Vol. 392 No. 35309 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Thursday, May 14, 2020

THURSDAY Fed: Muni Illinois www.bondbuyer.com Program is WASHINGTON Finds Its THE $3 TRILLION HEROES ACT, which would give $915 bil- Imminent lion in direct federal aid to By Sarah Wynn GO Buyers state and local governments, appears poised for approval in Federal Reserve leadership said their municipal short-term the House on Friday, but its By Lynne Funk, Chip Barnett lending program will be up and and Christine Albano prospects in the Senate seem running in a matter of weeks, slight. ���������������������������������4 not months, while municipalities The municipal market digest- forge ahead and price deals to a ed large deals out of Illinois, New SIFMA RELEASED UPDATED MODEL mostly receptive muni market. York City, and a California pen- documents to help dealers In a Senate Banking, Housing sion obligation deal while yields comply with changing guid- and Urban Affairs Committee fell again in the secondary. hearing Tuesday, Fed Vice Chair However, despite triple-A bench- ance on decreasing duplicative of Supervision Randal Quarles Bloomberg News mark yields falling by two or four disclosures in response to said he expects the Fed’s Munic- Fed Vice Chair of Supervision Randal Quarles said he expects the Fed’s basis points, credit concerns are revised Municipal Securities ipal Liquidity Facility as well as Municipal Liquidity Facility to be running in weeks, not months. increasing among investors. Rulemaking Board guidance on its Main Street Lending Program The Fed, meanwhile, said it Rule G-17. ���������������������������4 to be open in a matter of weeks. ture for me to say exactly how lenges are ahead,” said Emily needs a few weeks to get the short- Committee Chairman Sen. many weeks it would be before Brock, director of the federal li- term lending program up and run- THE REGIONS Mike Crapo, R-Idaho, told they will be operational,” Quarles aison center for the Government ning but investors signaled Wednes- Quarles he was concerned on said. “But it is the highest prior- Finance Officers Association. “So day that the market is able to take WHILE THEIR REGIONS, SIZES AND how quickly the Fed could get ity of what we’re working on.” a lot of states and localities have on new-issues at yields that are still funding streams vary, leaders those programs operating. The Fed, since the creation of already taken the first step with- historically low. of several U.S. mass transit “I don’t think we’re looking at the MLF in early April has been out the Fed even being around.” Investors are signaling that high- months, but it would be prema- releasing details over the past few In an ideal world, it would er-grade, longer-term issuers will systems spoke as one in under- weeks on how it will work, but have been great to get the MLF fare far better than lower-rated, scoring the dire need for addi- it has yet to begin buying munis. functioning few weeks ago, but higher-yield ones, and that general tional federal funding to battle WEDNESDAY’S YIELDS The program will buy $500 billion the Fed also had to start from obligation bonds will fare better scratch, Brock said. the effects of the COVID-`19 The Bond Buyer 40 of short-term notes from issuers. than short-term notes, depending pandemic. ���������������������������5 “Cities and states are already “Would it have been nice to get on the ratings and structure of the 5.3 To Maturity talking with their financial insti- this information sooner?” Brock issuer. 3.84 Down 0.01 4.5 tutions and to their deal teams to said. “Sure, ideally, but there are Illinois served as case in point THE SOUND DEFEAT OF A BALLOT make a determination of the best so many steps along the way that for both of these signals, pricing measure that would have 3.7 type of capital, the best source of had to be taken in order to make its $800 million general obligation overhauled Atlantic City’s capital, the best way for them to this a substantial program. You bond deal to a receptive market. 2.9 mayor-council system of gov- help to underpin what the chal- Turn to Fed page 5 Turn to GOs page 2 ernment will prevent any major 2.1 To Par Call 3.29 Down 0.04 structural changes to the 1.3 junk-rated municipality as it 04/30 05/05 05/08 05/13 Louisiana is Counting Fiscal Cost of Coronavirus grapples with new fiscal chal- 5.5 lenges created by the COVID- By Shelly Sigo 19 pandemic. ���������������������5 5.0 4.5 COVID-19 and depressed oil WEB EXCLUSIVE 4.0 prices will take an outsize toll 3.5 on Louisiana’s finances, with COLORADO NEEDS TO CUT $3.3 bil- 3.0 the state and local governments lion from the budget for fiscal 2.5 facing billions in losses, accord- 2.0 year 2021 after the largest ing to the state’s economist and 1.5 auditor. revenue drop in the state’s his- MAMFJDNOSAJJ On Monday, the revenue es- tory, officials said. Complete market coverage appears on page 2 timating conference adopted a general fund forecast for fiscal 2020 and 2021 that projects more than $1 billion in lower state revenues compared to pre- vious baseline numbers in De- cember and January. The lower forecasts are attrib- utable to the nearly two months Louisiana’s businesses have been shuttered and skyrocketing Bloomberg News unemployment because of the Workers disinfect the French Market in New Orleans. The impact of the Turn to State page 6 pandemic and collapsing oil prices will hit Louisiana budgets hard.

001_BB051420 1 5/13/2020 5:03:12 PM Market News Thursday, May 14, 2020 2 The Bond Buyer GOs Faring Better Than Notes in Present Market Conditions

Continued from page 1 pon in 2030 to yield 5.65%; 5.50% coupon to push,” a Chicago trader said. “The timing year saw 11 defaults in those months. in 2039 to yield 5.75%; and, 5.75% coupon of that deal, the short maturity, nestled in the The year-to-date impairment count — Yields on Illinois were trimmed across the in 2045 to yield 5.85%. heart of the COVID fallout timeline, and the which encompasses all borrowers notifying deal including 10 basis points on the long end Sources said that investors feel more pro- lack of the ability to market is essentially bondholders of technical or payment defaults and 15 basis points on the 10-year. The state tected with the bigger coupon payments and what would have forced that type of yield. or of a credit threat that poses reasonable risk initially intended to sell $1 billion but then it also allows Illinois to collect more cash up It’s like, would you rather own MTA zeros in of near-term default — is now 66, slightly dropped the taxable piece, shrinking the deal front (a higher dollar price for bonds) and 30 or MTA notes? The zeros all day because ahead of last year’s pace (which had been the to $750 million, before later raising the size then kick the can of interest payments down they straddle the storm.” fastest in six years), MMA’s Default Trends to $800 million in the re-pricing. the road. For instance, the New York MTA (A2/A-/ report said. The deal came with coupons and yields The state backed off issuing the $1.2 bil- A+/AA+) deal last week doubled in size This year’s mix skews strongly toward re- above 5% but was re-priced to lower yields lion short-term notes last week after hearing to over a billion and then it rallied strongly tirement projects, which account for nearly a from a morning pricing wire. The deal was price talk of 7% yields. (30 basis points better) in the secondary; third of all fresh impairments. The retirement oversubscribed by as much as 14 times on It points to the major uncertainty of the well-compensated investors (+280 bps) un- sector has never provided more than 20% of 2021 bonds, 15 times in the 2023 maturity market banking on repayments from low- derstand the MTA as too big to fail. The new impairments on a full-year basis. Land and 14 times in 2024. er-rated issuers entering the short-term notes New York MTA green taxable bonds sold at secured projects are next, with the most YTD The 30-year also saw 14 times oversub- market, generally, especially without the 5.175% in 2049 traded as low as 4.82% in impairments since 2014. scriptions and the long bond was 10.3 times Fed’s hands on the deals or the issuer paying massive blocks Friday. “Only four 2020 impairments are in safe oversubscribed. a hefty yield penalty. The exempt MTAs, 4.75s of 2045, traded sectors so far. MMA continues to expect Bonds in 2021 came with a 4.875% cou- Longer-dated lower-rated general obli- at 4.75%-4.78%. a pandemic-linked increase in 2020’s safe pon priced at par. 5.125% in 2022 at par; gation bonds feel safer to investors instead, So although credit conditions remain in sector impairment count (versus 2019’s full 5.375% in 2023 at par; 5.50% in 2024 at par; sources said. flux — and with a potentially enormous year total of 25), but such has not yet begun,” 5.50% coupon to yield 5.60% in 2025; 5.50% “The 7% price talk was for the short downside should even a few safe sector cred- the report said. coupon in 2026 to yield 5.65%; 5.50% cou- competitive note deal the state was trying its begin to consider or actually defaulting There is noticeably more need and atten- — the MTA’s performance means that that tion being paid to underlying credit in the hypothetical has not yet become real, accord- current environment. ing to Municipal Market Analytics. “Credit is king where seemingly more Fed Chair Says Recovery May Take However, because municipal bond pay- accounts have higher rating requirements ment defaults are only rarely announced a and more stringent credit criteria,” said a few months ahead of their occurrence, actual Southeast trader. Time, Creating Solvency Problems default experience this summer is apt to be “Liquidity is also a big premium in here,” materially greater than in recent years, MMA the trader added. “We are being asked partic- Uncertainty remains the munity leaders and limit the said. ularly by retail advisors to talk about credit, key word in the battle against strength of the recovery when The highest summer (Jun-Aug) municipal where previously many brokers would put a the coronavirus, and it could it comes.” default count on record was 27 in 2009; last trade in the system and buy it.” q be a long recovery, with sol- These businesses are a vency issues, Federal Reserve major source of job creation Chair Jerome Powell said — something that will sorely Wednesday. be needed as people seek to Municipal bond funds see inflows in latest week “The recovery may take return to work, he said. some time to gather momen- “A prolonged recession and Tax-exempt Taxable tum, and the passage of time weak recovery could also dis- $20B can turn liquidity problems courage business investment Aaron Weitzman into solvency problems,” and expansion, further lim- $10B Powell said. “Additional fis- iting the resurgence of jobs cal support could be costly, but worth it if as well as the growth of capital stock and $0 it helps avoid long-term economic damage the pace of technological advancement,” and leaves us with a stronger recovery. he said. “The result could be an extended This tradeoff is one for our elected repre- period of low productivity growth and $-10B sentatives, who wield powers of taxation stagnant incomes.” and spending.” The Fed, he noted, has“acted with un- $-20B Governments around the world have precedented speed and force.” After “rap- responded quickly with measures to sup- idly cutting the federal funds rate to close $-30B port workers who have lost income and to zero,” it took a wide array of additional businesses that have either closed or seen a measures to facilitate the flow of credit in 4/1 4/8 4/15 4/22 4/29 5/6 sharp drop in activity and that the response the economy. here in the United States has been particu- “We will continue to use our tools to Source: Investment Company Institute larly swift and forceful, Powell said. their fullest until the crisis has passed and “The overall policy response to date has the economic recovery is well under way,” provided a measure of relief and stabili- Powell said. “Recall that the Fed has lend- Wednesday’s Economic Indicators ty, and will provide some support to the ing powers, not spending powers. A loan recovery when it comes,” he said, adding from a Fed facility can provide a bridge Indicator Last Report Forecast Actual the coronavirus crisis raises longer-term across temporary interruptions to liquidity, PPI March: -0.2% April: -0.5% April: -1.3% concerns as well. and those loans will help many borrowers PPI Core March: -0.2% April: unch April: -0.9% get through the current crisis.” “The record shows that deeper and Forecasts represent the median of estimates by economists polled by IFR Markets longer recessions can leave behind last- One of the tools that will most likely not ing damage to the productive capacity be used, is negative interest rates. of the economy, as avoidable household “Our view has not changed [on imple- Wednesday’s Data and business insolvencies can weigh on menting negative rates] and it is not some- 25 30 growth for years to come,” Powell said. thing we are looking at,” he said, adding Government Securities Prices 10-year: 99 /32 to yield 0.65%, down 7 /32 “Long stretches of unemployment can that during the financial crisis they used 6 6 30-year: 116 /32 to yield 1.34%, up 1 /32 damage or end workers’ careers as their forward guidance and asset purchases. Municipal Bond Index 12912/ , up 9/ skills lose value and professional networks “Negative rates is not an attractive tool for 32 32 dry up, and leave families in greater debt the U.S. right now, as we have a good tool The Bond Buyer’s Total: $9.053 billion, down $2.302 billion and the loss of thousands of small- and kit that works, based on evidence so that is 30-Day Visible Supply Competitives: $2.106 billion, down $308.3 million medium-sized businesses across the coun- what we will be doing.” (as of 5/14) Negotiated: $6.947 billion, down $1.994 billion try would destroy the life’s work and Also, negative rates are unproven, with TheMuniCenter List Offering Total: $014.1 million, up $0.3 million family legacy of many business and com- mixed evidence as to their effectiveness. q

002_BB051420 2 5/13/2020 5:03:14 PM Thursday, May 14, 2020 www.bondbuyer.com 3

NEW ISSUE

Honorable Shawn T. Wooden Treasurer, State of Connecticut $850,000,000* State of Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes, 2020 Series A

Preliminary Pricing Information Retail Order Period* Institutional Pricing* Delivery Date* May 18, 2020 May 19, 2020 May 29, 2020

Expected Tax Status Interest is federally tax-exempt (Non-AMT) and state tax-exempt for Connecticut residents**

For more information on these Bonds, including thePreliminary Offi cial Statement, please visit: www.BuyCTBonds.com or call 877.552.8266 or contact any of the fi rms below.

RBC Capital Markets 800.243.2478

BofA Merrill Lynch Citigroup Goldman Sachs & Co., LLC Raymond James Siebert Williams Shank 888.768.6999 855.644.7252 917.343.7900 877.295.9116 & Co., LLC 800.334.6800

Academy Securities Drexel Hamilton, LLC Fidelity Capital Markets J.P. Morgan Jefferies 855.212.3239 212.632.0406 800.544.5372 855.231.8873 800.567.8567

Loop Capital Markets Mersirow Financial, Inc. Mischler Financial Group, Inc. Morgan Stanley Oppenheimer & Co., Inc. 888.294.8898 800.558.7290 800.820.0640 800.544.5372 866.208.1368

PNC Capital Markets, LLC Ramirez & Co., Inc. Rice Financial Stifel UBS 800.622.7086 855.289.2663 Products Company 800.679.5446 860.727.1527 888.740.7423

Wells Fargo Securities 866.287.3221

*Preliminary, subject to change. ** Before purchasing any Bonds, contact your tax advisor to determine any applicable federal, state and local tax consequences. These Bonds may not be sold, nor may offers to buy be accepted, prior to the time an Offi cial Statement is delivered in fi nal form. Under no circumstances shall this announcement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifi cation under the securities law of any such jurisdiction. Bonds are subject to availability. The Bonds will only be sold by means of an Offi cial Statement.

