-Apr Romulus Comm Schs MI GO Ref 13,360 Huntington Secs PFM Fin Advisors ------23-Apr Grand Forks County ND Solid Wst Disposal 118,000 Jefferies ------14-Apr Jefferson County NE GO Hwy 2,530 D.A. Davidson ------23-Apr West Point NE Elec Rev Ref 2,395 D.A. Davidson ------23-Apr Islip (Town) NY Ref (Fwrd) 7,440 D.A. Davidson Capital Markets Adv ------23-Apr Cuyahoga Metro Hsg Auth OH Gen Rev 32,000 KeyBanc Cap Mkts ------27-Apr Oregon OR GO Higher Ed (Tax) 234,230 BofA Securities PFM Fin Advisors ------AA+ --- 23-Apr Oregon OR GO Higher Ed 89,735 BofA Securities PFM Fin Advisors ------AA+ --- 23-Apr Chartiers Vly SD PA Ltd Tax GO (Tax) 32,545 PNC Capital Markets ------20-Apr Hampton Twp SD PA GO (Tax) 15,880 Piper Sandler ------23-Apr Rhode Island Hlth & Educ Bldg RI Rev Ref (Tax) 18,000 Janney Montgomery Acacia Fin Group ------26-Apr Chambers Co Imp Dt #1 TX Ref 12,045 SAMCO Cap Mkts Masterson Advisors ------22-Apr Fort Bend Co MUD #162 TX Ref 2,045 Raymond James Masterson Advisors ------8-Apr Galveston Co MUD #44 TX Ref 2,640 SAMCO Cap Mkts RBC Capital Mkts ------22-Apr Harris Co MUD #1 TX Ref 7,380 Hilltop Securities Baird ------23-Apr McLennan Co Jr Coll TX Rev Ref 1,980 Hilltop Securities RBC Capital Mkts ------26-Apr Montgomery Co MUD #113 TX Ref 4,730 SAMCO Cap Mkts Baird AGM ------22-Apr Montgomery Co MUD #113 TX Road 10,735 SAMCO Cap Mkts Baird AGM ------22-Apr West Harris Co MUD #7 TX Ref 6,060 RBC Capital Mkts --- BAM ------22-Apr Utah Hsg Corp UT Mtg 40,000 Stifel Nicolaus ------23-Apr Vermont VT GO Ref 39,315 Morgan Stanley ------22-Apr Wenatchee WA Wtr & Swr Rev Ref 8,290 D.A. Davidson ------23-Apr

Thursday, April 29 Harris Co MUD #153 TX Ref 9,920 Baird Public Fin Group BAM ------27-Apr Harris Co MUD #374 TX Ref 3,900 Baird Public Fin Group BAM ------26-Apr

Week Of May 3 Gonzales USD CA GO 1,500 Oppenheimer ------Today Gonzales USD CA Facs Imp 2,675 Oppenheimer ------Today San Buenaventura CA Ref Certs of Part 8,020 BofA Securities ------Today San Buenaventura CA Ref Certs of Part (Tax) 12,925 BofA Securities ------Today Sundance Hills Metro Dt CO GO 2,200 D.A. Davidson --- BAM ------Today Carroll County GA GO Sales Tax 40,000 Raymond James ------27-Apr Milledgeville-Baldwin Co Dev GA Rev 67,445 Wells Fargo Secs PFM Fin Advisors ------Today Keokuk Muni Wtrwrks IA Wtr Ref Rev 5,900 D.A. Davidson ------Today Story City IA GO Ref (Tax) 1,915 D.A. Davidson --- BAM ------Today Story City IA GO Corp Purp 1,990 D.A. Davidson --- BAM ------Today El Paso IL Combined Tax Rev 119,785 JPMorgan Hilltop Securities ------Today Saline Co USD #305 KS GO Ref (Tax) 16,945 Raymond James ------21-Apr Maine Fin Auth ME Student Loan Rev (AMT) 19,145 BofA Securities SL Capital Strategie AGM ------28-Apr Maine Hlth & Ed Auth ME Rev (Tax) 157,085 Raymond James ------Today For complete listings go to www.bondbuyer.com

Election Results Compiled by IHS Markit

APPROVED River Vale Twp BOE $9,025,000 playground. DEFEATED For adding air conditions. Tuesday, Apr 20, 2021 Tuesday, Apr 27, 2021 Tuesday, Apr 20, 2021 NEW JERSEY Saturday, Apr 24, 2021 WASHINGTON NEW JERSEY River Vale Twp BOE $25,000,000 LOUISIANA Edmonds SD #15 $180,000,000 River Vale Twp BOE $1,704,000 For renovations, repairs and constructions. Livingston Par SD #1 $13,000,000 For building upgrades, capacity challenges and For wellness centers at elementary schools. To acquire and improve land for building sites and to improve existing facilities.

