Vol. 392 No. 35272 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Wednesday, March 11, 2020

WEDNESDAY Democrats Attendance www.bondbuyer.com Divergent THE REGIONS Is Down at OFFICIALS AT NEW YORK’S Metropolitan Transportation Infra Views Authority are studying the By Brian Tumulty financial hit from COVID-19. Muni Event Related costs range from a The two remaining candidates labor-intensive disinfecting with a viable chance of securing By Keeley Webster of the system to an expected the Democratic presidential nom- ridership decline, according to ination have grand yet divergent Less than half of the 211 regis- Chairman Patrick Foye. ���������4 plans for improving America’s in- tered participants showed up for frastructure. Monday’s Los Angeles Regional THE PORT AUTHORITY OF NEW YORK Sen. Bernie Sanders’ plan ap- Investors conference in the wake pears to be somewhat fuzzy be- of the COVID-19 outbreak. and New Jersey’s executive cause it’s embedded as part of the The city made the decision to director, Rick Cotton, plans to Green New Deal that’s a center- go ahead with the fifth edition of maintain day-to-day operations piece of his campaign. Bloomberg News the conference it holds every two of his leadership post from Former Vice President Joe Bernie Sanders and Joe Biden offer competing visions to tackle the in- years because it had already in- home after testing positive for Biden lays out his vision in a sep- frastructure spending gap in the united States. curred the costs, and because the the coronavirus that causes arate infrastructure plan that relies Centers for Disease Control and COVID-19. ���������������������������5 partly on policies developed during Congress. friendly economy. Prevention has not recommend- the Obama administration and on Following Super Tuesday vot- “I think you start off by fixing ed people cease taking domestic THE ECONOMY legislative proposals already intro- ing in 14 states, Biden was leading the broken infrastructure in a mod- flights, said Natalie Brill, Los An- duced in Congress. with 616 delegates to the Demo- ern way,” Biden said at the Feb. geles’ debt manager. WHEN THE FEDERAL RESERVE BEGAN Both are proposing to spend cratic National Convention to 516 16 forum in Las Vegas sponsored Though the CDC has recom- expanding its balance sheet hundreds of billions of dollars that for Sanders with 1,991 needed to by the group United For Infra- mended against flights to China, with quantitative easing, it was would need to gain the support of win the nomination. structure, citing his plan to install Italy and South Korea, it hasn’t seen as an emergency mea- lawmakers in both chambers of Because of their poor showing 500,000 charging stations for elec- recommended that people cease sure. A decade later, the Fed on Super Tuesday, Sen. Elizabeth tric vehicles on existing roads as flying in the continental U.S. is again in jeopardy of hitting Warren of Massachusetts and for- an example. “They aren’t saying stay home TUESDAY’S YIELDS zero lower bound and its bal- mer New York City Mayor Mi- Biden was among several Dem- unless you have flu-like symp- ocratic candidates who attended The Bond Buyer 40 chael Bloomberg became the latest toms,” said Natalie rill, the city’s ance sheet remains large. �����2 candidates to drop out of the race. that forum, but Sanders did not. debt manager. “Their recommen- 3.7 Biden said at a recent infra- “I’m glad that so many candi- dations have been to wash your WEB EXCLUSIVES 3.2 To Maturity structure forum that it’s “a false dates put out infrastructure plans hands and cover your mouth when PUERTO RICO GOV. WANDA VÁZQUEZ 3.40 Up 0.05 choice” to say the next president this campaign cycle,” Zachary you cough.” Garced appointed debt director 2.7 will have to choose between fixing Schafer, CEO of United for In- Many firms have implement- the nation’s aging infrastructure frastructure, said in an interview. ed policies to limit non-essential Omar Marrero as her repre- 2.2 and moving toward a more climate Turn to Infrastructure page 4 Turn to Many page 5 sentative to the Puerto Rico 1.7 To Par Call Oversight Board. 2.00 Up 0.14 1.3 AUSTIN'S CAPITAL METRO TRANSIT 02/26 03/02 03/05 03/10 Convention Center Deal Advances in Milwaukee Authority is rolling out a pro- 4.5 posal for a $9.6 billion subway By Yvette Shields and light rail system after pre- 4.1 vious efforts failed at the polls. 3.8 The public agency that owns 3.4 and operates Milwaukee’s PODCAST: DAN DISALVO, A MANHATTAN 3.1 convention center laid out fi- 2.8 Institute senior fellow, explains nancing models for an upsized 2.4 how North Carolina provides possible $425 million expan- 2.1 a model for tackling other sion that would include a mix 1.8 of new-money tax-exempt and post-employment benefits lia- MFJDNOSAJJMA taxable refunding bonds with bility. Paul Burton hosts. Complete market coverage appears on page 2 up to $300 million carrying a state moral obligation backing. The Wisconsin Center Dis- trict also released renderings of the revised plan for a larger project — previously estimated at $300 million. The complet- ed facility would double the square footage of the existing center in downtown Milwau- kee. “Revealing our vision for A rendering of the proposed expansion of Milwaukee’s downtown con- Turn to Wisconsin page 6 vention center, to be funded with bonds.

001_BB031120 1 3/10/2020 5:02:00 PM Market News Wednesday, March 11, 2020 2 The Bond Buyer Munis Tossed Again on Turbulent Seas of the Global Markets Volatility continues to hang over finan- things being equal, muni tentially helped by President At midday, Block observed trading vol- cial markets due to COVID-19, and after benchmarks and pricing ser- Trump’s proposal for a pay- ume down about 30% versus the average a Monday that had stocks fall at least 6% vices are probably just strug- roll tax cut. levels earlier in the morning. and muni yields down as much as 16 basis gling in general to keep up The Dow Jones Industrial “Accounts experiencing redemptions points, stocks rebounded Tuesday and mu- with the volatility in this mar- Average was up about 3.35%, or outflows and that need to raise cash are nis saw a correction. ket,” a New York trader said. the S&P 500 index was high- selling more liquid names at wider spreads Munis were weaker on Tuesday on the The 10-year muni-to-Trea- er by 3.49% and the Nasdaq to compensate for rock bottom absolute MBIS benchmark scale, with yields rising sury ratio was calculated at gained roughly 3.54% late in levels,” he said, noting that ratios remain six basis points in the 10-year and by six 121.2% while the 30-year the session Tuesday. dislocated as MMD yields have lagged basis points in the 30-year maturity. High- muni-to-Treasury ratio stood The three-month Treasury Treasuries. grades were also stronger, with yields on at 126.1%, according to was yielding 0.440%, the “We are using this opportunity to pick MBIS’ AAA scale decreasing by six basis MMD. By Aaron Weitzman Treasury two-year was yield- up high-quality names at better levels as points in the 10-year maturity and by six “Muni yields are giving ing 0.495%, the five-year was the dislocation is temporary and should basis points in the 30-year maturity. back everything gained yes- yielding 0.639%, the 10-year subside as fears abate,” Block said. Munis weakened on Refinitiv Municipal terday and then some,” according to ICE was yielding 0.774% and the 30-year was “We like large hub airports, short-aver- Market Data’s AAA benchmark scale, as Data Services. “The ICE muni yield curve yielding 1.285%. age life tobacco, high-grade hospitals, and the yield on the 10-year muni GO was is anywhere from eight to 12 basis points “I am not sure what to make of this mar- anything else with solid fundamentals but 13 basis points higher to 0.91% off of a higher at midday. High-yield is up 10 basis ket, as the swings and extremes are like tainted by fear of the virus,” he explained. historic low of 0.78% and the 30-year rose points for choice, ex. tobaccos, which are nothing I have seen before,” a trader said. Floating rate securities also look attrac- 16 basis points to 1.54% from a historic only five basis points higher after yester- The trader added that it has created some tive as SIFMA remains affected by dis- low 1.38%. day’s underperformance. Taxable yields 100 plus percentages of Treasuries across located short-term bank funding, Block BVAL, ICE, IHS also cut their curves, are seven to 12 basis points higher.” the muni curve. added. with eight to15 basis points cuts. “All Stocks rebounded slightly and were po- “However, we have also started seeing In the primary market Tuesday, Citi mutual fund outflows. I have to believe priced California’s (Aa2/AA-/AA/NR) munis will uncouple from Treasuries.” $2.08 billion of various purpose general Another trader also said he has never obligation bonds and refunding bonds. The Why the Fed’s Large Balance Sheet seen anything like this before. deal was priced with few 5% coupons, and “Now we are really going to start hear- with more 2s, 3,s and 4s. ing and seeing the ‘R’ word and it is possi- The premarketing scale had the 2030 Is a Concern as Lower Bound Nears ble it can happen a lot sooner than people maturity priced as 4s to yield 0.98% or 20 When the Federal Reserve cerned about quantitative eas- had thought,” he said. “It looks like things basis points above the MMD scale, while began expanding its balance ing, since “financial markets will be worse [with COVID-19] before it the 2050 maturity was priced as 3s to yield sheet with quantitative easing, were stable and the econo- will start to get better.” 2.23% or 85 basis points above MMD. which it said was an emer- my was growing.” Noting Coronavirus fears remain evident in the Then, the preliminary pricing saw higher gency measure. Yet a decade the meeting was a tribute to municipal market on Tuesday and contin- yields from the premarketing, as the 2030 later, the Fed is again in jeop- Marvin Goodfriend’s influ- ued to impact new-issue and secondary maturity was priced as 4s to yield 1.07% ardy of hitting zero lower ence on monetary policy, she market pricing, according Peter Block, and the 2050 maturity was priced as 3s to bound and its balance sheet added, managing director of credit research at yield 2.33%. remains large. “These concerns about the Ramirez & Co. in New York City. Going off the cuts MMD scale saw to- Berenberg Capital Markets expansion of the Fed’s bal- The lower trading volumes, dislocated day, that would put the deal 16 basis points Chief Economist for the U.S. ance sheet under those con- ratios, and wider spreads are a function of above MMD on the 10-year and 79 basis lower levels of market liquidity, he said. points above MMD on the 30-year. q Americas and Asia Mickey Gary Siegel ditions echoed many of Mar- Levy worries “the Fed has vin’s concerns. In my view, boxed itself in by trying to do the possible unintended side much and now has an unhealthy relation- effects of the ongoing asset purchases 10-Year: MBIS benchmark (~AA) (+0.065) ship with the markets, where the markets posed risks to economic and financial sta- 1.161 expect the Fed to do too much.” Speaking bility and served to unnecessarily further 10-Year: MBIS (AAA) (+0.066) at the Shadow Open Market Committee complicate future monetary policy.” 1.126 meeting held Friday, Levy said, the Fed While “conventional wisdom” suggests 10-Year: MMD (AAA) (+0.130) “needs to step away from its clear easing asset purchases were basically favorable, 0.91 tint.” “it remains less than clear to me that the In fact, one question at Federal Reserve longer-run costs of balance sheet poli- 10-Year: US Treasury (+0.205) Chair Jerome Powell’s press conference cies have been fully taken into account,” 0.774 after the emergency cut dealt with raising George said. 30-Year: MBIS benchmark (~AA) (+0.064) rates if the effects of COVID-19 on the Some consequences she pointed to in- 1.775 economy did not match expectations, and cluded the need for the Fed to re-evaluate 30-Year: MBIS (AAA) (+0.064) the chair said the panel “won’t hesitate” if its operating framework. “Given the abun- 1.671 it’s appropriate. Levy said he is concerned dant reserves associated with its balance “when the virus fears pass, the Fed will sheet policies, the FOMC had to consider 30-Year: MMD (AAA) (+0.160) not take away the cuts.” whether the federal funds rate target could 1.54 The Fed has expanded the role of mon- be achieved administratively by setting the 30-year: US Treasury (+0.264) etary policy and its toolkit since the finan- interest rate on excess reserves.” 1.285 cial crisis, he said. And when the Fed tried to shrink the Federal Reserve Bank of Kansas City balance sheet, “it proved challenging to MBIS indices are updated hourly on the Bond Buyer Data Workstation President Esther George, also speaking gauge the minimum reserve balances at the SOMC meeting, under the auspices needed for achieving the federal funds of the Manhattan Institute, addressed her rate target without intervention by the Tuesday’s Data concerns about the Fed’s large balance open market desk at the New York Fed,” 31 8 sheet and its independence. she said. “As a result, the desk resumed Government Securities Prices 10-year: 106 /32 to yield 0.77%, down 2 /32 She said, “the use of negative interest regularly conducting repo operations and 19 13 30-year: 117 /32 to yield 1.29%, down 8 /32 rates gives me pause as a way to address outright purchases of Treasuries to build a Municipal Bond Index 1392/ , down 13/ a future encounter with the effective low- bigger buffer and ensure an ample supply 32 32 er bound,” and noted “the potential side of reserves. These operations have caused The Bond Buyer’s Total: $11.072 billion, down $3.336 billion effects of balance sheet policies that pose some confusion in markets as some par- 30-Day Visible Supply Competitives: $2.134 billion, down $581.2 million risks to financial stability and threaten the ticipants have seen them — incorrectly, (as of 3/11) Negotiated: $8.938 billion, down $2.755 billion central bank’s policy independence.” in my view — as a type of quantitative TheMuniCenter List Offering Total: $14.822 billion, up $3.011 billion Going back to 2013, George was con- easing.” q

002_BB031120 2 3/10/2020 5:02:02 PM Wednesday, March 11, 2020 www.bondbuyer.com 3

003_BB031120 3 3/10/2020 5:02:09 PM Regions Wednesday, March 11, 2020 4 The Bond Buyer New York’s MTA is Studying COVID-19 Cost, Revenue Impacts By Paul Burton crowded trains and buses, if possible, sumes $3 billion each from the city and hattan in time for January, the MTA has amid a worsening pandemic. state. a “relatively good handle” on meeting its Officials at New York’s Metropolitan “Our first priority is public health,” “We’re very upset,” Rodriguez said capital needs, according to Lisa Daglian, Transportation Authority are studying Foye said. “That means if there’s less after the hearing. “What they said was executive director of the watchdog Per- the financial hit from COVID-19. Re- crowding, as the governor and the mayor that they would not come today, that they manent Citizens Advisory Committee to lated costs range from a labor-intensive have advised, that in the short term is a would come to the executive budget [hear- the MTA. disinfecting of the system to an expected good thing because it will reduce the risk ing], which is in May. And I feel that it is Congestion pricing figures to raise $1 ridership decline, according to Chairman to the public. Obviously we’re focused not what we as a city should expect from billion annually, or $15 billion through Patrick Foye. on the revenue considerations. This situa- the MTA. I don’t want the MTA to go bonding, for mass transit. “The lack of “I think it’s fair to say that at this point tion’s been going on for just a week now, back to what it was before Andy Byford.” dedicated and recurring operating rev- there’s been no material impact on the and we don’t have meaningful data. The mayor releases the executive bud- enue sources, however, is still of great MTA. Having said that, we’re trying to “We’re going to report to the board and get, an update to the preliminary spending concern,” Daglian told council members minimize every dollar of expense,” Foye the public the data that we’re gotten [on] plan, usually in late April. Another round while asking the city to send the MTA its told reporters Monday during its latest ridership, and we’re committed to doing of council hearings follows. $3 billion before congestion pricing takes health-crisis briefing at Lower Manhattan that.” Byford, the president of the MTA’s New effect. headquarters. Parroting comments made by Cuomo York City Transit division, resigned last The capital plan consists of too many “We take seriously our disclosure obli- late last week, Foye described as “ludi- month, accusing Cuomo and his staff of assumptions, Rodriguez said. gations to bondholders and to underwrit- crous” the federal $8 billion aid package micromanaging. “Right now, when you look at the MTA ers. Our CFO [Chief Financial Officer that earmarks merely $35 million for New Rodriguez supports a city takeover of capital plan, there’s a lot of money that’s Robert Foran], I can tell you, will make York State. NYC Transit, which council Speaker Co- not real ... some money related to that plan sure we will make every disclosure timely “The MTA and its agencies will incur rey Johnson proposed in his State of the is based on the debt, on bonds.” Other iffy and fully disclose everything.” a significant amount of cost in this en- City address last year. propositions, he added, include congestion The state-run MTA is one of the larg- deavor,” he said. “Obviously we’re disin- Rodriguez said MTA officials told him pricing and federal support for the Second est municipal issuers with roughly $45 fecting cars, we’re disinfecting stations. they would not appear for a hearing on Avenue subway extension. billion of debt, including special credits. I’ll leave the Washington negotiating and bus-route redesign, “and that request was City taxpayers provide 71% of the It operates the city’s subways and buses, bargaining to others, but it just seems out made before the coronavirus situation.” MTA’s non-fare and toll, nonfederal rev- Long Island and Metro-North commuter of whack.” Foye said the authority’s focus on the enue through a combination of local, re- railroads and several intraborough bridges Meanwhile, the absence of MTA offi- coronavirus is paramount. gional, and state taxes, according to Nora and tunnels. Its operating budget is $17 cials from Monday’s City Council trans- “The people that were going to appear Nussbaum, senior research associate at the billion. portation committee hearing on de Bla- before the City Council were mid-level fi- watchdog Citizens Budget Commission. Gov. Andrew Cuomo confirmed on sio’s preliminary budget rankled panel nancial people,” he said. “We didn’t think “City taxpayers not only provide sub- Monday that Rick Cotton, executive direc- chairman Ydanis Rodriguez and some it made sense to send them when clearly stantial support through the city budget, tor of the Port Authority of New York and of his peers. The authority’s $51.5 bil- the focus was going to be on the corona- but also pay the bulk of taxes dedicated New Jersey, tested positive for the virus. lion capital program for 2020 to 2024 — virus situation.” to the MTA and much of the contribution Cuomo and New York Mayor Bill de not including $3.3 billion self-generated Even with a possible delay in imple- made from the state budget,” she said in a Blasio have advised commuters to avoid through bridge-and-tunnel tolls — as- menting full congestion pricing in Man- commentary. q Infrastructure Matters For Both Biden and Sanders, But the Details Differ

Continued from page 1 rural areas. of Energy to spur breakthroughs in battery posal for all federal programs to use a for- The Vermont senator also would invest and energy storage technology to “boost the mula allocating 10% of funding to counties “Sanders is one of the candidates that does $636.1 billion in our roads, bridges, and range and slash the price of electric cars.” where 20% or more of the population has not have an explicit infrastructure plan.” water infrastructure to ensure it is resilient Biden estimates the cost of installing the been living below the poverty line for the Nor does Schafer expect Sanders to issue to climate impacts, and another $300 billion 500,000 new electric vehicle charging sta- last 30 years. a stand-alone plan later in the campaign. for resiliency. Another $300 billion would tions at an additional $1 billion per year for And in a revival of a proposal developed “Honestly, at this point I think that they have be used to increase public transit ridership “new grants to ensure that those charging during the Obama administration, Biden mostly finished putting out their policy pro- by 65% by 2030. stations are installed by certified technicians, supports a $6 billion, three-year initiative to posals,” he said. “He may talk more about “We will ensure that reliable, affordable promoting high-paying jobs and benefits.” invest in communities that experienced mass infrastructure in the context of other things public transit is accessible for seniors, peo- Biden also would ask Congress to “imme- layoffs or the closure of a major government like climate change, but I’m not aware of ple with disabilities, and rural communi- diately spend $50 billion over the first year institution. any effort by his campaign to announce new ties,” his campaign website said, adding that of his administration to kickstart the process Tomer does not expect infrastructure to policy platforms.” Sanders would “promote transit-oriented of repairing our existing roads, highways, be a key issue in the presidential general The issues page on the Sanders campaign development to link this service to popular and bridges.” election. website also doesn’t list infrastructure as a destinations and vital community services.” He also wants $100 billion to modernize “Infrastructure is typically not a major major plan, but infrastructure-related issues Sanders also is a supporter of a water act our nation’s schools and $40 billion for a campaign issue, especially in the case of do occupy a significant part of his outline for that would provide $34.85 billion for the 10-year Transformational Projects Fund, “to the presidential level,” said Tomer. “It is a Green New Deal. Clean Water State Revolving Fund program, provide significant discretionary grants for important to know where they are headed, Adie Tomer, a fellow in the Metropolitan the Drinking Water State Revolving Fund projects too large and complex to be funded in case they win. You don’t campaign on Policy Program of the Brookings Institution, program, a new grant program to address through existing infrastructure programs.” infrastructure, but you have to govern on said Sanders has “absolutely embedded” lead in school drinking water and other pri- Biden supports Rep. Jim Clyburn’s pro- infrastructure.” q his infrastructure proposals, making them orities. almost hidden to the casual reader. Like Biden, Sanders wants to establish CUSTOMER SERVICE “They have used vastly different words a national network of charging stations for For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. 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004_BB031120 4 3/10/2020 5:02:10 PM Wednesday, March 11, 2020 Regions www.bondbuyer.com 5 Port Authority Head Tests Positive For Virus THE AUTHORITY ON MUNICIPAL BONDS SINCE 1891 One State Street Plaza, 27th Floor, New York, N.Y. 10004 y ndrew oen Phone: 212-803-8200 B A C