003_BB051420 3 5/13/2020 5:03:15 PM Washington Thursday, May 14, 2020 4 The Bond Buyer HEROES Act Would Provide $915 Billion to States and Locals By Brian Tumulty Health and Educational Facilities Finance sion, however, is expected to be a nonstart- would receive $14.775 billion by formula Authorities. “It’s an incredible situation. er with the Republican-controlled Senate. under the Surface Transportation Block With everyone suffering as a result of The bleeding in the nonprofit sector is The SALT cap has been a problem in Grant Program with those funds allowed the economic shutdown to stem the spread absolutely massive.” high-tax jurisdictions, such as communities to cover operational, maintenance, and of the coronavirus, the $3 trillion HE- Samuels expects there will be “a well in the New York City metropolitan area. administrative expenses, including pay- ROES Act package, which would give of empathy” among Republican senators The bill proposes $500 billion in direct roll needs. Tribal DOTs would receive $915 billion in direct federal aid to state whose states have rural hospitals strug- funding to state governments to address $150 million, Puerto Rico $60 million, and local government, appears poised for gling to remain open. That said, he does the fiscal impacts from the public health and other territorial DOTs would receive approval in the House on Friday, but its expect the House bill will be changed by emergency as well as $375 billion for local $15 million. prospects in the Senate seem slight. the Senate. governments, $20 billion for tribal govern- Another $15.75 billion would be spent And although the HEROES Act is mas- ments and $20 billion for territories, such on emergency transit relief to maintain sive in scope — it’s 1,800 pages — it does NONPROFITS ASSISTED as Puerto Rico. basic transit services, with $11.75 billion not include major infrastructure measures The $375 billion for local governments distributed through formula aid and $4 bil- or the municipal bond provisions that pub- Senate Republicans could opt to craft would be split between cities and counties, lion through applications to the secretary lic finance advocates had hoped for. their own legislation, using the House based on population, according to National of transportation. As a result, the restoration of advance version as an empty shell, and insert their Association of Counties Executive Direc- State, county and local social services refunding and direct-pay Build America own priorities. tor Matthew Chase. agencies also would share $10.1 billion to Bonds, as well as a higher $30 million The House bill would expand the Feder- “We want to see a bipartisan com- provide support and social services. limit on bank qualified loans, will at best al Reserve’s Main Street Lending Facility mitment in both the House and Senate,” be possible elements of a future infrastruc- to include nonprofits. Chase told reporters in a conference call BILL BACKERS ture package. “That’s important because hospitals Wednesday. He noted, counties would re- Many Republicans in the House have and colleges, along with other nonprofits, ceive additional federal aid through other Local government groups such as the signaled they will oppose the plan, with would be left out of this major funding programs, such as Medicaid. National League of Cities, the U.S. Con- House Republican Minority Leader Kevin source entirely,” Samuels said. “They are In New York, where counties share ference of Mayors and the National Asso- McCarthy describing it as a “liberal wish- loans and not grants.” the cost of Medicaid health services for ciation of Counties have praised the bill. list that has no chance of becoming law.” The bill also loosens the requirements the poor by paying $7 billion annually, a NACo officials said Wednesday in Senate Republican Majority Leader Mitch of the Federal Reserve’s Municipal Li- one-year increase of 14% in the Federal their conference call that the urgent need McConnell will decide if his chamber will quidity Facility, giving local governments Medical Assistance Percentage (FMAP) for federal aid is pervasive from coast to even vote on the bill. more access, said Brock, noting that mem- starting July 1 would free up money for coast, using North Dakota as an example. House Speaker Nancy Pelosi is banking bers of the Public Finance Network were other costs, Chase said. Terry Traynor, executive director of the on public pressure to win its passage. still analyzing the provisions. Medicaid is the largest budget item for North Dakota Association of Counties, Advocates for the public finance sector The muni provisions may come later. many state governments and they would said despite his state’s low population and agree pressure will build for the Senate “Conceptually that’s the next bill if there’s receive most of the benefits from the 14% wide open spaces, its first coronavirus case to act and note some Republicans there a next bill,” Samuels said, adding “it’s increase. The bill also would provide a was reported on March 11. already are sympathetic to another round quite speculative” whether that will occur one-year increase of 10% for Medicaid’s North Dakota’s economy depends on of federal emergency assistance. this year. home- and community-based services agriculture and the oil and gas industries, “A trillion dollars is just what she prom- Brock said she’s confident another leg- (HCBS). both of which have been significantly im- ised and now it’s what she’s delivering,” islative vehicle will move later this year The bill also calls for sending $755 mil- pacted by the pandemic, Traynor said. said Emily Brock, director of the federal whether it’s labeled a stimulus bill, an lion to the District of Columbia from the North Dakota counties already are pro- liaison center for the Government Finance infrastructure bill or tax legislation. CARES Act Coronavirus Relief Fund, jecting a 15% to 18% drop in tax revenue Officers Association. Muni advocates, however, noted that a which had treated D.C. as if it were a ter- for the current budget year and for 2020- “This is existential; we have hospitals noteworthy element in the HEROES Act is ritory. 21 the revenue drop may be 20% or more. laying off nurses,” said Charles Samu- a two-year suspension of the $10,000 ceil- Elsewhere, there’s $15 billion for trans- Counties already are canceling road im- els, an attorney at Mintz Levin, which ing on the deduction for State and Local portation through grants to states, tribal provement projects and planning layoffs represents the National Association of Taxes, also known as SALT. That provi- governments and territories. State DOTs and furloughs. q SIFMA Prepares Underwriters for Changes in Fair Dealing Rule Guidance

By Sarah Wynn Due to the coronavirus, the compliance transaction specific disclosures, Canepa said. the co-manager’s letter, Canepa said. The date for the updated interpretive guidance “This structure reflects that the senior co-manager’s letter will now only disclose The Securities Industry and Financial has been pushed to March 31, 2021 from managing underwriter has to make the dealer or transaction-specific disclosures. Markets Association released updated Nov. 30, 2020. standard disclosures now and its own deal- “We tried to draft in a clear and concise model documents to help dealers comply “The delay in the effective date for the er transaction-specific disclosures, and manner, as a requirement of the revised with changing guidance on decreasing du- rule amendments is appreciated,” said Les- then the co-manager would make their guidance,” Canepa said. plicative disclosures in response to revised lie Norwood, SIFMA’s managing director, own disclosures as well,” Canepa said. “So Under the amended guidance, under- Municipal Securities Rulemaking Board associate general counsel. “Our members this structure is in line with the new guid- writers have to disclose potential material guidance on Rule G-17. have been singularly focused on the mar- ance to streamline or reduce the amount of conflicts of interest that are “reasonably “In the spirit of the revised guidance, ket events, the market dislocation and the information that issuers are getting.” likely” to turn into actual ones. That dis- the updated documents are designed to other burdens of the pandemic.” Standard disclosures will now be in the closure was included in the model docu- streamline the disclosures made to issuers Changes to the guidance meant cutting senior managing underwriter’s letter, not in ments as well. q to more narrowly focus on the risks and down on duplicative disclosures through conflicts most relevant to a given transac- concentrating some responsibilities with CUSTOMER SERVICE tion,” said Bernard Canepa, vice president the sole underwriter or syndicate manager. For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) and assistant general counsel at SIFMA. 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004_BB051420 4 5/13/2020 5:03:15 PM Thursday, May 14, 2020 Regions www.bondbuyer.com 5 Reeling Public Transit Systems Ask Congress for $33 Billion By Paul Burton “This is not a red or blue state issue. sylvania Transportation Authority is still “Well-compensated investors understand It’s a no-brainer,” Patrick Foye, chairman figuring out its losses. Its funding normal- the MTA as too big to fail,” Municipal While their regions, sizes and fund- of New York’s Metropolitan Transporta- ly includes 50% from the state and 37% Market Analytics said in a commentary. ing streams vary, leaders of several U.S. tion Authority, said on a call that included from the revenue box, General Manager “Although credit conditions remain in flux mass transit systems spoke as one in un- officials from New Jersey, Atlanta, San Leslie Richards said. — and with a potentially enormous down- derscoring the dire need for additional Francisco and Philadelphia systems. “It’s tough to calculate. We know we’re side should even a few safe sector credits federal funding to battle the effects of the John Samuelsen, president of Transport going to be hundreds of millions short just begin to consider or actually default — the COVID-`19 pandemic. Workers Union International and former head on revenue this year, and we anticipate it MTA’s performance means that that hypo- A coalition of transit agencies and labor of TWU Local 100 in New York participated, for next year as well as the following year. thetical has not yet become real.” leaders on Tuesday repeated the call for as did John Costa, international president of So this is not something that is coming to San Francisco-based Bay Area Rapid roughly $33 billion in combined aid, on the Amalgamated Transit Union and Larry a quick end.” Transit faces a $600 million deficit for the top of the $25 billion they received under Willis president of the AFL-CIO’s transpor- Discussions within the transportation current and next fiscal years, said General the federal CARES Act. The new amount tation trades department. industry include calls to base further aid Manager Bob Thomas. Ridership is only exceeds by $10 billion what the American The shutdown of economies and stay- on lost revenue, said Jeffrey Parker, gen- 7% of what is was three months ago. Public Transportation Association sought at-home mandates have dropped ridership eral manager of the Metropolitan Atlanta “Here in the Bay Area, our public trans- in its letter to Congress last Thursday. by upward of 90%. Further, tax revenue Rapid Transit Authority. portation system has been brought to its Democrats in the U.S. House of Represen- receipts are way down. The downturns have resonated in the knees by COVID-19, and it means our tatives have released a $3 trillion coronavirus The MTA has requested $3.9 billion capital markets. For example, the MTA budget is deep in the red,” Thomas said. relief bill, with a vote expected Friday. Op- from Washington to match what it already has received downgrades from Moody’s “Unfortunately, ridership is not going to position is expected in the Republican-con- received under CARES and cover just Investors Service, S&P Global Ratings pay those bills. BART isn’t accustomed trolled Senate. Under the Heroes Act, a new the COVID-19-related operating deficit and Fitch Ratings and a warning from to outside help but now we must have it.” round of transit emergency relief would in- for this year. Foye also said $10.4 billion Kroll Bond Rating agency, while the Chi- NJTransit President Kevin Corbett, whose clude $15.75 billion for operating assistance is necessary cover the projected revenue cago Transit Authority and the Regional ridership is down 95%, said his organization grants to support the transit agencies that decline in both 2020 and 2021. Transportation Authority of Illinois this is preparing for the reopening of the state, require significant additional assistance to “Each of my colleagues will have a week received outlook revisions to nega- with conditions to be set by Gov. Phil Mur- maintain basic transit services. different math and a different cause and tive from Moody’s. phy in conjunction with health officials. Of these amounts, $11.75 billion would be effect because each got different funding Last week, the MTA’s anticipated $700 “Transit is so critical to our economy distributed by formula and $4 billion would streams,” said Foye, who contracted the million pricing was upsized to $1.125 bil- we cannot afford to go back to the era be available to any grantee or subrecipient virus two months ago and has recovered. lion and completed at spreads about 300 where transit systems were on the verge by application to the transportation secretary. Philadelphia-based Southeastern Penn- basis points above AAA benchmark yields. of collapse,” he said. q Atlantic City Voters Reject a Measure to Replace Mayor-Council System

By Andrew Coen Atlantic City Residents for Good Govern- of government are 57% less likely to re- “There should have been some kind of ment, said in a statement late Tuesday. “The ceive ethics and corruption violations. analysis before exploring a form of gov- The sound defeat of a referendum that people have rejected change and we accept The push toward changing Atlantic City’s ernment change,” Pfeiffer said. “There was would have overhauled Atlantic City’s without qualification their decision.” government occurred following the resigna- no public discussion or discussion of pros mayor-council system of government will Final official results of the special elec- tion of Mayor Frank Gilliam last October. and cons.” prevent any major structural changes to tion won’t be known for days because all Gilliam, who defeated Guardian in No- Current Atlantic City Mayor Marty Small the junk-rated municipality as it grapples votes were cast by mail in an effort to re- vember 2017, pleaded guilty in federal did not immediately respond to a call for with new fiscal challenges created by the duce spread of the COVID-19 virus. The court to embezzling more than $87,000 comment on the referendum defeat. He is COVID-19 pandemic. election was originally scheduled for from a youth basketball club he co-found- scheduled to face Pamela Thomas-Fields The measure voters rejected Tuesday March. ed. Former Atlantic City mayors Robert W. in a Democratic mayoral primary in July. would have eliminated direct mayoral elec- Atlantic City, already in trouble, faces an Levy, Michael J. Matthews and James L. Atlantic City’s government has faced tions and created a council-manager form even more uncertain economic future with Usry also faced legal trouble while in office. state supervision since November 2016 of government, in which a city manager its nine casinos shut down since March 16 “The mayor approach has had flaws but under the Municipal Stabilization and Re- hired by the city council would have been because of the health crisis. that is more people related,” said Marc covery Act signed by previous Gov. Chris charged with running day-to-day opera- Backers of a new government structure, Pfeiffer, assistant director of Rutgers Uni- Christie following a near default of the tions. It also would have reduced the city including former Mayor Don Guardian, versity’s Bloustein Local Government Re- city’s debt. council from nine to five members. argued that the overhaul would improve search Center. The five-year state takeover, which is “After the first night of counting the municipal finances because of the presence Pfeiffer said efforts to change Atlan- scheduled to last until late 2021, has been ballots it is clear that the referendum to of an appointed city manager with profes- tic City’s governmental makeup was too credited for improving Atlantic City’s fi- change the government structure in Atlantic sional experience. rushed and should have included more re- nancial standing by resolving outstanding City will be defeated by a wide margin even Referendum supporters also noted a Uni- search about the benefits of a city manager casino tax appeals coupled with achieving though voting continues,” Bob McDevitt, versity of North Carolina study showing system. He also criticized the lack of public budgetary savings through retirement incen- chairman of the political action committee that cities with a municipal manager form hearings on the proposal. tives and shared services. q Fed Expects Muni Lending Program Within Weeks; Issuers Forge Ahead

Continued from page 1 nounced are similar to ones it initiated The Fed has asked issuers that may want the Fed’s cap on population size of the during the 2008 financial crisis. to use the MLF to send them notices of in- MLF. The Fed recently expanded it at the don’t want them to rush it either.” “In 2008, the Fed didn’t take any action terest so that the Fed can be prepared when end of April to at least 500,000 for coun- Market participants want the Fed to get with respect to the municipal market,” said the program is running, which indicates ties and 250,000 for cities, down from two the program in effect by the end of this Michael Decker, senior vice president of that the Fed is getting close, Decker said. million and one million. month, Brock said. policy and research at Bond Dealers of The American Securities Association has “With regard to the municipal facility, “It’s both fast and slow at the same time,” America. “They didn’t buy any bonds, been engaging with the Fed and lawmakers as I have discussed with you, the caps on Brock said. “If we get it in two weeks, has they didn’t make any loans, they stayed and is pleased to know the Fed is moving population as they play out in Idaho make the issuer community figured out what completely out of the municipal market. forward, said Chris Iacovella, ASA CEO. it so not even a single city or county in they’re doing in terms of sources of capital?” So they are starting this up right from “This innovative new facility will defi- Idaho can apply for support through this This year, the Fed has announced 11 scratch and so I think that’s why it’s prob- nitely help the market function and support facility,” Crapo said. different credit facilities to support the ably taking a little bit longer than some of the economic recovery,” Iacovella said Quarles said the Fed has tried to create flow of credit to households and business- the other facilities.” Also at the committee hearing Tuesday, an administrative structure that allows es that may have encountered financial Therefore, a few weeks isn’t too long, he Quarles said compared to the 2008 crisis, them to interact directly with larger juris- difficulties as a result of COVID-19. said adding that he takes Quarles at his word the Fed has been able to move more rapidly. dictions and then have them allocate down Many of the facilities the Fed has an- and thinks the program will be online soon. Crapo also said he was concerned about to smaller jurisdictions. q

005_BB051420 5 5/13/2020 5:03:16 PM 6 Southeast Thursday, May 14, 2020 TRENDS IN THE REGION The Bond Buyer

State and Local Governments Expect Billions in COVID-19 Revenue Losses

Continued from page 1 John Schroder, conference members For local governments in the Pelican firmed cases of the disease. agreed to increase the shortfall for the State the budget outlook is just as bleak. On Monday, Edwards announced that coronavirus pandemic, as well as reduced upcoming fiscal year by another $25 mil- Parishes, municipalities, school the state will move to phase one of three demand for gas and an ongoing dispute lion, which was anticipated to come from boards, and sheriffs could collectively phases, under the White House’s guid- between OPEC and Russia over oil pro- the state’s unclaimed property revenues. experience revenue losses in sales and ad ance on Friday, removing stay-at-home duction, which has driven prices down. Schroder, a Republican, told the panel valorem taxes, as well as severance taxes orders for most residents, except the el- The virus hit Louisiana harder and that there is nothing in state statutes that and mineral royalties up to $1.1 billion in derly and those with compromised im- earlier than most states. requires him to turn over any unclaimed fiscal 2020 and 2021, according to a re- mune systems. Gov. John Bel Edwards, a Democrat, money to the state general fund, even port Louisiana Legislative Auditor Daryl Most non-essential businesses will be has announced that most businesses can though about $40 million of it was in- Purpera released May 7. allowed to open under strict occupancy begin reopening on Friday. cluded in the revenue estimating confer- “The state has experienced an econom- levels of 25 people at a time, and they Greg Albrecht, the Legislature’s pri- ence numbers for 2021. ic downturn since COVID-19 mitigation must follow safety and social distancing mary economist, said unemployment “I am here to ask you today to remove measures were implemented, which will guidelines. claims have been “off the charts,” rising it from the forecast,” he said, adding that affect tax collections of local govern- “Because of the stay-at-home order, to 310,000 from the 14,000 to 15,000 he would not object to including $15 ments,” the report said. “Louisiana’s lo- Louisianans were able to dramatically that were seen prior to the increase in million to pay debt service on special cal economies will likely not immediate- improve our trajectory, reduce the num- positive COVID-19 cases that prompted revenue bonds the state issued in 2013 ly recover to their former levels of output ber of new cases, keep our health care the governor to issue a stay-at-home or- and 2015 to finance transportation proj- and tax collections after the stay-at-home system from being overrun and save der to stem the spread of the virus. ects because that amount is specified in order is lifted.” lives,” Edwards said. “Right now, the “There’s no crisis we’ve had that even state law. Purpera said his auditors examined data shows improvement, and we also comes close to this,” Albrecht told con- Dardenne, the governor’s budget chief, sales tax and mineral-related revenues now have a much more robust testing ference members, who are Senate Pres- said that the Legislature appropriates the because they make up 23.6% of local and contract tracing program underway, ident Page Cortez, R-Lafayette; House state’s money, and it’s his belief that it government budgets and are more sensi- which will allow us to better identify Speaker Clay Schexnayder, R-Gonzales; also includes the unclaimed property tive to the economic contraction caused cases and isolate those who may have Commissioner of Administration Jay funding. by COVID-19 than other revenue sourc- been infected.” Dardenne; and Stephen Barnes, an econ- Edwards filed a lawsuit against Schro- es. Hard-hit New Orleans, which will bor- omist at the University of Louisiana at der over his refusal last year to with- Auditors also reviewed sales tax rev- row up to $100 million to pay for oper- Lafayette. hold the money from the state budget. enues from hotel occupancy because of ations because of the pandemic, plans to Unemployment claims have risen to Dardenne said a trial has been held and the impact tourism and travel will have begin the first of a four-phase opening 14.7% of the workforce, an amount far the state is waiting for a decision from on some local economies, and they esti- process on Saturday. greater than the state experienced as a the judge. mated the impact of the downturn on ad Many of the city’s regulations are result of the devastation from Hurricane “We’ll hopefully get a definitive rul- valorem taxes, which account for 20% of stricter than those being imposed by the Katrina in 2005, he said. ing from the court before the budget is local government revenues. state. “The state revenue outlook is strongly enacted,” Dardenne said, adding that he “We estimate that local government The Louisiana Department of Health negative, although highly uncertain as to believes the ruling will be appealed by revenues from sales taxes and ad va- said the state has seen 32,050 confirmed magnitude,” said Albrecht, who went on the losing side. lorem taxes and mineral-related reve- cases of COVID-19 and 2,281 deaths to discuss anticipated lower collections The numbers approved by the estimat- nues will decrease by $172.4 million to from the virus. Across the U.S. there in severance taxes, sales taxes, gaming, ing conference will be used by the Leg- $305.5 million for fiscal year 2020, and have been 1.37 million confirmed cas- and other categories. islature to make adjustments in the cur- by $232.3 million to $833.2 million for es and 82,391 deaths, according to the For the current year, a shortfall of rent state budget and to build a spending fiscal year 2021,” the report said. “We Johns Hopkins University COVID-19 $123 million in revenues is anticipated, plan for the upcoming year. Lawmakers project that sales tax collections will tracker. q he said, describing the impact on fiscal just resumed their annual session after a decrease by 3.8% to 7.0% in fiscal year 2021 as “all bad” for most revenue sourc- break due to the coronavirus. 2020 and 4.8% to 20.5% in fiscal year es that support the state budget. Because of the unknown breadth of 2021.” For the year starting July 1, he said a the economic hit due to the pandemic, Gov. Edwards issued a statewide stay- For more content about this shortage of $867 million is currently pro- conference members also agreed to meet at-home order that began March 23 to region, visit the Regional News jected, compared with earlier forecasts. every two months to monitor changes in fight the spread of COVID-19. At the tab on BondBuyer.com. After hearing from State Treasurer revenues. time, there were more than 800 con-