011_BB042921 11 4/28/2021 3:18:28 PM Market Statistics Thursday, April 29, 2021 12 The Bon d Buyer

Market Indicators Dollar amounts are in millions

Day’s 2021 2021 Current Previous 2021 2021 Daily Yesterday Change High Date Low Date Weekly 4/22/21 4/15/21 High Date Low Date Municipal Bond Index ...... 137.15 unch 138.15 (2/10) 135.00 (2/25) 40 Average Dollar Price ...... 110.74 –0.01 111.49 (2/11) 108.73 (2/25) Bond Buyer Revenue Bond Index . . . . . 2.62% 2.62% 2.80% (2/25) 2.47% (2/11) Average Yield to Par Call ...... 1.98 unch 2.38 (2/25) 1.89 (2/10) Bond Buyer 20-Bond Index ...... 2.26% 2.26% 2.44% (2/25) 2.10% (2/11) Average Yield to Maturity ...... 3.45 unch 3.56 (3/1) 3.39 (2/11) Bond Buyer 11-Bond Index ...... 1.79% 1.79% 1.97% (2/25) 1.63% (2/11)

Wk of 4/30/2021 Wk of 4/23/2021 Wk of 4/16/2021 Wk of 4/24/2020 Current Day’s 2021 2021 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $5,510.0 $9,434.7 $7,515.1 $8,208.7 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 4,204.0 6,280.7 5,599.8 6,056.8 Total (Apr. 29) ...... $7,693.8 +164.1 $15,308.4 (3/15) $5,068.3 (1/4) Competitive Bonds...... 1,305.9 3,154.0 1,901.3 1,318.1 Competitive ...... 4,189.3 +710.4 5,297.7 (2/5) 1,616.6 (1/4) Short-Term Notes...... 335.9 313.6 197.2 499.9 Negotiated ...... 3,504.5 –546.3 11,269.8 (3/22) 2,079.0 (2/10)

Long-Term Bond Sales Thru 4/30/2021 Thru 4/23/2021 Thru 4/16/2021 Thru 4/24/2020 Month to Date...... $33,410.5 $27,900.5 $18,465.8 $23,252.8 The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over Year to Date ...... 142,722.9 137,212.9 127,778.3 118,536.3 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

Apr. 28, 2021 Apr. 27, 2021 Apr. 29, 2020 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.06 0.06 0.00 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 0.28 0.28 0.70 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.07 0.07 0.56 Weekly Averages Monthly Averages 04/23 3,302,355 6,521,627 9,823,982 Mar_21 3,816,495 7,370,335 11,186,830 Municipal Market Data 04/16 3,919,032 5,989,779 9,908,811 Feb 3,772,075 5,659,974 9,432,049 One-Month Note (MIG-1) ...... 0.06 0.06 0.60 04/09 4,549,702 7,794,937 12,344,639 Jan 3,029,369 4,512,991 7,542,360 Two-Month ...... 0.06 0.06 0.61 04/01 4,322,787 6,185,936 10,508,722 Dec 1,736,966 6,215,668 7,952,635 Three-Month ...... 0.07 0.07 0.62 03/26 3,493,161 7,860,312 11,353,473 Nov 1,723,998 7,564,339 9,288,338 Four-Month...... 0.07 0.07 0.63 03/19 3,666,217 9,191,670 12,857,887 Oct 5,378,836 13,046,808 18,425,644 Five-Month ...... 0.08 0.08 0.66 03/12 3,504,508 7,369,454 10,873,962 Sep 4,298,532 10,376,432 14,674,964 Six-Month ...... 0.09 0.09 0.69 03/05 4,360,948 6,034,385 10,395,333 Aug 3,028,801 11,643,281 14,672,083 Nine-Month...... 0.10 0.11 0.76 02/26 3,550,483 6,376,585 9,927,068 Jul 3,105,291 10,327,625 13,432,916 One-Year ...... 0.12 0.14 0.80 02/19 3,167,021 6,098,029 9,265,050 Jun 2,743,299 10,739,739 13,483,038 02/12 4,149,078 4,606,420 8,755,497 May 2,573,712 8,924,640 11,498,352 Variable-Rate Demand (Non-AMT/AMT) 02/05 4,100,706 5,646,475 9,747,181 Apr 1,896,160 11,831,347 13,727,507 Daily General Market ...... 0.05/0.08 0.05/0.08 0.17/0.26 01/29 3,519,247 4,805,468 8,324,715 Mar 2,330,672 11,328,615 13,659,287 Apr. 28, 2021 Apr. 21, 2021 Apr. 29, 2020 The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the Seven-Day General Markets ...... 0.09/0.12 0.10/0.13 0.38/0.53 negotiated supply has been reported since 1971. Apr. 21, 2021 Apr. 14, 2021 Apr. 22, 2020 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.06 0.06 0.21