Editor in Chief – Michael Scarchilli (212) 803-8214 Port Authority of New York and New Jersey’s executive director Rick Cotton Innovation Editor – Lynne Funk (212) 803-8237 plans to maintain day-to-day operations National Editor – Rich Saskal (510) 227-5169 of his leadership post from home after Washington Bureau Chief – Kyle Glazier (571) 403-3857 testing positive for COVID-19. Contributing Editor – John Hallacy (212) 803-8562 New York Gov. Andrew Cuomo an- nounced Monday morning during a press REGIONAL EDITORS briefing that Cotton developed the virus after visiting the Port Authority’s airport Midwest – Yvette Shields (773) 282-9106 and transit facilities. Southeast – Shelly Sigo (941) 755-3527 The Port Authority issued a statement Southwest – Richard Williamson (214) 683-1947 Monday afternoon saying that Cotton is Northeast – Paul Burton (212) 803-8723 currently showing no symptoms and will Far West – Keeley Webster (818) 481-6168 be self-quarantined at his home while keeping up with a full schedule. SENIOR MARKET REPORTER Any Port Authority staff members Chip Barnett – (212) 803-8221 who were in close contact with Cotton in recent days are also working from home, REPORTERS according to the bi-state transportation Port Authority Christine Albano – (347) 937-0408 agency. Cotton was tapped in August 2017 Rick Cotton, the Port Authority of New York and New Jersey’s executive director, tested Andrew Coen – (212) 803-8724 to replace Pat Foye as Port Authority positive for COVID-19 and is maintaining a full schedule from his home. Nora Colomer – (817) 471-8272 executive director in after spending two Gary Siegel – (212) 803-1560 years as Cuomo’s special counsel for Prior to working under Gov. Cuomo Cotton’s diagnosis, the Citizens Bud- Robert Slavin – (212) 803-8266 interagency initiatives where he oversaw from 2015 to 2017, Cotton spent 25 get Commission announced that the Brian Tumulty – (571) 403-3845 most downstate infrastructure projects. years in multiple roles at NBC Univer- Port Authority head attended the fiscal His two and half years at the Port Au- sal including 20 years as executive vice watchdog group’s annual awards dinner Aaron Weitzman – (212) 803-8223 thority have been focused on spearhead- president. on Feb. 26 and wanted to alert attendees Sarah Wynn – (571) 403-3843 ing major redevelopment projects at the He previously worked under former “out of an abundance of caution.” agency’s three major airports, LaGuar- U.S. Department of Health, Education The CBC event was held at The Pierra STATISTICS DEPARTMENT dia, Kennedy and Newark Liberty. and Welfare Secretary Joseph Califano in Manhattan and drew hundreds of pub- lic finance professionals. E-mail: [email protected] “He is a dear and valued colleague Jr. and Deputy Secretary of Energy John and our thoughts and prayers are with Sawhill. The Municipal Analysts Group of Statistics Hotline: (212) 803-8244 him,” said Patrick Foye, who is now The Port Authority is one of the na- New York referenced the CBC dinner Competitive Offerings: 212-849-3870 Metropolitan Transportation Authori- tion’s largest municipal bond issuers when it announced the cancellation ty chairman and CEO, during an MTA with around $22.1 billion in bonded Tuesday of its luncheon scheduled for 212-849-3871 Negotiated Offerings: press briefing Monday. “By all indica- debt outstanding at the end of 2019. The Friday at the Yale Club. Competitive/Negotiated Sales Results: 212-849-3873 tions he appears to be in great health, transportation agency’s bonds are rated MAGNY Chairman Michael Imber high energy level, and we’re hoping that Aa3 by Moody’s Investors Service and said all registrants would receive a 100% Group Editorial Director, Banking and Capital Markets after his quarantine period, he and his AA-minus by S&P Global Ratings and refund and that a rescheduled date will Richard Melville (212) 803-8679 colleagues will be back at Port Author- Fitch Ratings. be announced soon. Vice President, Capital Markets ity.” Following the announcement of — Paul Burton contributed to this story. Harry Nikpour (212) 803-8638 Executive Director, Content Operations and Creative Services Many Registered Attendees Skip L.A. Event For Investors Michael Chu (212) 803-8313 Continued from page 1 day. Among those risks is the coronavirus, Publisher Most of the cancellations for L.A.’s con- which California included as a risk in the Michael Ballinger (212) 803-8481 travel in an effort to slow the spread of the ference were investors who had planned to preliminary offering documents for the novel coronavirus that causes COVID-19. fly across the country to attend, Brill said. state’s general obligation bond sale this ADVERTISING / CONFERENCES Domestic air reservations have plummeted, Richard Llewellyn, the city administra- week. Melissa Kroc – National Sales Manager, Conferences (212) 803-6089 and major airlines have announced domes- tive officer, also stayed home as he was “The national economy is enjoying the suffering from a cold, but decided it was longest recovery, but the risk of recession ADVERTISING / LEGAL tic schedule cuts in response to the lack of demand. not a good idea to attend given the current remains,” Ma said. Kerry-Ann C. Parkes – National Sales Manager, Legal Advertising  Brill emailed participants with infor- climate, said Brill, who handled the intro- Other risks to the California economy (212) 803-8436 mation from the CDC last week and an- duction in the CAO’s absence. she mentioned are capital gains volatility nounced the conference would continue as Garcetti welcomed investors through a resulting from a stock market correction MARKETING planned. video speech. The mayor was originally on like the one experienced last week or an ex- Jamie Billington – Senior Marketing Manager (212) 803-6099 Los Angeles Mayor Eric Garcetti de- the schedule, but notified Brill a few weeks tended decline in the stock market, the coro- clared a health emergency for COVID-19 ago that he had a conflict, she said. His ab- navirus, global tensions that could trigger LICENSING AND REUSE OF CONTENT: Contact our official partner, on Wednesday, saying the step was all about sence was unrelated to the outbreak. slowing in the national economy, changes Wright’s Media, about available usages, license and reprint fees, and preparedness. It allows the city to secure “I was very happy that the mayor pro- in federal policy that affect funding for state award seal artwork at [email protected] or (877) 652-5295 additional state and federal funding and duced a video,” Brill said. “It worked out, programs, a trade war and the potential for for more information. Please note that Wright’s Media is the only resources needed to prepare for COVID-19, because around the time the mayor can- an undercount in the census for the state. Brill said. celed, (State) Treasurer Fiona Ma said she On the bright side, Ma said debt service authorized company that we’ve partnered with for Arizent materials. On Monday, the Los Angeles County would be able to speak.” is expected to be less than 5.6% of the gen- Department of Public Health confirmed the Ma, the keynote speaker at the event, eral fund for the upcoming fiscal year. county’s 15th and 16th COVID-19 cases; shared with investors the current economic “That is a sharp drop from when it com- Chief Executive Officer - Gemma Postlethwaite one of the cases is believed to be the first condition of the state, but said nothing she prised 9% of the general fund following the Chief Financial Officer - Debra Mason possible known case of community trans- said could be construed as “speaking to the Great Recession,” Ma said. mission in the county. A national short- market,” because the state has $2.2 billion At least two other municipal market-fo- Chief Strategy Officer - Jeff Mancini age of testing supplies means the actual in bonds pricing this week. cused events are off because of COVID-19: Chief Customer Officer - Dave Colford number of people in the United States with She relayed a laundry list of risks to a an S&P Global Ratings forum on housing Chief Content Officer - David Evans COVID-19 cases is likely far higher than balanced budget, including the threat of bonds, and a Municipal Analysts Group of VP, People & Culture - Lee Gavin the 423 confirmed by the CDC as of Mon- recession. New York luncheon. q

005_BB031120 5 3/10/2020 5:02:11 PM 6 Midwest Wednesday, March 11, 2020 DEAL IN FOCUS The Bond Buyer

Wisconsin Center District’s CEO Says Financial Models Say Deal is Feasible

Continued from page 1 million — would sell under a senior ty, a 3% car rental tax in the county, and future flexibility and future bonding lien. Another $70 million to $80 million an additional room tax charge in the city capacity with the ability to refinance/ the Wisconsin Center expansion with of existing debt would be refunded us- of 7%. The county room, food and bev- retire debt and structure level debt as the board and to our community rep- ing a taxable structure. erage and car rental taxes are “restrict- soon as possible, according to district resents a major step forward,” WCD The first model assumes the district’s ed” and collections can only be used documents. chief executive officer Marty Brooks basic room tax in the county is left at for debt service, while the additional The expansion is needed to compete said in a statement. its current rate and the so-called “can- city hotel tax is unrestricted and can be with peer cities and would benefit the The discussion at the board’s Fri- dy bar” tax sunsets in 2033. The sec- used for debt service or other costs. The state by generating $12.6 billion in day meeting lays the groundwork for a ond model assumes the board raises taxes currently go to repay the original spending over a 30-year period by at- board vote as soon as April 2. Several the room tax to 3% from 2.5% as it’s convention center debt and additional tracting bigger shows, according to a moving pieces remain before the vote. permitted to do and the “candy bar” tax basketball arena debt added in 2016. consultants’ study released last year. The tentative timeline calls for a bond that applies to a portion of the district’s The tentative timeline anticipates, if The district has eyed an expansion sale as soon as late April but market food and beverage tax continues. The all pieces are in place and the district for years, releasing studies that support turmoil over the COVID-19 outbreak latter scenario leaves more revenue ca- board votes on April 2 to move forward, the need for and benefits of expansion, adds uncertainty to the timing of a sale pacity for future borrowing needs. a bond pricing as soon as April 21 and but financing has been elusive. Back- backed by tourism-related taxes, even if The language of the authorizing res- closing in May. ers of the expansion argue that both a big piece carries the state moral obli- olution would allow for the issuance of Market participants following the deal renovations of the current facilities, gation pledge, market participants said. up $425 million to fund the expansion say that timing will depend on the status which were built in 1998 and 2000, and The project’s price tag must be fi- and up to $100 million of refinancing. of the outbreak, market conditions, and additional space are needed to remain nalized and that is expected later this The district has $376 million of out- initial investor feedback. competitive with other cities and keep month. standing debt. The timing is good given the low current shows and conventions as well The district is also awaiting a final Rates of about 2.89% are project- tax-exempt and taxable rates, but big as draw new events. review by the Wisconsin Department of ed on the first model based on current hits to tourism-related tax revenues at a Various consultants’ reports point Administration on the use of the moral market conditions plus 25 basis points national level could dampen the appeal to expansion and renovation projects obligation pledge. It was included in and 2.81% on the second to achieve the and result in a yield penalty even with recently completed, underway, or be- the state’s two-year budget approved needed proceeds. Both would likely rely the moral obligation pledge. ing contemplated by competing venues last year. on a blended debt structure of capital “It’s March 9. You just have to be in Columbus, Indianapolis, Louisville, While no city dollars are on the line, appreciation bonds, current interest rate ready to move forward and then see Kansas City, Cincinnati, Grand Rap- the city’s Common Council must sign bonds, and restructuring existing debt. where the market is when you get closer ids, and St. Louis, and expansions that off on the moral obligation use by certi- Without the moral obligation, total to the targeted pricing date,” one market are done or underway to Wisconsin fa- fying it as the sponsoring municipality. debt service would increase by about participant said. cilities in Green Bay, La Crosse, and The council did that last month but a $40 million to $50 million, district doc- The district has not yet been hit with Madison. resolution that seeks to rescind the ap- uments noted. trade and convention cancellations like The current plan calls for increas- proval was submitted last week after “For months, we’ve been laying the its neighbor to the south, Chicago. The ing the exposition hall square footage word spread of the increased cost. A groundwork for this expansion, invest- Milwaukee center is slated to host the by 112,000 square feet, integrating six hearing is set on the motion Friday. ing in pre-planning and gathering the Democratic National Convention in loading docks to support the added The district’s financial team — with necessary information so the board can July. square footage; a ballroom with a min- Baird as financial advisor and Morgan make an informed decision on behalf of District officials said the financing imum of 30,000 sq. ft. and a minimum Stanley as underwriter — laid out two our city, region and state,” WCD board models under consideration meet a se- seating capacity of 2,000; at least 24 structures that rely on the sale of bonds chairman Jim Kanter said in a state- ries of goals beyond just financing the new meeting rooms; and at least 400 with an up to 40-year final maturity ment. expansion project. new parking spaces. q with a new-money and taxable refund- The proposals from “Baird and Mor- The models utilize only the district’s ing component. gan Stanley clearly” identify “financial restricted revenues to pay existing and A large portion of the new money — paths forward,” he said. new debt service. It also preserves un- between $260 million and $280 million The district currently collects $36.9 restricted revenues to fund tourism and For more content about this — would sell with junior-lien status million annually from its 2.5% basic other operating and capital needs of the region, visit the Regional News and a state moral obligation pledge. The hotel room tax in Milwaukee County, a district, double the district’s rainy day tab on BondBuyer.com. remainder of new money — about $130 0.5% food and beverage tax in the coun- reserve for debt service and preserve

Visible Supply by State General Obligation Yield Curves for Mar. 9, 2020

March 10, 2020 March 3, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Illinois Baa3/BBB–/BBB 0.84 1.27 1.80 2.40 Illinois 10 $659,880 7 $494,275 165,605 Indiana Aaa/AAA/AAA 0.44 0.53 0.87 1.48 Indiana 3 10,375 5 79,945 –69,570 Iowa Aaa/AAA/AAA 0.44 0.53 0.87 1.47 Iowa 6 75,855 5 65,670 10,185 Michigan Aa1/AA/AA 0.46 0.54 0.87 1.53 Michigan 7 127,510 11 146,505 –18,995 Minnesota Aa1/AAA/AAA 0.44 0.51 0.82 1.43 Minnesota 19 260,050 21 254,915 5,135 Missouri Aaa/AAA/AAA 0.44 0.49 0.79 1.39 Missouri 5 52,760 3 41,255 11,505 Nebraska NR/AAA/NR 0.45 0.56 0.94 1.56 Nebraska 1 7,845 1 21,155 –13,310 North Dakota 0 0 0 0 0 North Dakota Aa1/AA+/NR 0.46 0.59 0.97 1.57 Ohio 9 743,685 11 365,680 378,005 Ohio Aa1/AA+/AA+ 0.45 0.54 0.89 1.51 South Dakota 0 0 1 9,265 –9,265 South Dakota Aaa/AAA/AAA 0.44 0.54 0.89 1.50 Wisconsin 22 194,185 16 139,625 54,560 Wisconsin Aa1/AA/AA+ 0.44 0.53 0.88 1.49 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