Visible Supply by State General Obligation Yield Curves for May 12, 2020

May 13, 2020 May 6, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Alabama Aa1/AA/AA+ 0.56 0.92 1.27 2.14 Alabama 0 $0 0 $0 $0 Florida Aaa/AAA/AAA 0.54 0.90 1.26 2.09 Florida 10 853,130 9 1,164,885 –311,755 Georgia Aaa/AAA/AAA 0.55 0.86 1.15 1.96 Georgia 2 175,140 2 175,140 0 Kentucky Aa3/A/AA– 0.59 1.00 1.35 2.18 Kentucky 5 627,695 2 549,385 78,310 Louisiana Aa3/AA–/AA– 0.62 1.02 1.39 2.26 Louisiana 0 0 0 0 0 Mississippi Aa2/AA/AA 0.58 0.97 1.33 2.19 Mississippi 0 0 0 0 0 North Carolina Aaa/AAA/AAA 0.54 0.85 1.13 1.94 North Carolina 5 102,560 4 210,140 –107,580 South Carolina 1 18,080 3 282,305 –264,225 South Carolina Aaa/AA+/AAA 0.54 0.88 1.16 1.97 Tennessee 3 31,015 7 117,610 –86,595 Tennessee Aaa/AAA/AAA 0.54 0.85 1.13 1.94 Virginia 5 445,070 4 587,285 –142,215 Virginia Aaa/AAA/AAA 0.54 0.85 1.13 1.94 West Virginia 0 0 1 9,890 –9,890 West Virginia Aa2/AA–/AA 0.59 0.97 1.33 2.21 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

006_BB051420 6 5/13/2020 5:03:17 PM Thursday, May 14, 2020 Competitive Sales Notices www.bondbuyer.com 7 OFFICIAL NOTICE OF SALE bond per maturity and will be registered in the name of Cede & Co., as bondholder and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository $98,380,000* for the bonds. Purchase of the bonds will be made in book-entry-only form, in the denomination PLYMOUTH-CANTON COMMUNITY SCHOOLS of $5,000 or any multiple thereof. Purchasers will not receive certificates representing their interest in bonds purchased. It will be the responsibility of the purchaser to obtain DTC eligibility. Failure COUNTIES OF WAYNE AND WASHTENAW, of the purchaser to obtain DTC eligibility shall not constitute cause for a failure or refusal by the STATE OF MICHIGAN purchaser to accept delivery of and pay for the bonds. 2020 SCHOOL BUILDING AND SITE BONDS TRANSFER AGENT AND REGISTRATION: Principal shall be payable at the principal corporate trust office of UMB Bank, N.A., Grand Rapids, Michigan, or such other transfer agent as (UNLIMITED TAX GENERAL OBLIGATION) the School District may hereafter designate by notice mailed to the registered owner of record not *Subject to adjustment as set forth in this Notice of Sale less than 60 days prior to an interest payment date. Interest shall be paid by check mailed to the Bids for the purchase of the above bonds will be received in the manner described in this Official registered owner of record as shown on the registration books of the School District as of the 15th Notice of Sale on Thursday, May 28, 2020 until 11:30 a.m., prevailing Eastern Time, at which time day of the month preceding an interest payment date. The bonds will be transferred only upon the and place said bids will be publicly opened and read. registration books of the School District kept by the transfer agent. ELECTRONIC BIDS: Bidders may submit bids for the purchase of the above bonds as follows: PURPOSE AND SECURITY: The bonds are authorized for the purpose of paying the cost of Electronic bids may be submitted to the Municipal Advisory Council of Michigan at making certain capital improvements for the School District. The bonds will be a full faith and [email protected]; provided that electronic bids must arrive before the time of sale and the credit unlimited tax general obligation of the School District. The principal of and interest on bidder bears all risks of transmission failure. the Bonds are payable from the proceeds of ad valorem taxes levied on all taxable property in the Electronic bids will also be received on the same date and until the same time by Bidcomp/ School District which may be levied without limitation as to rate or amount. The rights or remedies Parity as agent of the undersigned. Further information about Bidcomp/Parity, including any fee of bondholders may be affected by bankruptcy, insolvency, fraudulent conveyance or other laws charged, may be obtained from Bidcomp/Parity, Anthony Leyden or CLIENT SERVICES, 1359 affecting creditors’ rights generally now existing or hereafter enacted, and by the application of Broadway, Second Floor, New York, New York 10018, (212) 849-5021. IF ANY PROVISION OF general principles of equity, including those relating to equitable subordination. THIS NOTICE OF SALE SHALL CONFLICT WITH INFORMATION PROVIDED BY BIDCOMP/ GOOD FAITH: A good faith deposit in the form of a certified or cashier’s check drawn upon an PARITY, AS THE APPROVED PROVIDER OF ELECTRONIC BIDDING SERVICES, THIS NOTICE incorporated bank or trust company, or wire transfer, in the amount of one percent (1%) of the final OF SALE SHALL CONTROL. aggregate principal amount of the Bonds, payable to the order of the Treasurer of the School District Bidders may choose any means or location to present bids but a bidder may not present a bid in will be required of the successful bidder. The successful bidder is required to submit its good faith more than one location or by more than one means. deposit to the School District as instructed by the School District not later than Noon, prevailing BOND DETAILS: The bonds will be registered bonds of the denomination of $5,000 or multiples Eastern Time, on the next business day following the sale. The good faith deposit will be applied to thereof not exceeding for each maturity the maximum principal amount of that maturity, originally the purchase price of the Bonds. In the event the purchaser fails to honor its accepted bid, the good dated as of the date of delivery, numbered in order of registration, and will bear interest from their faith deposit will be retained by the School District. No interest shall be allowed on the good faith date payable on November 1, 2020 and semiannually thereafter on May 1 and November 1. check. The good faith check of the successful bidder will be cashed and payment for the balance of The bonds will mature on May 1 in each of the years and in the amounts, as follows: the purchase price of the Bonds shall be made at the closing. AWARD OF BONDS-TRUE INTEREST COST: The bonds will be awarded to the bidder whose Year Amount* Year Amount* bid produces the lowest true interest cost determined in the following manner: the lowest true 2021 $3,275,000 2031 $4,125,000 interest cost will be the single interest rate (compounded on November 1, 2020 and semiannually 2022 4,050,000 2032 5,050,000 thereafter) necessary to discount the debt service payments from their respective payment date to 2023 4,650,000 2033 5,200,000 June 18, 2020, in an amount equal to the price bid, excluding accrued interest, if any. 2024 5,375,000 2034 5,350,000 LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Miller, Canfield, 2025 5,375,000 2035 5,500,000 Paddock and Stone, P.L.C., attorneys of Detroit, Michigan, a copy of which opinion will be furnished 2026 6,250,000 2036 5,675,000 without expense to the purchaser of the bonds at the delivery thereof. The fees of Miller, Canfield, 2027 3,175,000 2037 5,825,000 Paddock and Stone, P.L.C. for services rendered in connection with such approving opinion are 2028 3,425,000 2038 6,000,000 expected to be paid from bond proceeds. Except to the extent necessary to issue its approving 2029 3,625,000 2039 6,175,000 opinion as to validity of the above bonds, Miller, Canfield, Paddock and Stone, P.L.C. has not 2030 3,925,000 2040 6,355,000 been requested to examine or review and has not examined or reviewed any financial documents, *ADJUSTMENT OF TOTAL PAR AMOUNT OF BONDS AND PRINCIPAL MATURITIES: statements or materials that have been or may be furnished in connection with the authorization, The School District reserves the right to adjust the aggregate principal amount of the bonds after issuance or marketing of the bonds, and accordingly will not express any opinion with respect to the receipt of the bids and prior to final award, if necessary, so that the purchase price of the bonds will accuracy or completeness of any such financial documents, statements or materials. In submitting a provide an amount determined by the School District to be sufficientto construct the projects. The bid for the bonds, the bidder agrees to the representation of the School District by Miller, Canfield, adjustments, if necessary, will be in increments of $5,000 per maturity. If adjusted, the aggregate Paddock and Stone, P.L.C., as bond counsel. principal amount may not exceed One Hundred Million Dollars ($100,000,000). The purchase TAX MATTERS: In the opinion of Miller, Canfield, Paddock and Stone, P.L.C., bond counsel, price will be adjusted proportionately to the increase or decrease in issue size, but the interest rates under existing law, assuming compliance with certain covenants, interest on the bonds is excludable specified by the successful bidder for all maturities will not change. The successful bidder may not from gross income for federal income tax purposes as described in the opinion, and the bonds and withdraw its bid as a result of any changes made within these limits. interest thereon are exempt from all taxation by the State of Michigan or any taxing authority within *ADJUSTMENT TO PURCHASE PRICE: Should any adjustment to the aggregate principal the State of Michigan except estate taxes and taxes on gains realized from the sale, payment or other amount of the bonds be made by the School District, the purchase price of the bonds will be disposition thereof. adjusted by the School District proportionally to the adjustment in principal amount of the bonds. ISSUE PRICE: The winning bidder shall assist the School District in establishing the issue price The adjusted purchase price will reflect changes in the dollar amount of the underwriter’s discount of the bonds and shall execute and deliver to the School District at closing an “issue price” or similar and original issue discount/premium, if any, but will not change the per-bond underwriter’s certificate setting forth the reasonably expected initial offering price to the public or the sales price discount as calculated from the bid and initial reoffering prices. or prices of the bonds, together with the supporting pricing wires or equivalent communications, INTEREST RATE AND BIDDING DETAILS: The bonds shall bear interest at rate or rates not substantially in the form attached either as Appendix G-1 or Appendix G-2 of the preliminary exceeding six percent (6%) per annum, to be fixed by the bids therefor, expressed in multiples of official statement, with such modifications as may be appropriate or necessary, in the reasonable 1/8 or 1/100 of 1%, or both. The interest on any one bond shall be at one rate only and all bonds judgment of the winning bidder, the School District and Bond Counsel. maturing in any one year must carry the same interest rate. THE INTEREST BORNE BY BONDS The School District intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) MATURING IN ANY ONE YEAR SHALL NOT BE LESS THAN THE INTEREST RATE BORNE BY (defining “competitive sale” for purposes of establishing the issue price of the bonds) will apply to BONDS MATURING IN THE PRECEDING YEAR. The difference between the highest and lowest the initial sale of the bonds (the “Competitive Sale Requirements”) because: interest rates bid shall not exceed three percent (3%) per annum. No proposal for the purchase of a. the School District is disseminating this Notice of Sale to potential underwriters in a manner less than all of the bonds or at a price less than 100% or more than 115% of their par value will be that is reasonably designed to reach potential underwriters; considered. b. all bidders shall have an equal opportunity to bid; PRIOR OPTIONAL REDEMPTION OF BONDS: The Bonds or portions of Bonds maturing c. the School District anticipates receiving bids from at least three underwriters of municipal on or after May 1, 2031 shall be subject to redemption prior to maturity at the option of the School bonds who have established industry reputations for underwriting new issuances of municipal District on any date occurring on or after May 1, 2030, at par plus accrued interest to the date fixed bonds; and for redemption. d. the School District anticipates awarding the sale of the bonds to the bidder who submits a TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more firm offer to purchase the bonds at the lowest true interest cost, as set forth in this Notice of Sale. maturities as term bonds and the consecutive maturities to be aggregated in the term bonds. The Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the purchase amounts of the maturities which are aggregated in a designated term bond shall be subject to of the bonds, as specified in the bid. mandatory redemption on May 1 of the years and in the amounts set forth in the above maturity In the event that all of the Competitive Sale Requirements are not satisfied, the School District schedule at a redemption price of par, plus accrued interest to the date of mandatory redemption. shall so advise the winning bidder. The School District will not require bidders to comply with the Term bonds or portions thereof mandatorily redeemed shall be selected by lot. Any such designation “hold-the-offering price rule,” and therefore does not intend to use the initial offering price to the must be made within one hour after the deadline for the submission of bids. public as of the sale date of any maturity of the bonds as the issue price of that maturity, though BOOK-ENTRY ONLY: The bonds will be issued in book-entry only form as one fully registered continued on next page