Visible Supply Increases Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa Mar. 17 – Apr. 29, 2021

15 2022 0.06 0.08 0.13 0.14 0.35 2023 0.08 0.10 0.18 0.20 0.45 12 2026 0.39 0.44 0.56 0.64 0.85 2031 0.95 1.08 1.18 1.25 1.66 9 2036 1.17 1.32 1.40 1.52 1.88 6 2041 1.37 1.53 1.61 1.72 2.08 2046 1.51 1.67 1.75 1.86 2.22 3 2051 1.56 1.72 1.80 1.91 2.27

0 Figures are as of 3 pm Eastern time Apr. 28, 2021. Yields represent the fair market offer side for most liquid and available credits in each 3/17 3/22 3/25 3/30 4/5 4/8 4/13 4/16 4/21 4/26 4/29 ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming Competitive Negotiated a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

012_BB042921 12 4/28/2021 4:28:44 PM Thursday, April 29, 2021 Market Statistics www.bondbuyer.com 13

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

Treasury Bills Offer Amount Yesterday’s Prev. Day’s Yesterday’s Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield 4/28 113.7 Vermont, Vt., (Aa1/AA+/AA+) ...... 0.06 0.39 0.97 1.31 … … … 4/28 26.8 Tyler, Tex., (AA+) ...... 0.11 0.50 1.15 1.80 2.08 2.18 2.30 1M — 05/25/2021 ...... 0 005/–5. 0 005/–5. 0 005 . 4/28 14.6 Oak Bluffs (Town), Mass., (AA+) ...... 0.10 0.41 1.10 1.70 2.00 … … 3M — 07/29/2021 ...... 0 015/5. 0 015/10. 0 015 . 4/28 29.3 Islip (Town), N.Y., (Aaa) ...... 0.05 0.36 1.00 1.65 … … …

