Vol. 392 No. 35281 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC Thursday, March 26, 2020

THURSDAY Raimondo Muni www.bondbuyer.com Maneuvers THE REGIONS Market Has NEW YORK’S METROPOLITAN Transportation Authority, in For Cash the midst of what Chairman Patrick Foye called the “big- By Paul Burton Huge Rally gest liquidity crisis ever” for the nation’s largest mass As states scramble to fill wid- transit system, received a ening revenue gaps during the By Lynne Funk downgrade from S&P Global COVID-19 pandemic, Rhode Is- Ratings. �������������������������������5 land is dusting off a 47-year-old The municipal market experi- playbook. enced an enormous rally Wednes- ILLINOIS GOV. J.B. PRITZKER’S On Thursday, the Disaster day, swiftly reversing from the pro- administration named 36 firms Emergency Funding Board, an nounced sell off it had experienced to newly minted broker-deal- er pools it will draw from for obscure body the legislature au- over the course of several wrench- negotiated bond sales. ���������4 thorized in 1973, is scheduled to ing, dislocated trading sessions due meet at the state capitol in Provi- to the effects of the coronavirus. Bloomberg News WASHINGTON dence to consider Gov. Gina Rai- Municipal benchmark yields mondo’s request to borrow up to Clearly our revenues have fallen off a cliff,” said Rhode Island Gov. were lowered by 60 to 80 basis THE MUNICIPAL SECURITIES $300 million “from the United Gina Raimondo,” who convened an emergency board. points across the curve. Some Rulemaking Board will be pub- States government or any other trades pointed to nearly a 1% bump lishing daily data summaries, private source.” Democrats. and quasi-public agencies with on short-term paper. pushing back comment dead- lines, and suspending a price The board will consist of Sen- In a letter to the four, Raimon- available cash balances. The short municipal market, in- alert in response to market vol- ate President Dominick Ruggerio; do said if the state cannot borrow While closed to public atten- cluding the VRDN market, largely atility and concerns about the House Speaker Nicholas Matti- in a timely fashion, an alterna- dance because of the virus, it will has stabilized. impact of COVID-19. �����������4 ello; Senate Finance Committee tive would be to transfer money be available through a Capitol TV Put bonds were trading 100 ba- Chairman William Conley; and into the state’s general fund from live stream. sis points tighter than Tuesday and FIRST MANHATTAN CO. HAS AGREED House Finance Committee Chair- general obligation cash proceeds, As of March 20, 12 states have front-end yields have declined from to pay $100,000 to settle man Marvin Abney. All four are state university and college funds Turn to Rhode Island page 4 a “3 handle to 1 handle in the just charges it violated multiple the past few sessions, reversing the municipal securities rules meteoric rise in yields last week,” after the Financial Industry WEDNESDAY’S YIELDS according to ICE Data Services. Regulatory Authority found it The Bond Buyer 40 Some Santee Cooper Lawsuits The Fed’s actions to buy short-term failed on various occasions to munis clearly is having a meaning- purchase municipal securities 5.0 ful impact on this market. for its customers at a fair and Are Nearing Settlement Deals To Market participants took the reasonable price. �����������������5 4.3 3.83 Down 0.34 By Shelly Sigo Beaufort Division of the United signal that the Federal Reserve WEB EXCLUSIVES 3.6 States District Court of South would be authorized to purchase While some legal proceed- Carolina on Jan. 31, 2018. all types of municipal bonds under CALIFORNIA STATE AGENCIES HAVE 3.0 ings across the country have The Glibowski suit alleged the $2 trillion package the Trump received official word that 2.3 To Par Call been postponed due to the nov- that its class members lost more administration has agreed to with they’ll have to tighten their 3.28 Down 1.00 el coronavirus outbreak, South than $3 billion as a result of the the Senate. However the moves the belts as the state grapples with 1.7 Carolina-owned Santee Coo- project. Fed took on Monday to include the COVID-19 pandemic. 03/12 03/17 03/20 03/25 per is on track, so far, to get a Turn to Santee Cooper page 6 Turn to Dramatic page 2 IN ANTICIPATION OF REVENUE court-approved global settle- 5.5 ment for two of its complex declines stemming from 5.0 COVID-19, New Jersey Gov. class-action lawsuits. ONLINE 4.5 Phil Murphy’s administration If the global deal gets done, is freezing nearly $1 billion in 4.0 though, the state utility formal- discretionary spending. 3.5 ly known as the South Caro- 3.0 lina Public Service Authority PODCAST: CHRIS BRIGATI OF 2.5 still faces pressures from oth- Advisors Asset Management 2.0 er lawsuits that resulted from talks about market strategies 1.5 canceling two nuclear reactors and adapting to the realities of MFJDNOSAJJMA while still under construction, today. John Hallacy hosts. Complete market coverage appears on page 2 including a federal securities class-action suit filed by an in- vestor in Santee Cooper’s mini- bond program. Judge Jean Toal on March 17 preliminarily approved a $520 million settlement filed by a class of ratepayers led by Jes- sica S. Cook in the Hamilton County Court of Common Pleas on Aug. 22, 2017, and a feder- Bloomberg News al class-action complaint led Senate Majority Leader Mitch McConnell, R-Ky., described the corona- by Timothy Glibowski in the virus legislation as “emergency relief,” not a stimulus package.

001_BB032620 1 3/25/2020 5:09:14 PM Market News Thursday, March 26, 2020 s 2 The Bond Buyer Dramatic Rally Reverses Recent Coronavirus-Driven Selloff

Continued from page 1 County School District, S.C., (Aa1/NR/NR/ spending requirements,” said Jeffrey Lipton, the buy-side for a welcome change. “With NR) decided to brave the market Wednesday managing director and head of muni research a healthier tone, munis could demonstrate variable rate demand notes had already start- and competitively sold a sharply downsized and strategy at Oppenheimer. better relative performance against UST.” ed the rally. general obligation bond issue. BofA Securi- Lipton said that while it is difficult to de- Ryan Swift, US Bond Strategist at BCA This all came as ICI reported more than ties won the $75 million of GOs, originally fine newly authorized Fed capabilities in sim- Research echoed some of those sentiments. $20 billion of outflows Wednesday, largely sized at $124.61 million with a true interest plistic terms, the U.S. is now going through The Fed measures to mitigate the negative surpassing previous outflows. cost of 2.73%. an atypical recession that requires atypical impacts of a credit shock to the market has But early trades of New York City GOs The GOs were priced to yield from 2% Fed intervention. been evident. started the move. GOs in 2028 opened the with a 5% in 2021 to 3.08% with a “Whether or not the Fed’s new-found au- “The Fed has set up facilities to back- day and traded at 2.00%. The yield on the 3% coupon in 2040. thority for munis can stem the massive liqui- stop and short-maturity 10-year at the close was 1.89% (-75 basis The market moved with the realization that dations from mutual funds and ETFs for an municipal debt. It also announced yesterday points) on the ICE curve, 2.08% (-61) on the Fed was here with liquidity. extended period — only time will tell, but morning that it will, in conjunction with the BVAL and MMD stood at 1.94% (-65) from “In our view, expanded Fed support for the we are optimistic,” he said. The government Treasury department, enter the investment previous day trading. municipal as part of an unprec- and Fed measures, they believe, “will bol- grade market out to the 5-year Other trades showed how rapidly the mar- edented, more broadly-defined open-ended ster muni market and credit conditions and maturity point, effectively back-stopping a ket was moving to lower yields: quantitative easing program (including the we can expect tax-exempt yields to make large portion of corporate issuance,” Swift Massachusetts GOs, 4s of 2021, traded at kitchen sink) should provide an important fa- valid attempts to retrace part of their recent said. “The Fed is also directly purchasing 1.90%, Texas Transportation Commission cility that would help to ensure the availabil- advances, but with directional and large amounts of Agency MBS in an effort 5s of 2026 traded at 1.93%, Massachusetts ity of adequate liquidity at a time of historic an unlikely return to their historical lows (al- to tighten the spread between the mortgage GOs, 5s of 2030, at 2.25%, Chicago GOs, 5s market and economic disruption when many though they could be tested) any time soon.” rate and Treasury yields.” of 2031, 10-year call, at 5.90%, Connecticut municipal governments are struggling to He said the market would also expect He also noted that the Fed’s measures to GOs, 4s of 2038, land at 4.04%. balance their essential service needs against the pace of outflows to abate with possible guarantee some risky debt can help solve Meanwhile, in the primary, the Beaufort swelling coronavirus-related healthcare inflows. And further, the market could an- some problems related to a credit shock. ticipate a primary calendar build given the “For example, if Fed purchases increase growing backlog of deals. With that would asset values for corporate and municipal come “a more orderly secondary business bonds, then it lessens the risk of bankruptcy Better Fed Communication Urgent with continually improving price discovery both for the issuing firms and for any system- and a stronger bid-side.” ically important investment fund that may be “Professional investors seem to be more levered to those markets,” Swift said. “How- At a Zero Lower Bound, SOMC Says focused on the relative value proposition as ever, Fed purchases do not guarantee that With the Federal Reserve whatever approach is ad- more reasonable clearing levels and better stressed firms will be able to take out new lowering the Fed funds target opted,” he said. “Where are price discovery have moved into sight,” Lip- debt, nor do they prevent firms from cutting rate to the zero lower bound, the hard lines? Where is the ton said. “We are now seeing more bidders payrolls in the face of lower demand. Only communication takes a vital fuzziness? Why should this with a firmer tone on retail bid-wanted lists direct cash bailouts from the government role, and, if used properly, approach achieve the appro- and dealers are becoming more assertive with can fix those problems.” q can enhance Fed actions. priate outcomes?” At the March 6 Shadow Communication is “en- Open Market Committee hanced” if market partici- meeting, before rates hit ZLB, pants and others “can un- Muni bond funds see outflows panelists discussed improving derstand the strategy and Fed communication, and its anticipate the deployment Tax-exempt Taxable $20B use of unconventional tools. Gary Siegel of tools, the path of interest The Federal Open Market rates and the use of uncon- $10B Committee Summary of Eco- ventional tools,” Kohn said. $0 Join your fellow leaders nomic Projections can be “an extremely “We don’t have that clarity now. $-10B useful tool,” said Federal Reserve Bank of With the Fed again at ZLB, clarity about $-20B Chicago President Charles Evans. use of unconventional tools — although $-30B Connect with leading municip e experts and senior Speaking about Fed communications they weren’t at the point when the meeting $-40B al financ during the panel, Evans said, “The Fed was held — could make policy “more ef- $-50B will likely need to do something out of fective, with shorter lags,” Kohn said. The $-60B issuers driving the growth of the California market. the historical norm in order to remove Fed needs to tell the public what it learned $-70B the inherent downward bias on inflation from its previous use of these tools, how $-80B expectations.” and in what order they would be deployed, $-90B Save the date He noted, “The Fed needs to emphasize and if any of those they used would be $-100B that our mission is to set interest rates … ruled out for future use. 1/15 1/22 1/29 2/5 2/12 2/19 2/26 3/4 3/11 3/18 October 5-7, 2020 | Los Angeles, CA with the express goal of meeting our dual Another improvement would be if the mandate.” dot plot offered clarity about risk sur- Source: Investment Company Institute As for his defense of the dot plot, Evans rounding the forecasts and uncertainties. told the SOMC, meeting under the auspic- Kohn pointed out that medians could be es of the Manhattan Institute, “these fore- moved by just one or two changes in pro- Wednesday’s Economic Indicators casts are an extremely useful communica- jections, which offers a “false sense of tions tool” provided FOMC members offer certainty” about the projections. Indicator Last Report Forecast Actual “a coherent” policy path, “consistent” with “Some way needs to be found to put Durable Goods Jan.: +0.1% Feb.: -0.7% Feb.: +1.2% macroeconomic policy. that median in perspective and take some Forecasts represent the median of estimates by economists polled by IFR Markets Former Fed Vice Chair Donald Kohn, of the focus away from it.” added, “it would be coherent if we knew Federal Reserve Bank of Cleveland which dot went with which GDP forecast President Loretta Mester said it is chal- Wednesday’s Data and which inflation forecast.” lenging to offer a clear view of “how poli- 30 12 To improve communication, Kohn said, cy is likely to respond conditional on how Government Securities Prices 10-year: 105 /32 to yield 0.87%, down /32 he hopes the “Fed Listens” events will the economy evolves without implying 10 17 30-year: 113 /32 to yield 1.45%, down 1 /32 result in the Fed being clearer about its that policy is pre-committed to a particular Index 12916/ , up 74/ strategy, which doesn’t mean adopting a policy path regardless of how the economy 32 32 “hard rule” to make up for misses. Using evolves.” The Bond Buyer’s Total: $15.475 billion, up $1.077 billion For more information a price-level target or inflation averaging In her view, by expanding the 30-Day Visible Supply Competitives: $2.026 billion, up $701.2 million [email protected] would be a strategy, not communication, post-meeting statement the FOMC “could (as of 3/26) Negotiated: $13.449 billion, up $375.4 million he added. give a better sense of its reaction function, TheMuniCenter List Offering Total: $12.016 billion, down $5.007 billion The Fed should “give clarity about its medium-run outlook,” q

121_2020_BB_CALPUB_Save The Date House Ad.indd 1 3/17/20 10:39 AM

002_BB032620 2 3/25/2020 5:09:18 PM s Thursday, March 26, 2020 www.bondbuyer.com 3

Join your fellow leaders Connect with leading municipal finance experts and senior issuers driving the growth of the California market. Save the date October 5-7, 2020 | Los Angeles, CA

For more information [email protected]