006_BB031120 6 3/10/2020 5:02:12 PM Wednesday, March 11, 2020 Competitive Sales Notices www.bondbuyer.com 7 OFFICIAL NOTICE OF SALE OBLIGATION TO PURCHASE ALL BONDS: The winning bidder must purchase all Bonds of both series. $39,090,000* INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates *Subject to adjustment as set forth in this Notice of Sale not exceeding 6.00% per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or OAKLAND COUNTY BUILDING AUTHORITY 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only and all Bonds maturing COUNTY OF OAKLAND, STATE OF MICHIGAN in any one year must carry the same interest rate. No proposal for the purchase of less than all of the Bonds or at a price less than 95% or greater than 120% of their par value will be considered. $36,425,000 BUILDING AUTHORITY AND OPTIONAL PRIOR REDEMPTION: Bonds maturing or subject to mandatory redemption in BUILDING AUTHORITY REFUNDING BONDS, SERIES 2020A the years 2020 to 2029, inclusive, shall not be subject to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue maturing or subject to mandatory redemption (LIMITED TAX GENERAL OBLIGATION) in the year 2030 and thereafter shall be subject to redemption prior to maturity, at the option of the Authority, in such order of maturity as the Authority shall determine and within any maturity by lot, $2,665,000 BUILDING AUTHORITY REFUNDING BONDS, on any date on or after May 1, 2030, at par and accrued interest to the date fixed for edemption.r SERIES 2020B TERM BOND OPTION: Bidders shall have the option of designating the Series A Bonds as (LIMITED TAX GENERAL OBLIGATION) term bonds or serial bonds or both. The bid must designate whether each of the principal amounts shown above represent a serial maturity or a mandatory redemption requirement for a term bond Except as otherwise indicated herein, all provisions of this Notice of Sale apply to all bonds of both series maturity. In any event, the above principal amount schedule shall be represented by either serial SEALED BIDS for purchase of the above bonds (the “Bonds”) will be received by the undersigned bond maturities or mandatory redemption requirements, or a combination of both. Any such at the offices of the Oakland County Building Authority (the “Authority”) located at One Public designation must be made at the time of sale. Works Drive, Building 95 West, Waterford, Michigan 48328, on Tuesday, March 24, 2020 until If the term bond option is selected, then the principal amount of the term bonds of a maturity to 11:00 a.m., prevailing Eastern Time at which time and place said bids will be publicly opened and be redeemed on the dates set forth above may be reduced by the principal amount of the term bonds read. The award or rejection of bids will occur on that same day. of the same maturity which have been previously redeemed or called for redemption (other than as SEALED BIDS will also be received on the same date and until the same time at the offices of the a result of a mandatory redemption) or purchased or acquired by the Authority and delivered to the Municipal Advisory Council of Michigan (the “MAC”), 26211 Central Park Boulevard, Suite 508, transfer agent. The Authority may satisfy mandatory redemption requirements by the purchase and Southfield, Michigan 48076, when, simultaneously, the bids will be opened and read. surrender of term bonds in lieu of the calling of such term bonds for redemption. NOTICE OF REDEMPTION PRIOR TO MATURITY: FAXED BIDS, signed by the bidder, may be submitted by members of the MAC to fax number Notice of redemption of any bond or (313) 963-0943; provided that faxed bids must arrive before the time of sale and the bidder bears portion thereof shall be given by the transfer agent at least thirty (30) days prior to the date fixed all risks of transmission failure. for redemption by mail to the registered owner at the registered address shown on the registration ELECTRONIC BIDS: Electronic bids will also be received on the same date and until the books kept by the transfer agent. No further interest on a bond or portion thereof called for same time by Bidcomp/Parity as agent of the undersigned. Further information about Bidcomp/ redemption shall accrue after the date fixed for redemption, whether presented for redemption or Parity, including any fee charged, may be obtained from Bidcomp/Parity, Anthony Leyden or Client not, provided funds are on hand with the transfer agent to redeem the bond or portion thereof. In Services, 1359 Broadway, Second Floor, New York, New York 10018, (212) 849-5021. IF ANY case less than the full amount of an outstanding bond is called for redemption, the transfer agent, PROVISION OF THIS OFFICIAL NOTICE OF SALE SHALL CONFLICT WITH INFORMATION upon presentation of the bond called for redemption, shall register, authenticate and deliver to the PROVIDED BY BIDCOMP/PARITY, AS THE APPROVED PROVIDER OF ELECTRONIC BIDDING registered owner of record a new bond in the principal amount of the portion of the original bond SERVICES, THIS OFFICIAL NOTICE OF SALE SHALL CONTROL. No change of the dated date not called for redemption. AWARD OF BONDS - TRUE INTEREST COST: will be allowed for the computation of the winning bid. The Bonds will be awarded to the bidder Bidders may choose any means or location to present bids but a bidder may not present a bid by whose bid produces the aggregate lowest true interest cost determined in the following manner: more than one means or at more than one location. the lowest true interest cost will be the single interest rate (compounded on September 1, 2020 for SERIES A BOND DETAILS: The Building Authority and Building Authority Refunding Bonds, the Series B Bonds and November 1, 2020, and semi-annually thereafter for the Series A Bonds) Series 2020A (the “Series A Bonds”) will be registered bonds of the denomination of $5,000 or necessary to discount the debt service payments from their respective payment date to April 1, integral multiples thereof up to the principal amount of that maturity, originally dated as of the date 2020 in an amount equal to the price bid. April 1, 2020 is the anticipated date of delivery of the of delivery thereof (currently anticipated to be April 1, 2020), and will bear interest from their date Bonds. In the event there is an election to exercise the term bond option, true interest cost shall payable on November 1, 2020 and semiannually thereafter. The Series A Bonds will mature on the be calculated by applying the interest rate of such term bonds to each mandatory sinking fund 1st day of November in each of the years as follows: redemption for such term bonds. BOOK-ENTRY-ONLY: The Bonds will be issued in book-entry-only form as one fully registered PRINCIPAL PRINCIPAL Bond per maturity and will be registered in the name of Cede & Co., as bondholder and nominee YEAR AMOUNT YEAR AMOUNT for The Depository Trust Company (“DTC”), New York, New York. An authorized agent of DTC will 2020 $4,670,000 2029 $2,430,000 act as securities depository for the Bonds, purchase of the Bonds will be made in book-entry only 2021 4,825,000 2030 2,060,000 form, in the denomination of $5,000 or any integral multiple of $5,000, and bondholders will not 2022 3,510,000 2031 1,755,000 receive certificates representing their interest in Bonds purchased. The book-entry-only system is 2023 3,620,000 2032 125,000 described further in the preliminary Official Statement for the Bonds. It will be the responsibility of 2024 2,425,000 2033 125,000 the purchaser to obtain DTC eligibility. Failure of the purchaser to obtain DTC eligibility shall not 2025 2,515,000 2034 125,000 constitute cause for a failure or refusal by the purchaser to accept delivery of and pay for the Bonds. 2026 2,550,000 2035 130,000 TRANSFER AGENT AND REGISTRATION: Principal shall be payable at the designated 2027 2,675,000 2036 135,000 office of The Huntington National Bank, Grand Rapids, Michigan, or such other transfer agent as 2028 2,750,000 the Authority may hereafter designate by notice mailed to the registered owner of record not less than 60 days prior to any interest payment date. As long as The Depository Trust Company or its SERIES B BOND DETAILS: The Building Authority Refunding Bonds, Series 2020B (the “Series nominee, Cede & Co., is the bondholder, payments will be made directly to DTC. Disbursement B Bonds”) will be registered bonds of the denomination of $5,000 or integral multiples thereof up of such payments to the DTC Participants is the responsibility of DTC and disbursement of such to the principal amount of that maturity, originally dated as of the date of delivery thereof (currently payments to the beneficial owners of the Bonds is the responsibility of the DTC Participants and anticipated to be April 1, 2020), and will bear interest from their date payable on September 1, Indirect Participants as described in the preliminary official statement for the Bonds. Interest shall 2020. The Series B Bonds will mature on the 1st day of September as follows: be paid by check or draft mailed to the registered owner of record as shown on the registration PRINCIPAL books kept by the transfer agent as of the 15th day of the month preceding the interest payment YEAR AMOUNT date. The Bonds will be transferred only upon the registration books of the Authority kept by the 2020 $2,665,000 transfer agent. PURPOSE AND SECURITY: The Bonds are to be issued pursuant to the authorization contained *ADJUSTMENT OF TOTAL PAR AMOUNT OF BONDS AND PRINCIPAL MATURITIES: in Act 31, Public Acts of Michigan, 1948 (First Extra Session), as amended (“Act 31”), and a certain The Authority reserves the right to decrease the aggregate principal amount of the Bonds after resolution of the Authority for the purpose of (a) paying part of the cost to acquire, construct, receipt of the bids and prior to final award, if necessary, so that the purchase price of the Bonds will furnish and equip a new County Radio Communications System, including site improvements and provide an amount determined by the Authority to be sufficient to construct the project, refund the all related appurtenances and attachments thereto to service the County of Oakland, Michigan (the prior bonds to be refunded and to pay costs of issuance of the Bonds. The adjustments, if necessary, “County”) which the County leased in return for the payment to the Authority of certain rentals will be made in increments of $5,000, and may be made in any maturity. The purchase price of the pursuant to a Limited Tax Full Faith and Credit General Obligation Contract of Lease between the Bonds will be adjusted proportionately to the decrease in issue size, but the interest rates specified County and the Authority and (b) refunding certain prior bonds of the Authority in return for the by the successful bidder for all maturities will not change. The successful bidder may not withdraw payment to the Authority of certain rentals pursuant to Refunding Contract between the County its bid as a result of any changes made within these limits. and the Authority. The Bonds are issued in anticipation of and are payable from a portion of said *ADJUSTMENT TO PURCHASE PRICE: Should any adjustment to the aggregate principal cash rentals denominated as “cash rentals,” which cash rentals are in an amount fully sufficient amount of the Bonds be made by the Authority, the purchase price of the Bonds will be adjusted to pay the principal of and interest on the Bonds when due, and the Authority has irrevocably by the Authority proportionally to the adjustment in principal amount of the Bonds. The adjusted pledged all of the cash rentals for such payment and has established a statutory first lien thereon for purchase price will reflect changes in the dollar amount of the underwriter’s discount and original such purpose. The rights or remedies of bondholders may be affected by bankruptcy insolvency, issue discount/premium, if any, but will not change the per-bond underwriter’s discount as continued on next page calculated from the bid and initial reoffering prices.

007_BB031120 7 3/10/2020 2:25:04 PM Competitive Sales Notices Wednesday, March 11, 2020 8 The Bond Buyer continued from previous page fraudulent conveyance or other laws affecting creditors’ rights generally now existing or hereafter which maturities of the Bonds shall be subject to the 10% Test or shall be subject to the hold-the- enacted, and by the application of general principles of equity, including those relating to equitable offering price rule or both. subordination. b. By submitting a bid, the winning bidder shall (i) confirmthat the underwriters have offered or LEASE OBLIGATION OF COUNTY: Said cash rentals constitute limited tax full faith and will offer the Bonds to the public on or before the date of the award at the offering price or prices credit general obligations of the County, and under the provisions of Act 31 the County is required (the “initial offering price”), or at the corresponding yield or yields, set forth in the bid submitted to provide annually sufficient moneys from its general funds as a first budget obligation for the by the winning bidder, and (ii) if the hold-the-offering-price rule applies, agree, on behalf of the payment thereof, including any collections of ad valorem taxes which the County is authorized to underwriters participating in the purchase of the Bonds, that the underwriters will neither offer levy on all taxable property within its boundaries. Any such tax levies, however, must be subject to nor sell unsold Bonds of any maturity to which the hold-the-offering-price rule shall apply to any existing statutory and constitutional tax rate limitations. The cash rentals are not subject to setoff person at a price that is higher than the initial offering price to the public during the period starting or abatement for any cause, including but not limited to casualty that results in the leased property on the sale date and ending on the earlier of the following: being untenantable or unusable. a. the close of the fifth (5th) business day after the sale date; or GOOD FAITH: A good faith deposit in the form of a certified or cashier’s check drawn upon b. the date on which the underwriters have sold at least 10% of that maturity of the Bonds to the an incorporated bank or trust company, or wire transfer, in the amount of $390,900, payable to public at a price that is no higher than the initial offering price to the public; the order of the Authority Treasurer, will be required of the successful bidder. THE SUCCESSFUL The winning bidder shall promptly advise the Authority when the underwriters have sold 10% of BIDDER IS REQUIRED TO SUBMIT ITS GOOD FAITH DEPOSIT TO THE AUTHORITY AS that maturity of the Bonds to the public at a price that is no higher than the initial offering price to INSTRUCTED BY THE AUTHORITY OR THE MUNICIPAL ADVISOR NOT LATER THAN NOON, the public, if that occurs prior to the close of the fifth (5th) business day after the sale date. EASTERN TIME, ON THE NEXT BUSINESS DAY FOLLOWING THE SALE. The good faith deposit c. The Authority acknowledges that, in making the representation set forth above, the winning will be applied to the purchase price of the Bonds. In the event the purchaser fails to honor its bidder will rely on (i) the agreement of each underwriter to comply with the requirements for accepted bid, the good faith deposit will be retained by the Authority. No interest shall be allowed establishing issue price of the Bonds, including, but not limited to, its agreement to comply with on the good faith check. The good faith check of the successful bidder will be cashed and payment the hold-the-offering-price rule, if applicable to the Bonds, as set forth in an agreement among for the balance of the purchase price of the Bonds shall be made at the closing. underwriters and the related pricing wires, (ii) in the event a selling group has been created in TAX MATTERS: In the opinion of Miller, Canfield, Paddock and Stone, P.L.C., bond counsel, connection with the initial sale of the Bonds to the public, the agreement of each dealer who is a under existing law, assuming compliance with certain covenants and the issue price rules set forth member of the selling group to comply with the requirements for establishing issue price of the below, interest on the Bonds is excludable from gross income for federal income tax purposes as Bonds, including, but not limited to, its agreement to comply with the hold-the-offering-price rule, described in the opinion, and the Bonds and interest thereon are exempt from all taxation by the if applicable to the Bonds, as set forth in a selling group agreement and the related pricing wires, State of Michigan or by any taxing authority within the State of Michigan except estate taxes and and (iii) in the event that an underwriter or dealer who is a member of the selling group is a party taxes on gains realized from the sale, payment or other disposition thereof. to a third-party distribution agreement that was employed in connection with the initial sale of ISSUE PRICE: The winning bidder will be required to assist the Authority in establishing the the Bonds to the public, the agreement of each broker-dealer that is a party to such agreement to issue price of the Bonds and shall execute and deliver to the Authority at closing an “issue price” comply with the requirements for establishing issue price of the Bonds, including, but not limited or similar certificate setting forth the reasonably expected initial offering price to the public or to, its agreement to comply with the hold-the-offering-price rule, if applicable to the Bonds, as set the sales price or prices of the Bonds, together with the supporting pricing wires or equivalent forth in the third-party distribution agreement and the related pricing wires. The Authority further communications, substantially in the form attached either as Appendix E-1 or E-2 of the preliminary acknowledges that each underwriter shall be solely liable for its failure to comply with its agreement Official Statement, with such modifications as may be appropriate or necessary, in the reasonable regarding the requirements for establishing issue price of the Bonds, including, but not limited judgment of the winning bidder, the Authority and Bond Counsel. to, its agreement to comply with the hold-the-offering-price rule, if applicable to the Bonds, and The Authority intends that the provisions of Treasury Regulation Section 1.148 1(f)(3)(i) that no underwriter shall be liable for the failure of any other underwriter, or of any dealer who (defining “competitive sale” for purposes of establishing the issue price of the Bonds) will apply to is a member of a selling group, or of any broker-dealer that is a party to a third-party distribution the initial sale of the Bonds (the “Competitive Sale Requirements”) because: agreement to comply with its corresponding agreement to comply with the requirements for a. the Authority is disseminating this Notice of Sale to potential underwriters in a manner that is establishing issue price of the Bonds, including, but not limited to, its agreement to comply with reasonably designed to reach potential underwriters; the hold-the-offering-price rule, if applicable to the Bonds. b. all bidders shall have an equal opportunity to bid; By submitting a bid, each bidder confirms that: c. the Authority anticipates receiving bids from at least three underwriters of municipal bonds a. any agreement among underwriters, any selling group agreement and each third-party who have established industry reputations for underwriting new issuances of municipal bonds; and distribution agreement (to which the bidder is a party) relating to the initial sale of the Bonds to d. the Authority anticipates awarding the sale of the Bonds to the bidder who submits a firm offer the public, together with the related pricing wires, contains or will contain language obligating to purchase the Bonds at the lowest true interest cost, as set forth in this Notice of Sale. each underwriter, each dealer who is a member of the selling group, and each broker-dealer that Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the purchase is a party to such third-party distribution agreement, as applicable, (A)(i) to report the prices at of the Bonds, as specified in the bid. which it sells to the public the unsold Bonds of each maturity allocated to it, whether or not the In the event that all of the Competitive Sale Requirements are not satisfied, the Authority shall closing date has occurred, until either all bonds of that maturity allocated to it have been sold or so advise the winning bidder. The Authority will not require bidders to comply with the “hold-the- it is notified by the winning bidder that the 10% Test has been satisfied as to the Bonds of that offering price rule,” and therefore does not intend to use the initial offering price to the public as maturity, provided that, the reporting obligation after the closing date may be at reasonable periodic of the sale date of any maturity of the Bonds as the issue price of that maturity, though the winning intervals or otherwise upon request of the winning bidder, and (ii) to comply with the hold-the- bidder, in consultation with the Authority, may elect to apply the “hold-the-offering price rule” offering-price rule, if applicable, if and for so long as directed by the winning bidder and as set forth (as described below). Bids will not be subject to cancellation in the event the Competitive Sale in the related pricing wires, (B) to promptly notify the winning bidder of any sales of bonds that, Requirements are not satisfied. Unless a bidder intends to apply the “hold-the-offering price rule” to its knowledge, are made to a purchaser who is a related party to an underwriter participating (as described below), bidders should prepare their bids on the assumption that all of the maturities in the initial sale of the bonds to the public (each such term being used as defined below), and of the Bonds will be subject to the 10% Test (as described below). The winning bidder must notify (C) to acknowledge that, unless otherwise advised by the underwriter, dealer or broker-dealer, the the Authority of its intention to apply either the “hold-the-price rule” or the 10% Test at or prior to winning bidder shall assume that each order submitted by the underwriter, dealer or broker-dealer the time the Bonds are awarded. is a sale to the public. If the winning bidder does not request that the “hold-the-offering price rule” apply to determine b. any agreement among underwriters or selling group agreement relating to the initial sale of the issue price of the Bonds, the following two paragraphs shall apply: the Bonds to the public, together with the related pricing wires, contains or will contain language a. The Authority shall treat the first price at which 10% of a maturity of the Bonds (the “10% obligating each underwriter or dealer that is a party to a third-party distribution agreement to be Test”) is sold to the public as the issue price of that maturity, applied on a maturity-by-maturity employed in connection with the initial sale of the Bonds to the public to require each broker-dealer basis. The winning bidder shall advise the Authority if any maturity of the Bonds satisfies the 10% that is a party to such third-party distribution agreement, to (i) report the prices at which it sells Test as of the date and time of the award of the Bonds; and to the public the unsold Bonds of each maturity allocated to it, whether or not the closing date has b. Until the 10% Test has been satisfied as to each maturity of the Bonds, the winning bidder occurred, until either all bonds of that maturity allocated to it have been sold or it is notified by agrees to promptly report to the Authority the prices at which the unsold Bonds of that maturity the winning bidder or such underwriter that the 10% Test has been satisfied as to the Bonds of that have been sold to the public. That reporting obligation shall continue, whether or not the closing maturity, provided that, the reporting obligation after the closing date may be at reasonable periodic date has occurred, until either (i) all bonds of that maturity have been sold or (ii) the 10% Test has intervals or otherwise upon request of the winning bidder or such underwriter, and (ii) comply been satisfied as to the Bonds of that, provided that, the winning bidder’s reporting obligation after with the hold-the-offering-price rule, if applicable, if and for so long as directed by the winning the closing date may be at reasonable periodic intervals or otherwise upon request of the Authority bidder or the underwriter and as set forth in the related pricing wires. or bond counsel. Sales of any Bonds to any person that is a related party to an underwriter shall not constitute sales If the winning bidder does request that the “hold-the-offering price rule” apply to determine the to the public for purposes of establishing issue price. Further, for purposes of this Notice of Sale: issue price of the Bonds, then following three paragraphs shall apply: a. “public” means any person other than an underwriter or a related party, a. The winning bidder, in consultation with the Authority, may determine to treat (i) pursuant b. “underwriter” means (A) any person that agrees pursuant to a written contract with the to the 10% Test, the firstprice at which 10% of a maturity of the Bonds is sold to the public as the Authority (or with the lead Underwriter to form an underwriting syndicate) to participate in the issue price of that maturity and/or (ii) the initial offering price to the public as of the sale date of any initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract maturity of the Bonds as the issue price of that maturity (the “hold-the-offering price rule”), in each directly or indirectly with a person described in clause (A) to participate in the initial sale of the case applied on a maturity-by-maturity basis. The winning bidder shall advise the Authority if any Bonds to the public (including a member of a selling group or a party to a third-party distribution maturity of the Bonds satisfies the 10% Test as of the date and time of the award of the Bonds. The agreement participating in the initial sale of the Bonds to the public); winning bidder shall promptly advise the Authority, at or before the time of award of the Bonds, continued on next page