007_BB051420 7 5/13/2020 1:40:53 PM Competitive Sales Notices Thursday, May 14, 2020 8 The Bond Buyer continued from previous page applicable, if and for so long as directed by the winning bidder and as set forth in the related pricing the winning bidder, in consultation with the School District, may elect to apply the “hold-the- wires, (B) to promptly notify the winning bidder of any sales of bonds that, to its knowledge, are offering price rule” (as described below). Bids will not be subject to cancellation in the event the made to a purchaser who is a related party to an underwriter participating in the initial sale of the Competitive Sale Requirements are not satisfied. Unless a bidder intends to apply the “hold-the- bonds to the public (each such term being used as defined below), and (C) to acknowledge that, offering price rule” (as described below), bidders should prepare their bids on the assumption that unless otherwise advised by the underwriter, dealer or broker-dealer, the winning bidder shall all of the maturities of the bonds will be subject to the 10% Test (as described below). The winning assume that each order submitted by the underwriter, dealer or broker-dealer is a sale to the public. bidder must notify the School District of its intention to apply either the “hold-the-price rule” or the b. any agreement among underwriters or selling group agreement relating to the initial sale of 10% Test at or prior to the time the bonds are awarded. the bonds to the public, together with the related pricing wires, contains or will contain language If the winning bidder does not request that the “hold-the-offering price rule” apply to determine obligating each underwriter or dealer that is a party to a third-party distribution agreement to be the issue price of the bonds, the following two paragraphs shall apply: employed in connection with the initial sale of the bonds to the public to require each broker-dealer a. The School District shall treat the firstprice at which 10% of a maturity of the bonds (the “10% that is a party to such third-party distribution agreement to (i) report the prices at which it sells to Test”) is sold to the public as the issue price of that maturity, applied on a maturity-by-maturity the public the unsold bonds of each maturity allocated to it, whether or not the closing date has basis. The winning bidder shall advise the School District if any maturity of the Bonds satisfiesthe occurred, until either all bonds of that maturity allocated to it have been sold or it is notified by 10% Test as of the date and time of the award of the bonds; and the winning bidder or such underwriter that the 10% Test has been satisfied as to the bonds of that b. Until the 10% Test has been satisfied as to each maturity of the bonds, the winning bidder maturity, provided that, the reporting obligation after the closing date may be at reasonable periodic agrees to promptly report to the School District the prices at which the unsold bonds of that intervals or otherwise upon request of the winning bidder or such underwriter, and (ii) comply maturity have been sold to the public. That reporting obligation shall continue, whether or not the with the hold-the-offering-price rule, if applicable, if and for so long as directed by the winning closing date has occurred, until either (i) all bonds of that maturity have been sold or (ii) the 10% bidder or the underwriter and as set forth in the related pricing wires. Test has been satisfied as to the bonds of that maturity, provided that, the winning bidder’s reporting c. sales of any bonds to any person that is a related party to an underwriter shall not constitute obligation after the closing date may be at reasonable periodic intervals or otherwise upon request sales to the public for purposes of this Notice of Sale. of the School District or bond counsel. Further, for purposes of this Notice of Sale: If the winning bidder does request that the “hold-the-offering price rule” apply to determine the a. “public” means any person other than an underwriter or a related party, issue price of the bonds, then following three paragraphs shall apply: b. “underwriter” means (A) any person that agrees pursuant to a written contract with the School a. The winning bidder, in consultation with the School District, may determine to treat (i) District (or with the lead Underwriter to form an underwriting syndicate) to participate in the initial pursuant to the 10% Test, the first price at which 10% of a maturity of the bonds is sold to the sale of the bonds to the public and (B) any person that agrees pursuant to a written contract directly public as the issue price of that maturity and/or (ii) the initial offering price to the public as of the or indirectly with a person described in clause (A) to participate in the initial sale of the bonds to sale date of any maturity of the bonds as the issue price of that maturity (the “hold-the-offering the public (including a member of a selling group or a party to a third-party distribution agreement price rule”), in each case applied on a maturity-by-maturity basis. The winning bidder shall advise participating in the initial sale of the bonds to the public); the School District if any maturity of the bonds satisfies the 10% Test as of the date and time of the c. a purchaser of any of the bonds is a “related party” to an underwriter if the underwriter and the award of the bonds. The winning bidder shall promptly advise the School District, at or before the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting time of award of the bonds, which maturities of the bonds shall be subject to the 10% Test or shall power or the total value of their stock, if both entities are corporations (including direct ownership be subject to the hold-the-offering price rule or both. by one corporation of another), (ii) more than 50% common ownership of their capital interests or b. By submitting a bid, the winning bidder shall (i) confirm that the underwriters have offered or profits interests, if both entities are partnerships (including direct ownership by one partnership of will offer the bonds to the public on or before the date of the award at the offering price or prices another), or (iii) more than 50% common ownership of the value of the outstanding stock of the (the “initial offering price”), or at the corresponding yield or yields, set forth in the bid submitted corporation or the capital interests or profit interests of the partnership, as applicable, if one entity by the winning bidder, and (ii) if the hold-the-offering-price rule applies, agree, on behalf of the is a corporation and the other entity is a partnership (including direct ownership of the applicable underwriters participating in the purchase of the bonds, that the underwriters will neither offer stock or interests by one entity of the other); and nor sell unsold bonds of any maturity to which the hold-the-offering-price rule shall apply to any d. “sale date” means the date that the bonds are awarded by the School District to the winning person at a price that is higher than the initial offering price to the public during the period starting bidder. on the sale date and ending on the earlier of the following: DELIVERY OF BONDS: The School District will furnish bonds ready for execution at its i. the close of the fifth (5th) business day after the sale date; or expense. Bonds will be delivered without expense to the purchaser through DTC in New York, New ii. the date on which the underwriters have sold at least 10% of that maturity of the bonds to the York, or such other place to be agreed upon. The usual closing documents, including a certificate public at a price that is no higher than the initial offering price to the public; that no litigation is pending affecting the issuance of the bonds, will be delivered at the time of The winning bidder shall promptly advise the School District when the underwriters have sold delivery of the bonds. If the bonds are not tendered for delivery by Noon, prevailing Eastern Time, 10% of that maturity of the bonds to the public at a price that is no higher than the initial offering on the 45th day following the date of sale, or the first business day thereafter if said 45th day is not price to the public, if that occurs prior to the close of the fifth (5th) business day after the sale date. a business day, the successful bidder may on that day, or any time thereafter until delivery of the c. The School District acknowledges that, in making the representation set forth above, the bonds, withdraw its proposal by serving notice of cancellation, in writing, on the undersigned in winning bidder will rely on (i) the agreement of each underwriter to comply with the requirements which event the School District shall promptly return the good faith deposit. Payment for the bonds for establishing issue price of the bonds, including, but not limited to, its agreement to comply shall be made in immediately available funds. with the hold-the-offering-price rule, if applicable to the bonds, as set forth in an agreement among CONTINUING DISCLOSURE: As described in greater detail in the Official Statement, the underwriters and the related pricing wires, (ii) in the event a selling group has been created in School District will agree to provide or cause to be provided, in accordance with the requirements connection with the initial sale of the bonds to the public, the agreement of each dealer who is a of Rule 15c2-12, as may be amended, promulgated by the Securities and Exchange Commission, member of the selling group to comply with the requirements for establishing issue price of the (i) on or prior to the last day of the sixth month following the end of the fiscal year of the School bonds, including, but not limited to, its agreement to comply with the hold-the-offering-price rule, District, commencing with the fiscal year ending June 30, 2020, certain annual financial information if applicable to the bonds, as set forth in a selling group agreement and the related pricing wires, and operating data or data of substantially the same nature, including audited financial statements and (iii) in the event that an underwriter or dealer who is a member of the selling group is a party for the preceding fiscalyear, (or if audited financialstatements are not available, unaudited financial to a third-party distribution agreement that was employed in connection with the initial sale of statements) generally consistent with the information contained or cross-referenced in the Official the bonds to the public, the agreement of each broker-dealer that is a party to such agreement to Statement relating to the bonds, (ii) timely notice of the occurrence of certain material events with comply with the requirements for establishing issue price of the bonds, including, but not limited respect to the bonds and (iii) timely notice of a failure by the School District to provide the required to, its agreement to comply with the hold-the-offering-price rule, if applicable to the bonds, as set annual financial information on or before the date specified in (i) above. forth in the third-party distribution agreement and the related pricing wires. The School District BOND INSURANCE AT PURCHASER’S OPTION: If the bonds qualify for issuance of any further acknowledges that each underwriter shall be solely liable for its failure to comply with its policy of municipal bond insurance or commitment therefor at the option of the bidder/purchaser, agreement regarding the requirements for establishing issue price of the bonds, including, but not the purchase of any such insurance policy or the issuance of any such commitment shall be at the limited to, its agreement to comply with the hold-the-offering-price rule, if applicable to the bonds, sole option and expense of the purchaser of the bonds. Any increased costs of issuance of the bonds and that no underwriter shall be liable for the failure of any other underwriter, or of any dealer who resulting from such purchase of insurance shall be paid by the purchaser, except that, if the School is a member of a selling group, or of any broker-dealer that is a party to a third-party distribution District has requested and received a rating on the bonds from a rating agency, the School District agreement to comply with its corresponding agreement to comply with the requirements for will pay the fee for the requested rating. Any other rating agency fees shall be the responsibility of establishing issue price of the bonds, including, but not limited to, its agreement to comply with the purchaser. FAILURE OF THE MUNICIPAL BOND INSURER TO ISSUE THE POLICY AFTER the hold-the-offering-price rule, if applicable to the bonds. THE BONDS HAVE BEEN AWARDED TO THE PURCHASER SHALL NOT CONSTITUTE CAUSE By submitting a bid, each bidder confirms that: FOR FAILURE OR REFUSAL BY THE PURCHASER TO ACCEPT DELIVERY OF THE BONDS a. any agreement among underwriters, any selling group agreement and each third-party FROM THE SCHOOL DISTRICT. distribution agreement (to which the bidder is a party) relating to the initial sale of the bonds to the CUSIP NUMBERS: It is anticipated that CUSIP numbers will be printed on the bonds, but public, together with the related pricing wires, contains or will contain language obligating each neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party cause for the purchaser to refuse to take delivery of and pay the purchase price for the bonds. to such third-party distribution agreement, as applicable, (A)(i) to report the prices at which it sells Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to to the public the unsold bonds of each maturity allocated to it, whether or not the closing date has the School District. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification occurred, until either all bonds of that maturity allocated to it have been sold or it is notified by the numbers shall be paid by the purchaser. winning bidder that the 10% Test has been satisfiedas to the bonds of that maturity, provided that, OFFICIAL STATEMENT: A preliminary Official Statement that the School District deems to be the reporting obligation after the closing date may be at reasonable periodic intervals or otherwise final as of its date, except for the omission of information permitted to be omitted by Rule 15c2-12 upon request of the winning bidder, and (ii) to comply with the hold-the-offering-price rule, if continued on next page

008_BB051420 8 5/13/2020 1:40:54 PM Thursday, May 14, 2020 Competitive Sales Notices www.bondbuyer.com 9 applicable, if and for so long as directed by the winning bidder and as set forth in the related pricing continued from previous page $7,000,000 wires, (B) to promptly notify the winning bidder of any sales of bonds that, to its knowledge, are of the Securities and Exchange Commission, has been prepared and may be obtained from PFM CITY OF GLENS FALLS, made to a purchaser who is a related party to an underwriter participating in the initial sale of the Financial Advisors LLC, municipal advisor to the School District, at the address and telephone bonds to the public (each such term being used as defined below), and (C) to acknowledge that, listed under MUNICIPAL ADVISOR below. The School District will provide the winning bidder WARREN COUNTY, NEW YORK unless otherwise advised by the underwriter, dealer or broker-dealer, the winning bidder shall with an electronic version of the final OfficialStatement within 7 business days from the date of PUBLIC IMPROVEMENT (SERIAL) BONDS, 2020 assume that each order submitted by the underwriter, dealer or broker-dealer is a sale to the public. sale to permit the purchaser to comply with Securities and Exchange Commission Rule 15c2-12. NOTICE OF BOND SALE b. any agreement among underwriters or selling group agreement relating to the initial sale of Copies of the Official Statement will be supplied by PFM Financial Advisors LLC, upon request and the bonds to the public, together with the related pricing wires, contains or will contain language agreement by the purchaser to pay the cost of the copies. Requests for copies should be made to Proposals will be received and considered by the undersigned Controller of the City of Glens obligating each underwriter or dealer that is a party to a third-party distribution agreement to be PFM Financial Advisors LLC within 24 hours of the time of sale. Falls, Warren County, New York (the “City”), via Fiscal Advisors Auction electronic bids submission employed in connection with the initial sale of the bonds to the public to require each broker-dealer BIDDER CERTIFICATION: NOT “IRAN-LINKED BUSINESS” By submitting a bid, the website (“Fiscal Advisors Auction”) accessible at www.FiscalAdvisorsAuction.com or by facsimile that is a party to such third-party distribution agreement to (i) report the prices at which it sells to bidder shall be deemed to have certifiedthat it is not an “Iran-Linked Business” as definedin Act transmission at (315) 930-2354, until 10:45 A.M., Prevailing Time, on the 20th day of May, 2020, the public the unsold bonds of each maturity allocated to it, whether or not the closing date has 517 Michigan Public Acts of 2012, being MCL 129.311 et. seq. at which time and place bids will be opened, for the purchase IN FEDERAL FUNDS at not less than occurred, until either all bonds of that maturity allocated to it have been sold or it is notified by MUNICIPAL ADVISOR: Further information relating to the bonds may be obtained from PFM par and accrued interest of the winning bidder or such underwriter that the 10% Test has been satisfied as to the bonds of that Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108. Telephone $7,000,000 Public Improvement (Serial) Bonds, 2020, of said City, dated June 4, 2020, and maturity, provided that, the reporting obligation after the closing date may be at reasonable periodic (734) 994-9700. maturing in annual principal installments which, together with interest thereon, are expected to intervals or otherwise upon request of the winning bidder or such underwriter, and (ii) comply THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. provide for substantially level or declining annual debt service on such bonds, as defined and with the hold-the-offering-price rule, if applicable, if and for so long as directed by the winning described in paragraph d of Section 21.00 of the New York Local Finance Law, as follows: $70,000 bidder or the underwriter and as set forth in the related pricing wires. Monica L. Merritt, Superintendent on June 1, 2021, $190,000 on June 1, 2022, $200,000 on June 1, 2023, $210,000 on June 1, 2024, c. sales of any bonds to any person that is a related party to an underwriter shall not constitute PLYMOUTH-CANTON COMMUNITY SCHOOLS $215,000 on June 1, 2025, $220,000 on June 1, 2026, $230,000 on June 1, 2027, $235,000 on sales to the public for purposes of this Notice of Sale. June 1, 2028, $245,000 on June 1, 2029, $250,000 on June 1, 2030, $260,000 on June 1, 2031, Further, for purposes of this Notice of Sale: $270,000 on June 1, 2032, $275,000 on June 1, 2033, $285,000 on June 1, 2034, $295,000 on a. “public” means any person other than an underwriter or a related party, June 1, 2035, $305,000 on June 1, 2036, $315,000 on June 1, 2037, $325,000 on June 1, 2038, b. “underwriter” means (A) any person that agrees pursuant to a written contract with the School $335,000 on June 1, 2039, $350,000 on June 1, 2040, $360,000 on June 1, 2041, $370,000 on District (or with the lead Underwriter to form an underwriting syndicate) to participate in the initial June 1, 2042, $385,000 on June 1, 2043, $395,000 on June 1, 2044, and $410,000 on June 1, sale of the bonds to the public and (B) any person that agrees pursuant to a written contract directly Employers: Are you 2045, with interest thereon payable on June 1, 2021 and semi-annually thereafter on December 1 or indirectly with a person described in clause (A) to participate in the initial sale of the bonds to and June 1. the public (including a member of a selling group or a party to a third-party distribution agreement The bonds will initially be issued in registered certificatedform or at the option of the purchaser, participating in the initial sale of the bonds to the public); looking for a... will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New c. a purchaser of any of the bonds is a “related party” to an underwriter if the underwriter and the York, New York (“DTC”), which will act as securities depository for the bonds. If issued in book- purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting entry-only form, ownership interest in the bonds will be transferred pursuant to the “Book-Entry- power or the total value of their stock, if both entities are corporations (including direct ownership Only System” of DTC. Principal and interest on the bonds will be payable by check or draft mailed by one corporation of another), (ii) more than 50% common ownership of their capital interests or Bond Counsel by the City Controller to DTC, or to its nominee, Cede & Co., as the registered owner of the bonds. profits interests, if both entities are partnerships (including direct ownership by one partnership of If issued in registered certificated form, principal and interest will be payable at such bank or trust another), or (iii) more than 50% common ownership of the value of the outstanding stock of the Finance Director company located and authorized to do business in the State of New York as may be selected by the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity successful bidder. Paying agent fees, if any, in such case are to be paid by the purchaser. Principal is a corporation and the other entity is a partnership (including direct ownership of the applicable and interest will be payable in lawful money of the United States of America. Bonds will be fully stock or interests by one entity of the other); and Research Analyst registered and will be valid and legally binding general obligations of said City, all the taxable real d. “sale date” means the date that the bonds are awarded by the School District to the winning property within which will be subject to the levy of ad valorem taxes to pay said bonds and interest bidder. Salesperson thereon, subject to applicable statutory limitations. The bonds may not be converted into coupon DELIVERY OF BONDS: The School District will furnish bonds ready for execution at its bonds or be registered to bearer. expense. Bonds will be delivered without expense to the purchaser through DTC in New York, New Muni Bond Trader Interest on the bonds shall be calculated on a 30-day month and a 360-day year basis. York, or such other place to be agreed upon. The usual closing documents, including a certificate The bonds maturing on or before June 1, 2028 shall not be subject to redemption prior to that no litigation is pending affecting the issuance of the bonds, will be delivered at the time of maturity. The bonds maturing on or after June 1, 2029 shall be subject to redemption prior to delivery of the bonds. If the bonds are not tendered for delivery by Noon, prevailing Eastern Time, Portfolio Manager maturity as a whole or in part (and by lot if less than all of a maturity is to be redeemed) and the on the 45th day following the date of sale, or the first business day thereafter if said 45th day is not option of the City on June 1, 2028 or on any date thereafter at par (100.0%), plus accrued interest a business day, the successful bidder may on that day, or any time thereafter until delivery of the Investment Banker to the date of redemption. bonds, withdraw its proposal by serving notice of cancellation, in writing, on the undersigned in If less than all of the bonds of any maturity are to be redeemed, the particular bonds of such which event the School District shall promptly return the good faith deposit. Payment for the bonds Underwriter maturity to be redeemed shall be selected by the City by lot in any customary manner of selection as shall be made in immediately available funds. determined by the City Controller. Notice of such call for redemption shall be given by transmitting CONTINUING DISCLOSURE: As described in greater detail in the Official Statement, the such notice to the registered holder not more than sixty (60) days nor less than thirty (30) days School District will agree to provide or cause to be provided, in accordance with the requirements Or other Public Finance prior to such date. Notice of redemption having been given as aforesaid, the bonds so called for of Rule 15c2-12, as may be amended, promulgated by the Securities and Exchange Commission, redemption shall, on the date for redemption set forth in such call for redemption, become due and (i) on or prior to the last day of the sixth month following the end of the fiscal year of the School Professionals? payable, together with interest to such redemption date, and interest shall cease to be paid thereon District, commencing with the fiscal year ending June 30, 2020, certain annual financial information after such redemption date. and operating data or data of substantially the same nature, including audited financial statements Each bid must be for all of said $7,000,000 serial bonds and may state a single rate of interest for the preceding fiscal year, (or if audited financial statements are not available, unaudited financial If so, The Bond Buyer’s Classified ectionS can or different rates of interest for bonds maturing in different calendar years; provided, however, statements) generally consistent with the information contained or cross-referenced in the Official that (i) only one rate of interest may be bid for all bonds maturing in any one calendar year, (ii) Statement relating to the bonds, (ii) timely notice of the occurrence of certain material events with help you. For information on employment the maximum difference between the highest and lowest rate of interest bid for the bonds may not respect to the bonds and (iii) timely notice of a failure by the School District to provide the required advertising options, including online advertising in exceed three per centum per annum, (iii) variations in rates of interest so bid shall be in ascending annual financial information on or before the date specified in (i) above. progression in order of maturity so that the rate of interest on bonds maturing in any particular BOND INSURANCE AT PURCHASER’S OPTION: If the bonds qualify for issuance of any our Career Zone section, please contact: calendar year shall not be less than the rate of interest applicable to bonds maturing in any prior policy of municipal bond insurance or commitment therefor at the option of the bidder/purchaser, calendar year, and (iv) all rates of interest bid must be stated in a multiple of one eighth or one the purchase of any such insurance policy or the issuance of any such commitment shall be at the hundredth of one per centum per annum. The amount of the premium bid, if any, shall not exceed sole option and expense of the purchaser of the bonds. Any increased costs of issuance of the bonds $395,000. Unless all bids are rejected, the award will be made to the bidder complying with the resulting from such purchase of insurance shall be paid by the purchaser, except that, if the School Victor Kuo at 212-803-8612 terms of sale and offering to purchase said bonds at such rate or rates of interest as will produce the District has requested and received a rating on the bonds from a rating agency, the School District lowest net interest cost computed in accordance with the net interest cost method of calculation, will pay the fee for the requested rating. Any other rating agency fees shall be the responsibility of or e-mail [email protected], that being the rate or rates of interest which will produce the least interest cost over the life of the the purchaser. FAILURE OF THE MUNICIPAL BOND INSURER TO ISSUE THE POLICY AFTER bonds, after accounting for the premium offered, if any; provided, however, that the City reserves THE BONDS HAVE BEEN AWARDED TO THE PURCHASER SHALL NOT CONSTITUTE CAUSE [email protected] the right, in its sole discretion, after selecting the low bidder, to adjust the aforestated maturity FOR FAILURE OR REFUSAL BY THE PURCHASER TO ACCEPT DELIVERY OF THE BONDS installments to the extent necessary to meet statutory limitations on premium and the requirements FROM THE SCHOOL DISTRICT. or [email protected]. of substantially level or declining debt service. Any such adjustment by the City shall be conclusive CUSIP NUMBERS: It is anticipated that CUSIP numbers will be printed on the bonds, but and shall be binding upon the successful bidder. If two or more such bidders offer to purchase the neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be bonds at the same net interest cost, computed as described above, the bonds will be awarded to the cause for the purchaser to refuse to take delivery of and pay the purchase price for the bonds. bidder whose bid offers to purchase the bonds at the highest premium dollar amount. The right is Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to reserved to reject any or all bids, and any bid not complying with this Notice of Bond Sale will be the School District. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification rejected. numbers shall be paid by the purchaser. Proposals may be submitted electronically via Fiscal Advisors Auction electronic bid submission OFFICIAL STATEMENT: A preliminary Official Statement that the School District deems to be website or via facsimile transmission at (315) 930-2354, in accordance with this Notice of Bond final as of its date, except for the omission of information permitted to be omitted by Rule 15c2-12 THE DAILY NEWSPAPER OF PUBLIC FINANCE Sale, until the time specified herein. No other form of electronic bidding services nor telephone continued on next page