121_2020_BB_CALPUB_Save The Date House Ad.indd 1 3/17/20 10:39 AM

003_BB032620 3 3/25/2020 5:09:19 PM Underwriters & Dealers Thursday, March 26, 2020 4 The Bond Buyer Pritzker Administration Updates Illinois Underwriting Pools By Yvette Shields plan. tor fuel use is down with most businesses Securities; Mischler Financial Group; North The state also has authorization to sell closed and leisure activities limited. South Capital; Podesta & Co.; Raymond Illinois Gov. J.B. Pritzker’s administra- about $1.2 billion of bill backlog GO bonds. Eight firms that submitted a proposal to James & Associates; Rice Financial; Stern tion named 36 firms to newly minted bro- It also has authority about $700 million of participate in the pools were not selected. Brothers & Co.; and Valdes & Moreno. ker-dealer pools it will draw from for future unused bonding authority from a $1 billion The initial term will run for four years with The pools replace those established in negotiated bond sales. authorization to pay for an ongoing pension the potential to renew the term for a total of 2016, which ran for a three-year term that The state named 18 firms to the senior buyout plan and $1.2 billion to pay down up to 10 years. expired last September. Gov. J.B. Pritzker’s manager list it will use to form syndicates the backlog. The state said in the RFQ it intended to administration extended the term for six and 18 firms to the co-manager pool. State budget officials did not have an up- pick up to 15 firms for inclusion in each months as permitted under the procurement Four firms qualify as minority- or wom- date on the timing of sales and it’s unclear pool but ended up going with a larger num- process. an-owned majority businesses in the senior whether the fiscal toll of COVID-19 on state ber. The previous senior manager pool in- The new pools allow the governor’s ad- pool. In the co-manager pool, 11 firms qual- tax revenues and spending demands will in- cluded 15 firms. ministration to put its stamp on the state’s ify as minority-owned businesses and four fluence the timing of sales. The state has not The senior pool is: Bank of America Se- banker relationships as Pritzker hits his first are designated as veteran-owned businesses tapped the backlog borrowing authorization, curities; Barclays Cabrera Capital Markets; anniversary in office. with one firm –Academy Securities – meet- which would be used if overdue bills that Citigroup Global Markets; The RFQ closed Jan. 23. ing the criteria for both designations. carry top interest rates mount. & Co.; Jefferies LLC; JP Morgan; Loop The state uses a mix of competitive and Capital borrowing is expected to pick The bill backlog currently stands at $8 Capital Markets; Mesirow Financial; Mor- negotiated sales to issue its sales-tax backed up under the six-year, $45 billion Rebuild billion and could rise as the state incurs gan Stanley & Co.; Piper Sandler & Co.; Build Illinois and general obligation bor- Illinois capital program passed last spring. bills related to COVID-19 purchases or for PNC Capital Markets; Ramirez & Co.; RBC rowing with statutes requiring that at least It authorized $22.6 billion of new money residential or business relief. Capital Markets; Siebert Williams Shank; 25% of GOs be sold competitively in a fiscal borrowing under the state’s GO credit and The administration is weighing pushing Stifel, Nicolaus & Co.; UBS Financial Ser- year. sales tax-backed Build Illinois program. off the April income tax deadline but that vices; and Wells Fargo Co. As Illinois pays the widest spread penalty The state expects to issue $2.1 billion of would delay the receipt of more than $1 The co-manager pool is Academy Securi- among states for its status as the lowest rated general obligation bonds and $250 million billion in revenues. ties; Backstrom, McCarley, Berry; Bancroft state, the mixed sale types have helped the of sales-tax backed Build Illinois bonds in Gambling expansion revenues and a hike Capital LLC; Blaylock Van LLC; Drexel state keep borrowing costs in check. That’s fiscal 2021, according to budget documents. in motor fuel taxes are earmarked for the Hamilton LLC; Estrada Hinojosa Invest- because underwriters have incentive to The new-money debt would fund projects in new capital budget but casinos and other ment Bankers; Fifth Third Bank; Harvestons submit highly competitive bids in hopes of the fiscal 2021 $3.6 billion capital program institutions that host gambling are shuttered Securities; Hutchinson, Shockey, Erley & gaining the administration’s favor in the se- that’s part of the $45 billion infrastructure under a state stay at home order and mo- Co.; Janney, Montgomery, Scott; Melvin lection of teams for negotiated issuance. q MSRB Will Issue Daily Trade Reports Rhode Island Dusts Off Old Board As COVID-19 Impacts Bond Market With Emergency Financial Powers increase in redemptions. Continued from page 1 politicians who decide Rhode Island needs By Sarah Wynn Earlier this week the MSRB also decided hundreds of millions in debt,” Cienki to temporarily suspend price variance alerts enacted supplemental appropriations or said “There are constitutional ways to get The Municipal Securities Rulemaking for dealers because of the current market transferred general revenue funds to help through this crisis.” Board will be publishing daily data sum- volatility. public health agencies combat the corona- Raimondo and state General Treasurer maries, pushing back comment deadlines The MSRB sends the alert via email to virus, according to Brookings Institution’s Seth Magaziner — Raimondo’s successor and suspending a price alert in response to a dealer when a transaction is reported to Hutchins Center, with many other such at that position — are exploring a variety market volatility and COVID-19 concerns. its Real-Time Transaction Reporting Sys- moves in the works. of options. The MSRB published its first data sum- tem by the dealer and is at a price that is Raimondo declared an emergency on With businesses shuttered in an effort to mary Wednesday morning and plans to notably different than the price reported by March 9. The state has 124 confirmed cases flatten the spread of COVID-19, unemploy- publish them every morning. Since the other dealers for the same security within a of the virus including 18 new ones, she said ment claims have soared. spread of the virus, the municipal market specified time period. Tuesday. Even before the pandemic hit, Rhode has tumbled through high “unprecedented” It’s a welcome change given the vol- “The demands placed on funds regularly Island was grappling with budget strife. trade volume and large outflows. atility dealers are facing right now, said appropriated to state and local agencies in Raimondo, in her $10.2 billion fiscal 2021 “The municipal market touches the lives Michael Decker, Bond Dealer of Amer- coping with the disaster emergency are too budget request, relied on taxes and fees to of every single American because it financ- ica’s senior vice president of policy and great,” she said in the letter. cover a $200 million gap. es over two-thirds of the state and local research. The board could enable the governor to Raimondo and top lawmakers have infrastructure that is bearing the brunt of “In a market where trade volume has ris- make funds available by transferring and sparred over other potential revenue sourc- the coronavirus crisis,” said MSRB Board en significantly and there’s a lot more price expending moneys appropriated for other es, including recreational marijuana and the Chair Ed Sisk. “Dislocation in this critical volatility, it’s my understanding that dealers purposes or borrow for a two-year maxi- timing of a car-tax phaseout. Now, because capital market damages investor confidence are getting these price variance alerts more mum term. of the coronavirus, tax filings have been de- and has an outsize effect on the financial frequently even in cases where all the re- “The governor can request a transfer or layed until July 15 — after the state budget health of communities around the country.” ports are correct,” Decker said. borrow,” said Gary Sasse, founding director deadline — thus stunting another source. At the beginning of March, the MSRB Dealers still have to abide by MSRB at Bryant University’s Hassenfeld Insti- Rhode Island’s problem amid the pan- began seeing a significant change in volatil- Rule G-14, on reports of sales or purchases, tute for Public Leadership in Smithfield, demic is three-pronged, according to Sasse. ity, said John Bagley, MSRB chief market to ensure that information being dissem- north of Providence. “This has to be sorted “Think of it in three brackets,” Sasse structure officer. inated by RTRS is accurate. The MSRB through.” said. “There’s a need for more spending due “We saw significantly different trading said the price variance tool does not, under Raimondo and her staff will speak to the to the nature of the problem. Then there’s patterns and we were closely watching this current market conditions, serve its intend- board. “The state is not going to run out of delayed revenue and reduced revenue.” data and it was really helpful for us to see ed purpose. money,” she said earlier this week. Tax anticipation notes, according to what was happening,” Bagley said. Earlier this week, the MSRB also ex- State Republicans are questioning wheth- Sasse, pose a riskier than normal In the MSRB’s first report showing data tended the request for comment deadline er the process is legal. because the revenue may not be available from March 24, trades topped 87,215, for muni market participants to respond to “The Disaster Emergency Funding for short-term repayment. He cited the state which is likely a record, said Marcelo Vie- changes to its Rule A-3 on membership of Board cannot ignore the state constitution’s constitution, which requires repayment of ira, MSRB director of research. the board. restrictions on debt,” said state GOP Chair- revenue-anticipation borrowing within the “It’s pretty much unprecedented volume Among those proposed changes was woman Sue Cienki. She cited provisions same fiscal year. for any time period that we’ve looked at,” reducing the size of its 21-member board, requiring voter approval except in wartime. Moody’s Investors Service rates Rhode Vieira said. how it selects those board members and Cienki suggested state officials tap the rainy Island’s general obligation bonds Aa2. The MSRB is also continuing to see imposing limits on how many years a board day fund, which has about a $200 million Fitch Ratings and S&P Global Ratings rate retail buying and more institutional selling, member may serve. balance. them AA, All three assign stable outlooks. which as been a pattern over the last month Comments were originally due on March “Under our form of government, it is “Clearly our revenues have fallen off a as mutual funds look for liquidity amidst an 30 and have been extended to April 29. q the voters, not a handful of State House cliff,” Raimondo said. q

004_BB032620 4 3/25/2020 5:09:19 PM Thursday, March 26, 2020 Regions www.bondbuyer.com 5 MTA, Amid ‘Biggest Liquidity Crisis,’ is Downgraded by S&P By Paul Burton mation, which according to Foye the MTA has put on hold during the pandemic. New York’s Metropolitan Transportation New York MTA ridership drops Based on current ridership declines, Kroll Authority, in the midst of what Chairman expects farebox revenues to decline by 16% Patrick Foye called the “biggest liquidity cri- Transit mode Decline for the first quarter versus the 2020 budget; it sis ever” for the nation’s largest mass transit then assumes worst-case 85%, 65% and 45% system, received a downgrade from S&P declines in the second through fourth quar- Global Ratings. Subway 87% ters, respectively. This would equate to an S&P lowered its issuer rating to A-minus operating revenue decline of $3.4 billion, or from A. The same downgrade to A-minus Bus 60% 51% decline, from its 2020 adopted budget. applies to its long-term underlying rating For special tax-supported operating subsi- of the MTA’s transportation revenue bonds, dies, Kroll assumes a 25% decline for 2020 and a planned $800 million series 2020C Metro-North Railroad 94% on all the tax receipts for the period between transportation issue was rated April to December, or roughly the level of A-minus. The outlook is negative. decline that Metropolitan Mass Transporta- S&P’s action follows warning shots from Long Island Rail Road 76% tion Operating Assistance receipts experi- Kroll Bond Rating Agency, Fitch Ratings enced during the . For 2021 and Moody’s Investors Service, all of which to 2023 in this category, KBRA assumes a Paratransit (Access-a-Ride) 71% put the authority on reviews for possible decline of 25%, 15%, and 10%, respectively, downgrades. due to the lingering economic impact from Kroll Tuesday, citing severe ridership Source: Metropolitan Transportation Authority, year-over-year, March 23 the virus. drops from the COVID-19 pandemic, revised Kroll also assumes a bridge-and-tunnel the outlook on its long-term AA-plus rating leaders for up to $25 billion. and tunnels. traffic decline of 50% in the second quarter of the MTA’s transportation revenue bonds, Subway ridership dropped 87% year-over- KBRA also affirmed its short-term rating 2020, 25% in the third quarter from budgeted to watch downgrade from negative. year since the pandemic escalated over the of K1-plus on the MTA’s outstanding trans- 2020 figures, with full recovery by the last That applies to the Series 2020C trans- past month, Foye told reporters Tuesday. Bus portation revenue bond anticipation notes for quarter. portation revenue bonds, which the MTA ridership is down 70%, while Metro-North several 2018 and 2019 series and subseries. This, Kroll said, equates to a reduction in is expected to issue to retire transportation and LIRR are down 94% and 71%, respec- Last Friday, Moody’s Investors Ser- Triborough Bridge and Tunnel Authority sur- bond anticipation notes, Subseries 2018B-1 tively. Paratransit’s drop is 71%. vice and Fitch Ratings issued similar re- plus by roughly $330 million from the 2020 and Subseries 2019B-2, maturing on May 15. According to Kroll, watch downgrade view-for-downgrade warnings about the au- adopted budget or a 43% decline. The MTA may be in store for $3.7 billion reflects uncertainty about the timing and thority’s TRBs and BANs. Moody’s rates the Speaking at MTA headquarters, Foye said in federal aid. According to a “Dear Col- amount of state and federal financial support bonds and notes A1 and MIG1, respectively. the authority would cut subway service by league” letter from Senate Democratic Lead- needed to help MTA. Fitch has respective ratings of AA–minus 25% starting Wednesday under its “essential er Chuck Schumer, transit will receive $25 Transportation revenue bonds are the and F-1 plus. service plan” with emphasis on morning and billion in the deal made in the early hours workhorse credit for the authority, which The MTA that day also tapped $1 bil- evening peak runs. of Wednesday. Foye said that would cover operates New York City’s subways and bus- lion of its credit facility. The authority is “It was just a matter of time for this log- needs for six months. A coalition of transit es, Long Island and Metro-North commuter one of the largest municipal issuers with ical next step,” said Lisa Daglian, executive groups nationwide has asked congressional railroads, and several interborough bridges $45.3 billion of debt, according to authority director of the Permanent Citizens Advisory documents. Committee to the MTA, the authority’s in- Also Wednesday, the MTA’s board autho- house ridership advocacy group. FINRA Fines a New York-Based Firm rized its finance department to issue an addi- Foye insisted that service will remain tional $2 billion in revenue anticipation notes. open. “We have no plans to shut down sta- The authority drew down on its existing $1 tions, period. We have no plans to shut down For Pricing, Supervision Violations billion credit facility last week. service, period,” he said. Citing the most By Sarah Wynn sonable effort to get a fair and reasonable The existing liquidity program of $1 bil- recent data available, Foye said 52 employees price for customers, FINRA said. lion consists of two revolving credit agree- have tested positive for the virus. First Manhattan Co. has agreed to pay “Furthermore, although a registered ments: $800 million with JPMorgan Chase Reduced service, he added, will help so- $100,000 to settle charges it violated mul- principal periodically reviewed summa- Bank NA; and $200 million with Bank of cial-distancing protocols in place to help tiple municipal securities rules after the ry, aggregate pricing data to determine America NA. minimize virus spread, although local media Financial Industry Regulatory Authority whether First Manhattan’s pricing across According to data on the Municipal Secu- outlets on Tuesday showed a video with a found it failed on various occasions to all of its municipal securities transactions rities Rulemaking Board’s EMMA website, packed Lexington Avenue train. purchase municipal securities for its cus- was comparable on average to market a block of Series 2013C transportation reve- Any savings from the service cuts will be a tomers at a fair and reasonable price. prices, the review was not reasonably de- nue bonds maturing in 2038 that originally drop in the bucket, according to Foye. The firm agreed this week to pay the signed to achieve compliance with MSRB priced at 108.124 cents on the dollar and a “There will be savings. That’s not what is fine and be censured while neither admit- Rule G-30(b)(i) because aggregated data 5% coupon sold to a customer Wednesday driving this,” he said. ting or denying FINRA’s findings that it can obscure information about individual morning at a price of 103.375 cents and a “I don’t have a number at my fingertips. violated Municipal Securities Rulemaking transactions,” FINRA said. yield of 3.845%. I will say this: In terms of the billions and Board Rules G-30 on prices and commis- MSRB Rule G-30(b)(i) specifically Kroll developed an “extreme stress-test billions of deficit that we face because of the sions and G-27 on supervision. says “similar” muni securities should be scenario,” which it said would help quantify ridership decline and the decline in subsidies, In seven transactions in July and Au- sufficiently similar to the subject security the authority’s short-term challenges. It ex- these numbers are not going to make a mate- gust 2015, the firm bought municipal se- as a reasonable alternative investment to cludes any savings from a planned transfor- rial difference.” q curities from an unaffiliated dealer with- the investor. out making “a reasonable effort to obtain In May 2016, the firm implemented CUSTOMER SERVICE prices that were fair and reasonable in new written supervisory procedures that For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) relation to prevailing market conditions,” required a comparison of the pricing of Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at FINRA found. each municipal securities transaction [email protected] or (877) 652-5295 for more information. 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005_BB032620 5 3/25/2020 5:09:20 PM 6 Southeast Thursday, March 26, 2020 TRENDS IN THE REGION The Bond Buyer

Santee Cooper is Still on Track to Settle Some of Its Major Lawsuits

Continued from page 1 the V.C. Summer Nuclear Station on July inference that Santee Cooper and Carter the next 16 years. 31, 2017, followed by South Carolina acted recklessly in that the danger of Net long-term debt decreased $541.6 “At this preliminary stage, the court Electric & Gas, which led construction misleading mini-bond purchasers was million primarily due to a cash defea- finds that the proposed settlement is on the failed project. so obvious that they must have been sance of $357.7 million of bonds as well within the realm of a fair, reasonable, Other litigation related to the failed aware of it. as $66.1 million for transfers to the cur- and adequate resolution, and the class nuclear project has yet to be finalized, “Considering the totality of the cir- rent portion of long-term debt, the CAFR members should be notified of its terms,” including a federal securities lawsuit cumstances alleged and giving ‘the in- said, adding that $6.9 billion of total Toal ruled, setting a final hearing on the filed by an investor in Santee Cooper’s ferential weight warranted by context long-term debt was outstanding at the fairness of the plan for July 20. mini-bond program in the U.S. District and common sense,’ the court finds that end of the fiscal year. In addition to the two class-action Court of South Carolina’s Charleston plaintiff plausibly pled at least reckless The debt service ratio was 1.43 times suits, the settlement will resolve a third Division on April 15, 2019. scienter [or knowledge of wrongdoing] in fiscal 2019, compared with 1.54 times lawsuit filed by Santee Cooper custom- Murray C. Turka filed the federal as to Santee Cooper and Carter,” the in 2018, and Santee Cooper transferred ers against former officers and direc- complaint against Santee Cooper and judge said. $17.5 million to the state’s general fund tors of SCANA Corp. and its subsidiary Lonnie Carter, the authority’s former Gergel also found that Turka “plausi- in 2019, compared with $17.4 million South Carolina Electric & Gas in the chief executive officer, alleging viola- bly pled” that he and the putative class the year before, according to the CAFR. Common Pleas Court for the First Judi- tions of federal securities law anti-fraud suffered an economic loss as a result of Legal issues aside, Santee Cooper’s cial Circuit in Orangeburg County, South provisions for failing to disclose perti- the alleged misstatements and material fate is still far from settled. Carolina, on July 18, 2019. The com- nent information to investors about the omissions in official statements, and Lawmakers who are considering plaint alleged that they were damaged by nuclear project when the mini-bonds that they suffered damages by receiving whether to retain and reform Santee paying utility rates to cover the costs of were sold. artificially deflated interest payments on Cooper as a state asset still plan to pro- the failed nuclear project. During the period questioned in the the mini-bonds. ceed this year with the decision-making Toal’s ruling tentatively approves a lawsuit, the authority issued mini-bonds Santee Cooper and Carter asked the process, but they have temporarily ad- term sheet that requires Santee Cooper to in 2014, 2015 and 2016 totaling $117.8 judge to reconsider his ruling, but Gergel journed the Legislature as the spread pay $200 million in cash over three years million. Turka certified that he pur- denied the motion on March 20. of the novel coronavirus that causes and to freeze rates for four years. Do- chased $15,000 of the bonds in 2014. Santee Cooper, a 45% partner in the COVID-19 accelerates in the state. minion Energy, which acquired SCANA “Santee Cooper elected not to disclose failed twin nuclear project, and SCE&G, As of Tuesday, there were 342 positive and SCE&G in January 2019 and was material information,” Turka’s complaint the 55% majority owner that headed up cases of the disease in 36 of 46 counties, brought into litigation because of the said. “Defendants knew the nuclear proj- the construction, sunk about $9 billion and seven deaths. A month prior, the acquisition, will pay $320 million. ect was in jeopardy for years prior to an- into the effort before halting work on state’s first two cases were reported on The money will be paid into a Com- nouncing its abandonment. Defendants the partially built units after determining Feb. 26, according to the South Carolina mon Benefit Fund, and distributed to chose to actively conceal this informa- that completing them wasn’t economi- Department of Health and Environmen- class members on a pro rata plan that tion from mini-bond holders.” cally feasible. tal Control. the court will approve after deducting Santee Cooper and Carter filed a mo- Santee Cooper had $4.2 billion of out- Gov. Henry McMaster, a Republican attorneys’ fees and litigation expenses. tion to dismiss the case. standing debt related to the project when and proponent of selling Santee Cooper, People who want to opt out of the settle- On Feb. 25, Federal Judge Richard work was halted July 31, 2017. As of declared a state of emergency on March ment must do so by June 15, and people Mark Gergel denied the motion. He Dec. 31, 2019, $3.6 billion of nuclear-re- 13. who want to object to its fairness must found that Turka had standing to bring lated bonds and loans were outstanding. Lawmakers are expected to resume do so by July 1. the case for himself and a class of in- “Santee Cooper paid off $360 million their session at some point to finish work Santee Cooper and Dominion also vestors like him, and that Turka “suffi- in long-term debt in October, paying cer- on the state budget, deal with matters agreed not to attempt to recover set- ciently alleged misstatements or mate- tain bonds issued in 2009 through 2013, concerning the novel coronavirus, and tlement proceeds in base rates or other rial omissions” in bond documents and 2015 and 2016, along with certain mini- determine Santee Cooper’s fate. q customer charges. For both utilities, the other communications about the nuclear bonds,” the utility said in its annual re- settlement will not be an admission of project. port and comprehensive annual financial the claims and allegations made in the Official statements for the mini-bonds, report for the year ended Dec. 31, 2019. lawsuits. however, represented that the project The report also said Santee Cooper is- For more content about this All three legal challenges were filed was “subject to generic financial risk sued $163 million of bonds in November region, visit the Regional News after Santee Cooper decided to suspend factors,” Gergel said. “Out of these alle- to refund existing debt with projected tab on BondBuyer.com. construction on two nuclear reactors at gations, the complaint generates a strong debt service savings of $40 million over