6M — 10/28/2021 ...... 0 030/30. 0 035/30. 0 030 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Treasury Notes and Bonds Aaa – AAA 4/27 63.5 Barrington CUSD #220, Ill., ...... 0.10 … 1.15 1.52 1.74 … … Yesterday’s Prev. Day’s Yesterday’s 4/27 28.6 Richardson, Tex., ...... 0.10 0.42 1.07 1.69 1.96 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 4/27 7.9 Chapel Hill (Town), N.C., ...... 0.05 0.35 0.93 1.66 1.86 … … 2Y — 0 .13% due 4/2023 . . . . . 99 286/300. 99 280/292. 0 176. 4/26 4.0 Richardson, Tex., ...... 0.12 0.93 1.74 2.09 2.45 … … 4/21 316.7 BWC of the Cty of Denver, Colo., ...... … 0.40 0.97 1.21 1.86 2.10 … 5Y — 0 .75% due 4/2026 . . . . . 99 140/15+. 99 112/126. 0 865. 4/21 15.5 Ipswich (Town), Mass., ...... 0.10 0.41 1.10 1.71 … … … 10Y — 0 .88% due 2/2031 . . . . 95 166/186. 95 166/186. 1 620. 4/21 10.8 Westport (Town), Conn., ...... 0.07 0.38 1.20 1.60 1.95 … … 4/20 25.0 New Fairfield (Town), Conn., ...... 0.08 0.41 1.20 1.65 2.00 … … 30Y — 1 .13% due 2/2051 . . . . 90 316/016. 91 046/066. 2 294. 4/20 7.8 Frankston ISD, Tex., ...... 0.20 0.60 1.05 1.40 1.65 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 4/19 9.5 Elmhurst, Ill., ...... 0.20 0.60 1.20 1.55 1.80 … … 4/14 39.0 Watertown (Town), Mass., ...... 0.07 0.44 1.06 1.72 1.89 … … 4/13 45.8 New Trier Twp HSD #203, Ill., ...... 0.11 0.60 1.22 1.77 2.01 … … Barclays Capital Long Treasury Bond Index Aa1/Aa2/Aa3 – AA+/AA/AA– Index Value Yield Index Total 4/27 112.1 State of Vermont, Vt., ...... 0.06 0.39 0.97 1.31 … … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 4/27 53.3 Roanoke, Va., ...... 0.10 0.40 0.96 1.76 1.96 … … 4/27 9.0 Leavenworth, Kann., ...... 0.16 0.55 1.26 1.55 … … … Close 4269 02. 4304 69. –35 67. 2 22. 2 18. +0 04. 4169 02. 4/26 46.0 Milwaukee Metro Swrg Dt, Wis., ...... 0.10 0.44 1.16 1.76 1.96 … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 4/26 29.6 Urbandale Comm SD, Iowa., ...... 0.20 0.56 1.30 1.85 2.08 … … 4/26 26.4 Columbia SD, Mich., ...... 0.17 0.95 1.85 2.30 2.55 … … (Jan. 1 1973 = 100). 4/22 9.6 Haverford Twp SD, Pa., ...... 0.20 0.55 1.10 1.50 … … … 4/22 9.5 Massapequa Fire Dt, N.Y., ...... 0.15 0.60 1.20 1.50 … … … 4/22 9.4 Orchard Pk Ctrl SD, N.Y., ...... 0.10 0.38 1.10 1.64 … … … 4/21 130.0 Beaufort Co SD, S.C., ...... 0.06 0.35 0.92 1.61 1.86 … … 4/21 100.0 Clark County, Nev., ...... 0.12 0.48 1.15 1.76 1.96 … … State and Local Government Series Rates 4/21 76.0 City and County of San Francisco, Calif., . . . . … 0.31 0.90 1.25 1.55 … … A1/A2/A3 – A+/A/A– 4/15 2.0 Shandon Jt USD, Calif., ...... 0.22 0.62 1.24 … 2.35 … … Thursday Friday Monday Tuesday Wednesday 3/31 9.5 Bolivar Energy Auth, Tenn., ...... 0.30 0.75 1.33 1.65 2.00 … … Apr. 22 Apr. 23 Apr. 26 Apr. 27 Apr. 28 3/10 24.0 College of Charleston, S.C., ...... 0.18 0.59 1.28 1.95 … … … Overnight*...... 0 01 . 0 01 . 0 01 . 0 01 . 0 01 . 3/9 13.0 Attica Ctrl SD, N.Y., ...... 0.19 0.77 1.47 1.88 … … … Three Months...... 0 01 . 0 01 . 0 01 . 0 00 . 0 01 . 3/3 45.0 Lafourche Par Cons SD #1, La., ...... 0.38 0.90 1.60 2.20 2.66 … … Six Months...... 0 03 . 0 02 . 0 03 . 0 03 . 0 03 . 2/24 3.0 Maryville, Mo., ...... 0.50 0.95 1.20 1.55 … … … Nine Months...... 0 05 . 0 04 . 0 04 . 0 04 . 0 04 . 2/18 5.6 Hillsboro, Tex., ...... … 0.45 1.00 1.40 1.65 1.85 … One Year...... 0 06 . 0 05 . 0 05 . 0 05 . 0 05 . 1/27 4.3 Sumner Co USD #356, Kan., ...... 0.20 0.40 0.90 1.25 … … … Two Years ...... 0 14 . 0 14 . 0 16 . 0 16 . 0 18 . 1/14 4.2 East Central Spec Util Dt, Tex., ...... 0.20 0.50 1.10 1.45 1.70 … … Three Years...... 0 32 . 0 31 . 0 34 . 0 34 . 0 35 . 12/17 7.0 Atchison, Kan., ...... 0.16 0.30 0.70 1.20 … … … Four Years...... 0 57 . 0 55 . 0 59 . 0 59 . 0 61 . 12/9 2.5 Napoleon, Ohio., ...... 0.20 0.45 1.10 … 1.70 … … Five Years...... 0 82 . 0 79 . 0 83 . 0 85 . 0 87 . 12/8 4.1 Winfield, Kan., ...... 0.21 0.38 0.90 1.40 1.70 … … Six Years...... 1 05 . 1 01 . 1 07 . 1 08 . 1 11 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 1 25 . 1 22 . 1 27 . 1 28 . 1 32 . Eight Years...... 1 39 . 1 36 . 1 42 . 1 41 . 1 46 . Nine Years...... 1 49 . 1 46 . 1 51 . 1 51 . 1 56 . Merrill Lynch Corporate Bond Indexes 10 Years...... 1 57 . 1 54 . 1 58 . 1 58 . 1 63 . 15 Years...... 1 93 . 1 89 . 1 93 . 1 93 . 1 97 . Performance Comparisons for Apr. 26, 2021 20 Years...... 2 14 . 2 10 . 2 14 . 2 13 . 2 18 . Aaa–Baa Rated Corporates 25 Years...... 2 22 . 2 18 . 2 21 . 2 21 . 2 26 . Index Avg. Pct.of Total Return% 30 Years...... 2 25 . 2 21 . 2 24 . 2 24 . 2 29 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3459.49 2.21 100.00 +0.39 –3.03 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2246.26 1.59 64.82 +0.13 –1.29 Industrials 810.68 1.60 33.93 +0.12 –1.32 Utilities 789.15 1.77 6.27 +0.09 –1.77 Finance 793.05 1.60 9.50 +0.16 –1.01 Banks 833.82 1.47 16.92 +0.17 –1.31 Canadians/Yankees 741.70 1.43 34.52 +0.04 –1.02 Long-term (10 years and over) 3676.32 3.36 35.18 +0.87 –6.05 MARKET Industrials 1415.54 3.36 21.52 +0.82 –5.95 Utilities 1399.25 3.39 7.09 +0.88 –5.87 STATISTICS Finance 1432.47 3.28 3.14 +0.95 –5.81 For additional market data, please visit Banks 1531.69 3.27 2.88 +1.43 –7.16 bondbuyer.com/marketstatistics. Canadians/Yankees 1958.34 3.58 10.68 +0.06 –6.27 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_BB042921 13 4/28/2021 4:07:30 PM Market Statistics Thursday, April 29, 2021 14 The Bond Buyer