009_BB051420 9 5/13/2020 1:40:54 PM Competitive Sales Notices Thursday, May 14, 2020 10 The Bond Buyer continued from previous page costs of issuance of the bonds resulting by reason of the same, unless otherwise paid, shall be paid proposals will be accepted. No proposal will be accepted after the time for receiving proposals by such bidder. Any failure of the bonds to be so insured or of any such policy of insurance to be specified above. Bidders submitting proposals via facsimile must use the “Proposal for Bonds” form issued, shall not constitute cause for a failure or refusal by the purchaser of the bonds to accept attached hereto. Once the proposals are communicated electronically via Fiscal Advisors Auction delivery of and pay for said bonds in accordance with the terms of the purchase contract. or via facsimile, each bid will constitute an irrevocable offer to purchase the bonds pursuant to the In the event that prior to the delivery of the bonds, the income received by owners thereof from terms therein provided. bonds of the same type and character becomes includable in the gross income of such owners Electronic bidding will take place in a Closed Auction format. Bidders may change and submit for Federal income tax purposes, the successful bidder may, at his election, be relieved of his bids as many times as they wish during the bidding period, but they may not withdraw a submitted obligations under the contract to purchase the bonds, and in such case, the deposit accompanying bid. The last bid submitted by a bidder prior to the deadline for the receipt of bids will be compared his bid will be returned. to all other final electronic and facsimile bids, as more fully described herein, to determine the The purchase price of the bonds, in accordance with the purchaser’s bid, shall be paid IN FEDERAL winning bid. During the auction, no bidder will see any other bidder’s bid, nor will see the status FUNDS or other funds available for immediate credit on the day of delivery, in an amount equal to of their bid relative to other bids (e.g., whether their bid is a leading bid). Furthermore, no bidder the par amount of such bonds, plus the premium, if any, plus accrued interest from the date of such shall have the opportunity to review other bids before providing a bid, or be given an opportunity bonds until said day of delivery, less the amount of the good faith deposit submitted with the bid. to review other bids that was not equally given to all other bidders (this is, not exclusive “last look”). The closing on said bonds will take place at the offices of Orrick, Herrington & Sutcliffe LLP, 51 By submitting a bid, the underwriter attests that they have an established industry reputation for West 52nd Street, 15th Floor, New York, New York, on or about June 4, 2020. underwriting new issuances of municipal bonds. Each bid must be for not less than the par value of The Municipal Advisor intends to provide the purchaser of the issue with CUSIP identification the bonds. Conditional bids will be rejected, including any bid subject to credit approval. numbers as is discussed in the OfficialStatement, in compliance with MSRB Rule G 34, (a)(i) (A)- Prospective bidders wishing to submit an electronic bid must be registered with Fiscal Advisors (H). As is further discussed in Rule G-34, the purchaser, as the “dealer who acquires” the issue, is Auction. To bid electronically, bidders must first visit the Fiscal Advisors Auction website at www. responsible for the registration fee to the CUSIP Bureau for this service. It is anticipated that CUSIP FiscalAdvisorsAuction.com where, if they have never registered with either Fiscal Advisors Auction identification numbers will be printed on the Bonds. All expenses in relation to the printing of or any municipal debt auction website powered by Grant Street Group, they can register and then CUSIP numbers on the bonds will be paid for by the City provided, however; that the City assumes request admission to the City’s auction. Only FINRA registered broker dealers, dealer banks with no responsibility for any CUSIP Service Bureau charge or other charges that may be imposed for DTC clearing arrangements and banks or trust companies located and authorized to do business the assignment of such numbers. in the State of New York will be eligible to bid. The City will determine whether any request for The bonds will be available for inspection by the purchaser at The Depository Trust Company, in admission is granted. Bidders who have previously registered with Fiscal Advisors Auction may Jersey City, New Jersey, not less than 24 hours prior to the time set for the delivery thereof. It shall call auction support at (412) 391-5555 x1370, to confirm their ID or password. The use of Fiscal be the responsibility of the purchaser to verify the CUSIP numbers at such time. Advisors Auction shall be at the bidder’s risk, and the City shall have no liability with respect As a condition to the purchaser’s obligation to accept delivery of and pay for the bonds, the thereto. By submitting an electronic bid for the bonds, a bidder represents and warrants to the purchaser will be furnished, without cost, the following, dated as of the date of the delivery of and City that such bidder’s bid for the purchase of the bonds is submitted for and on behalf of such payment for the bonds: (i) a certificate of the City Controller certifying that (a) as of the date of prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, valid the Official Statement furnished by the City in relation to said bonds (which Official Statement is and enforceable contract for the purchase of the bonds. deemed by the City to be final for purposes of Securities and Exchange Commission Rule 15c2 12, Each prospective bidder who wishes to submit electronic bids shall be solely responsible to except for the omission therefrom of those items allowable under said Rule), said Official Statement register to bid via Fiscal Advisors Auction. Each qualified prospective bidder shall be solely did not contain any untrue statements of a material fact or omit to state a material fact necessary responsible to make necessary arrangements to access Fiscal Advisors Auction for purposes of to make the statements therein, in the light of the circumstances under which they were made, submitting its bid in a timely manner and in compliance with the requirements of this Notice not misleading, subject to the condition that while information in said Official Statement obtained of Bond Sale. Neither the City nor Fiscal Advisors Auction shall have any duty or obligation to from sources other than the City is not guaranteed as to accuracy, completeness or fairness, she undertake such registration to bid for any prospective bidder or to provide or assure such access has no reason to believe and does not believe that such information is materially inaccurate or to any qualified prospective bidder, and neither the City nor Fiscal Advisors Auction shall be misleading, and (b) to her knowledge, since the date of said Official Statement, there have been no responsible for a bidder’s failure to register to bid or for proper operation of, or have any liability material transactions not in the ordinary course of affairs entered into by the City and no material for any delays or interruptions of, or any damages caused by Fiscal Advisors Auction. The City adverse changes in the general affairs of the City or in its financialcondition as shown in said is using Fiscal Advisors Auction as a communications mechanism, and not as the City’s agent, to Official Statement other than as disclosed in or contemplated by said Official Statement; (ii) a conduct the electronic bidding and facsimile bidding for the City’s bonds. The City is not bound Closing Certificate, constituting receipt for the bond proceeds and a signature certificate, which by any advice or determination of Fiscal Advisors and Marketing, Inc. (the “Municipal Advisor”) will include a statement that no litigation is pending or, to the knowledge of the signers, threatened or Grant Street Group as to whether any bid complies with the terms of this Notice of Bond Sale. affecting the bonds; (iii) an arbitrage certificate executed on behalf of the City which includes, All costs and expenses incurred by prospective bidders in connection with their registration and among other things, covenants, relating to compliance with the Internal Revenue Code of 1986 (the submission of bids via Fiscal Advisors Auction are the sole responsibility of the bidders, and the “Code”), with the owners of the bonds that the City will, among other things, (A) take all actions City is not responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder on its part necessary to cause interest on the bonds not to be includable in the gross income of the encounters any difficulty in registering to bid, or submitting or modifying a bid for the bonds, it owners thereof for Federal income tax purposes, including, without limitation, restricting, to the should telephone and notify the Municipal Advisor at (315) 752-0051 (provided that the City shall extent necessary, the yield on investments made with the proceeds of the bonds and investment have no obligation to take any action whatsoever upon receipt of such notice). earnings thereon, making required payments to the Federal government, if any, with regard to both The “Rules of Fiscal Advisors Auction” can be viewed on the Fiscal Advisors Auction website and the bonds and any obligations refunded with proceeds of the bonds, and maintaining books and are incorporated by reference in this Official Notice of Bond Sale. Bidders must comply with the records in a specified manner, where appropriate, and (B) refrain from taking any action which Rules of Fiscal Advisors Auction in addition to the requirements of this Official Notice of Bond Sale. would cause interest on the bonds to be includable in the gross income of the owners thereof for In the event the Rules of Fiscal Advisors Auction conflict with this Official Notice of Bond Sale, this Federal income tax purposes, including, without limitation, refraining from spending the proceeds Official Notice of Bond Sale shall prevail. of the bonds and investment earnings thereon on certain specified purposes; (iv) a Continuing If any provisions of this Notice of Bond Sale shall conflict with information provided by Fiscal Disclosure Undertaking Certificate of the City, executed by the City Controller stating that the City Advisors Auction, as approved provider of electronic bidding services, the provisions of this Notice has agreed, in accordance with the Rule, to provide or cause to be provided during any succeeding of Bond Sale shall control. Further information about Fiscal Advisors Auction, including any fee fiscalyear in which the bonds are outstanding certain annual financialinformation, operating data, charged, may be obtained from an agent for Grant Street Group at (412) 391-5555 x1370. The annual audited financial statements and material events notification as further described in the time maintained by Fiscal Advisors Auction shall constitute the official time with respect to all bids Official Statement; and (v) the approving legal opinion as to the validity of the bonds of Orrick, submitted. Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. Reference should be made to A good faith deposit (the “Deposit”) in the form of a certified or cashier’s check, or wire transfer said Official Statement for a description of the scope of Bond Counsel’s engagement in relation to in the amount of $140,000 payable to the order of the City of Glens Falls, New York is required the issuance of the bonds and the matters covered by such legal opinion. Furthermore, reference for each bid to be considered. If a check is used, it must accompany each bid. If a wire transfer is should be made to the information under the heading “Legal Matters” in the Official Statement. issued, it must be sent to the account so designated by the City for such purpose, not later than 9:45 The bonds will be treated as “qualified tax exempt obligations” pursuant to Section 265(b)(3) of A.M. on the date of the sale and the wire reference number must be provided on the “Proposal For the Code. Bonds” when the bid is submitted. Bidders are instructed to contact Fiscal Advisors & Marketing, Following the sale of the bonds, on the Sale Date, the successful bidder will be required to Inc., 250 South Clinton Street, Suite 502, Syracuse, New York 13202 (tel: 315-752-0051, Ext. 1, provide to the City and its Bond Counsel certain information regarding the reoffering price to the fax: 315-751-0057), the City’s municipal advisor, no later than 24 hours prior to the bid opening to public of each maturity of the bonds. If the winning bidder is purchasing each maturity of the obtain the City’s wire instructions. No interest on the Deposit will accrue to the Purchaser. bonds for its own account and not with a view to distribute or resale, a certificate to that effect will Said bonds are issued pursuant to the Constitution and statutes of the State of New York, be required. Otherwise, the successful bidder must submit to the City a certificate (the “Reoffering including among others, the City Law and the Local Finance Law, for the acquisition of real property Price Certificate”), satisfactory to Bond Counsel, dated as of the day of the delivery of the bonds, ($915,000); and the construction of a parking garage ($6,085,000). which assuming three bids are received from Underwriters, states: THE CITY RESERVES THE RIGHT TO CHANGE THE TIME AND/OR DATE FOR THE (a)(i) on the date of award, such successful bidder made a bona fide public offering of all bonds OPENING OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN of all maturities at initial offering prices corresponding to the prices or yields indicated in the ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS information furnished in connection with the successful bid, and (ii) as of such date, the first OF A SUPPLEMENTAL NOTICE OF BOND SALE TO BE TRANSMITTED OVER THE TM3. price or yield at which an amount equal to at least ten percent of each maturity of the bonds was If the bonds qualify for issuance of any policy of municipal bond insurance or commitment reasonably expected to be sold to the public was, respectively, a price not higher or a yield not lower therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any than indicated in the information furnished with the successful bid (the “first price rule”), and (iii) such commitment therefor shall be at the sole option and expense of such bidder and any increased continued on next page