Visible Supply by State General Obligation Yield Curves for Mar. 24, 2020

March 25, 2020 March 18, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Alabama Aa1/AA/AA+ 2.28 2.38 2.69 3.32 Alabama 1 $118,735 1 $56,360 $62,375 Florida Aaa/AAA/AAA 2.39 2.48 2.77 3.37 Florida 7 597,985 6 586,105 11,880 Georgia Aaa/AAA/AAA 2.28 2.35 2.61 3.19 Georgia 5 479,535 4 338,640 140,895 Kentucky Aa3/A/AA– 2.31 2.48 2.81 3.41 Kentucky 2 544,660 4 555,390 –10,730 Louisiana Aa3/AA–/AA– 2.29 2.45 2.79 3.45 Louisiana 0 0 1 4,000 –4,000 Mississippi Aa2/AA/AA 2.30 2.42 2.73 3.37 Mississippi 1 5,000 0 0 5,000 North Carolina Aaa/AAA/AAA 2.26 2.33 2.59 3.17 North Carolina 2 207,865 0 0 207,865 South Carolina 5 220,205 5 179,445 40,760 South Carolina Aaa/AA+/AAA 2.26 2.34 2.61 3.19 Tennessee 1 214,660 3 257,010 –42,350 Tennessee Aaa/AAA/AAA 2.26 2.33 2.59 3.17 Virginia 4 477,225 3 352,225 125,000 Virginia Aaa/AAA/AAA 2.26 2.33 2.59 3.17 West Virginia 1 71,970 1 71,970 0 West Virginia Aa2/AA–/AA 2.31 2.45 2.79 3.44 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

006_BB032620 6 3/25/2020 5:09:21 PM Thursday, March 26, 2020 Competitive Sales Notices www.bondbuyer.com 7 COUNTY OF ORANGE, NEW YORK for securities transactions, and will be responsible for establishing and maintaining a book-entry system for recording the ownership interests of its participants, which include certain banks, trust NOTICE OF $28,180,331* BOND SALE companies and securities dealers, and the transfers of the interests among its participants. The DTC participants will be responsible for establishing and maintaining records with respect to the beneficial SEALED PROPOSALS will be received by the Commissioner of Finance, County of Orange ownership interests of individual purchasers in the Bonds. Individual purchases of beneficial (the “County”), New York, at the offices of Munistat Services, Inc. (the “Municipal Advisor”), ownership interests in the Bonds may only be made through book entries (without certificates Munistat Services, Inc., 12 Roosevelt Avenue, Port Jefferson Station, New York (Telephone No. 631- issued by the County) made on the books and records of DTC (or a successor depository) and its 331-8888, Fax No. 631-331-8834), on Wednesday, April 1, 2020, until 11:00 A.M. (Prevailing participants, in denominations of $5,000 or integral multiples thereof, except for one necessary Time) via iPreo’s Parity Electronic Bid Submission System (“Parity”) or by facsimile transmission, odd denomination. Principal of and interest on the Bonds will be payable by the County or its at which time they will be publicly opened and announced, for the purchase of $28,180,331* agent by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the PUBLIC IMPROVEMENT SERIAL BONDS-2020 (the “Bonds”), maturing on April 15, in Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility annual principal installments as shown below which, together with interest thereon, are expected of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC to effectuate and provide for substantially level or declining annual debt service. will be the responsibility of such participants and other nominees of beneficial owners. The County will not be responsible or liable for payments by DTC to its participants or by DTC participants to Date of Principal Date of Principal beneficialowners or for maintaining, supervising or reviewing the records maintained by DTC, its Maturity Amount* Maturity Amount* participants or persons acting through such participants. 2022 2,200,331 2028 2,625,000 Submission of Bids 2023 2,265,000 2029 2,705,000 Each proposal must be a bid of not less than $28,180,331 for all of the Bonds. Each proposal must state in a multiple of one-hundredth of 1% or a multiple of one-eighth of 1%, the rate or rates 2024 2,335,000 2030 2,790,000 of interest per annum which the Bonds are to bear and may state different rates of interest for Bonds 2025 2,405,000 2031 2,870,000 maturing in different calendar years, provided, however, that (i) only one rate of interest may be bid 2026 2,475,000 2031 2,960,000 for all Bonds maturing in any one calendar year, and (ii) variations in rates of interest so bid may be in any order of maturity. 2027 2,550,000 Sealed proposals may be submitted electronically via Parity or via facsimile transmission at 631- * Preliminary, subject to change as noted herein. 331-8834, in accordance with this Notice of Sale, until the time specified herein. No other form of electronic bidding services nor telephone proposals will be accepted. No proposal will be accepted Delivery and Payment Dates for the Bonds after the time for receiving proposals specified above. Bidders submitting proposals via facsimile The Bonds will be dated the date of their delivery, which is expected to be April 16, 2020, must use the “Proposal for Bonds” form attached hereto. Once the proposals are communicated and will bear interest at the rate or rates per annum specified by the successful bidder therefor in electronically via Parity or via facsimile to the County, each bid will constitute an irrevocable offer accordance herewith, payable semiannually on April 15 and October 15 in each year to maturity, to purchase the Bonds pursuant to the terms therein provided. commencing April 15, 2021. Bidding using Parity Post-sale Adjustment of Par Amount of the Bonds Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers The aggregate par amount of Bonds may be decreased in an amount not in excess of of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to the premium offered by the successful bidder and the amount of each annual maturity, as become a customer. By submitting an electronic bid for the Bonds, a bidder represents and warrants set forth herein, may be adjusted to the extent necessary, in order that the total proceeds, to the County that such bidder’s bid for the purchase of the Bonds is submitted for and on behalf of which include the total par amount of the Bonds plus the original issue premium, if any, such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, received by the County does not exceed the maximum amount permitted under applicable valid and enforceable contract for the purchase of the Bonds. provisions of the Internal Revenue Code of 1986, as amended. The annual maturities of the Each prospective bidder who wishes to submit an electronic bid shall be solely responsible to Bonds may also be adjusted for the purpose of attaining debt service that is substantially register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make level or declining, as provided pursuant to Section 21.00(d) of the New York State Local necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and Finance Law (the “Law”). Such adjustments will be made by 3:00 P.M. (Prevailing Time) in compliance with the requirements of this Notice of Sale. Neither the County nor Parity shall have on the day of the bid opening. The successful bidder may neither withdraw nor modify its any duty or obligation to undertake such registration to bid for any prospective bidder or to provide bid as a result of any such post-bid adjustment. Any such adjustment shall be conclusive, or assure such access to any qualified prospective bidder, and neither the County nor Parity shall and shall be binding upon the successful bidder. be responsible for a bidder’s failure to register to bid or for proper operation of, or have any liability The Bonds of each maturity, as adjusted, will bear interest at the same rate and must for any delays or interruptions of, or any damages caused by Parity. The County is using Parity as have the same initial reoffering yields as specified for that maturity by the successful a communications mechanism, and not as the County’s agent, to conduct the electronic bidding bidder for the Bonds. It is the intent of this provision to hold constant, on a per bond for the County’s Bonds. The County is not bound by any advice or determination of Parity as to basis, the successful bidder’s underwriting spread. However, the award will be made to whether any bid complies with the terms of this Notice of Sale. All costs and expenses incurred the bidder whose bid produces the lowest true , calculated as specified below, by prospective bidders in connection with their registration and submission of bids via Parity are solely on the basis of the Bonds offered, without taking into account any adjustment in the sole responsibility of the bidders, and the County is not responsible, directly or indirectly, for the amount of Bonds pursuant to this paragraph. any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, Changes to the Time and/or Date of Bid Opening or submitting or modifying a bid for the Bonds, it should telephone Parity and notify the County’s The County reserves the right to change the time and/or date of the bid opening, and notice of Municipal Advisor, Munistat Services, Inc., at 631-331-8888 (provided that the County shall have any change thereof shall be provided at least one (1) hour prior to the time set forth above for the no obligation to take any action whatsoever upon receipt of such notice). opening of sealed proposals, by means of a supplemental notice of sale to be transmitted over the If any provisions of this Notice of Sale shall conflict with information provided by Parity, as Thomson Municipal Newswire or TM3. approved provider of electronic bidding services, this Notice of Sale shall control. Further Optional Redemption for the Bonds information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. The Bonds maturing on or before April 15, 2026, will not be subject to redemption prior to The time maintained by Parity shall constitute the official time with espectr to all bids submitted. maturity. The Bonds maturing on April 15, 2027, and thereafter will be subject to redemption prior Bidders submitting bids via facsimile do not need to register to bid. to maturity, at the option of the County, in whole or in part, and if in part, in any order of their Good Faith Deposit maturity and in any amount within a maturity (selected by lot within a maturity), on any date on As a condition precedent to the consideration of the bidder’s proposal, a good faith deposit (the or after April 15, 2026, at a redemption price equal to the principal amount of the Bonds to be “Deposit”) in the amount of $300,000 is required for each bid to be considered. Such Deposit may redeemed, plus accrued interest to the date of adoption. be in the form of: (i) a certified or cashier’s check payable to the order of “County of Orange, New The County may select the maturities of the Bonds to be redeemed and the amount to be York,” or (ii) a wire transfer in accordance with instructions set forth herein. If a wire transfer is redeemed of each maturity selected, as the County shall determine to be in the best interest of used, it must be sent to the account so designated by the County for such purpose, not later than the County at the time of such redemption. If less than all of the Bonds of any maturity are to be 10:00 A.M. on the date of the sale; however, the County reserves the right to award the Bonds to a redeemed prior to maturity, the particular Bonds of such maturity to be redeemed shall be selected successful bidder whose wire transfer is initiated but not received by such time provided that such by the County by lot in any customary manner of selection as determined by the County. Notice of successful bidder’s fed wire reference number has been received. A wire reference number must be such call for redemption shall be given by mailing such notice to the registered owner at least thirty provided when the bid is submitted. Bidders must contact Munistat Services, Inc., 12 Roosevelt (30) days prior to the date set for such redemption. Notice of redemption having been given as Avenue, Port Jefferson Station, New York, telephone No. 631-331-8888, the County’s Municipal aforesaid, the bonds so called for redemption shall, on the date for redemption set forth in such call Advisor, no later than 24 hours prior to the bid opening to obtain the County’s wire instructions. for redemption, become due and payable together with interest to such redemption date. Interest The County shall not incur any liability from delays of or interruptions in the receipt of the Deposit shall cease to be paid thereon after such redemption date. by fed wire or return of the Deposit to any unsuccessful bidder. Under no circumstances shall Form of Bonds interest accrue on the Deposit occasioned by a delay in the return of the Deposit to any unsuccessful The Bonds will be issued in the form of fully registered bonds as book-entry bonds registered bidder. No interest on the Deposit will accrue to the Purchaser. The Deposit will be applied to the in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York purchase price of the Bonds. (“DTC”) as book-entry bonds. If registered as book-entry bonds, the successful bidder will be Award of Bonds required to cause the Bond certificates to be (i) registered in the name of Cede & Co., as nominee The Bonds will be awarded and sold to the bidder complying with the terms of sale and offering of The Depository Trust Company, New York, New York (“DTC”), and (ii) deposited with DTC to to purchase such issue of Bonds at such rate or rates of interest per annum as will produce the be held in trust until maturity. DTC is an automated depository for securities and clearinghouse continued on next page

007_BB032620 7 3/25/2020 4:22:02 PM Competitive Sales Notices Thursday, March 26, 2020 8 The Bond Buyer continued from previous page opinion of Bond Counsel is not delivered or if any income tax law of the United States of America lowest true interest cost over the life of such issue and, if two or more such bidders offer the same is hereafter enacted which shall provide that the interest thereon is taxable, or shall be taxable at lowest true interest cost, then to one of said bidders selected by the Sale Officer by lot from among a future date, for federal income tax purposes, and in such case the deposit made by it will be all said bidders. True interest cost shall be determined for each bid by doubling the semi-annual returned and it will be relieved of its contractual obligations arising from the acceptance of its interest rate, compounded semiannually, necessary to discount all interest and principal payments proposal. from the payment dates thereof to the dated date of the Bonds, so that the sum of the The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain ongoing of said payments equals the price bid, such price bid excluding interest accrued to the date of requirements that must be met subsequent to the issuance and delivery of the Bonds in order that delivery. The true interest cost shall be calculated from the dated date of the bonds. The successful interest on the Bonds be and remain excludable from gross income under Section 103 of the Code. bidder must also pay an amount equal to the interest on the Bonds, if any, accrued to the date of Concurrently with the delivery of the Bonds, the County will execute a Tax Certificate, which will payment of the purchase price. contain provisions and procedures relating to compliance with the requirements of the Code and a Award of the Bonds will be made without taking into consideration any adjustment to be made certification to the effect that the County will comply with the provisions and procedures set forth to the principal amount of the Bonds described herein. therein and that it will do and perform all acts and things necessary or desirable to assure that The County reserves the right to reject any and all bids (regardless of the interest rate bid), to interest paid on the Bonds is excludable from gross income under Section 103 of the Code. reject any bid not complying with this official Notice of Sale and, so far as permitted by law, to Upon delivery of the Bonds, Bond Counsel will deliver an opinion that states that, under waive any irregularity or informality with respect to any bid or the bidding process. existing statutes and court decisions and assuming continuing compliance with the provisions When the successful bidder has been ascertained, the Sale Officer will promptly return all and procedures set forth in the Tax Certificate, (i) interest on the Bonds is excluded from gross Deposits made to the persons making the same, except the deposit made by such bidder. Award income for federal income tax purposes pursuant to Section 103 of the Code; and (ii) interest on of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly the Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on after opening of the bids, but the successful bidder may not withdraw his proposal until after 3:00 individuals and corporations under the Code. In addition, the opinion of Bond Counsel will state o’clock P.M. (Prevailing Time) on the day of such bid-opening and then only if such award has not that, under existing statutes, interest on the Bonds is exempt from personal income taxes of New been made prior to the withdrawal. The successful bidder will be promptly notified of the award York State and its political subdivisions, including The City of New York. to him, and if he refuses or neglects to pay the agreed price of the Bonds less the amount deposited The County will NOT designate the Bonds as “qualified tax-exempt obligations” pursuant to the by him, the amount deposited by him shall be forfeited to and retained by the County as liquidated provisions of Section 265 of the Code. damages for such neglect or refusal. Obligation of Winning Bidder to Deliver an Issue Price Certificate at Closing Bond Insurance By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any bid” being submitted for the purpose of assisting in meeting the competitive sale requirements such commitment therefor shall be at the sole option and expense of such bidder and any increased relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid including the requirement that bids be received from at least three (3) underwriters of municipal by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be bonds who have established industry reputations for underwriting new issuances of municipal issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning delivery of and pay for said Bonds in accordance with the terms hereof. bidder if the Competitive Sale Requirements were met at the same time it notifies the winning Use of Proceeds bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the The proceeds of the Bonds will be used to provide original financing for various capital projects Competitive Sale Requirements are not satisfied. in and for the County. The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, Payment and Security for the Bonds advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected The Bonds are general obligations of the County and shall contain a pledge of the faith and credit initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as of the County for the payment of the principal thereof and interest thereon. The State Constitution of the date of the award. requires the County to pledge its faith and credit for the payment of the principal of the Bonds and By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the interest thereon and to make annual appropriations for the amounts required for the payment the Bonds for its own account and not with a view to distribution or resale to the public) that of such interest and the redemption of the Bonds. The State Constitution also provides that if at if the Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or any time the appropriating authorities fail to make the required appropriations for the annual debt option (2) described below. Such election must be made on the bid form submitted by each bidder. service on the Bonds and certain other obligations of the County, a sufficient sum shall be set apart In the event a bidder submits a bid via Parity, such bidder must notify the Municipal Advisor by email from the firstrevenues thereafter received and shall be applied for such purposes, and also that the ([email protected]) as to such election at the time such bid is submitted. fiscal officer of the County may be required to set apart and apply such revenues as aforesaid at the (1) Hold the Price. The winning bidder: suit of any holder of such obligations. (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices For the payment of the principal of and interest on the Bonds, the County has the power and and provide Bond Counsel with reasonable supporting documentation, such as a copy of the statutory authorization to levy ad valorem taxes on all taxable real property in the County, subject pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel, to certain statutory limitations imposed by Chapter 97 of the Laws of 2011 (the “Tax Levy Limit (b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, Law”). See “Tax Levy Limit Law” in the Preliminary Official Statement of the County dated or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the March 23, 2020 circulated in connection with the sale of the Bonds (the “Preliminary date on which the winning bidder has sold to the public at least 10 percent of the Bonds of such Official Statement”). maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of Debt Statement such maturity or (ii) the close of business on the 5th business day after the date of the award of the The population of the County is estimated to be 381,951. The debt statement to be filed Bonds, and pursuant to Section 109.00 of the Law in connection with the sale of the Bonds, prepared as of (c) has or will include within any agreement among underwriters, any selling group agreement March 23, 2020 shows the five-year average full valuation of real property subject to taxation by the and each retail distribution agreement (to which the winning bidder is a party) relating to the initial County to be $31,219,926,452, its debt limit to be $2,185,394,852, and its total net indebtedness sale of the Bonds to the public, together with the related pricing wires, language obligating each (exclusive of the Bonds) to be $249,992,000. The issuance of the Bonds will increase the total net underwriter to comply with the limitations on the sale of the Bonds as set forth above. indebtedness of the County by the par amount of the Bonds. (2) Follow the Price. The winning bidder: Delivery of the Bonds and Assignment of CUSIP Numbers (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices The Bonds will be delivered to DTC and shall be paid for in Federal Funds on or about April and provide the Issuer with reasonable supporting documentation, such as a copy of the pricing 16, 2020, at such place in New York City, and on such business day and at such hour, as the Sale wire or equivalent communication, the form of which is acceptable to Bond Counsel, Officershall fixon three business days’ notice to the successful bidder, or at such other place and (b) will report to the Issuer information regarding the first price that at least 10 percent of the time as may be agreed upon with the successful bidder. The deposit of the Bonds with DTC under Bonds within each maturity of the Bonds have been sold to the public, a book-entry system requires the assignment of CUSIP numbers prior to delivery. It shall be the (c) will provide the Issuer with reasonable supporting documentation or certifications of such responsibility of the County’s Municipal Advisor to obtain CUSIP numbers for the Bonds prior to sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may delivery and the County will not be responsible for any delay occasioned by the inability to deposit extend beyond the closing date of the Bonds, will continue until such date that the requirement set the Bonds with DTC due to the failure of the successful bidder to obtain such numbers and to forth in paragraph (b) above for each maturity of the Bonds is satisfied, and supply them to the County in a timely manner. All expenses in relation to the printing of CUSIP (d) has or will include within any agreement among underwriters, any selling group agreement numbers on the Bonds shall be paid for by the County; provided, however, that the CUSIP Service and each retail distribution agreement (to which the winning bidder is a party) relating to the initial Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid sale of the Bonds to the public, together with the related pricing wires, language obligating each for by the successful bidder. underwriter to comply with the reporting requirement described above. Legal Opinion For purposes of the “hold the price” or “follow the price” requirement, a “maturity” refers to The successful bidder will be furnished without cost with the approving opinion of the law firm Bonds that have the same interest rate, credit and payment terms. of Hawkins Delafield & Wood LLP (“Bond Counsel”) substantially as set forth in Appendix C to Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder the Preliminary Official Statement dated March 23, 2020 circulated in connection with the sale of shall submit to the Issuer a certificate (the “Reoffering Price Certificate”),satisfactory to Bond the Bonds (the “Preliminary Official Statement”) , which shall be supplemented by the final official Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form statement to be dated April 1, 2020 (the “Official Statement”). of Reoffering Price Certificate is available by contacting Bond Counsel or the Municipal Advisor. Tax Exemption If the winning bidder has purchased the Bonds for its own account and not with a view to The successful bidder may at its option refuse to accept the Bonds if prior to their delivery the continued on next page