Bond Buyer Indexes Municipal Bond Index Update Average Municipal Bond Yields — Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year NOTE : We have no new bond after February 26, 2021 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after APR 21 22 ...... 2.26 1.79 2.62 1.56 2.24 15 ...... 2.26 1.79 2.62 1.55 2.23 the April 15 pricings. The list will be revised at the next regularly scheduled revision on 8 ...... 2.30 1.83 2.66 1.63 2.32 April 30, 2021. 1 ...... 2.34 1.87 2.70 1.68 2.34 MAR 21 25 ...... 2.35 1.88 2.71 1.63 2.34 As a result, the coefficient remains at 1.0695, the average coupon rate at 4.06%, the 18 ...... 2.40 1.93 2.76 1.71 2.45 average par call date is September 27, 2026 and the average maturity date is 11 ...... 2.35 1.88 2.71 1.52 2.25 November 16, 2046. 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 3 ...... 2.13 1.66 2.58 0.93 1.67 NOV 20 25 ...... 2.13 1.66 2.58 0.88 1.62 19 ...... 2.19 1.72 2.61 0.86 1.58 12 ...... 2.28 1.81 2.70 0.88 1.65 5 ...... 2.24 1.77 2.60 0.78 1.54 OCT 20 29 ...... 2.34 1.87 2.76 0.84 1.62 22 ...... 2.37 1.90 2.79 0.86 1.67 15 ...... 2.35 1.88 2.77 0.74 1.52 8 ...... 2.35 1.88 2.77 0.77 1.57 1 ...... 2.25 1.78 2.67 0.68 1.46

(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 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 ...... 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+ 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 4/23/2020 7/23/2020 10/22/2020 1/21/2021 4/22/2021