010_BB051420 10 5/13/2020 1:40:55 PM Thursday, May 14, 2020 Competitive Sales Notices www.bondbuyer.com 11 costs of issuance of the bonds resulting by reason of the same, unless otherwise paid, shall be paid continued from previous page by such bidder. Any failure of the bonds to be so insured or of any such policy of insurance to be provides a copy of the pricing wire or equivalent communication for the bonds attached to the issued, shall not constitute cause for a failure or refusal by the purchaser of the bonds to accept Reoffering Price Certificate. The public means any persons including an individual, trust, estate, delivery of and pay for said bonds in accordance with the terms of the purchase contract. partnership, association, company or corporation (other than the successful bidder or a related In the event that prior to the delivery of the bonds, the income received by owners thereof from party to the successful bidder, being two or more persons who have greater than 50% common bonds of the same type and character becomes includable in the gross income of such owners ownership directly or indirectly, or any person that agrees pursuant to a written contract or other for Federal income tax purposes, the successful bidder may, at his election, be relieved of his agreement with the successful bidder to participate in the initial sale of the bonds to the public). obligations under the contract to purchase the bonds, and in such case, the deposit accompanying (b) the successful bidder was not given the opportunity to review other bids prior to submitting his bid will be returned. its bid. The purchase price of the bonds, in accordance with the purchaser’s bid, shall be paid IN FEDERAL (c) the bid submitted by the successful bidder constituted a firm offer to purchase the bonds. FUNDS or other funds available for immediate credit on the day of delivery, in an amount equal to In the event that at least three bids are not received by the City on the Sale Date, and at least ten the par amount of such bonds, plus the premium, if any, plus accrued interest from the date of such percent of each maturity of the bonds have been sold on the Sale Date, the successful bidder shall bonds until said day of delivery, less the amount of the good faith deposit submitted with the bid. certify as to the first price or yield at which each maturity was sold. The closing on said bonds will take place at the offices of Orrick, Herrington & Sutcliffe LLP, 51 In addition, in the event that (1) at least three bids are not received by the City on the Sale Date, West 52nd Street, 15th Floor, New York, New York, on or about June 4, 2020. and (2) ten percent of each maturity of the bonds have not been sold on the Sale Date (each an The Municipal Advisor intends to provide the purchaser of the issue with CUSIP identification “Unsold Maturity”), the successful bidder (and any members of its underwriting group or syndicate) numbers as is discussed in the Official Statement, in compliance with MSRB Rule G 34, (a)(i) (A)- shall have the option (i) to provide to the City (or its agents) ongoing pricing information, together (H). As is further discussed in Rule G-34, the purchaser, as the “dealer who acquires” the issue, is with reasonable supporting documentation acceptable to bond counsel (such as the pricing wire), responsible for the registration fee to the CUSIP Bureau for this service. It is anticipated that CUSIP until 10% of each Unsold Maturity is sold (the “Follow-the-Price Requirement”), or (ii) shall be identification numbers will be printed on the Bonds. All expenses in relation to the printing of required to hold the initial reoffering price to the public of each such Unsold Maturity (as reported CUSIP numbers on the bonds will be paid for by the City provided, however; that the City assumes to the City on the Sale Date) for the lesser of five (5) business days after the Sale Date or the no responsibility for any CUSIP Service Bureau charge or other charges that may be imposed for date on which at least 10% of each such Unsold Maturity are sold (the “Hold-the-Offering-Price the assignment of such numbers. Requirement”). A certification as to the details of compliance with this requirement shall be part of The bonds will be available for inspection by the purchaser at The Depository Trust Company, in the Reoffering Price Certificate. Jersey City, New Jersey, not less than 24 hours prior to the time set for the delivery thereof. It shall The City or its Municipal Advisor on its behalf shall advise the successful bidder on the be the responsibility of the purchaser to verify the CUSIP numbers at such time. Sale Date as to whether at least three bids were received. Delivery of a bid shall constitute the As a condition to the purchaser’s obligation to accept delivery of and pay for the bonds, the bidder’s agreement to comply with the Hold-the-Offering-Price Requirement or the Follow-the- purchaser will be furnished, without cost, the following, dated as of the date of the delivery of and Price Requirement of this Notice of Bond Sale and to certify to compliance therewith under the payment for the bonds: (i) a certificate of the City Controller certifying that (a) as of the date of circumstances described herein. the Official Statement furnished by the City in relation to said bonds (which Official Statement is Such certificate shall state that it is made on the best knowledge, information and belief of the deemed by the City to be final for purposes of Securities and Exchange Commission Rule 15c2 12, successful bidder after appropriate investigation. except for the omission therefrom of those items allowable under said Rule), said Official Statement Any party executing and delivering a bid for the bonds agrees, if its bid is accepted by the did not contain any untrue statements of a material fact or omit to state a material fact necessary City, to provide to the City, in writing, within two business days after the date of such award, to make the statements therein, in the light of the circumstances under which they were made, all information which said successful bidder determines is necessary for it to comply with SEC not misleading, subject to the condition that while information in said Official Statement obtained Rule 15c2 12, including all necessary pricing and sale information, information with respect to from sources other than the City is not guaranteed as to accuracy, completeness or fairness, she the purchase of municipal bond insurance, if any, and underwriter identification. Within five has no reason to believe and does not believe that such information is materially inaccurate or business days following receipt by the City thereof the City will furnish to the successful bidder, The Bond Buyer Newspaper — misleading, and (b) to her knowledge, since the date of said Official Statement, there have been no in reasonable quantities as requested by the successful bidder, copies of said Official Statement, material transactions not in the ordinary course of affairs entered into by the City and no material updated as necessary, and supplemented to include said information. Failure by the successful The only newspaper committed to serving adverse changes in the general affairs of the City or in its financial condition as shown in said bidder to provide such information will prevent the City from furnishing such Official Statement Official Statement other than as disclosed in or contemplated by said Official Statement; (ii) a as described above. The City shall not be responsible or liable in any manner for the successful the municipal bond market. No other Closing Certificate, constituting receipt for the bond proceeds and a signature certificate, which bidder’s determination of information necessary to comply with SEC Rule 15c2 12 or the accuracy will include a statement that no litigation is pending or, to the knowledge of the signers, threatened of any such information provided by the successful bidder or for failure to furnish such Official publication covers and penetrates the affecting the bonds; (iii) an arbitrage certificate executed on behalf of the City which includes, Statements as described above which results from a failure by the successful bidder to provide municipal market and reaches the movers among other things, covenants, relating to compliance with the Internal Revenue Code of 1986 (the the aforementioned information within the time specified. Acceptance by the successful bidder “Code”), with the owners of the bonds that the City will, among other things, (A) take all actions of such final Official Statements shall be conclusive evidence of the satisfactory completion of the and shakers who set the pace for record on its part necessary to cause interest on the bonds not to be includable in the gross income of the obligations of said City with respect to the preparation and delivery thereof. owners thereof for Federal income tax purposes, including, without limitation, restricting, to the The population of the City as shown by the 2018 U.S. Census is 14,348. The Debt Statement sales. Make sure this powerful audience extent necessary, the yield on investments made with the proceeds of the bonds and investment to be filed,pursuant to Section 109.00 of the Local Finance Law in connection with the sale of sees your message every day. earnings thereon, making required payments to the Federal government, if any, with regard to both the bonds herein described, prepared as of May 5, 2020, will show the average full valuation of the bonds and any obligations refunded with proceeds of the bonds, and maintaining books and real estate subject to taxation by the City to be $1,011,809,632, its debt limit to be $70,826,674, records in a specified manner, where appropriate, and (B) refrain from taking any action which and its total net indebtedness subject to the debt limit to be $30,754,723, including these bonds would cause interest on the bonds to be includable in the gross income of the owners thereof for which will refinancecertain outstanding bond anticipation notes. Bond anticipation notes have Federal income tax purposes, including, without limitation, refraining from spending the proceeds been issued heretofore in anticipation of the sale of such bonds. A detailed Official Statement will The Bond Buyer Network of the bonds and investment earnings thereon on certain specified purposes; (iv) a Continuing be furnished to any interested bidder upon request. Disclosure Undertaking Certificate of the City, executed by the City Controller stating that the City The City will act as Paying Agent for the bonds. The City’s contact information is as follows: is a powerful line of products and services has agreed, in accordance with the Rule, to provide or cause to be provided during any succeeding Ms. Susanne Kasitch, City Controller, City of Glens Falls, 42 Ridge Street, Glens Falls, NY 12801, targeted to bring your message directly fiscalyear in which the bonds are outstanding certain annual financialinformation, operating data, Phone: (518) 761-3878, Telefax: (518) 761-0234, Email: [email protected]. annual audited financial statements and material events notification as further described in the The City’s Bond Counsel contact information is as follows: Thomas E. Myers, Esq., Orrick, to the $3.7 trillion Municipal Market. Official Statement; and (v) the approving legal opinion as to the validity of the bonds of Orrick, Herrington & Sutcliffe, LLP, 51 West 52nd Street, 15th Floor, New York, New York 10019; Phone: Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. Reference should be made to (212) 506-5212; Telefax: (212) 506-5151; Email: [email protected]. said Official Statement for a description of the scope of Bond Counsel’s engagement in relation to This Notice of Bond Sale was disseminated electronically by posting to www.fiscaladvisors.com the issuance of the bonds and the matters covered by such legal opinion. Furthermore, reference and www.FiscalAdvisorsAuction.com. These methods of distribution of the Notice of Bond Sale Put The Bond Buyer Network to work for you. should be made to the information under the heading “Legal Matters” in the Official Statement. are regularly used by Fiscal Advisors & Marketing, Inc. and the City for purposes of disseminating The bonds will be treated as “qualified tax exempt obligations” pursuant to Section 265(b)(3) of notices of sale of new issuance of municipal bonds. the Code. A detailed Official Statement will be furnished to any interested bidder upon request. Following the sale of the bonds, on the Sale Date, the successful bidder will be required to provide to the City and its Bond Counsel certain information regarding the reoffering price to the Dated: Glens Falls, New York, public of each maturity of the bonds. If the winning bidder is purchasing each maturity of the May 13, 2020. bonds for its own account and not with a view to distribute or resale, a certificate to that effect will /s/Susanne Kasitch be required. Otherwise, the successful bidder must submit to the City a certificate (the “Reoffering Controller For complete information on creating integrated Price Certificate”), satisfactory to Bond Counsel, dated as of the day of the delivery of the bonds, advertising programs, contact which assuming three bids are received from Underwriters, states: (a)(i) on the date of award, such successful bidder made a bona fide public offering of all bonds Michael Ballinger of all maturities at initial offering prices corresponding to the prices or yields indicated in the information furnished in connection with the successful bid, and (ii) as of such date, the first 212-803-8481 [email protected] price or yield at which an amount equal to at least ten percent of each maturity of the bonds was Find more legal notices at reasonably expected to be sold to the public was, respectively, a price not higher or a yield not lower https://www.bondbuyer.com/other-legal-notices. than indicated in the information furnished with the successful bid (the “first price rule”), and (iii) www.bondbuyer.com

011_BB051420 11 5/13/2020 1:40:57 PM Thursday, May 14, 2020 12 The Bond Buyer

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

5/14 - Colorado Water Resources and Power Development Authority, CO I-Deal Prospectus 5/14 - City of Elko New Market, MN Electronic Official Statements Competitive 5/14 - Williamson County Municipal Utility District No. 22 (TX), TX 5/13-New Lenox (Village of), IL GO Bonds, Srs 2020 5/14 - Iowa Western Community College (Merged Area XIII) (IA), IA 5/13-Park District of the City of West Fargo, ND GO Spec Assess Prepayment Bonds, Srs 2020A 5/14 - Massachusetts Clean Water Trust (MA), MA 5/18-Oklahoma County ISD No. 52, OK GO Combo Purpose & Building Bonds, Series 2020 5/14 - Lebanon Community School Corporation, IN www.newissuehome.i-deal.com 5/19-Apex (Town of), NC GO Parks & Recreation Bonds, Srs 2020 A&B & GO Ref Bonds, Srs 2020 5/14 - Allendale Public Schools (MI), MI 5/19-Ottawa County, MI Sewage Disposal Ref Bonds, (GO Ltd Tax) Srs 2020A&B BiDCOMP®/Parity® 5/14 - Allendale Public Schools (MI), MI 5/14-Massachusetts Clean Water Trust, MA State Revolving Fund Ref Bonds, Srs 2020 5/14 - Island Trees Union Free School District, NY www.i-dealprospectus.com 5/18-Mequon-Thiensville SD, WI GO School Facility Improvement Bonds (2020) 5/14 - Henderson County School District Finance Corporation, KY 5/19-Garland (City of), TX Combo Tax & Revenue COO’s, Series 2020 5/14 - Township of Harrison (NJ), NJ Full service electronic 5/19-Matawan (Borough of), NJ Monmouth County General Obligation Bonds, Series 2020 5/14 - Nantucket Regional Transit Authority, MA document delivery and 5/20-Moraine Park TCD, WI GO Promissory Notes, Srs 2019-2020B 5/14 - The Board of Education of the Borough of Lavallette (NJ), NJ tracking system 5/13-East Montgomery County MUD No. 6, TX Unltd Tax Bonds, Series 2020 5/14 - City of Newburyport, MA 5/14-Scarborough (Town of), ME 2020 General Obligation Bonds 5/14 - Town of Burlington (MA), MA 5/14 - Town of Scarborough, ME For more information, 5/14-Colorado Water Resources & PDA, Co State Revolving Fund Rev Bonds, 2020 Series A contact: 5/14 - Brighton Central School District, NY 5/19-Saddle Brook (Township of), NJ General Improvement Bonds & Water Utility Bonds (2020 5/14 - Whitley County School District Finance Corporation, KY John Hester 5/19-Queen Anne’s County, MD Public Facilities Bonds of 2020 5/14 - Borough of Tenafly, NJ (212) 849-5125 5/20-Ingleside ISD, TX Unltd Tax Ref Bonds, Series 2020 5/14 - Township of Ada, MI 5/20-Blackhawk TCD, WI GO Promissory Notes, Series 2020 James Kellum 5/18 - School District of Mequon-Thiensville, WI (212) 849-5156 5/21-Headwaters MUD, TX Unlimited Tax Road Bonds, Srs 2020 5/18 - City of Cologne, MN 5/27-Clear Lake CSD, IA GO School Bonds, Series 2020 5/18 - Independent School District No. 361 (International Falls), MN 5/28-North Texas MWD, TX Upper East Fork WW Interceptor Sys Contract Rev Bonds, Srs 2020 5/18 - City of International Falls (MN), MN 5/18 - Mendon Community Schools, MI I-Deal Prospectus 5/18 - Independent School District No. 30 of Washington County (Bartlesville), OK Electronic Official Statements Negotiated 5/18 - Independent School District No. 30 of Washington County (Bartlesville), OK Seabrook (City of), TX Certificates of Obligation, Series 2020 5/18 - Mendon Community Schools, MI Clear Lake City Water Authority, TX WW&SS Combo Unltd Tax&Rev Bonds, Srs 2020 5/18 - City of Maize, KS Garland (City of), TX Electric Utility Sys Rev Ref Bonds, New Series 2020 5/18 - Independent School District No. 52 of Oklahoma County Sienna Plantation MUD No. 10, TX Unlimited Tax Refunding Bonds, Series 2020 (Midwest City-Del City), OK Dallas County Park Cities MUD, TX Water Sys Rev Ref Bonds, Srs 2020 5/18 - West Orange-Cove Consolidated Independent School District, TX Garland (City of), TX Electric Utility Sys Rev Ref Bonds, New Series 2020 5/18 - Traverse County, MN Houston ISD, TX Variable Rate Ltd Tax Schoolhouse Bonds, Series 2014A-1B PRM (2020) 5/18 - Independent School District No. 52 of Oklahoma County Harris County WC&ID No. 110, TX WW&SS Combo Unltd Tax&Rev Ref Bonds, Srs 2020 (Midwest City-Del City), OK Socorro ISD, TX Unltd Tax Ref Bonds, Series 2020A 5/18 - City of Sioux City (IA), IA Socorro ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020B 5/18 - City of Sioux City (IA), IA Rockwall County, TX Permanent Improvement & Ref Bonds, Series 2020 5/19 - Morris County (KS), KS Rockwall County, TX Unltd Tax Road Bonds, Series 2020 5/19 - City of Delano (MN), MN Socorro ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020C 5/19 - Park District of the City of Minot (ND), ND West Ranch Management District, TX Unlimited Tax Ref & Road Ref Bonds, Series 2020 5/19 - City of Independence (MN), MN Plains ISD, TX Unlimited Tax Refunding Bonds, Series 2020 5/19 - City of Hopkins, MN Brownsboro ISD, TX Unltd Tax Ref Bonds, Series 2020 5/19 - Fort Smith School District No. 100 of Sebastian County, AR Haslet Community & Eco Dev Corp, TX Sales Tax Revenue Bonds, Series 2020 5/19 - City of Garland, TX Haslet EDC, TX Sales Revenue Bonds, Series 2020 5/19 - Township of Cherry Hill (NJ), NJ Northside ISD, TX Variable Rate Unlimited Tax School Building Bonds, Series 2017 5/19 - City of North St Paul, MN Princeton (City of), TX Combo Tax & Surplus Revenue COOs, Series 2020 5/19 - City of North St Paul, MN Sunnyvale (Town of), TX Combo Tax&Rev COO&GO Ref Bonds, Series 2020 5/19 - Town of Harwich, MA Travis County MUD No. 16, TX Unlimited Tax Refunding Bonds, Series 202 5/19 - Town of Lynnfield, MA El Paso ISD, TX Unltd Tax Ref Bonds, Series 2020 5/19 - School District No. 2 of Richland County (SC), SC Tennessee HDA, TN Residential Finance Program Agency, Issue 2020-2 (Fed Tax) 5/19 - Town of Lynnfield, MA Mesquite (City of), TX GO Bonds&Combo Tax&Ltd Surplus Rev COO, Srs 2020 5/19 - Manhasset Union Free School District, NY Mesquite (City of), TX WW&SS Revenue Bonds, Srs 2020 5/19 - County of Ottawa, MI San Angelo (City of), TX Combo Tax & Limited Surplus Revenue COOs, Series 2020 5/19 - County of Ottawa, MI Lufkin (City of), TX GO Refunding Bonds & COO, Srs 2020 5/19 - Town of Apex, NC Friendswood (City of), TX GO Improvement & Refunding Bonds, Srs 2020 5/19 - Town of Apex, NC The Colony (City of), TX Go Ref Bonds & Combo Tax & Limited Surplus Rev COOs, Series 2020 5/19 - Town of Apex, NC El Paso County WC&ID No. 4, TX Unlimited Tax & Revenue Refunding Bonds, Srs 2020 5/19 - Floyd County School District Finance Corporation, KY Harris County MUD No. 468, TX Unltd Tax Refunding Bonds, Series 2020 5/19 - City of Fitchburg (MA), MA Sugar Land (City of), TX Waterworks & Sewer System Revenue Bonds, Srs 2020 5/19 - Borough of Matawan, NJ Royse City ISD, TX Unlimited Tax Refunding Bonds, Srs 2020 5/19 - Township of Saddle Brook, NJ Fort Bend County FWSD No.1, TX Unltd Tax Refunding Bonds, Series 2020 5/19 - City of Fitchburg (MA), MA Sonterra MUD, TX Unlimited Tax Refunding Bonds, Srs 2020 5/19 - Independent School District No. 20 of Muskogee County (Muskogee), OK Alvarado (City of), TX GO Refunding Bonds, Series 2020 5/20 - Town of Selmer, TN Brock ISD, TX Unltd Tax School Bldg & Ref Bonds, Series 2020 5/20 - Metropolitan Council (Minneapolis-St. Paul Metropolitan Area), MN Fort Bend ISD, TX Unltd Tax Refunding Bonds, Series 2020