008_BB032620 8 3/25/2020 4:22:02 PM Thursday, March 26, 2020 Competitive Sales Notices www.bondbuyer.com 9 continued from previous page OPTIONAL DTC BOOK-ENTRY-ONLY distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Reoffering Price Certificate will recite such facts and identify the price or prices at which OFFICIAL NOTICE OF SALE the purchase of the Bonds was made. $4,790,000 For purposes of this Notice, the “public” does not include the winning bidder or any person that agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the WHITEFORD AGRICULTURAL SCHOOL DISTRICT Bonds to the public (such as a retail distribution agreement between a national lead underwriter OF THE COUNTIES OF MONROE AND LENAWEE and a regional firm under which the regional firm participates in the initial sale of the Bonds to the STATE OF MICHIGAN public). In making the representations described above, the winning bidder must reflect the effect on the offering prices of any “ products” (e.g., a tender option) used by the bidder in 2020 SCHOOL BUILDING AND SITE BONDS, SERIES I connection with the initial sale of any of the Bonds. (GENERAL OBLIGATION - UNLIMITED TAX) Official Statement, Continuing Disclosure and Compliance History The County will provide a reasonable number of OfficialStatements to the successful bidder BIDS for the purchase of the above 2020 School Building and Site Bonds, Series I (the “Bond” or within seven (7) business days following receipt of a written request therefor made to the County “Bonds”) will be received by Whiteford Agricultural School District of the Counties of Monroe and and its Municipal Advisor. Such request may specify the applicable (a) offering price(s), (b) selling Lenawee, Michigan (the “Issuer”), at the administrative offices of the Issuer, 6655 Consear Road, compensation, (c) rating(s), (d) credit enhancement and (e) identity and complete name of such Ottawa Lake, Michigan 49267-9799, on Wednesday, the 8th day of April, 2020, until 11:00 o’clock bidder and any participating underwriters, and if so, the Preliminary Official Statement will be in the a.m., prevailing Eastern Time, at which time and place said bids will be publicly opened and modified or supplemented by the information so specified. Neither the County nor its Municipal read. BIDS also will be received on the same date and the same hour by an agent of the undersigned Advisor shall be liable in any manner for any delay, inaccuracy, or omission on the part of the at the offices of the Municipal Advisory Council of Michigan, 26211 Central Park Blvd, Suite 508, successful bidder with respect to such request, nor shall the County’s failure, as a result thereof, to Southfield, Michigan 48076, where the bids will simultaneously be opened and read. Bidders may provide the Official Statement within the above time period, constitute cause for a failure or refusal choose either location to present bids but not both locations. Award of the bids will be made on by such bidder to accept delivery of and pay for the Bonds in accordance with the terms hereof. behalf of the Issuer by an authorized officer of the Issuer by 5:00 o’clock in the p.m., prevailing The Preliminary Official Statement is in a form “deemed final” by the County for the purpose Eastern Time, on that date. of Securities and Exchange Commission Rule 15c2-12 (“Rule 15c2-12”) but may be modified or FAXED BIDS: Bidders may submit signed bids via facsimile transmission to the Issuer at (734) supplemented as noted above. In order to assist bidders in complying with Rule 15c2-12 and as 854-6463 or the Municipal Advisory Council at (313) 963-0943, provided that the faxed bids are part of the County’s contractual obligation arising from its acceptance of each successful bidder’s received prior to the time and date fixed for receipt of bids. Bidders submitting faxed bids bear proposal, at the time of the delivery of the Bonds the County will provide an executed copy of its the full risk of failed or untimely transmission of their bids. Bidders are encouraged to confirm the “Undertaking to Provide Continuing Disclosure” (the “Undertaking”). The form of said Undertaking timely receipt of their full and complete bids by telephoning the Issuer at (734) 856-1443 or the is set forth in Appendix D in the Preliminary Official Statement. Municipal Advisory Council at (313) 963-0420. Bidders submitting bids by fax must satisfy the Except as otherwise set forth in the Preliminary Official Statement (see the caption entitled requirements of the good faith deposit obligations described herein. “DISCLOSURE UNDERTAKING”), the County is in compliance in all material respects with all ELECTRONIC BIDS may be presented via PARITY on the date and at the time shown above previous undertakings made pursuant to Rule 15c2-12 during each of the past five years. provided that such bidders must also comply with the good faith deposit requirements described Documents Accompanying the Delivery of the Bonds herein. To the extent any instructions or directions set forth in PARITY conflict with this Notice, The obligation hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned the terms of this Notice shall control. For further information about PARITY, potential bidders may on the delivery to the successful bidder at the time of delivery of the Bonds of: (i) the opinion of contact Baker Tilly Municipal Advisors, LLC, at (517) 321-0110 or PARITY at (212) 849-5021. Bond Counsel; (ii) a certificate of the County Attorney, dated the date of delivery of the Bonds, to OPTIONAL DTC BOOK-ENTRY-ONLY: Unless otherwise requested by the winning bidder (the the effect that there is no controversy or litigation of any nature pending or threatened to restrain or “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as registered enjoin the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting owner and nominee for The Depository Trust Company, New York, New York (“DTC”) under DTC’s the validity of the Bonds or any of the proceedings taken with respect to the issuance and sale Book-Entry-Only system of registration. If DTC Book-Entry-Only is used, purchasers of interests thereof or the application of moneys to the payment of the Bonds, and further stating that there in the Bonds (the “Beneficial Owners”) will not receive physical delivery of bond certificates, and is no controversy or litigation of any nature now pending or threatened by or against the County ownership by the Beneficial Owners of the Bonds will be evidenced by book-entry-only. As long as wherein an adverse judgment or ruling could have a material adverse impact on the financial Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and condition of the County or adversely affect the power of the County to levy, collect and enforce the interest payments will be made directly to such registered owner which will in turn remit such collection of taxes or other revenues for the payment of its Bonds, which has not been disclosed payments to the DTC participants for subsequent disbursement to the Beneficial Owners. in the Official Statement; (iii) a certificate of the Commissioner of Finance to the effect that as BOND DETAILS: Said Bonds will be fully registered Bonds, of the denomination of $5,000 of the date of the Official Statement and at all times subsequent thereto, up to and including each or multiples thereof up to the amount of a single maturity, shall be dated the date of delivery, the time of the delivery of the Bonds, the Official Statement did not and does not contain any numbered in order of issue from 1 upwards and will bear interest from their dated date payable on untrue statement of a material fact or omit to state a material fact necessary to make the statements May 1, 2021, and semiannually thereafter. herein, in the light of the circumstances under which they were made, not misleading, and further The Bonds will mature on May 1 as follows: stating that there has been no adverse material change in the financial condition of the County Year Amount Year Amount since the date of the Official Statement to the date of issuance of the Bonds (and having attached thereto a copy of the OfficialStatement); (iv) a certificatesigned by the Commissioner of Finance 2021 $290,000 2036 $215,000 evidencing payment for the Bonds; (v) a signature certificate evidencing the due execution of the 2022 430,000 2037 225,000 Bonds, including statements that (a) no litigation of any nature is pending or, to the knowledge of 2028 175,000 2038 235,000 2029 180,000 2039 245,000 the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy 2030 185,000 2040 255,000 and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning 2031 190,000 2041 265,000 the proceedings and authority under which the Bonds were authorized or affecting the validity 2032 190,000 2042 275,000 of the Bonds thereunder, (b) neither the corporate existence or boundaries of the County nor the 2033 195,000 2043 285,000 title of the signers to their respective offices is being contested, and (c) no authority or proceedings 2034 200,000 2044 295,000 for the issuance of the Bonds have been repealed, revoked or rescinded, and (vi) a Tax Certificate 2035 205,000 2045 255,000 executed by the Commissioner of Finance, as described under “TAX MATTERS” in the Preliminary Official Statement. MATURITY ADJUSTMENT: The Issuer reserves the right to increase or decrease the aggregate Additional Information principal amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if Copies of this Notice of Sale and the Preliminary Official Statement are available in electronic necessary, will be made in increments of $5,000 and may be made in any maturity. format on the website of the County’s Municipal Advisor, Munistat Services, Inc. (“www.munistat. ADJUSTMENT TO PURCHASE PRICE: In the event of a maturity adjustment, the purchase com”) or may be obtained upon request from the offices of Munistat Services, Inc., 12 Roosevelt price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the Avenue, Port Jefferson Station, New York 11776, telephone No. 631-331-8888. Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the winning bid. TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in any year Dated: March 23, 2020 as serial bonds or term bonds, or both. The bidder must designate whether each of the principal KARIN E. HABLOW amounts shown above represent a serial maturity or a mandatory redemption requirement for a term Commissioner of Finance and bond maturity. There may be more than one term bond maturity. In any event, the above principal Chief Fiscal Officer amount schedule shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. Any such designation must be made within one (1) hour of the Bond sale. PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified to act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer For rates and additional information about advertising a notice of may hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior competitive sale, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to any change in Paying Agent. In the event the Bonds cease to be held in book entry form only, the to [email protected]. continued on next page

009_BB032620 9 3/25/2020 4:22:03 PM Competitive Sales Notices Thursday, March 26, 2020 10 The Bond Buyer continued from previous page Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has not examined or Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check mailed reviewed, any financial documents, statements or other materials that have been or may be furnished to the owner as shown by the registration books of the Issuer as of the close of business on the 15th in connection with the authorization, marketing or issuance of the Bonds and, therefore, has not day of the month preceding any interest payment date and the Bonds will be transferable only upon expressed and will not express an opinion with respect to the accuracy or completeness of any such the registration books of the Issuer kept by the Paying Agent. See “Optional DTC Book-Entry-Only” financial documents, statements or materials. above. TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the PRIOR REDEMPTION: Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), A. Mandatory Redemption - Term Bonds. interest on the Bonds is excluded from gross income for federal income tax purposes, as described Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption, in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying or other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross so redeemed or purchased in the order determined by the Issuer. income for federal income tax purposes. B. Optional Redemption. OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement Bonds of this issue maturing in the years 2021 through 2030, inclusive, shall not be subject in substantially the same form as the Preliminary Official Statement, subject to minor additions, to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue deletions and revisions as required to complete the Preliminary OfficialStatement. Promptly after maturing in the year 2031 and thereafter shall be subject to redemption prior to maturity, at the the sales date, but in no event later than seven (7) business days after such date, the Issuer will option of the Issuer, in such order as the Issuer may determine and by lot within any maturity, on any provide the Purchaser with either a reasonable number of final Official Statements or a reasonably date occurring on or after May 1, 2030, at par and accrued interest to the date fixed for redemption. available electronic version of the same. The Issuer will determine which format will be provided. Notice of redemption of any Bond shall be given not less than thirty (30) days and not more The Purchaser agrees to supply to the Issuer all necessary pricing information and any underwriter than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the identification necessary to complete the Official Statement within twenty-four (24) hours after the registered address shown on the registration books kept by the Paying Agent. Bonds shall be called award of Bonds. Additional copies of the final Official Statement may be obtained up to three months for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be following the sale of the Bonds by a request and payment of costs to the financialconsultant. The treated as representing the number of Bonds obtained by dividing the denomination of the Bond by Issuer agrees to provide to the Purchaser at closing a certificate executed by appropriate officers of $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in the Issuer acting in their official capacities, to the effect that as of the date of delivery the information part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an aggregate contained in the Official Statement, and any supplement to the Official Statement, relating to the principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Issuer and the Bonds are true and correct in all material respects, and that the Official Statement does Registered Owner thereof. No further interest payment on the Bonds or portions of Bonds called not contain any untrue statement of a material fact or omit to state a material fact necessary to make for redemption shall accrue after the date fixed for redemption, whether presented for redemption, the statements therein, in light of the circumstances under which they were made, not misleading. provided funds are on hand with the Paying Agent to redeem the same. CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the year of the Issuer, commencing with the fiscal year ended June 30, 2020, certain annual financial corporate trust office of the Paying Agent, such Bonds shall be paid and edeemed.r information and operating data, including audited financial statements for the preceding fiscal year, INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not generally consistent with the information contained or cross-referenced in the Official Statement exceeding five percent (5%) and not less than two percent (2%) per annum, to be fixed by the bids relating to the Bonds, (ii) timely notice of the occurrence of certain significant events with respect therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial at one rate only. All Bonds maturing in any one year must carry the same interest rate. No proposal information on or before the date specified in (i) above. for the purchase of less than all of the Bonds or at a price less than 99% or greater than 118% of the CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix H to the Preliminary , or at a price which will cause the net interest cost on the Bonds to exceed five percent Official Statement for the Bonds, dated March 26, 2020, for information and requirements concerning (5%) per annum, will be considered. establishing the issue price for the Bonds. PURPOSE AND SECURITY: The Bonds are the first of two or more series of bonds that were CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and bond authorized at an election on November 5, 2019, for the purpose of erecting, furnishing, and counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents will equipping an arts program addition and a multi-purpose gymnasium addition to the middle/high be in substantially the same form as the drafts provided. Closing documents will not be modified at school; remodeling, furnishing and refurnishing, and equipping and re-equipping existing school the request of a bidder, regardless of whether the bidder’s proposal is accepted. buildings; acquiring and installing instructional technology in school buildings; erecting, furnishing, DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds and equipping a new bus garage; and preparing, developing, improving, and equipping athletic will be delivered without expense to the Purchaser at a place to be mutually agreed upon with fieldsand facilities and sites. The Bonds will pledge the full faith, credit and resources of the Issuer the Purchaser. The usual closing documents, including a certificate that no litigation is pending for payment of the principal and interest thereon, and will be payable from ad valorem taxes, which affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the may be levied without limitation as to rate or amount as provided by Article IX, Section 6, and Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th Article IX, Section 16, of the Michigan Constitution of 1963. day following the date of sale, or the first business day thereafter if the 45th day is not a business STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the proposal by serving notice of cancellation in writing, on the undersigned, in which event the Issuer Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if shall promptly return the good faith deposit. Accrued interest to the date of delivery of the Bonds for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations enable the Issuer to make the payment. and names in which it wishes to have the certificates issued at least five (5) business days prior to GOOD FAITH: A certifiedor cashier’s check in the amount of $47,900 may be submitted delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity contemporaneously with the bid or, in the alternative, a deposit in the amount of $47,900 shall registered in the name of the Purchaser, subject to the election under the “Optional DTC Book- be made by the Purchaser by federal wire transfer as directed by Baker Tilly Municipal Advisors, Entry-Only” provisions herein. LLC, to be received by the Issuer not later than noon, prevailing Eastern Time, on the next business CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; day following the award as a guarantee of good faith on the part of the Purchaser to be forfeited however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers as liquidated damages if such bid is accepted and the bidder fails to take delivery of and pay the shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. purchase price for the Bonds. Any award made to the Purchaser is conditional upon receipt of the Application for CUSIP numbers will be made by Baker Tilly Municipal Advisors, LLC, municipal good faith deposit. The good faith deposit will be applied to the purchase price of the Bonds. In advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification the event the Purchaser fails to honor its accepted bid, the good faith deposit will be retained by numbers shall be paid by the Purchaser. the Issuer. No interest shall be allowed on the good faith deposit. Payment for the balance of the BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the purchase price of the Bonds shall be made at the closing. Good faith checks of unsuccessful bidders bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act will be returned via U.S. Mail. 517, Public Acts of Michigan, 2012; MCL 129.311, et seq. AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest FURTHER INFORMATION may be obtained from Baker Tilly Municipal Advisors, LLC, 2852 true interest cost which is the rate that will discount all future cash payments so that the sum of Eyde Parkway, Suite 150, East Lansing, Michigan 48823, telephone: (517) 321-0110. the present value of all cash flows will equal the Bond proceeds computed from May 5, 2020 (the THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. anticipated date of delivery). ENVELOPES containing the bids should be plainly marked “Proposal for Whiteford Agricultural LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun School District 2020 School Building and Site Bonds, Series I.” Law Firm, P.C., Novi, Michigan, bond counsel, the original of which will be furnished without Christine Bischoff expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, P.C. for Secretary, Board of Education services rendered in connection with such approving opinion are expected to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of the above