008_BB031120 8 3/10/2020 2:25:04 PM Wednesday, March 11, 2020 Competitive Sales Notices www.bondbuyer.com 9 continued from previous page NOTICE OF BOND SALE c. a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting $8,895,000 power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or TOWN OF AURORA profitsinterests, if both entities are partnerships (including direct ownership by one partnership of ERIE COUNTY, NEW YORK another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity PUBLIC IMPROVEMENT SERIAL BONDS, 2020 is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other); and (DESIGNATED/BANK QUALIFIED) d. “sale date” means the date that the Bonds are awarded by the Authority to the winning bidder. Dated Date: April 1, 2020 LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Miller, Canfield, Paddock and Stone, P.L.C., attorneys of Detroit, Michigan. The opinion will be furnished without Maturity Dates: April 1, 2021-2044, inclusive expense to the purchaser of the Bonds at the delivery thereof. The fees of Miller, Canfield, Paddock Sale Date: March 18, 2020 and Stone, P.L.C., for 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 Bids Accepted Until: 11:30 A.M. (Prevailing Time) to the validity of the Bonds, Miller, Canfield, Paddock and Stone, P.L.C. has not been requested Location: Municipal Solutions, Inc. to examine or review and has not examined or reviewed any financial documents, statements or 2528 State Route 21 materials that have been or may be furnished in connection with the authorization, issuance or Canandaigua, New York 14424 marketing of the Bonds, and accordingly will not express any opinion with respect to the accuracy or completeness of any such financial documents, statements or materials. In submitting a bid for Sealed proposals or, at the option of bidders, proposals delivered via facsimile or via Ipreo’s Parity the bonds, the bidder agrees to the representation of the Authority by Miller, Canfield, Paddock and electronic bid submission system (“Parity”) will be received at the offices of Municipal Solutions, Stone, P.L.C., as bond counsel. Inc. (the “Municipal Advisor”), 2528 State Route 21, Canandaigua, New York 14424 (Telephone DELIVERY OF BONDS: The Authority will furnish executed Bonds to be delivered at its No. 585.394.4090, Fax No. 585.394.4092), to be considered by the undersigned Town Supervisor, expense to an authorized agent of DTC or such other place to be agreed upon. The usual closing or such Town Supervisor’s successor or designated agent, of the Town of Aurora, Erie County, New documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, York (the “Town”) as outlined above for the purchase of $8,895,000 Public Improvement Serial will be delivered at the time of delivery of the Bonds. If the Bonds are not tendered for delivery by Bonds, 2020 of the Town (the “Bonds”). Proceeds of the Bonds, along with $345,000 of available twelve o’clock noon, Eastern Time, on the 45th day following the date of sale, or the first business funds of the Town, will be used to redeem and retire two outstanding bond anticipation notes of day thereafter if the 45th day is not a business day, the successful bidder may on that day, or any the Town that were issued on April 4, 2019 and December 19, 2019, respectively, to finance various time thereafter until delivery of the Bonds, withdraw its proposal by serving notice of cancellation, purposes. in writing, on the undersigned, in which event the Authority shall promptly return the good faith The Bonds will be valid and legally binding general obligations of the Town, for the payment of deposit. Payment for the Bonds shall be made in immediately available funds. which the Town has pledged its faith and credit. Unless paid from other sources, all the taxable real BOND INSURANCE AT PURCHASER’S OPTION: If the Bonds qualify for issuance of any property in the Town will be subject to the levy of ad valorem real estate taxes to pay the principal policy of municipal bond insurance or commitment therefor at the option of the bidder/purchaser, of the Bonds and the interest thereon, without limitation as to rate or amount (subject to certain the purchase of any such insurance policy or the issuance of any such commitment shall be at statutory limitations imposed by Chapter 97 of the 2011 Laws of New York). The New York State the option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Constitution requires the Town to pledge its faith and credit for the payment of the principal of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the Bonds and the interest thereon, and to make annual appropriations for the amounts required for Authority has requested and received a rating on the Bonds from a rating agency, the Authority will the payment of such interest and the redemption of the Bonds. The Constitution also provides that pay for the requested rating. Any other rating agency fees shall be the responsibility of the purchaser if at any time the appropriating authorities fail to make the required appropriations for the annual of the insurance. FAILURE OF THE MUNICIPAL BOND INSURER TO ISSUE THE POLICY AFTER debt service on the Bonds and certain other obligations of the Town, a sufficient sum shall be set THE BONDS HAVE BEEN AWARDED TO THE PURCHASER SHALL NOT CONSTITUTE CAUSE apart from the first revenues thereafter received and shall be applied for such purposes. The Town FOR FAILURE OR REFUSAL BY THE PURCHASER TO ACCEPT DELIVERY OF THE BONDS Supervisor may be required to set apart and apply such revenues as aforesaid at the suit of any FROM THE AUTHORITY. holder of the Bonds. CUSIP NUMBERS: It is anticipated that CUSIP numbers will be printed on the Bonds, but The Bonds are payable in annual installments which, together with interest thereon, are expected neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be to provide for substantially level or declining annual debt service with respect to the Bonds, as cause for the purchaser of the Bonds to refuse to take delivery of and pay for the Bonds. Application defined and described in paragraph d of Section 21.00 of the New York Local Finance Law, on April for CUSIP numbers will be made by Robert W. Baird & Co. Incorporated, municipal advisor to the 1 in each year as follows: Authority. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers MATURITIES shall be paid by the Authority. OFFICIAL STATEMENT: A preliminary Official Statement that the Authority deems to be final Year Amount* Year Amount* as of its date, except for the omission of information permitted to be omitted by Rule 15c2-12 of 2021 $195,000 2033 $390,000 the Securities and Exchange Commission, has been prepared and may be obtained from Robert W. 2022 300,000 2034 395,000 Baird & Co. Incorporated, municipal advisor to the Authority, at the address and telephone listed 2023 305,000 2035 400,000 under MUNICIPAL ADVISOR below. Robert W. Baird & Co. Incorporated, will provide the winning 2024 315,000 2036 415,000 bidder with 50 final Official Statements within 7 business days from the date of sale to permit the 2025 320,000 2037 420,000 purchaser to comply with Securities and Exchange Commission Rule 15c2-12. Additional copies of 2026 330,000 2038 430,000 the Official Statement will be supplied by Robert W. Baird & Co. Inc., upon request and agreement 2027 340,000 2039 440,000 by the purchaser to Robert W. Baird & Co. Incorporated, within 24 hours of the time of sale. 2028 345,000 2040 410,000 CONTINUING DISCLOSURE: As described more fully in the Official Statement, the Authority 2029 350,000 2041 415,000 and the County will execute and deliver, prior to delivery of the Bonds, written continuing disclosure 2030 360,000 2042 430,000 undertakings in order to enable the underwriters of the Bonds to comply with the requirements of 2031 375,000 2043 415,000 Rule 15c2-12 promulgated by the Securities and Exchange Commission. 2032 380,000 2044 420,000 MUNICIPAL ADVISOR: Further information relating to the Bonds may be obtained from *The aggregate principal amount of the Bonds and the principal maturities thereof are subject to Robert W. Baird & Co. Incorporated, 124 West Allegan Street, Suite 2200, Lansing, Michigan adjustment, following their sale, to achieve substantially level or declining annual debt service, and 48933, telephone (517) 371-2607. to permit the Town to comply with applicable provisions of the Internal Revenue Code of 1986, as BIDDER CERTIFICATION: NOT “IRAN-LINKED BUSINESS”. In submitting a bid for the amended (the “Code”). Bonds, the bidder represents that it is not an “Iran linked business” within the meaning of the Iran The Town, after approval of Bond Counsel, may, after selecting the successful bidder as provided Economic Sanctions Act, Act 517 of the Public Acts of Michigan of 2012. herein, and by 4:00 o’clock P.M. (Prevailing Time) on the Sale Date, adjust such installments of ENVELOPES containing the bids should be plainly marked “Proposal for Building Authority principal to the extent necessary to meet the requirements of substantially level or declining annual Bonds.” debt service. Any such adjustment shall be conclusive, and shall be binding upon the successful THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. bidder. The Bonds maturing on or before April 1, 2028 will not be subject to redemption, in whole or in Eric McPherson part, prior to maturity. The Bonds maturing on or after April 1, 2029 will be subject to redemption Chairperson, Oakland County Building Authority prior to maturity, at the option of the Town, on April 1, 2028 or on any date thereafter, in whole or in part, and if in part, in any order of their maturity and in any amount within a maturity (selected at random within a maturity), at par (100%) plus accrued interest to the date of redemption. Notice of For rates and additional information about advertising a notice of the call for such redemption shall be given by mailing such notice to the registered owners thereof competitive sale, please call Kerry-Ann C. Parkes at 212-803-8436 or not more than sixty (60) days nor less than thirty (30) days prior to the designated redemption date. send an email to [email protected]. continued on next page

009_BB031120 9 3/10/2020 2:25:04 PM Competitive Sales Notices Wednesday, March 11, 2020 10 The Bond Buyer continued from previous page Prospective bidders wishing to submit electronic bids via Parity must be contracted customers of Notice of redemption having been given as aforesaid, the Bonds so called for redemption shall, on Parity. Prospective bidders not having a contract with Parity may call 212.849.5021 to become a the date for redemption set forth in such notice, become due and payable, together with interest customer. to such redemption date. Interest shall cease to be paid thereon after such redemption date. If less As a condition precedent to the consideration of a proposal, a good faith deposit (the “Deposit”) than all of the Bonds of any maturity are to be redeemed, the particular Bonds of such maturity to in the form of a certified or cashier’s check or wire transfer in the amount of $44,475 payable to be redeemed shall be selected at random (by lot or in any other customary manner of selection as the order of the Town is required. If a check is used, it must be drawn upon an incorporated bank determined by the Town Supervisor). or trust company to the order of “Town of Aurora” and must accompany the bid. If a wire transfer The Town may provide conditional notice of redemption, which may state that such redemption is used, it must be sent to the account so designated by the Town for such purpose, not later than is conditioned upon the receipt of moneys and/or any other event. If any such condition is not 10:30 A.M. on the date of the sale, and the wire transfer reference number must be provided on satisfied, such redemption shall not occur, and the Town is to give notice thereof, as soon as the “Proposal For Bonds” when the bid is submitted. Bidders are instructed to contact Municipal practicable, in the same manner, to the same person(s), as notice of such redemption was given. Solutions, Inc., 2528 State Route 21, Canandaigua, New York 14424 (Phone: 585.394.4090, Fax: Additionally, any such redemption notice may be rescinded by the Town no later than one business 585.394.4092), the Town’s municipal advisor, no later than 24 hours prior to the bid opening to day prior to the date specified for redemption, by written notice by the Town given in the same obtain the Town’s wire instructions. No interest on the Deposit will accrue to the Purchaser. The manner, to the same person(s), as notice of such redemption was given. Deposit will be applied to the purchase price of the Bonds. The check or wire transfer deposited by The Bonds will be dated April 1, 2020, will mature on April 1 in the years and amounts stated the bidder to whom the Bonds are awarded will be retained by the Town and the amount thereof above and will bear interest payable on April 1, 2021, October 1, 2021 and semi annually thereafter will be applied as provided by law. No interest will be allowed upon the Deposit. The right is on April 1 and October 1 of each year until maturity (or earlier redemption). The record date of reserved to reject any or all bids, and except as hereinafter provided, any bid not complying with the Bonds will be the fifteenth day of the calendar month preceding each interest payment date. the terms of this notice may be rejected. The Bonds will be issued in registered form and, at the option of the initial purchaser, may be Unless all bids are rejected, the Bonds will be awarded to the bidder complying with the terms registered to the Depository Trust Company (“DTC” or the “Securities Depository”), or may be of sale and offering to purchase the Bonds at such rate or rates of interest as will produce the registered in the name of the initial purchaser. lowest net interest cost computed in accordance with the net interest cost method of calculation If the Bonds are issued in non-book-entry form, they will be issued as registered obligations, (assuming that all of the Bonds will be held to maturity), that being the rate or rates of interest that registered in the name of the purchaser. Principal of and interest on the Bonds will be payable at will produce the least interest cost over the life of the Bonds, after accounting for the premium maturity at such bank or trust company located and authorized to do business in the State of New offered, if any. For purposes of evaluating bids received, net interest cost will be calculated using the York or at such other office as may be designated by the purchaser. Under this scenario, the paying assumption that the Bonds will be held until maturity. In the event the Town receives two or more agent on the Bonds may be designated by the winning bidder and paying agent fees, if any, shall be bids specifying the same lowest net interest cost, then the successful bidder shall be selected by the paid by the purchaser. Town Supervisor at random from among all such bidders. Notwithstanding anything herein to the If the Bonds are issued in book-entry form, the Town will act as the paying agent, and the Bonds contrary, the Town reserves the right to waive any technical defects, omissions or other deficiencies will be (i) registered in the name of Cede & Co., as nominee of DTC, and (ii) deposited with DTC in the form of any proposal submitted for consideration. to be held in trust until maturity. DTC is an automated depository for securities and a clearinghouse Award of the Bonds to a successful bidder, or rejection of any bids, is expected to be made for securities transactions, and will be responsible for establishing and maintaining a book-entry promptly after opening of the bids, but a successful bidder may not withdraw its proposal until system for recording the ownership interest of its participants, which include certain banks, trust after 5:00 o’clock P.M. (Prevailing Time) on the day of such bid opening and then only if such award companies and securities dealers, and the transfer of interests among its participants. The DTC has not been made prior to the withdrawal. participants will be responsible for establishing and maintaining records with respect to the Bonds. If the Bonds qualify for the issuance of any policy of municipal bond insurance or commitment Individual purchases of beneficial ownership interest in the Bonds may be made only through therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any book entries (without certificatesissued by the Town) made on the books and records of DTC such commitment therefor shall be at the sole option and expense of such bidder and any increased (or a successor depository) and its nominee as registered owner of the Bonds, in denominations costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid of $5,000 or integral multiples thereof. Principal of and interest on the Bonds will be payable by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be by the Town or its agent by wire transfer or in clearing house funds to DTC or its nominee as issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept registered owner of the Bonds. Transfer of principal and interest payments to beneficial owners by delivery of and pay for the Bonds in accordance with the terms of this Notice of Bond Sale. participants of DTC will be the responsibility of such participants and other nominees of beneficial The Bonds must be paid for in federal funds or other funds available for immediate credit in New owners. The Town will not be responsible or liable for payments by DTC to its participants or by York, New York on April 1, 2020, or at such other place and time as may be agreed upon with the DTC participants to beneficial owners or for maintaining, supervising or reviewing the records successful bidder. maintained by DTC, its participants or persons acting through such participants. THE TOWN RESERVES THE RIGHT TO CHANGE THE DATE AND TIME FOR THE OPENING The deposit of the Bonds with DTC under a book-entry system requires the assignment of OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN ONE CUSIP numbers prior to delivery. It shall be the responsibility of the Municipal Advisor to apply HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS OF for assignment of CUSIP numbers within one business day after the dissemination of the Notice of A SUPPLEMENTAL NOTICE OF BOND SALE DISSEMINATED VIA TM3. IN ADDITION, SUCH Bond Sale. The Town will not be responsible for any delay occasioned by the inability to deposit NOTICE SHALL BE GIVEN TO THE NEWS MEDIA AND SHALL BE POSTED IN ONE OR MORE the Bonds with DTC due to the failure to obtain such numbers and to supply them to the Town in DESIGNATED PUBLIC LOCATIONS WITHIN THE TOWN AT LEAST ONE HOUR PRIOR TO a timely manner. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be THE TIME AND DATE SET FOR THE OPENING OF BIDS. paid for by the Town; provided, however, that the CUSIP Service Bureau charge for the assignment In the event that prior to the delivery of the Bonds, the income received by owners from bonds of said numbers shall be the responsibility of and shall be paid for by the successful bidder. of the same type and character becomes includable in the gross income of such owners for federal THE BONDS WILL BE DEEMED DESIGNATED AND WILL BE TREATED AS “QUALIFIED TAX- income tax purposes, the successful bidder may, at its election, be relieved of its obligations EXEMPT OBLIGATIONS” PURSUANT TO SECTION 265(B)(3) OF THE INTERNAL REVENUE hereunder to purchase the Bonds and, in such case, the Deposit accompanying its bid will be CODE OF 1986, AS AMENDED (THE “CODE”). returned. Each proposal must be for all of the Bonds and may state different rates of interest for Bonds The population of the Town is approximately 13,782 (per 2010 U.S. Census). The debt statement maturing in different calendar years; provided, however, that (1) only one rate of interest may be to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the bid for all Bonds maturing in any one calendar year, (2) variations in rates of interest so bid shall Bonds, prepared as of February 24, 2020, shows the average five-year full valuation of real property be in ascending progression in order of maturity so that the rate of interest on Bonds maturing in subject to taxation by the Town to be $1,500,992,926; its debt limit to be $105,069,505; and the any particular calendar year shall not be less than the rate of interest applicable to Bonds maturing total net indebtedness (after all applicable exclusions and prior to the issuance of the Bonds) to be in any prior calendar year and (3) all rates of interest bid must be stated in a multiple of one-eighth $7,805,000. The issuance of the Bonds will not increase the Town’s total net indebtedness. or one-hundredth of one per centum per annum. No proposed purchase price may be less than the CUSIP identification numbers will be printed on the Bonds if Bond Counsel is provided with total par value of the Bonds. No proposal for less than all of the Bonds will be considered. The date such numbers by the close of business on the date of sale of the Bonds, but neither the failure to of delivery is currently anticipated to be the same as the dated date. If the date of delivery changes, print such number on any Bond nor any error with respect thereto shall constitute cause for a the successful bidder shall be obligated to pay the price bid plus accrued interest, if any, on the failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accordance Bonds from April 1, 2020 to the date of delivery. with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers Each proposal must (1) be enclosed in a sealed envelope, the outside of which should be marked on the Bonds shall be paid for by the Town, provided, however, that the CUSIP Service Bureau “Proposal for $8,895,000 Public Improvement Serial Bonds, 2020”, and be addressed as follows charge for the assignment of CUSIP numbers shall be the responsibility of and shall be paid for by to the Sale Officer, viz.: James J. Bach, Town Supervisor of the Town of Aurora, c/o Municipal the purchaser. Solutions, Inc., 2528 State Route 21, Canandaigua, New York 14424; (2) be received via facsimile As a condition to the purchaser’s obligation to accept delivery of and pay for the Bonds, the transmission at 585.394.4092; or (3) be submitted electronically via Parity. In the case of a facsimile purchaser will be furnished, without cost, the following, dated as of the date of the delivery of bid, neither the Town nor its agents will assume liability for any inability of the bidder to reach the and payment for the Bonds: (1) a certificate of the Town Supervisor certifying that (a) as of the above-named fax number prior to the time of sale outlined above; time of receipt will be the time date of the official statement furnished by the Town in relation to the Bonds, the official statement recorded by the facsimile receiver. In the case of a Parity bid, each qualified prospective bidder shall did not contain any untrue statement of material fact or omit to state a material fact necessary be solely responsible to make necessary arrangements to access Parity for purposes of submitting to make the statements therein, in the light of the circumstances under which they were made, its bid in a timely manner and in compliance with the requirements of this Notice of Bond Sale. If not misleading, subject to the condition that while information in the official statement obtained any provisions of this Notice of Bond Sale shall conflictwith information provided by Parity, as an from sources other than the Town is not guaranteed as to accuracy, completeness or fairness, the approved provider of electronic bidding services, this Notice of Bond Sale shall control. Further Town Supervisor has no reason to believe and does not believe that such information is materially information about Parity, including any fee charged, may be obtained from Parity at 212.849.5021. inaccurate or misleading, and (b) to the knowledge of the Town Supervisor, since the date of the The time maintained by Parity shall constitute the official time with respect to all bids submitted. continued on next page

010_BB031120 10 3/10/2020 2:25:05 PM Wednesday, March 11, 2020 Competitive Sales Notices www.bondbuyer.com 11