012_BB051420 12 5/13/2020 1:40:57 PM Thursday, May 14, 2020 New Issues www.bondbuyer.com 13

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Thursday, May 14 Colorado Wtr Res Pwr Dev Auth CO Rev *18,285 9 am M Ramirez Norton Rose 20-49 ------8-May Iowa Western Comm Coll IA New Jobs Training (Tax) *535 10 am C Piper Sandler Ahlers & Cooney 21-30 --- Aa1 ------24-Apr Lebanon Comm Sch Corp IN GO 5,350 11 am E Baker Tilly MA Ice Miller 21-23 ------BQ 24-Mar Henderson Co SD Fin Corp KY Sch Bldg *21,650 11 am E Ross Sinclaire Steptoe & Johnson 21-40 ------7-May Whitley Co SD Fin Corp KY Sch Bldg *890 11:30 am E Ross Sinclaire Steptoe & Johnson 21-40 ------BQ 7-May Burlington (Town) MA GO Muni Purp Loan *21,950 11 am E Hilltop Securities Locke Lord 21-50 ------AAA ------12-May Massachusetts Clean Wtr Tr MA Ref *89,085 10:15 am E PFM Fin Advisors Hinckley Allen 26-42 --- Aaa AAA AAA ------8-May Scarborough (Town) ME GO 7,480 11 am E Moors & Cabot Bernstein Shur 21-40 ------BQ 13-May Ada Twp MI Cap Imp *9,675 1 pm E PFM Fin Advisors Mika Meyers 21-40 ------AA+ ------BQ 23-Apr P Allendale Pub Schs MI Sch Bldg *7,645 11 am E Baker Tilly MA Thrun Law Firm 20-47 ------BQ 30-Apr P Allendale Pub Schs MI Ref (Tax) *42,185 11 am E Baker Tilly MA Thrun Law Firm 23-33 ------30-Apr Elko New Market MN GO *4,965 10 am C Baker Tilly MA Dorsey & Whitney 21-40 ------BQ 14-Apr Lavallette Boro BOE NJ Sch 2,200 11 am E Acacia Fin Group Wilentz Goldman 22-35 ------BQ 7-May Brighton Ctrl SD NY GO Sch Dist *29,000 11:30 am E Bernard P. Donegan Harris Beach 21-39 ------1-May Rome NY GO Pub Imp *4,378 10:30 am E Fiscal Adv & Mkt Bond Schoeneck 21-43 ------BQ 12-May Caddo Co ISD #160 OK Bldg 235 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 4-May Cherokee Co ISD #35 OK Bldg (Tax) 2,485 12 pm C Stephen H. McDonald State Atty General 22 ------1-May Creek Co ISD #2 OK Bldg 3,750 11:45 am C Stephen H. McDonald State Atty General 22-24 ------BQ 1-May Love Co ISD #4 OK Comb Purp (Tax) 1,300 12:45 pm C Stephen H. McDonald State Atty General 22-23 ------4-May Noble Co ISD #6 OK Bldg 930 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 4-May Williamson Co MUD #22 TX Unltd Tax Road *2,995 10 am C Public Fin Group State Atty General 20-44 --- Baa3 ------BQ 1-May

Friday, May 15 Cleveland Co ISD #57 OK Comb Purp (Tax) 770 11:45 am C Stephen H. McDonald State Atty General 22 ------4-May Grady Co ESD #96 OK Trans Equipment 290 12:45 pm C Stephen H. McDonald State Atty General 22-23 ------BQ 4-May

Monday, May 18 Sioux City IA GO (Tax) *11,285 12 pm C Piper Sandler Ahlers & Cooney 21-30 --- Aa2 AA ------28-Apr Sioux City IA GO *12,015 12 pm C Piper Sandler Ahlers & Cooney 21-30 --- Aa2 AA ------28-Apr Maize KS GO Temp *6,960 11 am C Ranson Fin Group Gilmore & Bell 23 ------BQ 7-May P Mendon Comm Schs MI Sch Bldg & Site *2,080 11 am E Baker Tilly MA Thrun Law Firm 21-40 ------BQ 5-May P Mendon Comm Schs MI Ref (Tax) *5,320 11 am E Baker Tilly MA Thrun Law Firm 21-30 ------5-May Cologne (City) MN GO *5,595 10 am C Baker Tilly MA Taft Stettinius 22-41 ------BQ 28-Apr International Falls City MN GO Sales Tax *5,745 10:30 am C Northland Securities Taft Stettinius 21-32 ------A+ ------BQ 12-May International Falls ISD #361 MN GO Alt Facs *3,075 10 am C Ehlers Knutson Flynn 21-30 ------A+ ------BQ 23-Apr Traverse County MN GO Drain 1,820 11 am C David Drown Taft Stettinius 23-37 ------BQ 12-May Johnston Co ISD #37 OK Trans Equipment 220 1 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 5-May Oklahoma Co ISD #52 OK GO Bldg (Tax) 1,720 11:30 am C BOK Fin Secs State Atty General 22-25 ------12-May Oklahoma Co ISD #52 OK Comb Purp 10,860 11 am C BOK Fin Secs State Atty General 22-25 ------12-May Washington Co ISD #18 OK Bldg 600 11:45 am C Stephen H. McDonald State Atty General 22-23 ------BQ 5-May Washington Co ISD #30 OK Comb Purp (Tax) 550 11 am C Municipal Fin Svcs Public Fin Law Grp 22-24 ------8-May Washington Co ISD #30 OK Comb Purp 2,660 11 am C Municipal Fin Svcs Public Fin Law Grp 22-25 ------BQ 8-May Freeport Area SD PA GO *9,920 12:15 pm E PFM Fin Advisors Dinsmore & Shohl 20-32 ------BQ 12-May West Orange-Cove Cons ISD TX Sch Bldg *9,700 11 am C USCA Municipal Hunton Andrews 21-45 ------BQ 12-May Mequon-Thiensville SD WI GO Sch *40,700 9:30 am C Baird Quarles & Brady 30-40 --- Aaa ------7-May

Tuesday, May 19 Fort Smith SD #100 AR Cons Bds *31,000 10 am C Stephens Friday Eldredge 21-50 ------13-May Homer Twp Fire Prot Dist IL GO Ref *507 10:15 am C Speer Financial Chapman and Cutler 20-24 ------BQ 7-May

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.

013_BB051420 13 5/13/2020 3:50:02 PM New Issues Thursday, May 14, 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 Culver Comm Schs Corp IN GO 3,200 11 am E Baker Tilly MA Ice Miller ------BQ 13-Apr Morris County KS GO *3,300 9 am C Raymond James Nichols & Wolfe 21-35 ------AA------BQ 7-May Olathe KS Wtr & Swr *14,260 10 am C Columbia Cap Mgmt Gilmore & Bell 20-40 ------Today Floyd Co SD Fin Corp KY Energy Conserv Rev *7,215 11 am E Ross Sinclaire Steptoe & Johnson 21-40 ------BQ 13-May Fitchburg MA GO Muni Purp Loan *18,600 11 am E Hilltop Securities Locke Lord 21-40 ------13-May Lynnfield (Town) MA GO Muni Purp Loan *4,755 11 am E Hilltop Securities Locke Lord 21-33 ------BQ 11-May Queen Anne’s County MD Pub Fac *9,000 10:30 am E Public Advisory McKennon Shelton 21-40 ------BQ Today Ottawa County MI Swr Disp Sys *9,015 11 am E Baird Dickinson Wright 21-40 ------BQ 12-May Ottawa County MI Swr Disp Sys *9,040 11 am E Baird Dickinson Wright 21-40 ------BQ 12-May Delano MN GO *3,430 10 am C Baker Tilly MA Taft Stettinius 22-41 ------BQ 28-Apr Fairmont ISD #2752 MN GO 1,900 10:30 am C Ehlers Dorsey & Whitney 22-31 ------BQ 27-Apr Hopkins MN GO *8,585 10 am C Ehlers Kennedy & Graven 23-36 ------BQ 7-Apr Independence MN GO *3,795 10 am C Northland Securities Kennedy & Graven 22-41 ------AA+ ------BQ 11-May North St Paul MN GO Utl Rev *1,980 11 am C Baker Tilly MA Taft Stettinius 21-35 ------BQ 28-Apr North St Paul MN GO Tax Increment (Tax) *6,555 11 am C Baker Tilly MA Taft Stettinius 23-48 ------28-Apr Apex (Town) NC GO Park 1,800 11 am E Davenport Womble Bond 21-22 --- Aaa AAA ------11-May Apex (Town) NC GO Ref *2,680 11 am E Davenport Womble Bond 21-29 --- Aaa AAA ------11-May Apex (Town) NC GO Park 28,000 11 am E Davenport Womble Bond 21-40 --- Aaa AAA ------11-May Minot Pk Dt ND GO Park *3,370 10 am C AMKO Advisors Arntson Stewart 21-40 --- Aa2 ------BQ 8-May Matawan Borough NJ GO 11,872 11 am E NW Financial Group Waters McPherson 21-38 ------12-May Saddle Brook Twp NJ Gen Imp 18,850 11 am E Municipal Official Rogut McCarthy 21-36 --- Aa2 ------5-May Brighton (Town) NY Pub Imp 995 11:30 am E Municipal Solutions Harris Beach 21-30 ------BQ 13-May Muskogee Co ISD #20 OK Comb Purp (Tax) 12,290 12 pm C Stephen H. McDonald Floyd Law Firm 22-25 ------6-May Okmulgee Co ISD #2 OK Comb Purp 840 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 7-May Haverford Twp PA GO *8,800 11:15 am E PFM Fin Advisors Reed Smith 21-44 ------BQ 13-May Perkiomen Vly SD PA GO *5,000 12:15 pm E PFM Fin Advisors Fox Rothschild 21-32 ------BQ Today Richland Co SD #2 SC Spec Oblg *18,080 11 am E Compass Muni Adv Burr & Forman 20-34 ------AA------7-May Garland TX Tax & Rev Certs *16,565 10 am C Hilltop Securities Norton Rose 21-40 ------12-May Harris Co MUD #200 TX Unltd Tax 7,205 10:30 am C Masterson Advisors Schwartz Page 30-42 ------BQ 6-May Mukilteo SD #6 WA Unltd Tax GO *115,960 8:30 am P Northwest Muni Advs Pacifica Law Group 21-40 --- Aa2 ------6-May Omro WI GO Corp Purp 2,020 10 am C Ehlers Quarles & Brady 21-39 ------BQ 1-Apr

Wednesday, May 20 P Fullerton Jt Union HSD CA GO 16,455 9:15 am P Fieldman Rolapp Quint & Thimmig ------13-May P Fullerton Jt Union HSD CA GO 23,500 9 am P Fieldman Rolapp Quint & Thimmig 44 ------13-May Haddam (Town) CT GO 6,000 11:30 am E Phoenix Advisors Updike Kelly 21-40 ------AAA ------BQ 13-May Adair County IA GO Urban Renewal *4,495 10:30 am C Speer Financial Ahlers & Cooney 22-30 ------BQ 8-May North Iowa Area Comm Coll IA GO Sch *15,000 11 am C Piper Sandler Ahlers & Cooney 21-31 ------8-May Delta Eaton Sch Bldg Corp IN First Mtg *10,000 11 am E Baker Tilly MA Ice Miller 22-36 ------13-May Jefferson Co SD Fin Corp KY Sch Bldg Rev *61,900 11 am E Ross Sinclaire Wyatt Tarrant 21-37 ------13-May Somerville MA GO Muni Purp Loan *13,310 11 am E Hilltop Securities Locke Lord 21-45 ------Today Oxford Comm Schs MI Ref (Tax) *7,605 11 am E Baker Tilly MA Thrun Law Firm 23-30 ------11-May Oxford Comm Schs MI Sch Bldg *9,635 11 am E Baker Tilly MA Thrun Law Firm 24-41 ------BQ 11-May Cold Spring MN GO Imp 3,005 10 am C Northland Securities Fryberger Buchanan 22-36 ------BQ Today Metropolitan Council MN GO Park *8,800 10 am C Baker Tilly MA Kennedy & Graven 21 ------5-May Metropolitan Council MN GO Wst Wtr Rev *80,000 10 am C Baker Tilly MA Kennedy & Graven 21-40 ------5-May Carteret Boro BOE NJ Sch 37,000 11 am E Acacia Fin Group --- 22-50 ------13-May Closter Borough NJ GO *4,836 11:30 am E NW Financial Group DeCotiis FitzPatrick 21-40 ------BQ 13-May East Hampton Vlg NY Pub Imp *1,490 11 am E Munistat Services Norton Rose 21-35 ------BQ 7-May East Hampton Vlg NY Pub Imp Ref *2,015 11 am E Munistat Services Norton Rose 20-31 ------BQ 7-May Glens Falls NY GO Pub Imp 7,000 10:45 am E Fiscal Adv & Mkt Orrick Herrington 21-45 ------BQ Today Marion Ctrl SD NY GO Sch Dist *3,450 11 am E Bernard P. Donegan Timothy R. McGill 21-36 ------BQ 7-May North Castle Fire Dt #2 NY Fire District *850 10:30 am E Fiscal Adv & Mkt Hawkins Delafield 21-27 ------BQ 12-May Logan Co ISD #2 OK Comb Purp 1,050 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 7-May Payne Co ISD #101 OK Bldg (Tax) 900 12:45 pm C Stephen H. McDonald State Atty General 22-23 ------7-May Rogers Co ISD #4 OK Comb Purp (Tax) 2,750 11:45 am C Stephen H. McDonald State Atty General 22 ------7-May Selmer (Town) TN GO Ref *7,575 9:15 am C Cumberland Secs Glankler Brown 21-35 ------BQ 8-May Arlington TX Perm Imp *8,910 10 am C Estrada Hinojosa Bracewell LLP 21-30 --- Aa1 AAA AAA ------7-May

014_BB051420 14 5/13/2020 3:50:03 PM Thursday, May 14, 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 Arlington TX Certs of Oblig *9,395 11 am C Estrada Hinojosa Bracewell LLP 21-30 --- Aa1 AAA AAA ------7-May Brazoria Co MUD #66 TX Unltd Tax 3,500 10:30 am C Rathmann & Assoc State Atty General ------BQ 30-Apr Ingleside ISD TX Unltd Tax *4,960 10:30 am C Specialized Pub Fin McCall Parkhurst 21-29 ------AAA ------BQ Today Lwr Kirby Pearland Mgmt Dist TX Unltd Tax 1,870 11 am C Masterson Advisors State Atty General 22-43 ------8-May Lwr Kirby Pearland Mgmt Dist TX Unltd Tax Road 1,880 11 am C Masterson Advisors State Atty General 22-43 ------7-May Blackhawk Tech Coll Dt WI GO Prom 1,500 10 am C Baird Quarles & Brady 25-30 ------BQ 6-May Iowa County WI GO Law Enforcement *27,000 10 am C PMA Securities Quarles & Brady 21-40 --- Aa2 ------4-May Moraine Park Tech Coll Dt WI GO Prom 1,365 9:30 am C Baird Quarles & Brady 21-30 --- Aaa ------24-Mar Random Lake Village WI GO Corp Purp 3,310 10 am C Ehlers Quarles & Brady 21-40 ------BQ 8-May