010_BB032620 10 3/25/2020 4:22:03 PM Thursday, March 26, 2020 Legal Notices www.bondbuyer.com 11

NOTICE OF REFUNDING AND ESCROW DEPOSIT NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY Water And Sewer System Second General Resolution Revenue Bonds NOTICE IS HEREBY GIVEN to the holders of the Bonds of the New York City Municipal Water Finance Authority (the “Authority”) set forth in the Schedule below (the “Refunded Bonds”) that there has been deposited with U.S. BANK NATIONAL ASSOCIATION, as Trustee and Escrow Agent, moneys and direct obligations of the United States of America, as permitted by the Authority’s Water and Sewer System Second General Revenue Bond Resolution, adopted by the Authority on March 30, 1994, as amended and supplemented to the date hereof (the “Resolution”), the principal of and interest on which, when due, will provide moneys which, together with the moneys deposited with the Escrow Agent at the same time, shall be sufficient and available to pay the principal amount thereof (the “Redemption Price”) and interest due on the Refunded Bonds on June 15, 2020 (the “Redemption Date”). The Refunded Bonds are deemed to be paid in accordance with Section 1201 of the Resolution. The Trustee has been irrevocably instructed to redeem the Refunded Bonds on the Redemption Date and at the Redemption Price, plus accrued interest thereon to the Redemption Date. Schedule of Refunded Bonds Maturity Principal Principal Current Date Interest Amount Amount to be Pre-Refunded Unrefunded Unrefunded CUSIP No. Series (June 15) Rate Outstanding Refunded CUSIP No. Balance CUSIP No. Reach your 64972FL38 2010EE 2042 6.491% $125,000,000 $125,000,000 - - - 64972FL95 2010FF 2029 5.000% $40,820,000 $40,820,000 - - - 64972FM29 2010FF 2030 5.000% $560,000 $560,000 - - - 64972FN77 2010FF 2031 4.000% $5,000,000 $5,000,000 - - - target 64972FM37 2010FF 2031 5.000% $54,150,000 $54,150,000 - - - 64972GWB6 2010GG 2042 6.124% $65,165,000 $65,165,000 64972GVZ4 - - 64972GWC4 2011AA 2041 5.790% $150,000,000 $50,000,000 64972GWA8 $100,000,000 64972GWC4 audience 64972FU79 2011BB 2030 3.500% $4,170,000 $4,170,000 - - - 64972FV37 2011BB 2030 5.000% $78,235,000 $78,235,000 - - - Place your redemption 64972FU87 2011BB 2031 5.000% $86,465,000 $86,465,000 - - - advertising in Current CUSIP numbers will remain unchanged unless noted in the Schedule of Refunded Bonds above. The Redemption Price of all Defeased Bonds is 100%. No representation is made by the Authority or the Trustee and Escrow Agent as to the accuracy of the CUSIP numbers either as printed on the Refunded Bonds or as set forth in this Notice. New York CitY MuNiCipal water FiNaNCe authoritY For more info e-mail [email protected] Dated this 19th day of March, 2020 By: U.S. Bank National Association, as Escrow Agent

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Fiduciary Communications Company One State Street Plaza, 25th Floor New York, NY 10004 looking for a... Phone Nos.: 212-803-8620/8628 Fax: 212-803-8667 Date(s) . 03/19/2020 Bond26/26/2020 Counsel Directory: F:\Notices\Template Finance Director Filename: 631296 AL Date: 03/12/2020 Research Analyst OV

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APPR Portfolio Manager Investment Banker Underwriter: FOR FINAL PUBLICATION FOR FINAL Or other Public Finance Bond Buyer Bond Buyer Signature By signing this approval block client approves final publication and all costs related Publication(s) Professionals?

If so, The Bond Buyer’s Classified ectionS can help you. For information on employment advertising options, including online advertising in our Career Zone section, please contact: Price matters—get the best yield Victor Kuo at 212-803-8612 Advertise your competitive sales in The Bond Buyer. or e-mail [email protected], For more information, contact or Kerry-Ann C. Parkes or [email protected]. at 212-803-8436 or at [email protected]

011_BB032620 11 3/25/2020 4:22:08 PM Legal Notices Thursday, March 26, 2020 12 The Bond Buyer

NOTICE OF PARTIAL MANDATORY REDEMPTION To the Holders of UNITED NATIONS DEVELOPMENT CORPORATION (A Public Benefit Corporation of The State of New York), United Nations Development Corporation Bonds of 1973 NOTICE IS HEREBY GIVEN that, pursuant to the applicable provisions of the governing documents of the above captioned bonds (the “Bonds”), $2,770,000 principal amount of the Bonds will be redeemed on May 1, 2020, at a Redemption Price of 100.00%, together with interest accrued to May 1, 2020, interest on the Bonds shall cease to accrue. The following Bonds will be redeemed and paid upon presentation to the office(s) shown below: *CUSIP Number: 911157AY1, 5.90%, Due 5/1/2023, Redemption Price: 100.00% Total Amount Called: $2,770,000 Bearer Bonds called in the amount of $5,000 each: 21 79 81 83 102 108 117 134 139 184 197 279 284 328 331 354 384 399 435 445 448 474 488 506 533 563 587 591 604 608 611 647 655 770 807 809 922 948 962 1179 1184 1257 1382 1384 1500 1516 1660 1661 1791 1792 1807 1847 1889 1929 1942 1943 1959 2004 2006 2023 2039 2146 2154 2198 2199 2215 2232 2247 2325 2343 2371 2375 2378 2391 2402 2432 2435 2442 2491 2532 2545 3081 3155 3252 3567 3589 3602 3764 3854 3868 3871 3880 3913 3927 3958 3963 3968 4001 Date(s) 4026 4051 4098 4115 4126 4133 4145 4152 4154 4171 4184 4198 4383 4399 . 4424 4504 4505 4529 4531 4533 4697 4815 4816 4847 5102 5266 5273 5284 03/26/2020 5289 5296 5319 5330 5364 5377 5404 5415 5444 5457 5465 5469 5471 5474 5475 5478 5481 5492 5497 5498 5501 5520 5535 5536 5556 5573 5578 5587

5590 5604 5609 5615 5618 5619 5628 5663 5679 5688 5695 5727 5729 5789 AL 5830 5860 5861 5913 5917 5927 5947 6050 6073 6074 6076 6109 6111 6113 6117 6132 6169 6219 6231 6265 6267 6282 6303 6318 6353 6354 6363 6418 6425 6439 6441 6577 6578 6582 6665 6691 6696 6707 6708 6845 6997 6999 7010 7053 7205 7242 7276 7344 7461 7474 7586 7617 7631 7739 7804 7822 OV 7827 7847 7850 7853 7882 7886 7890 7902 7922 7947 8013 8022 8110 8121 8171 8188 8199 8217 8222 8251 8268 8270 8282 8345 8418 8511 8649 8716 8792 8939 8941 Registered Bonds called in the amount indicated below:

R_795...... $5,000 R_833...... $5,000 R_896...... $5,000 APPR R_901...... $5,000 R_935...... $5,000 R_939...... $5,000 R_942...... $1,160,000 R_943...... $305,000

Payment of the Redemption Price on the Bonds called for redemption will become due and : payable on the Redemption Date and will be paid only upon presentation and surrender thereof

in the following manner: PUBLICATION FOR FINAL Delivery Instructions: Bond Buyer Signature By signing this approval block client approves final publication and all costs related U.S. Bank The Bond Publication(s) Buyer Newspaper — Global Corporate Trust Services 111 Fillmore Ave E The only newspaper committed to serving St. Paul, MN 55107 1(800) 934-6802 the municipal bond market. No other Bondholders presenting their bonds in person for same day payment must surrender their bond(s) by 1:00 P.M. on the Redemption Date and a check will be available for pick up after publication covers and penetrates the 2:00 P.M.. Checks not picked up by 4:30 P.M. will be mailed out to the bondholder via first class mail. If payment of the Redemption Price is to be made to the registered owner of the municipal market and reaches the movers Bond, you are not required to endorse the Bond to collect the Redemption Price. Interest on the principal amount designated to be redeemed shall cease to accrue on and after and shakers who set the pace for record the Redemption Date. sales. Make sure this powerful audience REQUIREMENT INFORMATION For a list of redemption requirements please visit our website at sees your message every day. www.usbank.com/corporatetrust and click on the "Bondholder Information" link. IMPORTANT NOTICE Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 24% will be withheld if tax identification number is not properly certified. *The Trustee shall not be held responsible for the selection or use of the CUSIP number, The Bond Buyer Network nor is any representation made as to its correctness indicated in the Redemption Notice. It is included solely for convenience of the Holders. is a powerful line of products and services By: U.S. Bank National Association Date: March 26, 2020 Trustee or Agent targeted to bring your message directly to the $3.7 trillion Municipal Market.

Fiduciary Communications Company,One State Street Plaza, 25th Floor, New York, NY 10004 Phone Nos.: 212-803-8620/8628, Fax: 212-803-8667 Put The Bond Buyer Network to work for you. Directory: Notices Filename: 630901 THE DAILY NEWSPAPERDate: OF 24/03/2020PUBLIC FINANCE Time: 11:30 Initials: zs For complete information on creating integrated advertising programs, contact To reach the widest audience Michael Ballinger within the marketplace, advertise your competitive bond sales in 212-803-8481 [email protected] The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected]. www.bondbuyer.com

012_BB032620 12 3/25/2020 4:22:10 PM Thursday, March 26, 2020 www.bondbuyer.com 13

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

3/26 - City of Clive, IA I-Deal Prospectus 3/26 - City of Clive, IA Electronic Official Statements Competitive 3/26 - Comal County Water Control and Improvement District No. 6 (TX), TX 3/24-Kansas Development Finance Authority, KS Revenue Bonds, Series 2020C 3/26 - Kaufman County Municipal Utility District No. 6, TX **SUPPLEMENT DATED MARCH 23, 2020 HAS BEEN ADDED** www.newissuehome.i-deal.com 3/26 - Horizon Regional Municipal Utility District (TX), TX 3/25-Beaufort County SD, SC General Obligation Bonds, Srs 2020 BiDCOMP®/Parity® 3/26 - Vails Gate Fire District in the Town of New Windsor (NY), NY **PAGES 7 & 8 OF THE DOCUMENT HAVE BEEN REVISED** 3/26 - Town of Bourne, MA 3/25-Darrouzett ISD, TX Unlimited Tax School Building Bonds, Srs 2020 3/26 - City of Grandville, MI **THE POS HAS BEEN REVISED TO INCLUDE A COVID 19 RELATED DISCLOSURE** 3/26 - Village of Florida (NY), NY www.i-dealprospectus.com 4/2-Sioux Center CSD, IA GO School Bonds, Srs 2020 3/27 - Comal County Water Improvement District No.1A (TX), TX 4/7-North Mahaska CSD, IA GO School Bonds, Srs 2020 3/30 - Anoka-Hennepin Independent School District No. 11, MN Full service electronic 3/25-Beaufort County SD, SC General Obligation Bonds, Srs 2020**THE PAR AMOUNT HAS BEEN 3/30 - Central Lee Community School District, IA document delivery and REVISED.*PLEASE SEE THE REVISED MATURITY SCHEDULE: 3/1/2021 14,000,000, 3/1/2022 3,500,000, tracking system 3/30 - Adel-Desoto-Minburn Community School District, IA 3/1/2023 3,000,000, 3/1/2024 2,000,000, 3/1/2026 3,500,000, 3/1/2027 3,500,000, 3/1/2028 3/31 - Leander TODD Municipal Utility District No. 1 of Williamson County (TX), TX 3,500,000, 3/1/2029 3,500,000, 3/1/2030 3,500,000, 3/1/2031 3,500,000, 3/1/2032 3,500,000, 3/31 - Independent School District No. 623 (Roseville Area Schools), MN 3/1/2033 3,500,000 3/1/2034 3,500,000, 3/1/2035 3,500,000, 3/1/2036 3,500,000, 3/1/2037 For more information, 3/31 - Odebolt Arthur Battle Creek Ida Grove Community School District (IA), IA 3,500,000 3/1/2038 3,500,000, 3/1/2039 3,500,000, 3/1/2040 3,500,000 contact: 3/31 - Central Montcalm Public Schools, MI 4/1-Berkeley (City of), CA 2020 GO Bonds & 2020 Refunding GO Bonds, Srs A 3/31 - Science Hill Independent School District Finance Corporation (KY), KY John Hester **NOTICE OF POSTPONEMENT HAVE BEEN ADDED - THE CITY OF BERKELEY, CALIFORNIA IS POSTPONING THE (212) 849-5125 3/31 - Martha’s Vineyard Regional Transit Authority, MA SALES OF ITS MEASURE O AND SERIES A 2020 GENERAL OBLIGATION BONDS TO APRIL 1st. THE NOTICES OF 3/31 - Regional School District No. 12 of the State of Connecticut, CT James Kellum POSTPONEMENT ARE ATTACHED. THE NEW DELIVERY DATE IS APRIL 16th.** 4/1 - City of Berkeley (CA), CA (212) 849-5156 4/1-Storm Lake CSD, IA GO School Bonds, Series 2020**ADDENDUM HAS BEEN ADDED** 4/1 - City of Berkeley (CA), CA 4/1-Killingly (Town of), CT GO Bonds, Issue of 2020 (BQ) 4/1 - Storm Lake Community School District, IA 4/2-Multnomah County SD No. 1J, OR (PPS) GO Bonds, Srs 2020 4/2 - Independent School District No. 831 (Forest Lake), MN 4/2 - Independent School District No. 57 of Garfield County (Enid), OK I-Deal Prospectus 4/2 - Independent School District No. 1 of Oklahoma County (Putnam City), OK Electronic Official Statements Negotiated 4/2 - Sioux Center Community School District, IA West Travis County MUD No. 6, TX Unlimited Tax Refunding Bonds, Series 2020 4/6 - Galveston County Municipal Utility District No. 6, TX Harris County Hospital District, TX Combo Tax & Revenue COO, Series 2020 4/7 - North Mahaska Community School District, IA Brushy Creek MUD, TX Sendero Springs & Cornerstone Defined Area Unltd Tax Ref Bonds Srs 2020 4/7 - City of Crown Point, IN Brushy Creek MUD, TX Unlimited Tax Refunding Bonds, Series 2020 4/7 - Union Springs Central School District, NY Tomball ISD, TX Unlimited Tax School Building Bonds, Srs 2020 4/7 - Queensbury Union Free School District, NY Denton County FWSD No. 8-B, TX Unltd Tax Road Refunding Bonds, Series 2020 Aledo ISD, TX Unlimited Tax School Building Bonds, Srs 2020 Montgomery County MUD No. 39, TX, Unlimited Tax Refunding Bonds, Series 2020 New York (City of), NY GO Bonds, Fiscal 2020 Series 1***Supplement dated March 3, 2020 to the Preliminary Reoffering Circular, dated February 24, 2020 has been added.*** Silver CSD No. 1, NM GO School Building Bonds, Series 2020 Lakeside WC&ID No. 1, TX Unlimited Tax Refunding Bonds, Srs 2020 Lakeside WC&ID No. 2-B, TX Unlimited Tax Refunding Bonds, Srs 2020 Goodyear (City of), AZ GO Refunding Bonds, Series 2020 GIVE Goodyear (City of), AZ Subordinate Lien Water & Sewer Revenue Obligations 2020 Midlothian ISD, TX Unlimited Tax School Building Bonds, Srs 2020 Van Alstyne EDC TX, Sales Tax Revenue Bonds, Taxable New Series 2020**THE POS HAS BEEN REVISED** Northampton MUD, TX Unlimited Tax Refunding Bonds, Series 2020 NOTICE New York (City of), NY GO Bonds, Fiscal 2020 Series 1 Van Alstyne EDC TX, Sales Tax Revenue Bonds, Taxable New Series 2020 Socorro ISD, TX Unlimited Tax School Building Bonds, Series 2020 buyers want Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-1A&IB Cumberland (County of), ME 2020 GO Refunding Bonds (Taxable) Kaufman County, TX Unlimited Tax Road Bonds, Series 2020 to know Kaufman County, TX Limited Tax Bonds, Series 2020A Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020 ***S&P RATING REPORTS HAVE BEEN ADDED*** Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020 Horseshoe Bay (City of), TX General Refunding Bonds, Series 2020 Advertise your competitive sales in The Bond Buyer. Cleveland ISD, TX Unlimited Tax School Building Bonds, Series 2020A For more information, contact or Kerry-Ann C. Parkes El Paso ISD, TX Variable Rate Maintenance Tax Notes, Series 2020 at 212-803-8436 or at [email protected] Mount Pleasant (City of), TX GO Refunding Bonds, Series 2020 Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020**THE S&P RATING HAS BEEN ADDED** St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A ***THE S&P RATING HAS BEEN ADDED*** Manor ISD, TX Unltd Tax School Bldg Bonds, Series 2020 For rates and additional information about advertising a notice of St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A competitive sale, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email Galveston County WC&ID No. 8, TX Unltd Tax Ref Bonds, Series 2020 to [email protected]. Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020