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.26 2.26 2.36 2.60 2.02 10-Year Treasury Note 1.56 1.55 0.60 1.71 0.54 STATISTICS 30-Year Treasury Bond 2.24 2.23 1.19 2.45 1.19 Basis Pt Spread to Note –70.50 –71.30 –176.00 –65.80 –197.30 For additional market data, please visit BBI as % of Note 145.34 146.09 393.33 414.67 139.12 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –2.10 –3.40 –117.00 5.40 –128.90 BBI as % of Bond 100.94 101.53 198.32 200.00 97.80

014_BB042921 14 4/28/2021 4:44:18 PM Thursday, April 29, 2021 Market Statistics www.bondbuyer.com 15

Municipal Bond Index Municipal Bond Prices Current Day Previous Day Week Ago Month Ago Year Ago These 40 Bonds are evaluated and priced daily by The Bond Buyer Municipal Bond Index 137.15 137.15 137.11 135.25 127.12 Standard & Poor’s Securities Evaluations Inc. Wednesday, April 28, 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 111.8120 0.9256 120.7995 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 112.0700 0.9628 116.4001 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 111.0650 0.9256 119.9924 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 111.5010 0.9269 120.2945 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 108.7900 0.9269 117.3697 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 109.1330 0.9269 117.7398 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 111.125 - 0.125 1.94 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 111.3150 0.9269 120.0939 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 116.500 - 0.125 1.83 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 109.1250 0.8539 127.7960 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 109.500 + 0.625 1.49 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 107.8190 0.8539 126.2665 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 112.625 unch 2.38 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 107.9050 0.8771 123.0247 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 114.375 - 0.125 1.60 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 107.8220 0.8595 125.4474 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 109.5430 0.8595 127.4497 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 109.5030 0.8539 128.2387 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 111.500 unch 0.39 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 107.9640 0.8568 126.0084 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 111.375 unch 0.46 15 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 103.5940 0.7809 132.6598 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 111.375 - 0.125 2.20 16 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 105.0370 0.7768 135.2176 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 107.875 + 0.875 1.72 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 104.0680 0.7768 133.9701 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 108.000 unch 2.14 18 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 111.8970 0.8512 131.4579 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 115.750 - 0.125 1.78 19 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 111.0700 0.8512 130.4864 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 109.125 unch 0.75 20 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 112.0590 0.8568 130.7878 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 109.500 - 0.125 1.78 21 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 113.5350 0.8512 133.3823 22 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 114.3860 0.8568 133.5037 HOSPITAL 23 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 108.3100 0.8174 132.5055 A3/A-/- Bucks County Industrial Dev Auth.3.00 08/15/2053 . . . 103.875 - 0.125 2.53 24 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 112.3140 0.8568 131.0854 -/BB+/- Bucks County Industrial Dev Auth.4.00 07/01/2051 . . . 109.375 - 0.125 2.93 25 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 111.3540 0.8512 130.8200 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 105.000 - 0.125 2.02 26 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 111.0590 0.8484 130.9041 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 104.125 - 0.125 2.20 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 110.3610 0.8484 130.0813 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 112.250 - 0.125 1.94 28 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 112.2190 0.8568 130.9746 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 107.875 + 0.875 1.70 29 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 113.3120 0.8484 133.5596 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 113.875 - 0.125 1.89 30 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 110.5650 0.8539 129.4824 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 112.375 - 0.125 1.89 31 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 115.7150 0.8512 135.9434 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 113.250 - 0.125 2.08 32 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 113.8840 0.8595 132.5003 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 103.625 - 0.125 2.25 33 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 115.3300 0.8625 133.7159 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 116.125 - 0.125 1.74 34 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 116.4830 0.8484 137.2973 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 111.875 - 0.125 1.75 35 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 113.3260 0.8539 132.7158 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 113.375 - 0.125 2.17 36 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 116.1850 0.8568 135.6034 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 111.000 - 0.125 2.28 37 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 112.6580 0.8539 131.9335 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 110.375 - 0.125 2.38 38 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 112.2300 0.995 112.7940 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 110.625 - 0.125 2.38 39 Bucks County Industrial Dev Auth. 3.00 . . .08/15/2053 08/15/2030 103.9250 0.7893 131.6673 40 Bucks County Industrial Dev Auth. 4.00 . . .07/01/2051 07/01/2031 109.4220 0.8484 128.9745 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 112.000 - 0.125 1.81 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 110.7416 110.7478 110.6627 109.4051 102.9636 POWER Yield To Par Call ...... 1.98 1.98 2.00 2.25 3.57 Yield To Maturity ...... 3.45 3.45 3.46 3.53 3.93 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 112.125 unch 0.79 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 111.125 unch 0.69