Prospective bidders wishing to submit electronic bids via Parity must be contracted customers of continued from previous page sale of the Bonds to the public, together with the related pricing wires, language obligating each Parity. Prospective bidders not having a contract with Parity may call 212.849.5021 to become a official statement, there have been no material transactions not in the ordinary course of affairs underwriter to comply with the limitations on the sale of the Bonds as set forth above. customer. entered into by the Town and no material adverse changes in the general affairs of the Town or in (2) Follow the Price. The winning bidder: As a condition precedent to the consideration of a proposal, a good faith deposit (the “Deposit”) its financial condition as shown in the officialstatement other than as disclosed or contemplated (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices in the form of a certified or cashier’s check or wire transfer in the amount of $44,475 payable to by the official statement, (2) a closing certificate, evidencing receipt for the proceeds of the Bonds and provide the Town and Bond Counsel with reasonable supporting documentation, such as a the order of the Town is required. If a check is used, it must be drawn upon an incorporated bank and a signature certificate,which will include a statement that no litigation is pending or, to the copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond or trust company to the order of “Town of Aurora” and must accompany the bid. If a wire transfer knowledge of the signers, threatened affecting the Bonds, (3) a tax certificate executed on behalf of Counsel, is used, it must be sent to the account so designated by the Town for such purpose, not later than the Town which includes, among other things, covenants, relating to compliance with the Code, (b) will report to the Town and Bond Counsel information regarding the actual prices at which 10:30 A.M. on the date of the sale, and the wire transfer reference number must be provided on with the owners of the Bonds that the Town will, among other things, (a) take all actions on its part at least ten percent of the Bonds within each maturity of the Bonds have been sold to the public, the “Proposal For Bonds” when the bid is submitted. Bidders are instructed to contact Municipal necessary to cause interest on the Bonds to be excluded from the gross income of the owners thereof (c) will provide the Town and Bond Counsel with reasonable supporting documentation or Solutions, Inc., 2528 State Route 21, Canandaigua, New York 14424 (Phone: 585.394.4090, Fax: for federal income tax purposes, including, without limitation, restricting, to the extent necessary, certifications of such sale prices the form of which is acceptable to Bond Counsel. This reporting 585.394.4092), the Town’s municipal advisor, no later than 24 hours prior to the bid opening to the yield on investments made with the proceeds of the Bonds and investment earnings thereof, requirement, which may extend beyond the closing date of the Bonds, will continue until such date obtain the Town’s wire instructions. No interest on the Deposit will accrue to the Purchaser. The making required payments to the federal government, if any, and maintaining books and records that ten percent of each maturity of the Bonds has been sold to the public, and Deposit will be applied to the purchase price of the Bonds. The check or wire transfer deposited by in a specified manner, where appropriate, and (b) refrain from taking action which would cause (d) has or will include within any agreement among underwriters, any selling group agreement the bidder to whom the Bonds are awarded will be retained by the Town and the amount thereof interest on the Bonds to be includable in the gross income of the owners thereof for federal income and each retail distribution agreement (to which the winning bidder is a party) relating to the initial will be applied as provided by law. No interest will be allowed upon the Deposit. The right is tax purposes, including, without limitation, refraining from spending the proceeds of the Bonds sale of the Bonds to the public, together with the related pricing wires, language obligating each reserved to reject any or all bids, and except as hereinafter provided, any bid not complying with and investment earnings thereon on certain specified purposes, and (4) the approving opinion of underwriter to comply with the reporting requirement described above. the terms of this notice may be rejected. Hodgson Russ LLP, of Buffalo, New York, Bond Counsel, to the effect that the Bonds are valid and Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder Unless all bids are rejected, the Bonds will be awarded to the bidder complying with the terms legally binding general obligations of the Town for which the Town has pledged its faith and credit shall submit to the Town and Bond Counsel a certificate (the “Issue Price Certificate”), satisfactory to of sale and offering to purchase the Bonds at such rate or rates of interest as will produce the and, unless paid from other sources, all the taxable real property within the Town is subject to the Bond Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The lowest net interest cost computed in accordance with the net interest cost method of calculation levy of ad valorem real estate taxes to pay the Bonds and interest thereon, without limitation as to form of Issue Price Certificate is available by contacting Bond Counsel orthe Municipal Advisor. (assuming that all of the Bonds will be held to maturity), that being the rate or rates of interest that rate or amount (subject to certain statutory limitations imposed by Chapter 97 of the 2011 Laws If the winning bidder has purchased the Bonds for its own account and not with a view to will produce the least interest cost over the life of the Bonds, after accounting for the premium of New York). distribution or resale to the public, then, whether or not the Competitive Sale Requirements were offered, if any. For purposes of evaluating bids received, net interest cost will be calculated using the Bond Counsel will deliver an opinion that interest on the Bonds is excluded from gross income met, the Issue Price Certificate will recite such facts and identify the price or prices at which the assumption that the Bonds will be held until maturity. In the event the Town receives two or more for federal income tax purposes and is not an “item of tax preference” for purposes of the federal purchase of the Bonds was made. bids specifying the same lowest net interest cost, then the successful bidder shall be selected by the alternative minimum tax imposed on individuals, with certain exceptions described in the body of For purposes of this Notice, the “public” does not include the winning bidder or any person that Town Supervisor at random from among all such bidders. Notwithstanding anything herein to the the official statement prepared by the Town in connection with the sale of the Bonds, and that such agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the contrary, the Town reserves the right to waive any technical defects, omissions or other deficiencies interest is exempt from New York State and New York City personal income taxes. Bonds to the public (such as a retail distribution agreement between a national lead underwriter in the form of any proposal submitted for consideration. The official statement dated March 9, 2020 relating to the Bonds is in a form “deemed final” and a regional firm under which the regional firm participates in the initial sale of the Bonds to the Award of the Bonds to a successful bidder, or rejection of any bids, is expected to be made for purposes of SEC Rule 15c2-12 (the “Rule”), except for the omission therefrom of those items public). In making the representations described above, the winning bidder must reflect the effect promptly after opening of the bids, but a successful bidder may not withdraw its proposal until allowable under the Rule. on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in after 5:00 o’clock P.M. (Prevailing Time) on the day of such bid opening and then only if such award Any party executing and delivering a bid for the Bonds agrees, if its bid is accepted by the connection with the initial sale of any of the Bonds. has not been made prior to the withdrawal. Town, to provide to the Town in writing, within two business days after the date of such award, all Unless the Bonds are purchased for the buyer’s own account as principal for investment and not If the Bonds qualify for the issuance of any policy of municipal bond insurance or commitment information which the purchaser determines is necessary for it to comply with the Rule, including resale, the Town will enter into a continuing disclosure undertaking, a form of which is attached to therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any all necessary pricing and sale information, information with respect to the purchase of bond the Official Statement. A purchaser buying the Bonds for its own account shall deliver a municipal such commitment therefor shall be at the sole option and expense of such bidder and any increased insurance, if any, and underwriter identification. Within five business days following receipt by securities disclosure certificatethat documents its intent to purchase the Bonds as principal costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid the Town thereof, the Town will furnish to the purchaser, in reasonable quantities as requested by for investment and not for resale (in a form satisfactory to Bond Counsel) establishing that an by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be the purchaser, copies of the officialstatement, updated as necessary, and supplemented to include exemption from the Rule applies. issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept such information. Failure by the purchaser to provide such information will prevent the Town For the past five years, the Town has complied in all material respects, with its previous continuing delivery of and pay for the Bonds in accordance with the terms of this Notice of Bond Sale. from furnishing the official statements as described above. The Town shall not be responsible or disclosure undertakings. The Bonds must be paid for in federal funds or other funds available for immediate credit in New liable in any manner for the purchaser’s determination of information necessary to comply with the Requests for copies of the official statement of the Town relating to the Bonds offered hereby, York, New York on April 1, 2020, or at such other place and time as may be agreed upon with the Rule or the accuracy of any such information provided by the purchaser or for failure to furnish additional copies of this Notice of Bond Sale or any other additional information may be directed successful bidder. the official statements as described above which results from a failure by the purchaser to provide to Municipal Solutions, Inc., 2528 State Route 21, Canandaigua, New York 14424, Phone THE TOWN RESERVES THE RIGHT TO CHANGE THE DATE AND TIME FOR THE OPENING the aforementioned information within the time specified.Acceptance by the purchaser of the final 585.394.4090, Fax 585.394.4092. OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN ONE official statements shall be conclusive evidence of the satisfactory completion of the obligation of HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS OF the Town with respect to the preparation and delivery thereof. Dated: March 9, 2020 A SUPPLEMENTAL NOTICE OF BOND SALE DISSEMINATED VIA TM3. IN ADDITION, SUCH By submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a NOTICE SHALL BE GIVEN TO THE NEWS MEDIA AND SHALL BE POSTED IN ONE OR MORE good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy James J. Bach DESIGNATED PUBLIC LOCATIONS WITHIN THE TOWN AT LEAST ONE HOUR PRIOR TO bid” being submitted for the purpose of assisting in meeting the competitive sale requirements Town Supervisor and Chief Fiscal Officer THE TIME AND DATE SET FOR THE OPENING OF BIDS. relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, Town of Aurora In the event that prior to the delivery of the Bonds, the income received by owners from bonds including the requirement that bids be received from at least three (3) underwriters of municipal of the same type and character becomes includable in the gross income of such owners for federal bonds who have established industry reputations for underwriting new issuances of municipal income tax purposes, the successful bidder may, at its election, be relieved of its obligations bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning hereunder to purchase the Bonds and, in such case, the Deposit accompanying its bid will be bidder if the Competitive Sale Requirements were met at the same time it notifies the winning returned. bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the The population of the Town is approximately 13,782 (per 2010 U.S. Census). The debt statement Competitive Sale Requirements are not satisfied. to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, Bonds, prepared as of February 24, 2020, shows the average five-year full valuation of real property advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected subject to taxation by the Town to be $1,500,992,926; its debt limit to be $105,069,505; and the GIVE initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as total net indebtedness (after all applicable exclusions and prior to the issuance of the Bonds) to be of the date of the award. $7,805,000. The issuance of the Bonds will not increase the Town’s total net indebtedness. By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the CUSIP identification numbers will be printed on the Bonds if Bond Counsel is provided with Bonds for its own account and not with a view to distribution or resale to the public) that if ten such numbers by the close of business on the date of sale of the Bonds, but neither the failure to percent of each maturity of the Bonds (as hereinafter defined) is not sold on the Sale Date and if the NOTICE print such number on any Bond nor any error with respect thereto shall constitute cause for a Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option (2) failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accordance described below. Such election must be made on the bid form submitted by each bidder. with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers For purposes of the “hold the price” or “follow the price” requirement described below, a buyers want on the Bonds shall be paid for by the Town, provided, however, that the CUSIP Service Bureau “maturity” refers to Bonds that have the same interest rate, credit and payment terms. charge for the assignment of CUSIP numbers shall be the responsibility of and shall be paid for by (1) Hold the Price. The winning bidder: the purchaser. (a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices As a condition to the purchaser’s obligation to accept delivery of and pay for the Bonds, the and provide the Town and Bond Counsel with reasonable supporting documentation, such as a to know purchaser will be furnished, without cost, the following, dated as of the date of the delivery of copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond and payment for the Bonds: (1) a certificate of the Town Supervisor certifying that (a) as of the Counsel, date of the official statement furnished by the Town in relation to the Bonds, the official statement (b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, did not contain any untrue statement of material fact or omit to state a material fact necessary or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the to make the statements therein, in the light of the circumstances under which they were made, date on which the winning bidder has sold to the public at least ten percent of the Bonds of such Advertise your competitive sales in The Bond Buyer. not misleading, subject to the condition that while information in the official statement obtained maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of from sources other than the Town is not guaranteed as to accuracy, completeness or fairness, the such maturity or (ii) the close of business on the 5th business day after the date of the award of the For more information, contact or Kerry-Ann C. Parkes Town Supervisor has no reason to believe and does not believe that such information is materially Bonds, and at 212-803-8436 or at [email protected] inaccurate or misleading, and (b) to the knowledge of the Town Supervisor, since the date of the (c) has or will include within any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the winning bidder is a party) relating to the initial

011_BB031120 11 3/10/2020 2:25:05 PM Competitive Sales Notices Wednesday, March 11, 2020 12 The Bond Buyer SUMMARY NOTICE OF SALE TOWN OF NEWTOWN, CONNECTICUT $11,500,000 GENERAL OBLIGATION BONDS, ISSUE OF 2020, SERIES A Electronic bids via Parity will be received by the Town of Newtown, Connecticut, at the offices of Robinson & Cole LLP, 280 Trumbull Street, Hartford, CT 06103, subject to the provisions of the official Notice of Sale dated March 9, 2020. Sale Date: Tuesday, March 17, 2020 Time: Until 11:30 A.M. (E.T.) Bonds Dated: March 26, 2020 Maturities: $425,000 on March 15 in the year 2021, $580,000 on March 15 in each of the years 2022 to 2024, both inclusive, $585,000 on March 15 in each of the years 2025 to 2035, both inclusive, and $580,000 on March 15 in each of the years 2036 to 2040, both inclusive. Interest Paid: September 15, 2020 and semiannually thereafter on March 15 and September 15 in each year until maturity or earlier redemption. Legal Opinion: Robinson & Cole LLP Hartford, Connecticut The Bonds shall NOT be designated by the Town as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended, for purposes of the deduction by financial institutions for interest expense allocable to the Bonds. For copies of the official Notice of Sale, the Preliminary Official Statement of the Town of Newtown, Connecticut, dated March 9, 2020, and instructions for submitting an electronic bid, please contact Barry J. Bernabe, Managing Director, Phoenix Advisors, LLC, 53 River Street, Suite 1, Milford, CT 06460, Telephone No. (203) 283-1110.

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For complete information on creating integrated advertising programs, contact Price matters—get the best yield Michael Ballinger Advertise your competitive sales in The Bond Buyer. 212-803-8481 [email protected] For more information, contact or Kerry-Ann C. Parkes at 212-803-8436 or at [email protected] www.bondbuyer.com

012_BB031120 12 3/10/2020 2:25:10 PM Wednesday, March 11, 2020 www.bondbuyer.com 13

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I-Deal Prospectus 3/11 - Las Vegas Valley Water District, NV 3/11 - Washoe County School District, NV Electronic Official Statements Competitive 3/11 - Washoe County School District, NV 3/10-Portland (City of), ME 2020 General Obligation Bonds 3/11 - Fort Bend County Municipal Utility District No. 133, TX 3/10-Onalaska (City of), WI General Obligation Corporate Purpose Bonds (2020) www.newissuehome.i-deal.com 3/11 - Independent School District No. 745 (Albany) (MN), MN 3/4-New York (City of), NY GO Bonds, Fiscal 2020 Srs D, Subsrs D-1 & Taxable D-2 & D-3 BiDCOMP®/Parity® 3/11 - School District No. 65, Lake County (Lake Bluff) (IL), IL ***Supplement dated March 3, 2020 to the Preliminary Official Statement, dated February 24, 2020 has 3/11 - Marion School District No. 3 of Crittenden County, AR been added.***SUPPLEMENTAL NOTICE OF SALE HAS BEEN ADDED FOR SUBSERIES D-2 & D-3. 3/11 - Town of Rockland, MA 3/12-Merrimack (County of), NH 2020 Tax Anticipation Notes 3/11 - City of Dublin (OH), OH www.i-dealprospectus.com 3/12-Galveston County MUD No. 32, TX Unlimited Tax Bonds, Series 2020 3/11 - England School District No 2 of Lonoke County, AR 3/11-Anchorage (Municipality of), AK 2020 GO Tax Anticipation Notes Full service electronic 3/11 - Greenup County School District Finance Corporation, KY 3/16-Corning CSD, IA GO School Refunding Bonds, Series 2020 document delivery and 3/17-Harford County, MD General Obligation Bonds Series 2020A&B 3/11 - Town of Brookline, MA tracking system 3/11 - Town of Brookline, MA 3/12-ESD No. C-77, OK (McCord Public School) GO Bonds, Taxable Series 2020

3/11 - Borough of Wanaque, NJ 3/17-Washburn County, WI GO County Building Bonds, Srs 2020A 3/12-Massachusetts (Commonwealth of ), MA GO Consolidated Loan of 2020 & 3/11 - Municipality of Anchorage (AK), AK For more information, GO Refunding Bonds 2020 Srs A 3/11 - County of Oakland (MI), MI contact: 3/11 - Village of Williamsville (NY), NY 3/16-Elizabethton (City of), TN GO School & Improvement Bds, Series 2020 John Hester 3/19-Salem (City of), OR Water & Sewer Revenue Bonds, Srs 2020 3/12 - Galveston County Municipal Utility District No. 32, TX (212) 849-5125 3/12 - City of Westwood (KS), KS 3/12-Woodbridge (Township of), NJ BANS, 2020 3/12 - Roswell Independent School District (NM), NM James Kellum 3/17-Berkeley (City of), CA 2020 GO Bonds & 2020 Refunding GO Bonds, Srs A 3/12 - City of Wichita (KS), KS (212) 849-5156 ***SUPPLEMENT TO PRELIMINARY OFFICIAL STATEMENT HAS BEEN ADDED*** 3/12 - Village of Holmen, WI 3/17-Sugar Land (City of), TX WW&SS Revenue Bonds, Series 2020 3/12 - Marion School District No. 3 of Crittenden County, AR 3/23-Milwaukee Metropolitan Sewerage District, WI GO Sewerage System Bonds, Srs 2020A 3/12 - The Commonwealth of Massachusetts (MA), MA I-Deal Prospectus 3/12 - The Commonwealth of Massachusetts (MA), MA Electronic Official Statements Negotiated 3/12 - Greenland School District No. 95 of Washington County, AR Tomball ISD, TX Unlimited Tax School Building Bonds, Srs 2020 3/12 - County of Merrimack, NH Denton County FWSD No. 8-B, TX Unltd Tax Road Refunding Bonds, Series 2020 3/12 - Carlisle County School District Finance Corporation, KY Aledo ISD, TX Unlimited Tax School Building Bonds, Srs 2020 3/12 - Parsippany-Troy Hills Township Fire District No.1 (NJ), NJ Montgomery County MUD No. 39, TX, Unlimited Tax Refunding Bonds, Series 2020 3/12 - City of Waltham (MA), MA New York (City of), NY GO Bonds, Fiscal 2020 Series 1***Supplement dated March 3, 2020 to the 3/12 - City of Chelsea (MA), MA Preliminary Reoffering Circular, dated February 24, 2020 has been added.*** 3/12 - City of Portage (MI), MI Silver CSD No. 1, NM GO School Building Bonds, Series 2020 3/12 - Elementary School District No. 77 of Osage County (McCord), OK Lakeside WC&ID No. 1, TX Unlimited Tax Refunding Bonds, Srs 2020 3/12 - Town of Lakewood Village (TX), TX 3/12 - Township of Woodbridge, NJ Lakeside WC&ID No. 2-B, TX Unlimited Tax Refunding Bonds, Srs 2020 3/12 - Gainesville and Hall County Development Authority, GA Goodyear (City of), AZ GO Refunding Bonds, Series 2020 3/12 - Bauxite School District No. 14 of Saline County, AR Goodyear (City of), AZ Subordinate Lien Water & Sewer Revenue Obligations 2020 3/12 - Independent School District No. 4 of Delaware County (Colcord), OK Midlothian ISD, TX Unlimited Tax School Building Bonds, Srs 2020 3/16 - Seis Lagos Utility District (TX), TX Van Alstyne EDC TX, Sales Tax Revenue Bonds, Taxable New Series 2020**THE POS HAS BEEN REVISED** 3/16 - Village of Shorewood (WI), WI Northampton MUD, TX Unlimited Tax Refunding Bonds, Series 2020 3/16 - Village of Shorewood (WI), WI New York (City of), NY GO Bonds, Fiscal 2020 Series 1 3/16 - City of Beloit (WI), WI Van Alstyne EDC TX, Sales Tax Revenue Bonds, Taxable New Series 2020 3/16 - City of Beloit (WI), WI Socorro ISD, TX Unlimited Tax School Building Bonds, Series 2020 3/16 - Independent School District No. 22 (Detroit Lakes), MN Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-1A&IB 3/16 - City of Beloit (WI), WI Cumberland (County of), ME 2020 GO Refunding Bonds (Taxable) 3/16 - City of Manawa, WI Kaufman County, TX Unlimited Tax Road Bonds, Series 2020 3/16 - Independent School District No. 100 (Wrenshall), MN Kaufman County, TX Limited Tax Bonds, Series 2020A 3/16 - East Ramapo Central School District, NY Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020 3/16 - City of Menomonie, WI ***S&P RATING REPORTS HAVE BEEN ADDED*** 3/16 - City of Dayton (TX), TX Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020 3/16 - City of Alpharetta, GA Horseshoe Bay (City of), TX General Refunding Bonds, Series 2020 3/16 - City of Elizabethton, TN Cleveland ISD, TX Unlimited Tax School Building Bonds, Series 2020A 3/16 - Corning Community School District, IA El Paso ISD, TX Variable Rate Maintenance Tax Notes, Series 2020 3/17 - City of Superior (WI), WI Mount Pleasant (City of), TX GO Refunding Bonds, Series 2020 3/17 - County of Washburn, WI Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020**THE S&P RATING HAS BEEN ADDED** 3/17 - City of Hannibal, MO St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A 3/17 - City of Mahtomedi, MN ***THE S&P RATING HAS BEEN ADDED*** 3/17 - City of Rockwood (MI), MI Manor ISD, TX Unltd Tax School Bldg Bonds, Series 2020 3/17 - Pelham Union Free School District, NY St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A 3/17 - Town of North Hempstead, NY Galveston County WC&ID No. 8, TX Unltd Tax Ref Bonds, Series 2020 3/17 - Washington Local School District (OH), OH Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020 3/19 - City of Salem (OR), OR Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020 3/19 - City of West Concord, MN ***The Preliminary Official Statement has been revised 3/23 - City of Mankato (MN), MN Midland (City of), TX GO Bonds and Tax & Limited Pledge Revenue COOs, Series 2020 Del Valle ISD, TX Unlimited Tax School Building Bonds, Series 2020