013_BB032620 13 3/25/2020 4:22:11 PM New Issues Thursday, March 26, 2020 14 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 Thursday, March 26 Clive IA GO Corp Purp *2,290 10 am C PFM Fin Advisors Dorsey & Whitney 21-30 --- Aaa ------BQ 23-Mar Clive IA GO Urban Renewal *5,425 10 am C PFM Fin Advisors Dorsey & Whitney 21-39 --- Aaa ------BQ 23-Mar Grandville MI Swr Sys Rev *8,360 11 am E PFM Fin Advisors Varnum LLP 21-44 --- Aa3 ------18-Mar Florida Village NY Pub Imp *200 11 am E Munistat Services Hawkins Delafield 21-30 ------BQ 25-Mar Trumansburg Vlg NY Pub Imp 165 11 am E Municipal Solutions Orrick Herrington 21-23 ------BQ 19-Mar Osage Co ISD #30 OK Bldg 450 11:45 am C Stephen H. McDonald State Atty General 22-30 ------BQ 13-Mar Horizon Reg MUD TX Unltd Tax 11,110 11 am C Blitch Associates Johnson Petrov 23-45 ------12-Mar Kaufman Co MUD #6 TX Unltd Tax Road 3,335 10:30 am C Baird Coats Rose 21-45 ------BQ 12-Mar

Friday, March 27 McClain Co ISD #2 OK Bldg (Tax) 660 12 pm C Stephen L. Smith Phillips Murrah 22 ------17-Mar Okmulgee Co ISD #4 OK Bldg 675 12 pm C Stephen L. Smith Phillips McFall 22-25 ------BQ 16-Mar Comal Co Wtr Imp Dt #1A TX Unltd Tax Road 3,150 10:30 am C Masterson Advisors Coats Rose 21-45 ------BQ 12-Mar

Monday, March 30 Adel-Desoto-Minburn Comm SD IA GO Sch *5,755 1:30 pm C Piper Sandler Ahlers & Cooney 21-40 ------BQ 24-Mar Central Lee Comm SD IA GO Sch *12,900 1 pm C Piper Sandler Dorsey & Whitney 21-40 ------18-Mar Anoka-Hennepin ISD #11 MN GO Sch Bldg *94,565 10 am C Baker Tilly MA Knutson Flynn 21-45 ------3-Mar Stephens Co ISD #21 OK Comb Purp 985 12 pm C Stephen H. McDonald State Atty General 22-26 ------BQ 18-Mar

Tuesday, March 31 Odebolt Arthur Ida Grove Comm SD IA GO Sch *6,350 11 am C Piper Sandler Ahlers & Cooney 21-40 ------BQ 24-Mar Brown Co Schs IN GO 3,670 11 am E Baker Tilly MA Ice Miller ------BQ 27-Feb Caston Educ Bldg Corp IN First Mtg Rev *3,860 11 am E Baker Tilly MA Ice Miller 22-39 ------BQ Today Frontier Sch Bldg Corp IN First Mtg 5,350 11 am E Baker Tilly MA Ice Miller ------BQ 26-Feb Science Hill Fin Corp KY Sch Bldg *1,250 11 am E Ross Sinclaire Steptoe & Johnson 21-40 ------BQ 18-Mar Central Montcalm Pub Schs MI Sch Bldg & Site *6,190 11 am E Baker Tilly MA Thrun Law Firm 21-29 ------BQ 23-Mar Roseville ISD #623 MN GO *8,185 11 am C Ehlers Kennedy & Graven 21-40 ------BQ 27-Feb Okfuskee Co ISD #26 OK Comb Purp (Tax) 600 12:45 pm C Stephen H. McDonald State Atty General 22 ------18-Mar Oklahoma Co ISD #3 OK Bldg (Tax) 980 11:30 am C Stephen H. McDonald State Atty General 22 ------18-Mar Oklahoma Co ISD #37 OK Comb Purp 1,930 4 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 19-Mar Angleton ISD TX Sch Bldg *40,000 10 am C U.S. Capital Adv Orrick Herrington 20-45 PSF ------Today Leander TODD MUD #1 TX Unltd Tax 3,200 9 am C Specialized Pub Fin McLean & Howard 22-45 ------BQ 10-Mar

Wednesday, April 1 Berkeley CA GO Ref *7,605 9 am P NHA Advisors Jones Hall 20-39 ------28-Feb Berkeley CA GO (Tax) *38,000 8:30 am P NHA Advisors Jones Hall 20-50 ------28-Feb Killingly (Town) CT GO 4,765 11:30 am E Hilltop Securities Day Pitney 21-40 ------BQ Today Storm Lake Comm SD IA GO Sch *14,980 10 am C Piper Sandler Ahlers & Cooney 21-40 ------17-Mar Whiting Sch City IN GO 1,835 11 am E Stifel Nicolaus Ice Miller 23-31 ------BQ 25-Mar Wayne Co SD Fin Corp KY Sch Bldg *8,620 11 am E Ross Sinclaire Steptoe & Johnson 21-40 ------BQ 25-Mar Pt Pleasant Beach Borough NJ Gen Imp *6,283 11 am E Phoenix Advisors DeCotiis FitzPatrick 21-32 ------BQ 25-Mar Albion Vlg NY Pub Imp *975 11 am E Bernard P. Donegan Timothy R. McGill 21-50 ------BQ 20-Mar Orange County NY Pub Imp *28,180 11 am E Munistat Services Hawkins Delafield 22-32 ------25-Mar Grady Co ISD #2 OK Comb Purp (Tax) 3,000 12:45 pm C Stephen H. McDonald State Atty General 22-23 ------19-Mar Stephens Co ISD #34 OK Bldg (Tax) 480 11:45 am C Stephen H. McDonald State Atty General 22 ------19-Mar

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.

014_BB032620 14 3/25/2020 4:03:55 PM Thursday, March 26, 2020 New Issues www.bondbuyer.com 15

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 Memphis TN Gen Imp 214,660 10 am C PFM Fin Advisors ------12-Mar McKinney MUD #1 TX Unltd Tax Road 1,065 10:30 am C Baird State Atty General ------23-Mar McKinney MUD #1 TX Unltd Tax 7,420 10 am C Baird State Atty General ------23-Mar Stonewall Ranch MUD TX Unltd Tax 3,000 10 am C Public Fin Group McCall Parkhurst 20-44 --- Baa3 ------BQ Today Madison Area Tech Coll Dt WI GO Prom *4,500 9:30 am C PMA Securities Quarles & Brady 25-27 ------18-Mar

Thursday, April 2 Sioux Center Comm SD IA GO Sch Bldg *7,980 12 pm C Piper Sandler Ahlers & Cooney 22-40 ------25-Mar Graves Co SD Fin Corp KY Sch Bldg *2,290 12 pm E Baird Steptoe & Johnson 21-40 --- A1 ------BQ 12-Mar Forest Lake ISD #831 MN GO *10,235 9:30 am C Ehlers Dorsey & Whitney 22-35 ------20-Feb Garfield Co ISD #57 OK Comb Purp (Tax) 8,880 11:30 am C Stephen H. McDonald Floyd Law Firm 22 ------20-Mar Oklahoma Co ISD #1 OK Comb Purp 38,750 11:45 am C Stephen L. Smith Phillips Murrah 22-24 ------20-Mar Portland Pub SD #1J OR GO *441,320 9 am P Piper Sandler Hawkins Delafield 21-37 --- Aa1 AA+ ------Today Milwaukee WI GO (Tax) 14,920 10:30 am C PFM Fin Advisors Katten Muchin ------4-Mar Milwaukee WI Rev Antic 120,000 9:45 am C PFM Fin Advisors Katten Muchin ------4-Mar Milwaukee WI GO 160,825 10 am C PFM Fin Advisors Katten Muchin ------4-Mar

Friday, April 3 McIntosh Co ISD #1 OK Bldg (Tax) 615 12:45 pm C Stephen H. McDonald State Atty General 22 ------23-Mar

Monday, April 6 Buffalo MN GO 6,195 10:30 am C Ehlers Taft Stettinius 21-40 ------BQ 5-Mar Cherokee Co ISD #6 OK Bldg 2,750 11:45 am C Stephen H. McDonald State Atty General 22-30 ------BQ 25-Mar Cleveland Co ISD #40 OK Bldg (Tax) 2,670 2 pm C Stephen H. McDonald State Atty General 22 ------25-Mar Galveston Co MUD #6 TX Unltd Tax 2,730 1 pm C GMS Group Norton Rose 20-30 ------BQ 9-Mar Waunakee Vlg WI GO Corp Purp 9,995 10 am C Ehlers Husch Blackwell 21-35 ------BQ 9-Mar

Tuesday, April 7 North Mahaska Comm SD IA GO Sch *10,000 10 am C Piper Sandler Ahlers & Cooney 21-40 ------BQ 25-Mar Crown Point IN Rev *4,775 11 am E FSG Corp Ice Miller 21-35 ------17-Mar Lawrence KS GO Imp *6,215 10 am C Baker Tilly MA --- 21-40 ------23-Mar East Irondequoit Ctrl SD NY Sch Dist 815 11:30 am E Bernard P. Donegan Orrick Herrington 21-24 ------BQ Today Queensbury UFSD NY Sch Dist 3,735 11 am E R.G. Timbs Bartlett Pontiff 21-32 ------Today Union Springs Ctrl SD NY GO Sch Dist *10,840 11 am E Bernard P. Donegan Trespasz & Marquardt 21-35 ------Today Creek Co ISD #3 OK Comb Purp 400 12 pm C Stephen L. Smith Phillips Murrah 22-25 ------BQ 25-Mar Oklahoma Co ISD #4 OK Bldg (Tax) 8,800 11:30 am C Stephen H. McDonald State Atty General 22-24 ------25-Mar

Wednesday, April 8 Elgin IL GO Corp Purp *9,645 10:15 am C Speer Financial Chapman and Cutler 21-34 ------AAA ------11-Mar McClain Co ISD #15 OK Bldg (Tax) 615 1 pm C Stephen H. McDonald State Atty General 22 ------Today

Thursday, April 9 Metro Atlanta Rapid Trans Auth GA Sales Tax Rev 140,895 10:30 am E Hilltop Securities Holland & Knight ------25-Mar

Monday, April 13 Rosemount-Apple Vly ISD #196 MN COPs 8,945 11 am C Ehlers Dorsey & Whitney 21-30 ------11-Mar Harris Co MUD #537 TX Unltd Tax 2,000 10 am C GMS Group Sanford Kuhl ------BQ 23-Mar Lake Delton Vlg WI GO Corp Purp 35,910 10:30 am C Ehlers Quarles & Brady 21-40 ------9-Mar

Tuesday, April 14 St Michael MN GO 7,405 11 am C Ehlers Taft Stettinius 21-41 ------BQ 24-Mar

Wednesday, April 15 Marshall ISD #413 MN GO Ref 2,880 10 am C Ehlers Knutson Flynn 25-26 ------BQ 20-Mar Moraine Park Tech Coll Dt WI GO Prom 1,365 9:30 am C Baird Quarles & Brady 21-30 ------24-Mar

015_BB032620 15 3/25/2020 4:03:56 PM New Issues Thursday, March 26, 2020 16 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 Monday, April 20 Whiteford Agric Schs MI Sch Bldg & Site 4,790 11 am E Baker Tilly MA Thrun Law Firm 21-45 ------BQ Today East Central ISD #2580 MN GO Tax Abate 1,890 11 am C Ehlers Knutson Flynn 22-25 ------BQ 19-Mar Hermantown MN GO Imp 3,765 10 am C Ehlers Fryberger Buchanan 21-36 ------BQ Today Hermantown MN Swr Disp Sys 4,115 10 am C Ehlers Fryberger Buchanan 21-37 ------BQ Today Lincoln County MN GO Tax Abate (Tax) 4,925 12 pm C Ehlers Kennedy & Graven 22-31 ------13-Mar Warren-Alvarado-Oslo ISD 2176 MN GO *2,250 10:30 am C Baker Tilly MA --- 21-31 ------BQ 17-Mar Dallas Co R-I SD MO COPs *12,605 10:30 am C Sentry Fin Svcs Gilmore & Bell 21-45 ------13-Mar

Wednesday, April 22 Carver Co Comm Dev Agy MN Ref *1,920 10 am C Baker Tilly MA --- 21-28 ------BQ 23-Mar

Thursday, April 23 S Washington Co ISD #833 MN GO 28,095 11 am C Ehlers Knutson Flynn 28-38 ------Today

Tuesday, April 28 Richfield MN GO 5,375 10 am C Ehlers Kennedy & Graven 21-41 ------BQ 13-Mar St Anthony MN GO Street 3,000 10:30 am C Ehlers Dorsey & Whitney 22-36 ------BQ 16-Mar

Thursday, May 14 Lebanon Comm Sch Corp IN GO 5,350 11 am E Baker Tilly MA Ice Miller ------BQ 24-Mar

Day to Day Florida BOE FL Cap Outlay Ref *112,335 --- Division of Bond Fin Squire Patton 21-23 --- Aaa AAA AAA ------19-Feb Fort Lauderdale FL Spec Oblg *170,000 --- PFM Fin Advisors Greenberg Traurig ------13-Mar Seis Lagos UD TX Univ Rev 3,475 --- Hilltop Securities Norton Rose 21-45 ------BQ 27-Feb

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, March 26 Bourne (Town) MA GO Bond Antic *4,360 11 am E UniBank Fiscal Adv Locke Lord 21 ------BQ 23-Mar Vails Gate Fire Dist NY Bond Antic 350 11 am E Munistat Services Hawkins Delafield 21 ------BQ 19-Mar

Tuesday, March 31 Connecticut Reg SD #12 CT GO 4,000 11:30 am E Phoenix Advisors Day Pitney 21 ------BQ 25-Mar Martha’s Vineyard Reg Trans Auth MA GO Rev 2,000 11 am E UniBank Fiscal Adv Mintz Levin 21 ------BQ Today Ringwood Borough NJ Bond Antic 6,252 11 am E Municipal Official Hawkins Delafield 21 ------BQ Today Binghamton NY GO Var Purp 47,284 11 am E Fiscal Adv & Mkt Hawkins Delafield 21 ------25-Mar

Wednesday, April 1 East Rutherford Borough NJ Bond Antic 3,541 11 am E Municipal Official Archer & Greiner 21 ------25-Mar Kirkland (Town) NY Bond Antic 38 11 am E Fiscal Adv & Mkt Bond Schoeneck 21 ------BQ 25-Mar

Thursday, April 2 Deposit Vlg NY Bond Antic 913 11:30 am E Municipal Solutions Hawkins Delafield 21 ------BQ Today Watertown (Town) NY Bond Antic 5,090 11 am E Municipal Solutions Barclay Damon 21 ------BQ Today

Tuesday, April 7 Lawrence KS GO Temp *2,445 10 am C Baker Tilly MA --- 21 ------23-Mar

Wednesday, April 8 Granby (Town) NY Bond Antic 4,295 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 23-Mar

016_BB032620 16 3/25/2020 4:03:57 PM Thursday, March 26, 2020 New Issues www.bondbuyer.com 17

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Tuesday, April 14 Lenox (Town) NY Bond Antic 1,815 10:45 am E Fiscal Adv & Mkt Orrick Herrington 20 ------BQ 20-Mar

Thursday, April 16 Delaware OH GO Bond Antic 2,000 11 am E Rockmill Financial Squire Patton 21 ------BQ 12-Mar

Negotiated Bond Offerings Compiled by IHS Markit

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

Week Of March 23 La Paz Co Indl Dev Auth AZ Ed Facs Rev 12,665 BB&T Cap Mkts D.A. Davidson ------24-Jan Pacific Union SD CA GO 3,100 D.A. Davidson --- BAM ------20-Mar Chicago Heights IL GO Ref (Tax) 38,540 Stifel Nicolaus --- BAM ------20-Mar Poplar Bluff R-1 SD MO Certs of Part 1,415 Stifel Nicolaus ------20-Mar Merkel TX GO Ref 4,000 Raymond James ------28-Feb

Thursday, March 26 Buncombe County NC Bond 52,825 Baird ------19-Mar Buncombe County NC Bond (Tax) 155,040 Baird ------19-Mar New Hope Cult Educ Facs Fin Corp TX Educ Rev 67,895 Baird Specialized Pub Fin ------6-Mar

Week Of March 30 Birmingham Airport Auth AL Airport Rev 118,735 Piper Sandler Porter White ------A- --- 19-Mar Tarrant Co Cult Ed Facs Fin Corp TX Rev (Tax) 7,320 Ziegler Cap Mkts ------16-Mar Tarrant Co Cult Ed Facs Fin Corp TX Rev 38,825 Ziegler Cap Mkts ------16-Mar Titus County TX GO Ref (Tax) 26,020 Raymond James ------24-Mar

Friday, April 3 Brown Deer Vlg WI GO Ref 5,850 Baird ------11-Mar

Week Of April 6 Grand Prairie TX Sales Tax Rev 6,065 Raymond James ------Today Virginia Hsg Dev Auth VA Rental Hsg (Tax) 125,000 Raymond James ------25-Mar