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 . . . . 111.750 unch 0.12 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A3/BBB+/A- Metro Transp Auth NY.5.00 11/15/2043 ...... 108.750 unch 1.48 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 ...... 109.125 unch 1.35 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 112.250 - 0.125 17.05 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 107.875 unch 1.66 The Municipal Bond Index presented today employs the coefficient derived from the April 15, 2021 pricing, A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 113.500 - 0.125 1.84 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 . . . . . 108.250 - 0.125 2.12 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 . . 115.375 - 0.125 1.71

015_BB042921 15 4/28/2021 4:43:55 PM 16 Southeast Thursday, April 29, 2021 TRENDS IN THE REGION The Bond Buyer

Settlement a Boost for Myrtle Beach After a Tough Pandemic for Tourism

Continued from page 1 revenue losses incurred during the pan- $209 million of bonds, with the most pandemic hit and there were all sorts of demic. issuance occurring in 2014 and 2016 closures and restrictions on gatherings. said last week, and comes after the The revenue is not legally pledged when it sold about $62 million in each In May 2020, that revenue fell by 80% COVID-19 pandemic ravaged the coast- for repayment of the city’s $62 million of those years. year-over-year and through the entire al region’s tourism economy and caused of outstanding hospitality fee bonds, As of Dec. 31, 2020, the city had summer that revenue was down on aver- a decline in multiple municipal revenue which Moody’s rates A3 with a negative about $192.22 million in outstanding age by about 50%.” streams. outlook. bonds payable and capital lease obliga- He said that started to recover over the Of all the municipalities involved, However, city officials told the agency tions compared to $200.94 million in the winter, but he noted “this is a summer Myrtle Beach is one of the biggest win- the money can be used in the event that prior year. tourism destination and so most of their ners of this settlement, according to legally pledged revenue falls short of The court settlement comes after Myr- revenues are received in that summer Moody’s analyst Frank Mamo. annual debt service. tle Beach saw sharp declines in several period of May through September. So “They will receive around $22 mil- Based on actual collections of pledged of its revenue sources in 2020, including we want to see how they’re going to be lion of a one-time lump sum windfall revenue in the fiscal year through Jan. its own local hospitality fees. able to sustain that recovery over the and then moving forward city officials 31 and stress test for collections through City officials now expect to get about next four or five months.” estimate that they’ll receive about $18 June, Moody’s said annual debt service $18 million a year in added fees, which Horry County has seen 38,440 total million in ongoing revenue annually,” coverage on the city’s hospitality fee comes out to around 11% of the city’s coronavirus cases with 568 deaths re- Mamo told The Bond Buyer. “This is a bonds will remain above 1.5 times. revenue base. The city’s $22 million ported as of April 27. In the state of tourism-dependent economy and several City officials plan to use some of the one-time payment under the settlement South Carolina, 576,000 cases have been of their revenues have been hit pretty settlement money to replenish a debt ser- is its share of the hospitality fees, which reported with 9,435 deaths. hard by the pandemic so this is certainly vice reserve fund for the Myrtle Beach the county has accumulated since the Myrtle Beach isn’t the only entity to a good development for them.” Convention Center Hotel Corp.’s Series lawsuit was filed in 2019. be hard hit by the coronavirus pandem- Municipal bond analyst Joseph Krist 2015 hotel revenue bonds. “The impact for Horry County is ic in the Southeast. The tourism and agreed. The DSRF was already tapped last going to be pretty insignificant. These hospitality sectors all across the region “Horry County historically used the October to help cover debt service since were revenues that the county previously have taken financial hits from travel countywide hospitality fee to service the coronavirus pandemic decimated the used to pay for state infrastructure loans lockdowns and safety protocols which state infrastructure loans, which were tourism industry the city thrives upon. and those loans were paid off in 2019,” limited attendance. paid off in 2019,” Krist said in a report The $16.4 million of bonds were is- Mamo said. “So from the county’s per- In January, a payment was missed on issued last week. “The municipalities sued to refund debt issued in 2001 to fi- spective the fact that they can continue municipal bonds issued for a project at sued to attempt to get a portion of the nance the convention center hotel, build levying this and receiving money that’s Elvis Presley’s Graceland in Memphis revenues generated by the fee given that a parking garage and refurbish facilities generated in unincorporated parts of the that were based on tourist taxes. Loss the prior use of the funds no longer ex- in the Myrtle Beach Convention Center. county, it’s a win, because they no lon- of revenue from fewer visitors during isted. The settlement comes after Myrtle The Series 2015 bonds are secured by ger have that debt service expense they the coronavirus pandemic was blamed Beach dealt with the impacts of the pan- the Sheraton Myrtle Beach Convention have to pay.” as the reason the bonds were unable to demic on tourism and related business.” Center’s operating revenue, which plum- Horry County officials told Moody’s generate enough revenue to debt service. The other plaintiff municipalities were meted during the pandemic, and have a they expect to use their share of the on- In Florida the “no sail” orders from North Myrtle Beach, Surfside Beach, moral obligation backstop from the city. going revenue, estimated at $13 million the Center for Disease Control contin- Conway, Loris, Aynor and Atlantic The bonds are rated A-plus with a annually, for various operating costs ues to sideline the entire cruise industry. Beach. stable outlook by S&P Global Ratings. and infrastructure projects. Larger cap- According to the Florida Ports Council, Myrtle Beach, with more than 34,000 The debt isn’t rated by Moody’s, which ital projects will now likely be jointly the state has lost an estimated 169,000 residents, is the largest city in Horry assigns the city an Aa2 rating with a handled by the county and its munici- jobs and nearly $23 billion in economic County, where about 350,000 people negative outlook. palities. activity through the end of 2020. q live. “The DSRF has been tapped to help Mamo noted the city’s outlook was Moody’s said the county’s revenue cover debt service since the onset of the negative. loss won’t have a material budget impact coronavirus,” Krist said. “The city has “Myrtle Beach was hit particularly on the county, but Myrtle Beach’s gain a moral obligation pledge to replenish hard in the early stages of the pandem- For more content about this will be substantial. the DSRF after a tap, a pledge it intends ic,” he said. “Their hospitality fee rev- region, visit the Regional News Myrtle Beach expects to use the hos- to honor in its upcoming budget cycle.” enue, which is a tax on prepared food tab on BondBuyer.com. pitality fee revenue to partially offset Since 2010, the city has sold about and drink, plummeted right after the