013_BB031120 13 3/10/2020 2:25:10 PM New Issues Wednesday, March 11, 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 Wednesday, March 11 England SD #2 AR Ref *3,845 11 am C First Sec Beardsley Friday Eldredge 21-40 --- Aa2 ------BQ 5-Mar Marion SD #3 AR Ref *4,950 10 am C Stephens Friday Eldredge 21-36 ------BQ 6-Mar Boulder County CO Cap Imp *30,000 9:30 am M D.A. Davidson Kutak Rock 20-34 ------6-Mar Lake Bluff SD #65 IL GO Ref *1,710 10 am C PMA Securities Chapman and Cutler 28 ------BQ 25-Feb Greenup Co SD Fin Corp KY Sch Bldg Rev *1,570 11 am E Ross Sinclaire Steptoe & Johnson 21-40 ------BQ 5-Mar Brookline (Town) MA GO Muni Purp Loan *166,600 11 am E Hilltop Securities Locke Lord 21-45 --- Aaa AAA ------5-Mar Oakland County MI Cap Imp *3,945 11 am E MFCI, LLC Dickinson Wright 21-29 --- Aaa AAA ------4-Mar Albany ISD #745 MN GO *3,790 10 am C Ehlers Dorsey & Whitney 22-36 ------BQ 13-Feb Wanaque Borough NJ GO 6,750 11 am E Municipal Official Hawkins Delafield 21-40 ------BQ 27-Feb Las Vegas Vly Wtr Dt NV GO Wtr *97,530 7:45 am P Hobbs, Ong Sherman & Howard 21-36 --- Aa1 AA+ ------4-Mar Washoe Co SD NV GO Ref *6,820 8:45 am P JNA Consulting Sherman & Howard 21-25 --- Aa3 AA ------3-Mar Washoe Co SD NV GO Sch Imp *215,000 8:30 am P JNA Consulting Sherman & Howard 22-49 --- Aa3 AA ------3-Mar Williamsville Vlg NY Pub Imp 1,100 11:30 am E Municipal Solutions Hodgson Russ 21-30 ------BQ 4-Mar Dublin OH GO Var Purp *26,000 11 am E Baker Tilly MA Squire Sanders 21-40 --- Aaa AAA AAA ------2-Mar Ellis Co ISD #42 OK Transp 245 12:45 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 2-Mar Harper Co ISD #4 OK Transp 175 2 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 2-Mar Fort Bend Co MUD #133 TX Unltd Tax Road 4,575 9:45 am C Masterson Advisors Allen Boone 21-43 --- A3 ------26-Feb

Thursday, March 12 Bauxite SD #14 AR Ref *2,820 1 pm C Stephens Friday Eldredge 21-40 ------BQ 6-Mar Greenland SD #95 AR Ref & Construction *2,700 11 am C First Sec Beardsley Friday Eldredge 20-50 --- Aa2 ------BQ 5-Mar Marion SD #3 AR Ref *2,300 10 am C Stephens Friday Eldredge 20-33 ------BQ 6-Mar Gainesville-Hall Co Dev Auth GA Ref Rev *10,595 11 am E PFM Fin Advisors Stewart Melvin 21-30 --- Aa1 ------9-Mar Westwood City KS GO Imp *3,520 10 am C Baker Tilly MA Gilmore & Bell 21-40 ------BQ 24-Feb Carlisle Co SD Fin Corp KY Sch Bldg Ref Rev *485 11 am E Ross Sinclaire Steptoe & Johnson 20-29 ------BQ 5-Mar Chelsea MA GO Muni Purp Loan *2,515 11 am E Hilltop Securities Hinckley Allen 21-30 ------BQ 9-Mar Massachusetts MA GO Ref *117,760 10:30 am E PFM Fin Advisors Mintz Levin 27-42 --- Aa1 AA AA+ ------9-Mar Massachusetts MA GO *150,000 10 am E PFM Fin Advisors Mintz Levin 50 --- Aa1 AA AA+ ------9-Mar Waltham MA GO Muni Purp Loan *31,800 11 am E Hilltop Securities Locke Lord 21-49 ------AA+ ------6-Mar Portage MI Ref *4,295 11 am E MFCI, LLC Clark Hill 21-26 ------AA+ ------3-Mar Parsippany-Troy Hills Fire Dt #1 NJ Fire District *6,740 11 am E Phoenix Advisors DeCotiis FitzPatrick 21-40 --- Aa3 ------BQ 4-Mar Roswell ISD NM GO Sch *7,000 10 am M RBC Capital Mkts Modrall Sperling 20-32 --- Aa3 ------BQ 9-Mar Hamlin (Town) NY Pub Imp *421 11 am E Bernard P. Donegan Timothy R. McGill 21-49 ------BQ 2-Mar Delaware Co ISD #4 OK Bldg 710 6 pm C Stephen L. Smith Phillips Murrah 22-26 ------BQ 2-Mar Osage Co ESD #77 OK GO (Tax) 240 11 am C BOK Fin Secs Public Fin Law Grp 22 ------6-Mar Stephens Co ISD #15 OK Comb Purp 765 12:45 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 2-Mar Benton Area SD PA GO *9,150 11:15 am E PFM Fin Advisors Stevens & Lee 20-31 ------BQ 9-Mar Galveston Co MUD #32 TX Unltd Tax 2,320 9 am C RBC Capital Mkts Allen Boone 21-45 ------BQ 28-Feb Lakewood Vlg (Town) TX Certs of Oblig *4,500 11 am C SAMCO Cap Mkts Norton Rose 21-40 ------BQ 6-Mar Holmen Vlg WI GO Street *4,920 10 am C Ehlers Quarles & Brady 21-35 ------BQ 6-Mar

Monday, March 16 Alpharetta GA GO Ref *18,890 11 am E PFM Fin Advisors Holland & Knight 21-32 ------10-Mar Corning Comm SD IA GO Sch Ref *3,260 1:30 pm C Piper Sandler Ahlers & Cooney 21-30 ------BQ 6-Mar Buffalo Grove Vlg IL GO *24,000 11 am C Speer Financial Chapman and Cutler 21-35 ------5-Mar Detroit Lakes ISD #22 MN GO *3,770 10:30 am C Ehlers Kennedy & Graven 24-35 ------BQ 13-Feb Wrenshall ISD #100 MN GO *8,995 11 am C Ehlers Knutson Flynn 21-40 ------BQ 18-Feb DeSoto County MS GO Pub Imp 21,000 11:30 am C Govt Consultants Butler Snow 21-40 ------6-Mar P E Ramapo Ctrl SD NY Sch Dist *32,282 11 am E Capital Markets Adv Hawkins Delafield 21-47 ------9-Mar Elizabethton TN GO Sch *4,250 11:15 am E Raymond James Glankler Brown 21-40 ------BQ 9-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_BB031120 14 3/10/2020 4:52:55 PM Wednesday, March 11, 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 Dayton TX Certs of Oblig *13,795 11 am C SAMCO Cap Mkts Norton Rose 22-40 ------6-Mar Grand Mission MUD #2 TX Unltd Tax 6,620 10 am C Rathmann & Assoc State Atty General ------BQ 21-Feb Seis Lagos UD TX Univ Rev 3,475 10 am C Hilltop Securities Norton Rose 21-45 ------BQ 27-Feb Beloit WI GO Prom *1,800 10 am C Ehlers Quarles & Brady 21-30 ------BQ 26-Feb Beloit WI Wtr Sys Rev Ref *2,235 10:30 am C Ehlers Quarles & Brady 20-29 ------BQ 26-Feb Beloit WI GO Corp Purp *3,630 10 am C Ehlers Quarles & Brady 21-40 ------BQ 26-Feb Manawa WI GO Ref (Tax) *1,245 10:30 am C Ehlers Quarles & Brady 21-37 ------10-Mar Menomonie WI GO Prom (Tax) *2,330 11 am C Ehlers Fryberger Buchanan 22-30 ------18-Feb Shorewood Vlg WI GO Ref (Tax) *835 10 am C Baker Tilly MA Quarles & Brady 21-25 ------24-Feb Shorewood Vlg WI GO Ref *3,590 10 am C Baker Tilly MA Quarles & Brady 21-26 ------BQ 24-Feb

Tuesday, March 17 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 P Newtown (Town) CT GO 11,500 11:30 am E Phoenix Advisors Robinson & Cole 21-40 ------10-Mar Wood Dale IL GO *9,250 10:30 am C Speer Financial Ice Miller 20-39 ------AA+ ------6-Mar Kentucky Bond Corp KY Rev *7,320 11 am E Ross Sinclaire Dinsmore & Shohl 21-44 ------Today Harford County MD Pub Imp *40,000 10:30 am E Davenport Miles & Stockbridge 20-39 ------AAA ------5-Mar Harford County MD Ref *91,040 10:45 am E Davenport Miles & Stockbridge 21-30 ------AAA ------5-Mar Rockwood MI Unltd Tax GO *2,000 11 am E PFM Fin Advisors Miller Canfield 23-39 ------BQ 6-Mar Mahtomedi MN GO Imp *10,000 10:30 am C Ehlers Kennedy & Graven 22-36 ------BQ 13-Feb P Hannibal MO Swr Sys Rev Ref *4,770 10 am C WM Fin Strategies Gilmore & Bell 21-32 AGM --- AA ------BQ 5-Mar Greenwich Twp NJ GO Ref 9,500 11 am E Phoenix Advisors Parker McCay 21-35 ------10-Mar Woodstown Boro NJ GO 3,425 10:45 am E Acacia Fin Group Parker McCay 21-35 ------BQ 10-Mar Albany NY GO 18,485 11 am E Fiscal Adv & Mkt Roemer Wallens 21-30 ------10-Mar Coxsackie (Town) NY GO Pub Imp 3,100 10:30 am E Fiscal Adv & Mkt Orrick Herrington 21-35 ------BQ Today Goshen Vlg NY Pub Imp Ref *5,200 11 am E Munistat Services Hawkins Delafield 21-31 ------BQ 9-Mar North Hempstead (Town) NY Pub Imp *21,405 11 am E Capital Markets Adv Hawkins Delafield 21-40 ------Today Ontario (Town) NY Pub Imp *650 11:15 am E Bernard P. Donegan Timothy R. McGill 20-24 ------BQ 10-Mar Washington LSD OH Sch *40,300 11 am E Sudsina & Assoc Bricker & Eckler 20-56 ------Today Lakes Fresh Wtr Supply Dt TX Unltd Tax 6,655 1 pm C Baird State Atty General ------4-Mar Sugar Land TX Wtrwks & Swr Sys *7,165 11:15 am C Hilltop Securities Hunton Andrews 20-39 ------AA AA --- BQ 4-Mar Butler Vlg WI GO Corp Purp 1,470 9:30 am C Ehlers Quarles & Brady 21-40 ------BQ 4-Mar Greenfield WI GO Corp Purp 4,940 10:30 am C Ehlers Griggs Law Office 21-35 ------BQ 10-Mar Superior WI GO Corp Purp *3,835 10 am C Ehlers Fryberger Buchanan 24-40 ------BQ 26-Feb Washburn County WI GO Bldg *6,215 10 am C PFM Fin Advisors Quarles & Brady 21-30 --- Aa2 ------BQ 6-Mar Wisconsin Rapids WI Note Antic (Tax) 2,035 11 am C Ehlers Quarles & Brady 22 ------4-Mar Wisconsin Rapids WI GO Corp Purp 3,640 11 am C Ehlers Quarles & Brady 21-40 ------BQ 4-Mar

Wednesday, March 18 Elgin IL GO Corp Purp *9,645 10:15 am C Speer Financial Chapman and Cutler 21-34 ------Today Owensboro ISD Fin Corp KY Energy *13,415 1 pm E Ross Sinclaire Steptoe & Johnson 21-40 ------Today Pike Co SD Fin Corp KY Sch Bldg Ref Rev *1,050 11 am E Ross Sinclaire Steptoe & Johnson 20-29 ------BQ Today Aurora (Town) NY Pub Imp *8,895 11:30 am E Municipal Solutions Hodgson Russ 21-44 ------BQ Today Neenah WI GO Prom 9,895 10 am C Baird Quarles & Brady 21-30 ------28-Feb

Thursday, March 19 Calcasieu Par SD #22 LA GO Sch 4,000 3 pm C Raymond James Foley & Judell 22-40 ------BQ 5-Mar Essex (Town) MA GO *12,500 11 am E UniBank Fiscal Adv Locke Lord 21-50 ------Today West Concord MN GO Imp *1,285 10:30 am C Ehlers Kennedy & Graven 22-36 ------BQ 28-Feb Salem OR Wtr & Swr Rev *60,000 9:30 am P Piper Sandler Hawkins Delafield 21-40 --- Aa2 ------10-Mar Fort Bend Co MUD #152 TX Unltd Tax 6,230 10 am C Rathmann & Assoc State Atty General ------BQ 6-Mar Horicon WI Wtr Sys Rev Ref 1,165 10 am C Ehlers Quarles & Brady 21-29 ------BQ 4-Mar

Monday, March 23 Atwater ISD #2396 MN GO 4,165 10 am C Ehlers Dorsey & Whitney 21-40 ------BQ 25-Feb Chisago Lakes ISD #2144 MN GO 1,300 10:30 am C Ehlers Dorsey & Whitney 22-31 ------BQ 27-Feb Mankato MN GO Imp *5,860 10 am C Baker Tilly MA Taft Stettinius 22-31 ------BQ 3-Mar Tulsa Co ISD #2 OK Comb Purp (Tax) 4,435 11:45 am C Stephen H. McDonald State Atty General 22-25 ------Today Denton Co Fresh Wtr Supp Dt #11A TX Unltd Tax 7,000 9:30 am C Specialized Pub Fin State Atty General 20-40 ------BQ 4-Mar Milwaukee Metro Swrg Dt WI GO Swr 80,000 9 am C Baird Foley & Lardner 21-40 ------AAA ------27-Feb

015_BB031120 15 3/10/2020 4:52:56 PM New Issues Wednesday, March 11, 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 Tuesday, March 24 Wilmette SD #39 IL Limited Oblig *10,250 10 am C Raymond James ------10-Mar Oakland Co Bldg Auth MI Bldg Auth 36,425 11 am E Baird Miller Canfield 20-36 ------Today Canadian Co ISD #22 OK Comb Purp (Tax) 9,010 12 pm C Stephen L. Smith Phillips Murrah 22 ------Today Lincoln Co ISD #4 OK Comb Purp 860 12:45 pm C Stephen H. McDonald State Atty General 22-25 ------BQ Today Major Co ISD #84 OK Comb Purp 1,300 12 pm C Stephen L. Smith Phillips Murrah 22-24 ------BQ 10-Mar Pawnee Co ESD #2 OK Bldg 180 11:45 am C Stephen H. McDonald State Atty General 22-23 ------BQ Today Harris Co MUD #217 TX Unltd Tax 2,450 10 am C GMS Group State Atty General ------BQ Today Kendall Co Wtr Ctrl & Imp Dt #2A TX Unltd Tax 1,830 12 pm C Baird State Atty General ------BQ Today Sonterra MUD TX Tax & Rev 14,450 9 am C Specialized Pub Fin ------28-Feb

Wednesday, March 25 Siena MUD #1 TX Unltd Tax 6,495 9:30 am C Public Fin Group State Atty General ------BQ 9-Mar Siena MUD #2 TX Unltd Tax 5,500 10:30 am C Public Fin Group State Atty General ------BQ 9-Mar

Thursday, March 26 Brown Co Schs IN GO 3,670 11 am E Baker Tilly MA Ice Miller ------BQ 27-Feb Frontier Sch Bldg Corp IN First Mtg 5,350 11 am E Baker Tilly MA Ice Miller ------BQ 26-Feb Readington Twp NJ Gen Imp *6,121 11 am E --- McManimon Scotland 21-41 ------10-Mar

Monday, March 30 Anoka-Hennepin ISD #11 MN GO Sch Bldg *94,565 10 am C Baker Tilly MA Knutson Flynn 21-45 ------3-Mar

Tuesday, March 31 Roseville ISD #623 MN GO 8,185 11 am C Ehlers Kennedy & Graven 21-40 ------BQ 27-Feb Leander TODD MUD #1 TX Unltd Tax 3,200 9 am C Specialized Pub Fin State Atty General 22-45 ------BQ 10-Mar

Wednesday, April 1 Iowa BOR IA Rev Ref (Tax) *15,375 10 am C Baker Tilly MA --- 21-36 ------9-Mar Iowa BOR IA Rev Ref *17,545 10 am C Baker Tilly MA --- 21-36 ------9-Mar Iowa BOR IA Ref Rev *18,250 10:30 am C Baker Tilly MA --- 21-28 ------9-Mar

Thursday, April 2 Forest Lake ISD #831 MN GO 10,235 9:30 am C Ehlers Dorsey & Whitney 22-35 ------20-Feb

Monday, April 6 Buffalo MN GO 6,195 10:30 am C Ehlers Taft Stettinius 21-40 ------BQ 5-Mar Galveston Co MUD #6 TX Unltd Tax 2,730 1 pm C GMS Group State Atty General ------BQ 9-Mar Waunakee Vlg WI GO Corp Purp 9,995 10 am C Ehlers Husch Blackwell 21-35 ------BQ 9-Mar

Monday, April 13 Rosemount-Apple Vly ISD #196 MN COPs 8,945 11 am C Ehlers Dorsey & Whitney 21-30 ------Today Lake Delton Vlg WI GO Corp Purp 35,910 10:30 am C Ehlers Quarles & Brady 21-40 ------9-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

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Wednesday, March 11 P Anchorage AK GO Tax Antic *100,000 11 am E Hilltop Securities K&L Gates 20 ------SP-1+ ------6-Mar Brookline (Town) MA GO Bond Antic 6,700 11 am E Hilltop Securities Locke Lord 21 --- MIG1 ------5-Mar Rockland (Town) MA GO Bond Antic 6,000 11 am E Hilltop Securities Locke Lord 20 ------2-Mar Palisades Pk Borough NJ GO Bond Antic 3,972 11 am E Municipal Official Rogut McCarthy 21 ------BQ 9-Mar Gorham Middlesex Ctrl SD NY Bond Antic 3,000 11 am E Municipal Solutions Orrick Herrington 20 ------BQ 4-Mar Westport Fire Dt NY Bond Antic 2,800 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 9-Mar

Thursday, March 12 Wichita KS GO Temp *26,875 10 am C Piper Sandler Gilmore & Bell 20 --- MIG1 SP-1+ ------6-Mar

016_BB031120 16 3/10/2020 4:52:57 PM Wednesday, March 11, 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 Merrimack County NH Tax Antic 17,000 11 am E Northeast Muni Advs Devine Millimet 20 ------5-Mar Edison Twp NJ Bond Antic 8,030 11:30 am E NW Financial Group McManimon Scotland 21 ------Today Hasbrouck Heights Borough NJ GO Bond Antic 6,749 11 am E Municipal Official Rogut McCarthy 21 ------BQ 6-Mar Hazlet Twp NJ Bond Antic 9,135 11 am E Municipal Official Gibbons P.C. 21 ------BQ 9-Mar Hillsborough Twp NJ Bond Antic 4,000 11 am E Municipal Official GluckWalrath 21 ------BQ 9-Mar Lopatcong Twp NJ Bond Antic 4,267 11 am E Municipal Official Gibbons P.C. 21 ------BQ 9-Mar Newton (Town) NJ Bond Antic 380 11:30 am E Municipal Official McManimon Scotland 20 ------BQ 6-Mar Woodbridge Twp NJ Bond Antic 70,360 11 am E Municipal Official Rogut McCarthy 21 ------10-Mar Albany CSD NY GO Bond Antic 24,185 11:15 am E Fiscal Adv & Mkt Barclay Damon 21 ------9-Mar Brighton Ctrl SD NY Bond Antic 7,000 11:30 am E Bernard P. Donegan Harris Beach 20 ------4-Mar Johnson City Ctrl SD NY GO Bond Antic 10,000 10:45 am E Fiscal Adv & Mkt Orrick Herrington 20 ------28-Feb Wyoming Vlg NY Bond Antic 1,887 11 am E Municipal Solutions Timothy R. McGill 21 ------BQ 5-Mar