Tuesday, April 14 Sheboygan County WI GO Prom 4,750 Baird ------12-Mar

Day to Day Batesville AR Hosp Rev Ref 32,110 Crews & Associates ------23-Mar West Stone Co Wtr Pub Wtr Auth AR Wtr Rev 2,600 Stephens ------16-Mar Arizona Indl Dev Auth AZ Rev 236,620 RBC Capital Mkts Hilltop Securities ------6-Mar Goodyear AZ Wtr & Swr Rev 12,340 Stifel Nicolaus Hilltop Securities ------6-Mar Goodyear AZ Wtr & Swr Rev (Tax) 13,360 Stifel Nicolaus Hilltop Securities ------6-Mar Goodyear AZ Wtr & Swr Rev 104,635 Stifel Nicolaus Hilltop Securities ------6-Mar Northwest Fire Dt of Pima Co AZ GO Ref 6,635 Hilltop Securities Stifel Nicolaus ------12-Mar Phoenix Civic Imp Corp AZ Wtr Sys Rev 404,840 Morgan Stanley Montague DeRose ------Today Saddle Mountain USD #90 AZ Sch Imp 42,770 Stifel Nicolaus --- AGM ------11-Mar Santa Cruz Vly USD #35 AZ Sch Imp 15,040 Stifel Nicolaus ------11-Mar Antioch USD Sch Facs Dt #1 CA GO 10,750 Raymond James ------6-Mar California Co Tobacco CA Tobacco Settlement 337,207 Jefferies Public Advisory ------6-Mar California Hlth Facs Fin CA Rev 127,690 Goldman Sachs Ponder ------13-Mar California Hlth Facs Fin CA Rev 148,945 RBC Capital Mkts ------13-Mar California Hlth Facs Fin CA Rev 145,975 Morgan Stanley Ponder ------13-Mar

017_BB032620 17 3/25/2020 4:03:57 PM New Issues Thursday, March 26, 2020 18 The Bond Buyer

Negotiated Bond Offerings Compiled by IHS Markit

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

Cloverdale USD CA GO (Tax) 13,000 RBC Capital Mkts ------13-Mar Exeter CA Swr Rev Ref 3,145 Brandis Tallman, LLC --- BAM ------13-Mar Golden Vly USD CA GO 19,995 Piper Sandler Dale Scott BAM ------19-Mar Goleta Redev Agy CA Tax Alloc Ref 12,450 Stifel Nicolaus ------6-Mar Grass Vly CA Pension (Tax) 18,495 Hilltop Securities ------16-Mar Grossmont Union HSD CA GO Ref (Tax) 44,290 Citigroup KNN Public Finance ------13-Mar Indian Wells Redev Agy- Succ Agy CA Tax Alloc Ref (Fwrd) 5,850 Stifel Nicolaus --- BAM ------6-Mar La Canada USD CA GO Ref (Tax) 7,645 Stifel Nicolaus ------6-Mar La Canada USD CA GO 30,000 Stifel Nicolaus ------6-Mar Lodi Pub Fin Auth CA Wtr Ref Rev 23,390 Piper Sandler Fieldman Rolapp ------13-Mar Ontario CA Pension (Tax) 340,305 Hilltop Securities Harrell & Company ------AA- --- 5-Mar S Placer WstWtr Auth CA Wstwtr Rev Ref 51,210 Morgan Stanley Hilltop Securities ------9-Mar San Dieguito Union HSD CA GO Ref (Tax) 146,535 RBC Capital Mkts ------13-Mar San Joaquin Delta Comm Coll CA GO (Tax) 95,290 RBC Capital Mkts ------21-Feb Thousand Oaks Pub Fin Auth CA Lease Rev Ref 7,900 Stifel Nicolaus ------5-Mar Winters Jt USD CA GO Ref 6,500 D.A. Davidson --- BAM ------13-Mar Arista Metro Dt CO Rev Ref (Tax) 4,315 D.A. Davidson ------13-Mar Arista Metro Dt CO Rev Ref 6,205 D.A. Davidson ------13-Mar City Center W Commer Metro Dt CO Ltd Tax GO 1,152 D.A. Davidson ------6-Mar City Center W Commer Metro Dt CO Ltd Tax GO 7,435 D.A. Davidson ------6-Mar Colorado Educ & Cultural Facs CO Ref & Imp 32,915 D.A. Davidson PFM Fin Advisors ------6-Mar Colorado Sch of Mines BOT CO Rev Ref 10,430 Morgan Stanley North Slope Cap Adv ------13-Sep Colorado Sch of Mines BOT CO Rev Ref (Tax) 40,175 Morgan Stanley North Slope Cap Adv ------13-Sep Southshore Metro Dt #2 CO GO Ref 25,080 D.A. Davidson --- BAM ------13-Mar Southshore Metro Dt #2 CO GO Ref (Tax) 29,970 D.A. Davidson --- BAM ------13-Mar Waterstone Met Dt #1 CO Ltd Tax GO 17,490 D.A. Davidson ------13-Mar Gtr New Haven Wtr Poll Ctrl Auth CT Wstwtr Sys Rev (Tax) 29,750 Raymond James Phoenix Advisors ------AA+ ------19-Mar Seymour (Town) CT GO Ref (Tax) 5,700 Mesirow Financial Phoenix Advisors ------6-Mar Seymour (Town) CT GO 5,735 Mesirow Financial Phoenix Advisors ------6-Mar Delaware Econ Dev Auth DE Ref Rev 20,600 PNC Capital Markets PFM Fin Advisors ------11-Mar Capital Trust Agy FL Rev (Tax) 2,085 Stifel Nicolaus ------7-Feb Capital Trust Agy FL Rev 32,800 Stifel Nicolaus ------7-Feb Florida Dev Fin Corp FL Rev Ref 37,855 Morgan Stanley PFM Fin Advisors ------9-Mar Florida Dev Fin Corp FL Rev Ref (Tax) 231,030 Morgan Stanley PFM Fin Advisors ------9-Mar Leon Co Hsg Fin Auth FL Bldg 11,880 RBC Capital Mkts Hendrickson ------20-Mar Bleckley Co SD GA GO 16,000 Raymond James ------13-Mar Cobb Co Kennestone Hosp Auth GA Rev Antic 101,745 BofA Securities ------6-Mar Forsyth Co SD GA GO 147,500 Citigroup ------13-Mar Fulton Co Dev Auth GA Rev 73,395 BofA Securities ------6-Mar Atlantic IA GO Ref 3,430 D.A. Davidson --- BAM ------13-Mar Lake City IA GO Corp Purp Ref 2,350 D.A. Davidson ------13-Mar Nevada IA GO Corp Purp 8,060 D.A. Davidson ------20-Mar Newton IA GO Corp Purp (Tax) 1,350 D.A. Davidson --- AGM ------13-Mar Newton IA GO Corp Purp 2,500 D.A. Davidson --- AGM ------13-Mar Spirit Lake Comm SD IA Sales & Srvc Tax Rev 12,195 Piper Sandler ------6-Mar Warren County IA GO Cap Loan 20,400 Piper Sandler ------13-Mar Idaho Hsg & Fin ID Mtg 30,797 Stifel Nicolaus ------8-Nov Idaho Hsg & Fin ID Rev 7,610 Baird ------11-Mar Bluford Unit SD #318 IL GO Sch Ref 2,460 D.A. Davidson --- BAM ------13-Mar Carol Stream Comm Cons SD #93 IL GO Ref 1,625 Mesirow Financial ------16-Mar East Moline IL GO Alt (Tax) 1,750 Baird Speer Financial ------12-Mar East Moline IL GO Alt 8,825 Baird Speer Financial ------12-Mar Grayslake Comm HSD #127 IL GO Sch 8,560 Raymond James ------3-Mar Illinois Fin Auth IL Rev 339,115 Goldman Sachs H2C Securities Inc., ------6-Mar

018_BB032620 18 3/25/2020 4:03:58 PM Thursday, March 26, 2020 New Issues www.bondbuyer.com 19

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

Illinois Fin Auth IL Rev 100,660 Goldman Sachs H2C Securities Inc., ------6-Mar Illinois Fin Auth IL Multifam Hsg (Tax) 1,715 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg 2,785 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg (Tax) 6,860 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg 15,460 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg 16,975 D.A. Davidson ------13-Mar Illinois Hsg Dev Auth IL Multifam Hsg 10,645 KeyBanc Cap Mkts ------11-Mar Moline IL GO Ref (Tax) 6,275 Baird Speer Financial AGM ------25-Mar Orland Fire Prot Dt IL GO 4,705 Stifel Nicolaus ------13-Mar Springfield SD #186 IL GO 94,230 Stifel Nicolaus ------13-Mar S Ripley Comm Multi-Sch Bldg IN Mtg 3,575 Raymond James ------11-Mar Reno Co USD #313 KS GO Ref (Tax) 42,280 Raymond James ------19-Sep Shawnee Co USD #501 KS GO Ref (Tax) 101,410 Raymond James ------20-Sep Kentucky Pub Energy Auth KY Gas Supply Rev 536,040 JPMorgan Municipal Cap Mkts ------A --- 28-Aug Massachusetts Dev Fin Agy MA Rev (Tax) 6,910 Stifel Nicolaus ------6-Mar Massachusetts Dev Fin Agy MA Rev 30,860 Stifel Nicolaus ------6-Mar Maine Hsg Auth ME Mtg 38,765 Citigroup ------20-Mar Great Lakes Wtr Auth MI Sys Rev (Tax) 166,460 Citigroup PFM Fin Advisors ------13-Mar Great Lakes Wtr Auth MI Rev Ref (Tax) 706,675 Citigroup PFM Fin Advisors ------13-Mar Great Lakes Wtr Auth MI Wtr Supply Sys 39,375 Citigroup PFM Fin Advisors ------13-Mar Great Lakes Wtr Auth MI Wtr Supply Sys Rev 39,685 Citigroup PFM Fin Advisors ------13-Mar Great Lakes Wtr Auth MI Wtr Supply Sys Rev (Tax) 46,495 Citigroup PFM Fin Advisors ------13-Mar Great Lakes Wtr Auth MI Wtr Supply Sys Rev (Tax) 328,955 Citigroup PFM Fin Advisors ------13-Mar Huron Vly SD MI Sch Bldg & Site 92,985 Stifel Nicolaus PFM Fin Advisors ------6-Mar Michigan MI Ref 102,575 Citigroup ------20-Mar Michigan Fin Auth MI Sch Ref 7,790 Piper Sandler ------13-Mar St Johns Pub Schs MI GO Energy 5,820 Stifel Nicolaus Baker Tilly MA ------6-Mar Minneapolis MN Lease Rev 12,355 Baird ------31-Jan Thief River Falls ISD #564 MN GO Ref (Tax) 31,570 Baird ------13-Mar Windom MN Annual Appropriation 7,430 Baird ------6-Mar Branson Reorg SD #4 MO GO Ref 5,895 Stifel Nicolaus ------6-Mar Hickory Co R-I SD MO GO Sch Bldg 2,180 Stifel Nicolaus ------13-Mar Jennings SD MO GO Ref 4,495 Stifel Nicolaus ------13-Mar Northwest R-1 SD MO GO Ref 7,780 Stifel Nicolaus ------13-Mar Raytown MO Sales Tax Ref 28,875 Stifel Nicolaus Columbia Cap Mgmt ------7-Dec Ritenour SD MO GO Ref 10,525 Stifel Nicolaus ------6-Mar St Charles Co Pub Wtr Dt #2 MO Ref Certs of Part 15,705 Piper Sandler ------13-Mar Clarksdale Quality of Life Comm MS Urban Renewal Rev 5,000 Crews & Associates --- BAM ------23-Mar Montana MT GO 27,520 RBC Capital Mkts ------AA+ --- 6-Mar Camden Co Imp Auth NJ Rev Ref (Tax) 19,020 Citigroup Acacia Fin Group ------4-Mar Salem Co Poll Cntr Fin Auth NJ Rev Ref 23,150 Morgan Stanley ------14-Feb Eunice Pub SD #8 NM GO Sch 12,500 RBC Capital Mkts Stifel Nicolaus ------11-Mar New Mexico Fin Auth NM Rev & Ref 30,030 RBC Capital Mkts PFM Fin Advisors ------19-Mar For complete listings go to www.bondbuyer.com

Negotiated Note Offerings Compiled by IHS Markit

Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW. Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared Week Of March 30 Streetsboro OH Var Purp GO 6,255 KeyBanc Cap Mkts ------Today

Day to Day Long Beach CA Rev 145,000 Citigroup Public Resources ------6-Mar

019_BB032620 19 3/25/2020 4:03:59 PM Market Statistics Thursday, March 26, 2020 20 The Bond Buyer

Market Indicators Dollar amounts are in millions

Day’s 2020 2020 Current Previous 2020 2020 Daily Yesterday Change High Date Low Date Weekly 3/19/20 3/12/20 High Date Low Date Municipal Bond Index ...... 129 16 . +7-4/32 140 05 . (3/9) 119 16 . (3/20) 40 Average Dollar Price ...... 104 69 . +5 65 . 113 35 . (3/9) 96 78 . (3/20) Bond Buyer Revenue Bond Index . . . . 3 22% . 3 07% . 3 22% . (3/19) 2 81% . (3/5) Average Yield to Par Call ...... 3 28 . –1 00 . 4 70 (3/20). 1 86 .(3/9) Bond Buyer 20-Bond Index ...... 2 72% . 2 57% . 2 73% . (1/2) 2 31% . (3/5) Average ...... 3 83 . –0 34 . 4 31 (3/20). 3 35 .(3/9) Bond Buyer 11-Bond Index ...... 2 25% . 2 10% . 2 26% . (1/2) 1 84% . (3/5)

Wk of 3/27/2020 Wk of 3/20/2020 Wk of 3/13/2020 Wk of 3/22/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $2,374 5. $740 1. $5,317 9. $3,819 .0 30-Day Visible Supply ($mills) ...... Negotiated Bonds ...... 1,328 8 . 362 7 . 4,486 2 . 2,546 4 . Total (Mar. 26) ...... $15,475 0. +1,076 6. $15,505 3. (3/19) $7,051 7. (1/29) Competitive Bonds ...... 1,045 7 . 365 7 . 805 9 1,030. 4 . Competitive ...... 2,026 2 . +701 2 . 5,326 2 . (1/3) 1,325 0 . (3/24) Short-Term Notes ...... 21 9 . 163 5 . 427 5 . 102 2 . Negotiated ...... 13,448 8 . +375 4 . 13,599 7 . (3/19) 4,084 5 . (2/19) Long-Term Bond Sales Thru 3/27/2020 Thru 3/20/2020 Thru 3/13/2020 Thru 3/22/2019 Month to Date ...... $16,744 9. $14,370 4. $13,630 3. $17,161 .8 Year to Date ...... 88,894 9 . 86,520 4 . 85,780 3 . 68,610 4 . The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com. day”schedule.

Short-Term Tax-Exempt Yields

Mar. 25, 2020 Mar. 24, 2020 Mar. 27, 2019 Visible Supply Selected MIG-1/SP-1 Notes New York St Twy Auth Gen Rev J, N .Y . 4 .00s (Feb . 1) . . 0 00 . 0 00 . 0 00 . Competitive Negotiated Total Competitive Negotiated Total San Anto Tex Indpt sch Dist, Calif ., 4 .00s (Aug . 15) . . . 1 47 . 2 23 . 1 53 . ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 1 67 . 2 17 . 1 27 .

Weekly Averages Monthly Averages 03/20 2,309,489 9,866,675 12,176,164 Feb_20 3,488,285 6,834,552 10,322,837 Municipal Market Data 03/13 2,309,489 9,866,675 12,176,164 Jan 3,686,529 6,255,930 9,942,460 One-Month Note (MIG-1) ...... 3 00 . 3 00 . 1 53 . Two-Month ...... 2 50 . 2 50 . 1 55 . 03/06 3,349,906 8,074,378 11,424,284 Dec 2,415,545 8,879,401 11,294,946 Three-Month ...... 2 25 . 2 25 . 1 57 . 02/28 3,830,174 7,493,429 11,323,603 Nov 3,001,881 12,458,477 15,460,358 Four-Month ...... 2 15 . 2 15 . 1 58 . 02/21 3,269,762 5,847,452 9,117,214 Oct 3,948,065 10,035,436 13,983,501 Five-Month ...... 2 12 . 2 12 . 1 60 . 02/14 3,471,055 6,469,054 9,940,109 Sep 2,908,169 9,016,317 11,924,486 Six-Month ...... 2 12 . 2 12 . 1 62 . 02/07 3,338,446 7,330,854 10,669,300 Aug 3,892,634 7,169,949 11,062,583 Nine-Month ...... 2 12 . 2 12 . 1 68 . One-Year ...... 2 14 . 2 14 . 1 70 . 01/31 3,075,623 6,088,922 9,164,546 Jul 2,829,215 5,502,430 8,331,645 01/24 3,481,278 6,620,025 10,145,660 Jun 4,232,721 4,461,583 8,694,304 Variable-Rate Demand (Non-AMT/AMT) 01/17 3,537,541 7,397,796 10,935,337 May 4,075,907 4,156,333 8,232,240 Daily General Market­ ...... 2 88/3. 19 . 4 17/4. 57 . 1 35/1. 40.