Visible Supply by State General Obligation Yield Curves for Apr. 27, 2021

April 28, 2021 April 21, 2021 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Alabama Aa1/AA/AA+ 0.07 0.44 1.06 1.70 Alabama 0 $0 1 $428,500 -$428,500 Florida Aaa/AAA/AAA 0.05 0.39 0.99 1.62 Florida 4 288,185 4 136,075 152,110 Georgia Aaa/AAA/AAA 0.05 0.38 0.94 1.55 Georgia 1 40,000 1 73,600 –33,600 Kentucky Aa3/A/AA– 0.10 0.53 1.16 1.77 Kentucky 2 19,265 2 5,440 13,825 Louisiana Aa3/AA–/AA– 0.06 0.44 1.07 1.73 Louisiana 1 10,200 1 12,875 –2,675 Mississippi Aa2/AA/AA 0.09 0.50 1.11 1.76 Mississippi 1 13,400 1 13,400 0 North Carolina Aaa/AAA/AAA 0.05 0.38 0.94 1.55 North Carolina 1 18,960 4 386,020 –367,060 South Carolina 0 0 2 141,200 –141,200 South Carolina Aaa/AA+/AAA 0.05 0.41 0.97 1.58 Tennessee 6 74,925 4 16,660 58,265 Tennessee Aaa/AAA/AAA 0.05 0.38 0.94 1.55 Virginia 1 0 4 126,060 –126,060 Virginia Aaa/AAA/AAA 0.05 0.38 0.94 1.55 West Virginia 2 69,935 1 26,200 43,735 West Virginia Aa2/AA–/AA 0.07 0.47 1.10 1.77 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

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