Monday, March 16 Washington County NY GO Bond Antic 2,300 11:15 am E Fiscal Adv & Mkt Bartlett Pontiff 21 ------Today Washington County NY Bond Antic 7,875 11:15 am E Fiscal Adv & Mkt Bartlett Pontiff 21 ------Today

Tuesday, March 17 Cicero (Town) NY Bond Antic 2,221 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 6-Mar Morristown Ctrl SD NY Bond Antic 500 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 10-Mar North Hempstead (Town) NY Bond Antic 8,393 11 am E Capital Markets Adv Hawkins Delafield 21 ------Today Pelham UFSD NY Bond Antic *10,000 11 am E Capital Markets Adv Hawkins Delafield 20 ------6-Mar

Thursday, March 19 Montague Twp NJ Bond Antic 1,984 11 am E Municipal Official Gibbons P.C. 21 ------BQ 6-Mar

Tuesday, March 24 Oakland Co Bldg Auth MI Bldg Auth 2,665 11 am E Baird Miller Canfield 20 ------Today

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 9 Madison Wtr & Wstwtr Bd AL Wtr & Swr Rev 56,360 Stifel Nicolaus ------6-Mar Mid-Arkansas Utils Pub Wtr Auth AR Wtr Ref Rev 4,790 Crews & Associates --- BAM ------9-Mar Goodyear AZ GO Ref 9,615 Stifel Nicolaus Hilltop Securities ------5-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 University Student Ath Facs LLC AZ Lease Rev 37,840 RBC Capital Mkts --- AGM ------5-Mar Alta Loma SD CA GO 20,000 Stifel Nicolaus ------6-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 Muni Fin Auth CA Rev (Tax) 53,500 Prager & Co ------5-Mar Escondido Union SD CA GO 18,000 Wells Fargo Secs ------6-Mar Goleta Redev Agy CA Tax Alloc Ref 12,450 Stifel Nicolaus ------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 Ontario CA Pension (Tax) 340,375 Hilltop Securities Harrell & Company ------AA- --- 5-Mar S Placer WstWtr Auth CA Wstwtr Rev Ref 48,760 Morgan Stanley Hilltop Securities ------9-Mar San Bernardino Comm Coll Dt CA GO Ref 140,410 Piper Sandler ------6-Mar San Diego USD CA GO Ref (Tax) 89,885 JPMorgan KNN Public Finance ------AAA --- 6-Mar San Joaquin Delta Comm Coll CA GO (Tax) 107,805 RBC Capital Mkts ------21-Feb Thousand Oaks Pub Fin Auth CA Lease Rev Ref 7,900 Stifel Nicolaus ------5-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 Severance Shores Metro Dt #4 CO GO 1,693 D.A. Davidson ------6-Mar Severance Shores Metro Dt #4 CO GO 5,800 D.A. Davidson ------6-Mar Seymour (Town) CT GO Ref (Tax) 5,700 Mesirow Financial Phoenix Advisors ------6-Mar

017_BB031120 17 3/10/2020 4:52:57 PM New Issues Wednesday, March 11, 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

Seymour (Town) CT GO 5,735 Mesirow Financial Phoenix Advisors ------6-Mar 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 Cobb Co Kennestone Hosp Auth GA Rev Antic 101,745 BofA Securities ------6-Mar Fulton Co Dev Auth GA Rev 73,395 BofA Securities ------6-Mar Honolulu (City & Co) Wtr Bd HI Wtr Sys Rev 50,450 BofA Securities ------6-Mar Honolulu (City & Co) Wtr Bd HI Wtr Sys Rev (Tax) 83,800 BofA Securities ------6-Mar Spirit Lake Comm SD IA Sales & Srvc Tax Rev 12,195 Piper Sandler ------6-Mar Illinois Fin Auth IL Rev 162,320 RBC Capital Mkts PFM Fin Advisors ------3-Mar Illinois Fin Auth IL Rev 335,000 Goldman Sachs H2C Securities Inc., ------6-Mar Illinois Fin Auth IL Rev 100,000 Goldman Sachs H2C Securities Inc., ------6-Mar Illinois Hsg Dev Auth IL Multifam Hsg 10,645 KeyBanc Cap Mkts ------Today Wonder Lake IL Rev Ref 4,115 D.A. Davidson --- BAM ------6-Mar St Johns Pub Schs MI GO Energy 5,820 Stifel Nicolaus Baker Tilly MA ------6-Mar Branson Reorg SD #4 MO GO Ref 5,895 Stifel Nicolaus ------6-Mar Ritenour SD MO GO Ref 10,510 Stifel Nicolaus ------6-Mar Montana MT GO 27,615 RBC Capital Mkts ------AA+ --- 6-Mar Salisbury NC Sys Rev 36,975 JPMorgan Hilltop Securities ------AA- --- 6-Mar Salem Co Poll Cntr Fin Auth NJ Rev Ref 23,150 Morgan Stanley ------14-Feb NYC Hsg Dev Corp NY Multifam Hsg 132,995 Morgan Stanley ------9-Mar NYS Dorm Auth NY Rev Ref 299,510 Goldman Sachs The Yuba Group ------6-Mar Hamilton OH Spec Oblg (Tax) 29,000 KeyBanc Cap Mkts --- BAM ------17-Jan Liberty Ctr LSD OH Sch Facs Constr (Tax) 17,830 Stifel Nicolaus ------6-Mar Ohio Wtr Dev Auth OH Wtr Pollution Cntrl 450,000 JPMorgan PFM Fin Advisors ------6-Mar Sycamore Comm CSD OH GO Sch Imp 110,505 RBC Capital Mkts ------4-Mar Tuscarawas Vly LSD OH COPs 30,000 Stifel Nicolaus ------6-Mar Bryan Co Sch Fin Auth OK Ed Facs Rev 27,300 D.A. Davidson ------6-Mar Hermiston SD #8R OR GO & Ref 85,529 Piper Sandler ------6-Mar Port of Morrow OR Fac Rev (Tax) 190,000 Citigroup ------6-Mar Univ of Oregon OR Gen Rev (Tax) 20,000 BofA Securities PFM Fin Advisors ------6-Mar Univ of Oregon OR Gen Rev 100,000 BofA Securities PFM Fin Advisors ------6-Mar Bermudian Springs SD PA GO 35,785 RBC Capital Mkts --- BAM ------6-Mar Charlestown Twp PA Ref 8,195 Boenning&Scattergood ------5-Mar Lansdale Borough PA GO 9,110 Boenning&Scattergood ------6-Mar Mars Area SD PA GO (Tax) 14,475 PNC Capital Markets ------4-Mar Monessen SD PA GO 9,525 RBC Capital Mkts --- MAC ------6-Mar Pittsburgh PA GO 43,815 PNC Capital Markets MAS Financial Adv ------28-Feb Providence Pub Bldg Auth RI Rev 95,000 Raymond James Hilltop Securities AGM ------6-Mar Rhode Island Hsg & Mtg Fin RI Home Ownership Rev (AMT) 1,990 JPMorgan ------6-Mar Rhode Island Hsg & Mtg Fin RI Home Ownership Rev 117,055 JPMorgan ------6-Mar Spartanburg SC Wtr Sys Rev Ref (Tax) 28,320 Stephens First Tryon Advisors ------5-Mar Spartanburg San Swr Dt SC Swr Sys (Tax) 65,245 Stephens First Tryon Advisors ------5-Mar Knox Co Hlth Educ & Hsg Facs Bd TN Multifam Hsg 21,350 Stifel Nicolaus ------6-Mar Aledo ISD TX Sch Bldg 133,135 Piper Sandler BOK Fin Secs PSF ------AAA --- 6-Mar Denton Co Fresh Wtr Supp Dt #8-B TX Road 2,620 Hilltop Securities --- BAM ------6-Mar Hillsboro ISD TX Sch Bldg 26,775 FHN Fin Cap Mkts Live Oak Pub Fin PSF ------6-Mar Hunter’s Glen MUD TX Wtrwks & Swr Sys 3,210 Hilltop Securities --- AGM ------4-Mar New Hope Cult Educ Facs Fin Corp TX Rev (Tax) 36,620 BB&T Cap Mkts ------28-Feb New Hope Cult Educ Facs Fin Corp TX Rev 632,330 BB&T Cap Mkts ------28-Feb San Felipe Del Rio Cons ISD TX Sch Bldg 19,000 UMB Bank PFM Fin Advisors PSF ------28-Feb Utah Hsg Corp UT Mtg 34,000 Stifel Nicolaus ------6-Mar Fairfax County VA GO Pub Imp (Tax) 231,885 BofA Securities ------AAA --- 2-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 9 Long Beach CA Rev 145,000 Citigroup Public Resources ------6-Mar

018_BB031120 18 3/10/2020 4:52:58 PM Wednesday, March 11, 2020 New Issues www.bondbuyer.com 19

Municipal Bond Elections Compiled by IHS Markit This table lists bond elections involving $500,000 or more and gives the dates when voters are scheduled to cast their ballots (,000 omitted). *New on calendar.

Tuesday, March 17, 2020 $830 ...... Anchorage, AK $5,760 ...... Burnet Cons ISD, TX $14,950 ...... Breckenridge Comm SD, MI $82,833 ...... Anchorage SD, AK $232,800 ...... Comal ISD, TX $80,185 ...... Byron Center Pub Sch, MI $24,000 ...... Casselberry, FL $1,110 ...... Anchorage SD, AK $124,700 ...... Comal ISD, TX $88,090 ...... Caledonia Comm Schs, MI $34,500 ...... Longboat Key, FL $27,600 ...... Miami Co USD #416, KS $29,800 ...... Comal ISD, TX $2,770 ...... Carsonville-Port Sanilac Schs, MI $30,000 ...... West Palm Beach, FL $6,900 ...... Miami Co USD #416, KS $10,400 ...... Comal ISD, TX $68,000 ...... Cedar Springs Pub Schs, MI $147,000 ...... Barrington CUSD #220, IL $38,000 ...... Mason Cons Schs, MI $35,000 ...... Corsicana ISD, TX $40,600 ...... Clio Area Schs, MI $27,140 ...... Batavia Pk Dt, IL $20,000 ...... Columbia Pub SD, MO $6,200 ...... Cumby ISD, TX $28,000 ...... Durand Area Schs, MI $23,000 ...... Beach Pk Comm Cons SD #3, IL *$18,000...... Moberly, MO $94,200 ...... Dickinson ISD, TX $1,680 ...... Durand Area Schs, MI $10,500 ...... East Dubuque USD #119, IL $21,000 ...... Monett SD R-I, MO $299,700 ...... Frenship ISD, TX $49,995 ...... Elk Rapids Schs, MI $3,000 ...... East Joliet Fire Prot Dt, IL $4,000 ...... Neosho R-V SD, MO $127,275 ...... Friendswood ISD, TX $23,600 ...... Freeland Comm SD, MI $55,000 ...... Elmwood Pk CUSD #401, IL $1,300 .....Northeast Nodaway Co R-V SD, MO $1,000 ...... Friendswood ISD, TX $14,730 .... Galesburg-Augusta Comm Schs, MI $7,400 ...... Glen Carbon, IL $3,200 ...... S Boone Co Fire Prot Dist, MO $35,100 ...... Gainesville ISD, TX $50,000 ...... Garden City SD, MI *$119,000...... Glenview Comm Cons SD #34, IL $1,000 ...... S Nodaway Co SD #R-4, MO $98,000 ...... Gregory-Portland ISD, TX $13,975 ...... Godwin Heights Pub Schs, MI $17,000 ...... Illini West HSD #307, IL *$20,000...... St Joseph, MO $9,000 ...... Gregory-Portland ISD, TX $20,930 ...... Goodrich Area Schs, MI $30,700 ...... Lake Villa Comm Cons SD #41, IL $3,500 ...... Sturgeon R-V SD, MO $25,000 ...... Hardin-Jefferson ISD, TX $86,925 ...... Grand Blanc Comm Schs, MI $1,500 ...... Riverside Vlg, IL $16,925 ...... Pottawatomie Co ISD #93, OK $137,482 ...... Hays Cons ISD, TX $17,470 ...... Grant Pub Schs, MI $30,000 ...... Villa Park SD #45, IL *$1,200...... Pottawatomie Co ISD #93, OK $34,661 ...... Hays Cons ISD, TX $65,625 ...... Hamilton Comm Schs, MI $10,000 ...... Woodstock, IL $10,050 ...... Ashwaubenon SD, WI $27,768 ...... Hays Cons ISD, TX $35,265 ...... Hamtramck Pub Schs, MI $5,000 ...... Amherst Pub Lib, OH $12,500 ...... Baldwin-Woodville Area SD, WI $12,135 ...... Hays Cons ISD, TX $1,240 ...... Harbor Beach Comm SD, MI $69,246 ...... Celina CSD, OH $9,900 ...... Cambridge SD, WI $3,954 ...... Hays Cons ISD, TX $45,000 ...... Hartland Cons Schs, MI $300,000 ...... Columbus St Comm Coll, OH $30,000 ...... Columbus SD, WI $1,300 ...... Hays Cons ISD, TX $30,000 ...... Ithaca Pub Schs, MI $5,600 ...... Euclid CSD, OH $17,000 ...... Dodgeland SD, WI $207,800 ...... Irving, TX $60,700 ...... Jenison Pub Schs, MI $3,000 ...... Huron County, OH $15,730 ...... Elk Mound Area SD, WI $152,700 ...... Irving, TX $21,900 ...... Johannesburg-Lewiston SD, MI $25,190 ...... Kent CSD, OH $6,920 ...... Elkhorn Area SD, WI $78,300 ...... Irving, TX $67,000 ...... Kenowa Hills Pub Schs, MI $89,975 ...... Kings LSD, OH $15,000 ...... Johnson Creek SD, WI $34,300 ...... Irving, TX $55,000 ...... Linden Comm Schs, MI $31,300 ...... Lakewood LSD, OH $9,850 ...... Luck SD, WI $29,930 ...... Irving, TX $29,825 ...... Manistee Area Pub Schs, MI $57,557 ...... New Philadelphia SD, OH $55,700 ...... Mequon-Thiensville SD, WI $20,200 ...... Irving, TX $23,720 ...Melvindale North Allen Pub Schs, MI $58,500 ...... North Canton CSD, OH $114,900 ...... Neenah Jt SD, WI $10,700 ...... Irving, TX $6,325 ...... Merrill Comm SD, MI $134,700 ...... Olentangy LSD, OH $2,900 ...... Nekoosa SD, WI $10,200 ...... Irving, TX $59,000 ...... Monroe Pub Schs, MI $58,350 ...... Perry LSD, OH $8,000 ...... New Holstein SD, WI $9,200 ...... Irving, TX $21,000 ...... Morley-Stanwood Comm Schs, MI $2,955 ...... Pleasant Hill-Newton Jt Fire Dt, OH $7,500 ...... Oostburg SD, WI $5,770 ...... Irving, TX $11,200 ...... Mount Morris Cons Schs, MI $10,155 ...... Preble Shawnee LSD, OH $10,000 ...... Osceola SD, WI $3,000 ...... Irving, TX $93,110 ...... Muskegon Pub Schs, MI $8,245 ...... South Central LSD, OH $3,900 ...... Osseo-Fairchild SD, WI $1,300 ...... Irving, TX $11,670 ...... Muskegon Pub Schs, MI $44,200 ...... Tiffin City SD, OH $9,860 ...... Phillips SD, WI $235,000 ...... Killeen ISD, TX $8,000 ...... North Adams-Jerome Schs, MI $6,540 ...... Troy CSD, OH $6,700 ...... Pittsville SD, WI $191,000 ...... Killeen ISD, TX $36,675 ...... Northview Pub Schs, MI $5,500 ...... Valley View LSD, OH $64,985 ...... Sauk Prairie SD, WI $44,900 ...... North Lamar ISD, TX $22,930 ...... Otsego Pub Schs, MI $8,700 ...... Wellington Ex Vlg SD, OH $16,000 ...... Spooner Area SD, WI $937,702 ...... Northwest ISD, TX $3,900 ...... Pine River Area Schs, MI $21,900 ...... Williamsburg LSD, OH $14,000 ...... St Croix Falls SD, WI $23,573 ...... Northwest ISD, TX $21,500 ...... Plainfield Chtr Twp, MI Wednesday, March 18, 2020 $16,840 ...... Sturgeon Bay SD, WI $16,485 ...... Northwest ISD, TX $21,250 ...... Reeths-Puffer Schs, MI $2,500 ...... SW Wisconsin Comm SD, WI $158,618 ...... Baldwin UFSD, NY $8,840 ...... Northwest ISD, TX $41,750 ...... Vicksburg Comm Schs, MI $6,500 ...... Webster SD, WI Thursday, March 19, 2020 $96,700 ...... Pflugerville, TX $45,500 ...... Warren Woods Pub Schs, MI $4,000 ...... Winter SD, WI $19,670 ...... Sinton ISD, TX $150,000 ...... Waterford SD, MI $45,929 ...... Glen Cove CSD, NY $4,560 ...... Wonewoc-Union Center SD, WI $64,700 ...... Southside ISD, TX $91,390 ...... Sinton ISD, TX Tuesday, March 24, 2020 $28,700 ...... Wrightstown Comm SD, WI $22,668 ...... Troup ISD, TX Saturday, May 09, 2020 $100,000 ...... Effingham Co SD, GA Tuesday, April 14, 2020 $33,400 ...... Waxahachie ISD, TX *$42,000...... East Ouachita Parish SD, LA $189,000 ...... Muscogee Co SD, GA $1,500 ...... Benson ISD #777, MN $12,000 ...... West Lake Hills, TX $12,300 .... Jefferson Davis Par Cons SD #1, LA Tuesday, March 31, 2020 $47,750 ...... Montevideo ISD #129, MN $10,000 ...... West Lake Hills, TX Tuesday, May 12, 2020 $294,800 ...... Rock Hill SD #3, SC $13,280 ...... Montevideo ISD #129, MN $100,150 ...... Willis ISD, TX $58,000 ...... Byron ISD #531, MN Tuesday, April 07, 2020 Tuesday, April 28, 2020 $62,350 ...... Willis ISD, TX Tuesday, May 19, 2020 $12,500 ...... Willis ISD, TX $43,000 ...... Anchorage, AK $317,400 ...... Everett SD #2, WA Tuesday, May 05, 2020 $2,600 ...... Fruitland, ID $5,375 ...... Anchorage, AK $40,500 ...... Ridgefield SD #122, WA $68,700 ...... West Ada SD, ID $5,095 ...... Anchorage, AK Saturday, May 02, 2020 $79,000 ...... Hanover Comm Sch Corp, IN $145,000 ...... Lane Co Comm Coll, OR $3,950 ...... Anchorage, AK $275,000 ...... Amarillo, TX $1,560 ...... Alanson Pub Schs, MI $55,000 ...... St Helens SD #502, OR $2,400 ...... Anchorage, AK $134,248 ...... Bastrop ISD, TX $11,300 ...... Atherton Comm Schs, MI Thursday, May 21, 2020 $2,200 ...... Anchorage, AK $5,911 ...... Bastrop ISD, TX $28,400 ...... Bay City SD, MI $2,050 ...... Anchorage, AK $23,900 ...... Burnet Cons ISD, TX $2,240 ...... Bentley Comm SD, MI $40,000 ...... Redmond Area Pk & Rec Dt, OR

019_BB031120 19 3/10/2020 4:52:59 PM Market Statistics Wednesday, March 11, 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 3/5/20 2/27/20 High Date Low Date Municipal Bond Index ...... 139 02 . –1 03/32. 140 05 . (3/9) 133 31 . (1/2) 40 Average Dollar Price ...... 112 46 . –0 89 . 113 35 . (3/9) 108 35 . (1/2) Bond Buyer Revenue Bond Index . . . . 2 81% . 2 77% . 3 20% . (1/2) 2 81% . (3/5) Average Yield to Par Call ...... 2 00 . +0 14 . 2 70 .(1/2) 1 86 .(3/9) Bond Buyer 20-Bond Index ...... 2 31% . 2 27% . 2 73% . (1/2) 2 31% . (3/5) Average Yield to Maturity ...... 3 40 . +0 05 . 3 62 .(1/2) 3 35 .(3/9) Bond Buyer 11-Bond Index ...... 1 84% . 1 80% . 2 26% . (1/2) 1 84% . (3/5)

Wk of 3/13/2020 Wk of 3/6/2020 Wk of 2/28/2020 Wk of 3/8/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $11,014 1. $6,371 7. $14,654 8. $6,471 .5 30-Day Visible Supply ($mills) ...... Negotiated Bonds ...... 9,450 3 . 3,685 0 . 13,320 2 . 5,124 1 . Total (Mar. 11) ...... $11,071 7. –3,336 4. $14,408 0. (3/9) $7,051 7. (1/29) Competitive Bonds ...... 1,563 8 . 2,683 6 . 1,316 8 . 1,064 4 . Competitive ...... 2,133 9 . –581 2 . 5,326 2 . (1/3) 2,133 9 . (3/10) Short-Term Notes ...... 427 2 . 84 7 . 594 4 . 679 2 . Negotiated ...... 8,937 8 . –2,755 2 . 11,693 0 . (3/9) 4,084 5 . (2/19) Long-Term Bond Sales Thru 3/13/2020 Thru 3/6/2020 Thru 2/28/2020 Thru 3/8/2019 Month to Date ...... $17,385 8. $6,371 7. $40,152 7. $6,619 .7 Year to Date ...... 89,039 1 . 78,025 0 . 71,653 4 . 58,068 3 . 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. 10, 2020 Mar. 9, 2020 Mar. 12, 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) . . . 0 55 . 0 47 . 0 00 . ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 0 56 . 0 56 . 1 35 .