01/10 3,956,400 6,220,241 10,176,641 Apr 2,653,924 4,487,284 7,141,208 Mar. 25, 2020 Mar. 18, 2020 Mar. 27, 2019 01/03 4,420,068 2,605,270 7,025,338 Mar 3,160,437 3,963,383 7,123,820 Seven-Day General Markets ...... 4 82/5. 08 . 5 28/5. 87 . 1 58/1. 61. 12/27 3,549,144 2,511,081 6,060,225 Feb 2,408,610 4,581,885 6,990,495 Mar. 25, 2020 Mar. 18, 2020 Mar. 27, 2019 The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected Jefferies & Co. 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 Jefferies Short-Term Index Rate (Jef STR) ...... 0 70 . 0 70 . 1 50 . negotiated supply has been reported since 1971. Mar. 18, 2020 Mar. 11, 2020 Mar. 20, 2019 Municipal Market Data The SIFMA™ Municipal Index ...... 5 20 . 1 28 . 1 53 .

Visible Supply Increases Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa Feb. 12 – Mar. 26, 2020

15 2021 1 61 . 1 64 . 1 67 . 1 68 . 2 22 . 2022 1 62 . 1 66 . 1 71 . 1 76 . 2 30 . 12 2025 1 68 . 1 76 . 1 88 . 1 93 . 2 48 . 2030 1 94 . 2 07 . 2 19 . 2 23 . 2 80 . 9 2035 2 11 . 2 29 . 2 39 . 2 46 . 2 99 . 6 2040 2 33 . 2 52 . 2 61 . 2 68 . 3 21 . 2045 2 47 . 2 66 . 2 74 . 2 81 . 3 34 . 3 2050 2 52 . 2 71 . 2 80 . 2 87 . 3 40 .

0 Figures are as of 3 pm Eastern time Mar. 25, 2020. Yields represent the fair market offer side for most liquid and available credits in each 2/12 2/18 2/21 2/26 3/2 3/5 3/10 3/13 3/18 3/23 3/26 ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright Competitive Negotiated property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

020_BB032620 20 3/25/2020 4:32:53 PM Thursday, March 26, 2020 Market Statistics www.bondbuyer.com 21

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

Treasury Bills Offer Amount Yesterday’s Prev. Day’s Yesterday’s Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield 3/25 75.0 School Dist of Beaufort County, S.C., (Aa1) . . 2.00 … 2.25 2.86 3.08 … … 1M — 04/21/2020 ...... –0 045/150. 0 005/–30. –0 046. Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 3M — 06/25/2020 ...... –0 030/–65. 0 000/–10. –0 030. Aaa – AAA 6M — 09/24/2020 ...... 0 045/35. 0 085/80. 0 046 . 3/11 153.3 Brookline (Town), Mass., ...... 0.85 0.90 1.27 1.95 2.25 2.39 … 3/10 34.5 Vienna (Town), Va., ...... 0.59 0.64 1.03 2.10 2.29 … … Treasury Notes and Bonds 3/10 23.1 Foxborough (Town), Mass., ...... 0.57 0.65 1.08 1.70 2.25 … … Yesterday’s Prev. Day’s Yesterday’s 3/5 45.6 Cambridge, Mass., ...... 0.58 0.62 0.93 1.80 2.10 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 3/4 76.1 Acton-Boxborough Reg SD, Mass ...... 0.65 0.66 0.93 1.64 1.88 2.33 2.39 2/26 246.0 Baltimore County, Md., ...... … 0.80 1.01 1.42 1.67 … … 2Y — 1 .13% due 02/2022 . . . . 100 016/030. 101 120/132. 0 348. 2/26 10.0 Smithtown (Town), N.Y., ...... 0.70 0.85 1.20 1.70 2.03 … … 5Y — 1 .13% due 02/2025 . . . . 102 266/282. 102 29+/310. 0 541. 2/20 10.7 Mattapoisett (Town), Mass., ...... 0.77 0.82 1.36 2.05 … … … 10Y — 1 .50% due 02/2030 . . . . 105 300/000. 106 096/116. 0 872. 2/19 15.5 Huntersville (Town), N.C., ...... 0.81 0.84 1.18 2.00 2.25 … … 2/12 15.7 Saint Paul, Minn., ...... 0.90 0.96 1.45 2.15 … … … 30Y — 2 .00% due 02/2050 . . . . 113 096/116. 114 270/290. 1 450. 2/11 36.1 Greensboro, N.C., ...... … 0.84 1.15 1.85 2.25 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 2/5 80.0 Canyons SD BOE, Utah., ...... 0.85 0.90 1.25 2.29 … … … Aa1/Aa2/Aa3 – AA+/AA/AA– Barclays Capital Long Treasury Bond Index 3/24 49.8 Bend, Ore., ...... … 2.57 2.80 3.01 3.23 3.37 3.47 3/23 15.8 Austin County, Tex., ...... 2.60 2.75 3.00 3.25 3.53 … … Index Value Yield Index Total 3/19 4.8 Shelbyville, Ky., ...... 2.25 2.45 … … 3.50 3.62 … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 3/18 8.8 Aurora (Town), N.Y., ...... 1.50 1.70 2.10 2.35 2.60 … … Close 4947 12 . 4941 35 . +5 77 . 1 32 . 1 33 . –0 01 . 4847 12 . 3/18 4.9 Greenfield, Wis., ...... 1.25 1.50 1.86 2.20 … … … 3/17 3.7 Superior, Wis., ...... … 1.45 1.90 2.15 2.40 … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 3/16 21.0 DeSoto County, Miss., ...... 1.50 1.70 2.20 2.57 2.85 … … (Jan. 1 1973 = 100). 3/12 30.8 Waltham, Mass., ...... 1.70 2.10 2.40 … … 3.50 … 3/12 4.9 Holmen Vlg, Wis., ...... 1.45 1.65 2.10 2.50 … … … 3/11 6.7 Wanaque Borough, N.J., ...... 0.85 1.05 1.50 2.00 2.30 … … 3/10 43.0 Portland, Maine., ...... 0.65 0.71 1.07 2.00 2.18 … … 3/9 9.5 Carlton County, Minn., ...... 0.80 0.85 1.14 1.60 1.95 … … State and Local Government Series Rates A1/A2/A3 – A+/A/A– 3/5 1.4 Camillus (Town), N.Y., ...... 0.75 1.00 1.50 2.00 2.16 … … 3/3 12.1 Kentucky Rural Wtr Fin, Ky., ...... 0.95 1.06 1.60 2.10 2.35 2.45 … Thursday Friday Monday Tuesday Wednesday Mar 19 Mar 20 Mar 23 Mar 24 Mar 25 2/19 27.7 Verona Twp BOE, N.J., ...... … 1.15 1.75 2.20 2.41 … … 2/19 22.6 Fulton Co Bldg Corp, Ind., ...... … 1.23 1.66 2.25 2.47 … … Overnight*...... 0 21 . 0 21 . 0 21 . 0 00 . 0 00 . Three Months...... 0 04 . 0 04 . 0 02 . 0 00 . 0 00 . 2/11 25.0 Natchez Adams SD, Miss., ...... 1.03 1.15 1.60 2.35 2.60 … … Six Months...... 0 08 . 0 06 . 0 02 . 0 07 . 0 06 . 2/3 7.6 Peculiar, Mo., ...... 1.00 1.10 1.45 2.00 … … … Nine Months...... 0 14 . 0 11 . 0 07 . 0 13 . 0 14 . 1/14 13.3 Nicholas Co Pub Prop Corp, Ky., ...... 1.15 1.40 2.10 2.54 … … … 12/18 12.6 Kentucky Rural Wtr Fin, Ky., ...... … 1.40 2.00 2.50 2.90 … 3.00 One Year...... 0 21 . 0 16 . 0 13 . 0 18 . 0 21 . 12/17 11.0 Winter Park (Town), Colo., ...... 1.16 1.28 1.72 2.40 2.64 … … Two Years ...... 0 51 . 0 38 . 0 29 . 0 32 . 0 35 . Three Years...... 0 61 . 0 46 . 0 31 . 0 36 . 0 43 . 12/10 6.3 Jackson Vlg, Wis., ...... 1.25 1.43 1.84 2.20 2.45 … … Four Years...... 0 66 . 0 51 . 0 34 . 0 41 . 0 48 . 12/9 5.2 Moundridge Pub Bldg Comm, Kan., . . . . . … 1.45 1.90 … 2.55 2.78 2.85 Five Years...... 0 72 . 0 57 . 0 39 . 0 45 . 0 53 . 11/25 4.0 Corydon (Town), Ind., ...... … 1.60 2.15 2.50 2.75 … … Six Years...... 0 90 . 0 73 . 0 53 . 0 59 . 0 66 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 1 04 . 0 86 . 0 64 . 0 71 . 0 76 . Eight Years...... 1 07 . 0 90 . 0 68 . 0 75 . 0 79 . Nine Years...... 1 09 . 0 94 . 0 71 . 0 79 . 0 82 . Merrill Lynch Corporate Bond Indexes 10 Years...... 1 13 . 0 99 . 0 75 . 0 83 . 0 85 . 15 Years...... 1 35 . 1 19 . 0 96 . 1 02 . 1 01 . Performance Comparisons for Mar. 23, 2020 20 Years...... 1 57 . 1 40 . 1 18 . 1 21 . 1 18 . Aaa–Baa Rated Corporates 25 Years...... 1 80 . 1 65 . 1 37 . 1 40 . 1 37 . Index Avg. Pct.of Total Return% 30 Years...... 1 75 . 1 60 . 1 35 . 1 40 . 1 40 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 2925.22 4.69 100.00 –8.20 –9.97 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 1949.87 4.62 68.04 –6.27 –7.75 Industrials 702.00 4.68 36.30 –6.49 –8.24 Utilities 699.77 4.02 6.08 –5.97 –5.59 Finance 683.55 5.00 4.62 –7.45 –8.35 Banks 725.35 4.61 19.79 –5.67 –7.41 Canadians/Yankees 670.69 3.48 38.67 –4.09 –4.34 Long-term (10 years and over) 2944.32 4.85 31.96 –12.06 –14.35 MARKET Industrials 1123.31 4.99 19.53 –11.95 –15.34 Utilities 1167.74 4.44 6.75 –11.65 –10.43 STATISTICS Finance 1182.24 4.46 2.16 –11.13 –10.37 For additional market data, please visit Banks 1174.17 5.13 2.39 –13.80 –19.06 bondbuyer.com/marketstatistics. Canadians/Yankees 1576.46 5.13 10.31 –10.07 –15.28 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.

021_BB032620 21 3/25/2020 4:18:00 PM Market Statistics Thursday, March 26, 2020 22 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 December 13, 2019 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2020 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after MAR 19 ...... 2.72 2.25 3.22 1.12 1.78 the March 13 pricings. The list will be revised at the next regularly scheduled revision on 12 ...... 2.57 2.10 3.07 0.88 1.47 March 31. 5 ...... 2.31 1.84 2.81 0.92 1.56 FEB 27 ...... 2.27 1.80 2.77 1.30 1.80 As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 20 ...... 2.46 1.99 2.96 1.52 1.97 average par call date is July 3, 2026 and the average maturity date is May 18, 2046. 13 ...... 2.51 2.04 3.01 1.62 2.07 6 ...... 2.53 2.06 3.03 1.64 2.11 JAN 30 ...... 2.47 2.00 2.97 1.57 2.04 23 ...... 2.54 2.07 3.04 1.73 2.18 16 ...... 2.56 2.09 3.06 1.81 2.26 9 ...... 2.63 2.16 3.10 1.85 2.32 2 ...... 2.73 2.26 3.20 1.88 2.34 DEC 26 ...... 2.74 2.27 3.21 1.90 2.33 19 ...... 2.74 2.27 3.21 1.91 2.35 12 ...... 2.74 2.27 3.21 1.90 2.32 5 ...... 2.77 2.30 3.24 1.80 2.24 NOV 27 ...... 2.77 2.30 3.24 1.77 2.19 21 ...... 2.79 2.33 3.27 1.78 2.24 14 ...... 2.85 2.39 3.33 1.82 2.31 7 ...... 2.86 2.40 3.34 1.92 2.40 OCT 31 ...... 2.79 2.33 3.27 1.69 2.18 24 ...... 2.75 2.29 3.23 1.77 2.26 17 ...... 2.70 2.24 3.18 1.76 2.24 10 ...... 2.59 2.13 3.07 1.66 2.15 3 ...... 2.62 2.16 3.10 1.54 2.04 SEP 26 ...... 2.66 2.20 3.14 1.71 2.15 19 ...... 2.76 2.30 3.24 1.79 2.23 12 ...... 2.85 2.39 3.33 1.79 2.27 5 ...... 2.97 2.51 3.45 1.57 2.06 AUG 29 ...... 2.97 2.51 3.45 1.51 1.97

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

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

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

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

Weekly Yields of 20-Bond GO Index and Treasury Securities

20-Bond Index 5.00 Treasury Bond

Treasury Note 4.00

3.00

2.00

1.00 3/21/2019 6/20/2019 9/19/2019 12/19/2019 3/19/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.72 2.57 3.92 3.92 2.27 10-Year Treasury Note 1.12 0.88 2.54 2.56 0.88 STATISTICS 30-Year Treasury Bond 1.78 1.47 2.97 2.97 1.47 Basis Pt Spread to Note –160.00 –169.00 –138.00 –75.00 –169.00 For additional market data, please visit BBI as % of Note 242.86 292.05 154.33 292.05 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –94.00 –110.00 –95.50 –30.00 –111.88 BBI as % of Bond 152.81 174.83 132.21 174.83 113.27

022_BB032620 22 3/25/2020 4:50:07 PM Thursday, March 26, 2020 Market Statistics www.bondbuyer.com 23

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 129.16 122.12 129.13 138.30 128.16 Standard & Poor’s Securities Evaluations Inc. Wednesday, March 25, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 111.3460 0.9256 120.2960 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 108.3000 0.9628 112.4844 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 106.7900 0.9256 115.3738 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 110.3480 0.9269 119.0506 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 107.6030 0.9269 116.0891 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 107.7830 0.9269 116.2833 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 105.625 +4.750 3.07 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 108.3440 0.9269 116.8886 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 106.875 +6.125 3.15 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 105.1770 0.8539 123.1725 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 106.625 +3.625 2.59 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 105.0240 0.8539 122.9933 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . .91 .625 +6.875 4.51 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 97.8880 0.8771 111.6042 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 107.500 +5.125 2.87 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 104.6400 0.8595 121.7452 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 106.6030 0.8595 124.0291 G.O. ET AL. 13 The Port Auth of N.Y. and N.J. 4.00 . . . . .10/15/2045 10/15/2025 106.7540 0.8539 125.0193 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 110.375 +2.625 2.02 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 104.9400 0.8568 122.4790 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 108.375 +2.625 2.57 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 106.0260 0.8539 124.1668 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 106.375 +5.250 3.10 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 95.6620 0.7809 122.5022 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 105.000 +3.375 2.84 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 100.7300 0.7768 129.6730 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 105.000 +3.875 3.04 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 99.7060 0.7768 128.3548 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 105.875 +5.750 3.23 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 99.9350 0.8512 117.4048 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 106.000 +4.125 2.87 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 109.0180 0.8568 127.2386 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 105.125 +2.875 2.61 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 105.6640 0.8512 124.1353 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 106.750 +4.000 2.69 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 105.0770 0.8568 122.6389 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 106.2010 0.8512 124.7662 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 107.5100 0.8568 125.4785 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 100.750 +1.250 2.88 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 102.5340 0.8174 125.4392 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 99 .750 +1.875 3.02 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 107.4090 0.8568 125.3606 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 109.000 +4.625 2.47 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 106.3280 0.8512 124.9154 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 105.375 +1.750 3.18 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 104.1950 0.8484 122.8135 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 104.625 +3.250 2.92 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 103.3830 0.8484 121.8564 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 108.625 +5.625 2.82 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 105.3960 0.8568 123.0112 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 107.375 +5.375 2.87 31 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 108.9290 0.8484 128.3934 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 108.875 +5.875 2.83 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 105.7970 0.8539 123.8986 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 95 .625 +1.500 3.24 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 105.8310 0.8512 124.3315 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 105.125 +6.500 3.33 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 108.5930 0.8595 126.3444 A3/A/- Michigan Finance Authority.4.00 11/15/2046 ...... 99 .875 +1.375 4.00 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 105.9370 0.8625 122.8255 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 107.000 +6.000 3.10 36 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 106.8360 0.8484 125.9264 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 104.125 +6.750 3.40 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 107.0430 0.8539 125.3578 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 103.375 +7.875 3.52 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 105.0630 0.8568 122.6225 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 105.750 +5.375 3.19 39 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 91.6110 0.8539 107.2854 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 85.7400 0.995 86.1709 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 105.125 +4.750 3.18 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 104.6924 99.0431 104.6815 112.3596 104.1623 POWER Yield To Par Call ...... 3.28 4.28 3.28 2.03 3.47 Yield To Maturity ...... 3.83 4.17 3.83 3.40 3.86 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 108.250 +2.625 3.11 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 106.750 +2.625 3.05

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 111.375 +2.125 1.67 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A2/A/A Metro Transp Auth NY.5.00 11/15/2043 ...... 107.625 +2.625 2.80 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A2/A/A Metro Transp Auth NY.5.00 11/15/2038 ...... 107.750 +2.625 2.75 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . .85 .750 unch 4.90 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . .97 .875 +9.875 4.39 The Municipal Bond Index presented today employs the coefficient derived from the March 13, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 106.250 +5.250 3.10 pricing, when it was set at 1.068. 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 (4.11%), and the average first WATER par call date ( July 03, 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 . . . . . 102.500 +9.125 3.12 average price, the average coupon, and the average maturity date (May 18, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 105.875 +5.500 3.18

023_BB032620 23 3/25/2020 4:49:42 PM Thursday, March 26, 2020 24 The Bond Buyer

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