Weekly Averages Monthly Averages 03/06 3,349,906 8,074,378 11,424,284 Feb_20 3,488,285 6,834,552 10,322,837 Municipal Market Data 02/28 3,830,174 7,493,429 11,323,603 Jan 3,686,529 6,255,930 9,942,460 One-Month Note (MIG-1) ...... 0 75 . 0 77 . 1 60 . Two-Month ...... 0 73 . 0 75 . 1 62 . 02/21 3,269,762 5,847,452 9,117,214 Dec 2,415,545 8,879,401 11,294,946 Three-Month ...... 0 71 . 0 73 . 1 64 . 02/14 3,471,055 6,469,054 9,940,109 Nov 3,001,881 12,458,477 15,460,358 Four-Month ...... 0 69 . 0 71 . 1 65 . 02/07 3,338,446 7,330,854 10,669,300 Oct 3,948,065 10,035,436 13,983,501 Five-Month ...... 0 68 . 0 70 . 1 66 . 01/31 3,075,623 6,088,922 9,164,546 Sep 2,908,169 9,016,317 11,924,486 Six-Month ...... 0 68 . 0 70 . 1 68 . 01/24 3,481,278 6,620,025 10,145,660 Aug 3,892,634 7,169,949 11,062,583 Nine-Month ...... 0 68 . 0 70 . 1 70 . One-Year ...... 0 70 . 0 72 . 1 70 . 01/17 3,537,541 7,397,796 10,935,337 Jul 2,829,215 5,502,430 8,331,645 01/10 3,956,400 6,220,241 10,176,641 Jun 4,232,721 4,461,583 8,694,304 Variable-Rate Demand (Non-AMT/AMT) 01/03 4,420,068 2,605,270 7,025,338 May 4,075,907 4,156,333 8,232,240 Daily General Market­ ...... 1 06/1. 15 . 1 05/1. 11 . 1 43/1. 48.

12/27 3,549,144 2,511,081 6,060,225 Apr 2,653,924 4,487,284 7,141,208 Mar. 10, 2020 Mar. 3, 2020 Mar. 12, 2019 12/20 794,151 5,924,531 6,718,682 Mar 3,160,437 3,963,383 7,123,820 Seven-Day General Markets ...... n a /n .a . . . n a /n .a . . . n a /n .a . . . 12/13 1,678,664 11,051,209 12,729,873 Feb 2,408,610 4,581,885 6,990,495 Mar. 4, 2020 Feb. 26, 2020 Mar. 5, 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) ...... 1 36 . 1 20 . 1 75 . negotiated supply has been reported since 1971. Mar. 4, 2020 Feb. 26, 2020 Mar. 6, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 1 25 . 1 15 . 1 67 .

Visible Supply Declines Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa Jan. 28 – Mar. 11, 2020 2021 0 54 . 0 57 . 0 60 . 0 61 . 1 10 . 15 2022 0 55 . 0 59 . 0 64 . 0 69 . 1 18 . 12 2025 0 61 . 0 69 . 0 81 . 0 86 . 1 36 . 2030 0 91 . 1 04 . 1 16 . 1 20 . 1 72 . 9 2035 1 15 . 1 33 . 1 43 . 1 50 . 1 98 . 6 2040 1 35 . 1 54 . 1 63 . 1 70 . 2 18 . 2045 1 49 . 1 68 . 1 76 . 1 83 . 2 31 . 3 2050 1 54 . 1 73 . 1 82 . 1 89 . 2 37 .

0 Figures are as of 3 pm Eastern time Mar. 10, 2020. Yields represent the fair market offer side for most liquid and available credits in each 1/28 1/31 2/5 2/10 2/13 2/19 2/24 2/27 3/3 3/6 3/11 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_BB031120 20 3/10/2020 4:37:18 PM Wednesday, March 11, 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 ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield 3/10 43.0 Portland, Maine., (Aa1) ...... 0.65 0.71 1.07 2.00 2.18 … … 3/10 34.5 Vienna (Town), Va., (Aaa/AAA) ...... 0.59 0.64 1.03 2.10 2.29 … … 1M — 04/07/2020 ...... 0 550/530. 0 570/565. 0 558 . 3/10 23.1 Foxborough (Town), Mass., (AAA) ...... 0.57 0.65 1.08 1.70 2.25 … … 3M — 06/11/2020 ...... 0 430/420. 0 365/355. 0 436 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 6M — 09/10/2020 ...... 0 420/415. 0 370/270. 0 427 . Aaa – AAA Treasury Notes and Bonds 3/5 45.6 Cambridge, Mass., ...... 0.58 0.62 0.93 1.80 2.10 … … 3/4 76.1 Acton-Boxborough Reg SD, Mass ...... 0.65 0.66 0.93 1.64 1.88 2.33 2.39 Yesterday’s Prev. Day’s Yesterday’s 2/26 246.0 Baltimore County, Md., ...... … 0.80 1.01 1.42 1.67 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 2/26 10.0 Smithtown (Town), N.Y., ...... 0.70 0.85 1.20 1.70 2.03 … … 2Y — 1 .13% due 02/2022 . . . . 101 06+/076. 101 146/160. 0 510. 2/20 10.7 Mattapoisett (Town), Mass., ...... 0.77 0.82 1.36 2.05 … … … 2/19 15.5 Huntersville (Town), N.C., ...... 0.81 0.84 1.18 2.00 2.25 … … 5Y — 1 .13% due 02/2025 . . . . 102 116/132. 103 08+/100. 0 640. 2/12 15.7 Saint Paul, Minn., ...... 0.90 0.96 1.45 2.15 … … … 10Y — 1 .50% due 02/2030 . . . . 106 312/012. 109 072/092. 0 769. 2/11 36.1 Greensboro, N.C., ...... … 0.84 1.15 1.85 2.25 … … 30Y — 2 .00% due 02/2050 . . . . 117 186/206. 126 000/020. 1 290. 2/5 80.0 Canyons SD BOE, Utah., ...... 0.85 0.90 1.25 2.29 … … … 2/5 10.8 Barnstable (Town), Mass., ...... 0.80 0.83 1.15 2.07 2.34 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 2/5 5.8 Groton (Town)., ...... 0.80 0.84 1.10 2.05 2.20 … … 2/4 16.2 Wayland (Town), Mass., ...... 0.73 0.79 1.32 2.05 … … … Barclays Capital Long Treasury Bond Index Aa1/Aa2/Aa3 – AA+/AA/AA– 3/9 9.5 Carlton County, Minn., ...... 0.80 0.85 1.14 1.60 1.95 … … Index Value Yield Index Total 3/9 7.5 Bonner Springs, Kan., ...... 0.75 0.80 1.10 1.60 1.95 … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 3/9 2.3 City of Minnetrista, Minn., ...... 0.60 0.80 1.15 … 1.90 … … 3/5 263.1 Louisiana, La., ...... 0.62 0.72 1.06 1.38 1.62 … … Close 5274 10. 5060 27. +213 83. 0 98. 1 20. –0 22. 5174 10. 3/5 7.7 Windsor Vlg, Wis., ...... 0.80 0.90 1.25 1.70 1.95 … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 3/4 37.7 Dutchess County, N.Y., ...... 0.79 0.84 1.24 1.90 2.12 … … (Jan. 1 1973 = 100). 3/4 10.8 Ketchum, Idaho., ...... 0.73 0.75 1.10 1.80 2.15 … … 3/3 22.2 Marshfield (Town), Mass., ...... 0.67 0.68 0.95 2.00 2.25 2.35 2.45 3/3 7.4 Bangor, Maine., ...... 0.70 0.73 1.20 1.90 … … … 3/3 6.6 Pewaukee Vlg, Wis., ...... 0.85 0.95 1.30 … 2.00 … … 3/2 38.0 Knox County, Tenn., ...... 0.73 0.79 1.25 2.04 … … … 3/2 20.3 Rochester Econ Dev Auth, Minn.,, ...... 0.75 0.84 1.17 2.00 2.25 … … 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 … … Wednesday Thursday Friday Monday Tuesday 3/3 12.1 Kentucky Rural Wtr Fin, Ky., ...... 0.95 1.06 1.60 2.10 2.35 2.45 … Mar 4 Mar 5 Mar 6 Mar 9 Mar 10 2/19 27.7 Verona Twp BOE, N.J., ...... … 1.15 1.75 2.20 2.41 … … Overnight*...... 0 89 . 0 89 . 0 89 . 0 89 . 0 29 . 2/19 22.6 Fulton Co Bldg Corp, Ind., ...... … 1.23 1.66 2.25 2.47 … … Three Months...... 0 87 . 0 67 . 0 48 . 0 25 . 0 42 . 2/11 25.0 Natchez Adams SD, Miss., ...... 1.03 1.15 1.60 2.35 2.60 … … Six Months...... 0 76 . 0 59 . 0 43 . 0 23 . 0 40 . 2/3 7.6 Peculiar, Mo., ...... 1.00 1.10 1.45 2.00 … … … Nine Months...... 0 68 . 0 54 . 0 38 . 0 23 . 0 38 . 1/14 13.3 Nicholas Co Pub Prop Corp, Ky., ...... 1.15 1.40 2.10 2.54 … … … One Year...... 0 64 . 0 52 . 0 35 . 0 23 . 0 37 . 12/18 12.6 Kentucky Rural Wtr Fin, Ky., ...... … 1.40 2.00 2.50 2.90 … 3.00 Two Years ...... 0 69 . 0 59 . 0 46 . 0 26 . 0 41 . 12/17 11.0 Winter Park (Town), Colo., ...... 1.16 1.28 1.72 2.40 2.64 … … Three Years...... 0 70 . 0 60 . 0 50 . 0 30 . 0 47 . 12/10 6.3 Jackson Vlg, Wis., ...... 1.25 1.43 1.84 2.20 2.45 … … Four Years...... 0 72 . 0 63 . 0 53 . 0 32 . 0 50 . 12/9 5.2 Moundridge Pub Bldg Comm, Kan., . . . . . … 1.45 1.90 … 2.55 2.78 2.85 Five Years...... 0 74 . 0 67 . 0 55 . 0 34 . 0 54 . 11/25 4.0 Corydon (Town), Ind., ...... … 1.60 2.15 2.50 2.75 … … Six Years...... 0 81 . 0 75 . 0 61 . 0 38 . 0 60 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 89 . 0 82 . 0 67 . 0 42 . 0 64 . Eight Years...... 0 92 . 0 86 . 0 70 . 0 43 . 0 64 . Nine Years...... 0 96 . 0 90 . 0 71 . 0 44 . 0 62 . Merrill Lynch Corporate Bond Indexes 10 Years...... 1 00 . 0 94 . 0 73 . 0 45 . 0 62 . 15 Years...... 1 20 . 1 15 . 0 91 . 0 60 . 0 75 . Performance Comparisons for Mar. 9, 2020 20 Years...... 1 41 . 1 37 . 1 10 . 0 75 . 0 95 . Aaa–Baa Rated Corporates 25 Years...... 1 59 . 1 55 . 1 27 . 0 90 . 1 15 . Index Avg. Pct.of Total Return% 30 Years...... 1 62 . 1 59 . 1 29 . 0 90 . 1 09 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3381.48 2.50 100.00 +0.32 +4.08 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2159.53 2.14 65.19 –0.36 +2.17 Industrials 779.09 2.21 34.85 –0.66 +1.84 Utilities 769.52 1.90 5.79 +0.80 +3.82 Finance 765.50 2.33 4.47 –0.02 +2.64 Banks 800.17 2.04 18.89 –0.27 +2.14 Canadians/Yankees 719.56 1.84 35.89 +0.16 +2.63 Long-term (10 years and over) 3707.29 3.19 34.81 +1.62 +7.85 MARKET Industrials 1411.23 3.34 21.22 +0.56 +6.35 Utilities 1458.60 2.85 7.29 +4.37 +11.88 STATISTICS Finance 1468.87 2.97 2.32 +3.51 +11.36 For additional market data, please visit Banks 1540.38 3.07 2.71 +1.02 +6.18 bondbuyer.com/marketstatistics. Canadians/Yankees 1955.82 3.52 11.07 –0.34 +5.11 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_BB031120 21 3/10/2020 4:15:08 PM Market Statistics Wednesday, March 11, 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 5 ...... 2.31 1.84 2.81 0.92 1.56 the February 28 pricings. The list will be revised at the next regularly scheduled revision on March 13. FEB 27 ...... 2.27 1.80 2.77 1.30 1.80 20 ...... 2.46 1.99 2.96 1.52 1.97 13 ...... 2.51 2.04 3.01 1.62 2.07 As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 6 ...... 2.53 2.06 3.03 1.64 2.11 average par call date is July 3, 2026 and the average maturity date is May 18, 2046. 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 22 ...... 3.07 2.61 3.55 1.62 2.11 15 ...... 3.10 2.64 3.58 1.53 1.98

(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 3/7/2019 6/6/2019 9/5/2019 12/5/2019 3/5/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.31 2.27 4.09 4.09 2.27 10-Year Treasury Note 0.92 1.30 2.64 2.64 0.92 STATISTICS 30-Year Treasury Bond 1.56 1.80 3.03 3.05 1.56 Basis Pt Spread to Note –139.00 –97.00 –145.00 –75.00 –157.38 For additional market data, please visit BBI as % of Note 251.09 174.62 154.92 251.09 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –75.00 –47.00 –106.00 –30.00 –111.88 BBI as % of Bond 148.08 126.11 134.98 156.42 113.27

022_BB031120 22 3/10/2020 4:40:00 PM Wednesday, March 11, 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 139.02 140.05 139.05 136.05 125.25 Standard & Poor’s Securities Evaluations Inc. Tuesday, March 10, 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 115.5200 0.9256 124.8055 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 113.9490 0.9628 118.3517 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 112.3660 0.9256 121.3980 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 114.3170 0.9269 123.3326 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 113.4170 0.9269 122.3616 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 113.9200 0.9269 122.9043 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 112.000 -1 2.11 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 114.5260 0.9269 123.5581 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 120.000 -1.375 1.68 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 111.1200 0.8539 130.1323 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 111.625 - 0.500 1.61 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 110.0550 0.8539 128.8851 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 110.625 -1.875 2.76 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 108.1060 0.8771 123.2539 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 113.875 -1.125 1.99 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 109.5580 0.8595 127.4671 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 111.6140 0.8595 129.8592 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 113.1890 0.8539 132.5553 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 114.375 - 0.375 0.99 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 110.8810 0.8568 129.4129 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 114.500 - 0.625 0.94 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 112.6190 0.8539 131.8878 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 113.000 -1.125 2.22 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 103.6010 0.7809 132.6687 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 110.000 - 0.375 1.76 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 104.4200 0.7768 134.4233 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 110.875 - 0.500 1.96 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 103.3210 0.7768 133.0085 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 118.750 -1.250 1.68 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 112.0680 0.8512 131.6588 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 112.625 - 0.625 1.73 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 116.0980 0.8568 135.5019 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 111.125 - 0.375 1.14 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 111.9500 0.8512 131.5202 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 113.125 - 0.500 1.54 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 115.3570 0.8568 134.6370 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 114.8490 0.8512 134.9260 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 113.8340 0.8568 132.8595 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 104.375 - 0.875 2.27 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 106.4250 0.8174 130.1994 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 103.375 - 0.875 2.45 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 115.8410 0.8568 135.2019 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 116.125 - 0.625 1.38 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 112.9470 0.8512 132.6915 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 112.875 -1.125 2.12 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 110.6280 0.8484 130.3960 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 109.500 - 0.375 1.85 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 109.8860 0.8484 129.5215 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 115.500 -1.250 1.94 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 112.8760 0.8568 131.7414 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 115.875 -1.125 1.69 31 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 116.2810 0.8484 137.0592 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 116.250 -1.250 1.95 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 112.5460 0.8539 131.8023 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 103.625 - 0.875 2.37 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 118.7950 0.8512 139.5618 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 116.000 -1.250 2.02 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 115.5540 0.8595 134.4433 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 112.125 - 0.625 2.06 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 115.4450 0.8625 133.8493 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 114.500 -1.250 2.23 36 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 119.9470 0.8484 141.3802 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 110.625 -1.125 2.55 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 114.5100 0.8539 134.1024 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 109.875 -1.125 2.64 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 115.9500 0.8568 135.3291 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 112.500 -1.125 2.32 39 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 110.5910 0.8539 129.5128 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 109.5430 0.995 110.0935 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 115.375 -1.125 1.65 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 112.4605 113.3516 112.5357 110.1338 101.9983 POWER Yield To Par Call ...... 2.00 1.86 1.99 2.39 3.80 Yield To Maturity ...... 3.40 3.35 3.39 3.52 3.99 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 114.000 - 0.625 1.64 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 112.375 - 0.625 1.58

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 . . . . 115.500 - 0.375 0.59 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 ...... 113.375 - 0.375 1.27 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 ...... 113.875 - 0.375 1.13 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 109.500 -1.125 -30.0 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 108.125 - 0.875 2.25 The Municipal Bond Index presented today employs the coefficient derived from the February 28, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 114.875 -1.125 1.95 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 . . . . . 106.375 -1.125 2.56 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 . . 115.375 -1.250 1.97

023_BB031120 23 3/10/2020 4:38:55 PM Wednesday, March 11, 2020 24 The Bond Buyer

CALIFORNIA PUBLIC FINANCE 2020 October 5-7, 2020 | Los Angeles, CA UPCOMING INFRASTRUCTURE FINANCE October 27-28 2020 | Washington, DC

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