Thursday, May 21 Ann Arbor Pub Schs MI Sch Bldg & Site *137,900 11 am E PFM Fin Advisors Miller Canfield 21-40 ------11-May Lancaster Ctrl SD NY Sch Dist Ref *4,335 11 am E Capital Markets Adv Harris Beach 21-27 ------13-May Lancaster Ctrl SD NY Sch Dist *42,375 11 am E Capital Markets Adv Harris Beach 21-35 ------13-May P Sag Harbor UFSD NY Sch Dist 10,074 11 am E Capital Markets Adv Hawkins Delafield 21-35 ------11-May Wooster OH GO Var Purp Ref *15,455 11 am E Sudsina & Assoc Squire Patton 20-39 ------AA ------Today Mayes Co ISD #17 OK Bldg 895 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 11-May McClain Co ISD #29 OK Comb Purp (Tax) 3,005 11:45 am C Stephen H. McDonald State Atty General 22 ------8-May Muskogee Co ISD #8 OK Bldg 440 12 pm C Stephen L. Smith Phillips Murrah 22-25 ------BQ 11-May Okmulgee Co ISD #5 OK Bldg (Tax) 360 12:45 pm C Stephen H. McDonald State Atty General 22-23 ------8-May Lake County TN GO Ref *6,700 9:15 am C Cumberland Secs Glankler Brown 21-37 ------BQ 13-May Harris-Brazoria Cos MUD #509 TX Unltd Tax 9,000 10 am C Rathmann & Assoc State Atty General ------BQ 6-May Headwaters MUD TX Unltd Tax Road *4,500 9 am C Specialized Pub Fin McLean & Howard 22-44 ------BQ 13-May Virginia Pub Sch Auth VA Sch *61,165 11 am E PFM Fin Advisors --- 21-25 ------17-Apr Lake Mills WI GO Corp 2,725 10 am C Ehlers Quarles & Brady 22-40 ------BQ 4-May

Tuesday, May 26 Norwood Young America Econ Dev MN Hsg Rev 4,925 10 am C Ehlers Kennedy & Graven 21-38 ------BQ 3-Apr Norwood Young America Econ Dev MN GO Street 6,165 10 am C Ehlers Kennedy & Graven 21-32 ------BQ 3-Apr Osseo MN GO 3,790 10 am C Ehlers Taft Stettinius 22-41 ------BQ 30-Apr Valley Ctrl SD NY GO Sch 17,051 11 am E Bernard P. Donegan Bond Schoeneck 21-34 ------Today Montgomery Co MUD #113 TX Unltd Tax 6,425 10 am C Baird State Atty General ------BQ Today Montgomery Co MUD #99 TX Unltd Tax 4,200 10:15 am C Masterson Advisors State Atty General 21-46 ------BQ Today Travis Co MUD #12 TX Unltd Tax 3,800 9:30 am C Specialized Pub Fin State Atty General ------BQ Today Travis Co MUD #13 TX Unltd Tax 4,240 9 am C Specialized Pub Fin State Atty General ------BQ Today Columbus SD WI GO Sch *21,000 10 am C PMA Securities Quarles & Brady 21-37 ------11-May Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 21-24 ------7-May Waukesha County WI GO Prom 18,000 10 am C Baird Quarles & Brady 21-30 ------8-May

Wednesday, May 27 Clear Lake Comm SD IA GO Sch *18,000 11 am C Piper Sandler Ahlers & Cooney 21-40 ------13-May Warren Twp Metro SD IN GO *5,000 11 am E Baker Tilly MA Barnes & Thornburg 21 ------11-May Osage Co ISD #29 OK Comb Purp (Tax) 1,050 11:45 am C Stephen H. McDonald State Atty General 22-23 ------12-May Rogers Co ISD #7 OK Bldg 380 12 pm C Stephen L. Smith Phillips Murrah 22-27 ------BQ Today Harris Co MUD #391 TX Unltd Tax 6,950 9:30 am C Masterson Advisors State Atty General 21-40 ------BQ Today Prince William County VA GO Ref *24,870 11 am E PFM Fin Advisors ------13-May New Holstein SD WI GO Prom *8,000 10 am C PMA Securities Quarles & Brady 21-30 ------BQ 13-May

Thursday, May 28 N Texas Muni Wtr Dt TX Wstwtr *58,490 10:30 am C Hilltop Securities McCall Parkhurst 26-50 ------Today Chippewa Vly Tech Coll Dt WI GO Prom 11,525 11 am C Baird Quarles & Brady 21-30 ------8-May

Monday, June 1 Cottage Grove Vlg WI GO Park 1,850 10:30 am C Ehlers Quarles & Brady 21-40 ------BQ Today Suamico Vlg WI GO Corp Purp 7,080 10 am C Ehlers Griggs Law Office 21-40 ------BQ 8-May

Tuesday, June 2 Edina MN GO 5,260 10 am C Ehlers Dorsey & Whitney 22-37 ------BQ 11-May For complete listings go to www.bondbuyer.com

015_BB051420 15 5/13/2020 3:50:04 PM New Issues Thursday, May 14, 2020 16 The Bond Buyer

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Thursday, May 14 Nantucket Reg Trans Auth MA Rev Antic 1,550 11 am E Hilltop Securities Locke Lord 21 ------BQ 12-May Newburyport MA GO Bond Antic 2,570 11 am E Hilltop Securities Locke Lord 21 ------BQ 11-May Chatham Borough NJ Bond Antic 2,385 11 am E Municipal Official Rogut McCarthy 21 ------BQ 12-May Harrison Twp NJ Bond Antic 2,932 11 am E Acacia Fin Group Parker McCay 21 ------BQ 11-May Long Hill Twp NJ Bond Antic 2,047 11 am E Phoenix Advisors Hawkins Delafield 21 ------BQ 8-May Tenafly Borough NJ Bond Antic 8,910 11:30 am E NW Financial Group JP CAPIZZI LLC 21 ------BQ 11-May Bethany (Town) NY Bond Antic 448 11 am E Municipal Solutions Hodgson Russ 21 ------BQ 8-May Crown Pt Ctrl SD NY Bond Antic 618 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 11-May East Rochester (Town/Vlg) NY Bond Antic 750 11 am E Bernard P. Donegan Harris Beach 21 ------BQ 1-May Island Trees UFSD NY Bond Antic 20,000 11 am E Capital Markets Adv Hawkins Delafield 21 ------7-May Marathon Ctrl SD NY GO Bond Antic 6,200 11:15 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ Today Morrisville Ctrl SD NY GO Bond Antic 2,485 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 5-May Newfield (Town) NY Bond Antic 500 11:30 am E Municipal Solutions Harris Beach 21 ------BQ 7-May Orleans County NY GO Bond Antic 2,672 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 8-May Putnam Vly Ctrl SD NY Bond Antic 3,000 10:30 am E Fiscal Adv & Mkt Orrick Herrington 20 ------11-May Southport (Town) NY Bond Antic 336 10:15 am E Fiscal Adv & Mkt Orrick Herrington 20 ------BQ 12-May Tarrytown Vlg NY Bond Antic 3,633 11:45 am E Fiscal Adv & Mkt Jeffrey E Storch 20 ------BQ 11-May

Tuesday, May 19 Fitchburg MA GO Bond Antic 815 11 am E Hilltop Securities Locke Lord 21 ------13-May Harwich (Town) MA GO Bond Antic 1,766 11 am E Hilltop Securities Locke Lord 21 ------7-May Lynnfield (Town) MA GO Bond Antic (Tax) 188 11 am E Hilltop Securities Locke Lord 21 ------11-May Cherry Hill Twp NJ Bond Antic 2,763 10:45 am E Acacia Fin Group McManimon Scotland 21 ------11-May Phillipsburg (Town) NJ Bond Antic 2,755 11 am E Phoenix Advisors Wilentz Goldman 21 ------BQ 13-May Wenonah Borough NJ Bond Antic 2,377 11:30 am E Municipal Official McManimon Scotland 20 ------BQ 13-May Manhasset UFSD NY Tax Antic *6,100 11 am E Capital Markets Adv Hawkins Delafield 20 ------12-May Stillwater (Town) NY GO Bond Antic 5,340 11 am E Fiscal Adv & Mkt Walsh & Walsh 21 ------BQ 11-May

Wednesday, May 20 Randolph (Town) MA GO Bond Antic 7,211 11 am E Hilltop Securities Locke Lord 21 ------13-May Closter Borough NJ Bond Antic 4,550 11 am E NW Financial Group DeCotiis FitzPatrick 21 ------BQ Today Frelinghuysen Twp NJ Bond Antic 1,666 11 am E Municipal Official Wilentz Goldman 21 ------BQ Today Chenango Forks Ctrl SD NY GO Bond Antic 1,510 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 8-May Clinton County NY Bond Antic 382 11 am E Munistat Services Orrick Herrington 21 ------BQ Today Island Pk Vlg NY Bond Antic 1,530 11 am E Liberty Capital Svcs Orrick Herrington 21 ------BQ 13-May Otsego County NY Rev Antic 8,000 11:30 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ Today

Thursday, May 21 Boxborough (Town) MA GO Bond Antic 1,513 11 am E Hilltop Securities Locke Lord 21 ------BQ Today Holden (Town) MA GO Bond Antic 1,159 11 am E Hilltop Securities Locke Lord 20 ------Today Argyle Ctrl SD NY GO Bond Antic 5,673 11 am E Fiscal Adv & Mkt Barclay Damon 21 ------BQ 13-May Central Islip Fire Dt NY Bond Antic 5,500 11 am E Munistat Services Hawkins Delafield 21 ------BQ 13-May Lancaster Ctrl SD NY Bond Antic 6,000 11 am E Capital Markets Adv Harris Beach 21 ------13-May Wayne County OH GO Bond Antic 2,000 11 am E Sudsina & Assoc Squire Patton 21 ------BQ 8-May

Wednesday, May 27 Tonawanda NY Bond Antic 6,824 11 am E Municipal Solutions Hodgson Russ 21 ------BQ 6-May

Day to Day Illinois IL GO *350,000 --- Public Resources Chapman and Cutler 21 ------1-May Illinois IL GO *350,000 --- Public Resources Chapman and Cutler 21 ------1-May Illinois IL GO *500,000 --- Public Resources Chapman and Cutler 21 ------1-May

016_BB051420 16 5/13/2020 3:50:04 PM Thursday, May 14, 2020 New Issues www.bondbuyer.com 17

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 May 11 California Statewide Comm CA Special Tax 8,510 RBC Capital Mkts ------1-May Chino Comm Facs Dt #2003-3 CA Special Tax 15,000 Raymond James ------8-May Cloverdale USD CA GO (Tax) 13,000 RBC Capital Mkts ------13-Mar Jurupa Comm Svcs Dt CFD #45 CA Special Tax 5,235 Stifel Nicolaus Fieldman Rolapp ------8-May S California Pub Pwr Auth CA Rev Ref 27,690 RBC Capital Mkts PFM Fin Advisors ------8-May San Joaquin Delta Comm Coll CA GO Ref (Tax) 116,815 RBC Capital Mkts ------AA- --- 21-Feb Beverly Shores Redev Auth IN Lease Rental 5,000 Stifel Nicolaus ------8-May Clarksville HS Bldg Corp IN First Mtg 4,810 Piper Sandler ------8-May Indiana Fin Auth IN Ed Facs Rev 25,300 Wells Fargo Secs ------8-May Paoli Comm Sch Bldg IN First Mtg 5,740 Raymond James ------8-May Clayton Boro BOE NJ Ref Sch 7,090 Stifel Nicolaus Phoenix Advisors ------8-May Orangetown (Town) NY Ref 4,100 Roosevelt & Cross ------8-May Rittman Ex Vlg SD OH GO 5,160 PNC Capital Markets ------5-May Harris Co MUD #106 TX Ref 9,010 Raymond James Masterson Advisors ------23-Apr Harris Co MUD #61 TX Ref 2,585 SAMCO Cap Mkts --- AGM --- AA ------6-May Laredo College TX Maintenance Tax (Tax) 27,390 Stifel Nicolaus ------8-May Laredo College TX Rev Ref (Tax) 11,670 Stifel Nicolaus ------8-May Lubbock TX Combined Tax Rev 7,050 Morgan Stanley, Dean RBC Capital Mkts ------AA+ AA+ --- 7-May Lubbock TX Wtr & Wstwtr Rev 42,285 Morgan Stanley, Dean RBC Capital Mkts ------AA- AA- --- 7-May Texas Dept Hsg & Comm TX Singlefam Mtg Rev (Tax) 12,830 RBC Capital Mkts Stifel Nicolaus ------6-May Entiat SD #127 WA GO 5,385 Piper Sandler ------8-May

Thursday, May 14 Reavis Twp HSD #220 IL GO Sch 40,685 Baird --- BAM ------7-May Wilmington NC Limited Oblig 35,335 Raymond James Waters & Company --- Aa1 AA+ AA+ --- 6-May

Week Of May 18 Bridgeport CT GO (Tax) 12,335 Raymond James --- BAM ------Today Bay Co Sch Bd FL COPs 46,900 Raymond James ------Today Tampa FL Rev Ref 76,105 Raymond James Wye River Group ------11-May Tampa FL Rev Ref (Tax) 58,310 Raymond James Wye River Group ------12-May Louisiana Local Gov Env LA Rev 48,520 Raymond James --- BAM ------Today Hartland Cons Schs MI GO Ref (Tax) 41,960 Raymond James ------Today Eugene OR Wtr Util Rev (Tax) 14,895 RBC Capital Mkts ------Today Eugene OR Wtr Util Rev 17,990 RBC Capital Mkts ------Today DuBois Area SD PA GO 23,185 PNC Capital Markets --- BAM ------5-May Woodruff-Roebuck Wtr Dt SC Wtr Sys Rev 8,215 Raymond James --- AGM ------Today Dallas Co Pk Cities MUD TX Wtr Sys Rev Ref 16,570 Raymond James ------5-May Faulkey Gully MUD TX Wtrwks & Swr Sys 2,015 SAMCO Cap Mkts ------6-May Garland TX Util Rev 34,430 BofA Securities Hilltop Securities ------13-May Luling ISD TX Sch Bldg 24,935 Raymond James Specialized Pub Fin ------21-Apr Montgomery Co MUD #115 TX Ref 4,545 Raymond James Masterson Advisors ------12-May Texas Wtr Dev Bd TX Rev 383,420 Siebert Williams Hilltop Securities ------4-May Utah UT GO 443,370 BofA Securities Zions Pub Fin ------13-May Osceola Vlg WI GO Prom 1,500 Baird ------12-May Osceola Vlg WI Note Antic 2,400 Baird ------12-May Webster SD WI GO Prom 6,500 Baird ------11-May

Wednesday, May 20 Dillon Co Sch Facs Corp SC COPs 46,735 Baird First Tryon Advisors ------Today Lakeshore Tech Coll Dt WI GO Prom 3,800 Baird ------Today Manitowish Waters (Town) WI GO Ref 3,900 Baird ------Today

Thursday, May 21 Brunswick County NC Sys Rev 146,575 Baird ------Today

Week Of May 25 Prince William County VA GO Ref (Tax) 28,620 Wells Fargo Secs ------Today

017_BB051420 17 5/13/2020 3:50:05 PM New Issues Thursday, May 14, 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

Wednesday, May 27 Freedom (Town) WI Bond 3,900 Baird ------1-May

Day to Day Colorado Educ & Cultural Facs CO Sch Ref 46,665 D.A. Davidson PFM Fin Advisors ------27-Apr Signal Hill SD #181 IL GO Sch 2,725 Stifel Nicolaus --- BAM ------17-Apr Muhlenberg SD PA GO 19,070 RBC Capital Mkts ------30-Apr Texas Dept Hsg & Comm TX Singlefam Mtg Rev 175,000 RBC Capital Mkts Stifel Nicolaus ------6-May West Harris Co MUD #11 TX Ref 2,485 Raymond James Baird BAM ------21-Apr Batesville AR Hosp Rev Ref 32,110 Crews & Associates ------23-Mar La Paz Co Indl Dev Auth AZ Ed Facs Rev 12,665 BB&T Cap Mkts D.A. Davidson ------24-Jan California Hlth Facs Fin CA Rev 145,975 Morgan Stanley Ponder ------13-Mar Exeter CA Swr Rev Ref 3,145 Brandis Tallman, LLC --- BAM ------13-Mar Grass Vly CA Pension (Tax) 18,495 Hilltop Securities ------16-Mar Sacramento CA Wstwtr Rev Ref (Tax) 28,025 Goldman Sachs Fieldman Rolapp ------6-May Sacramento County CA COPs 27,385 Siebert Williams PFM Fin Advisors AGM ------13-Apr Colorado Sch of Mines BOT CO Rev Ref 10,430 Morgan Stanley North Slope Cap Adv ------13-Sep Colorado Sch of Mines BOT CO Rev Ref (Tax) 40,175 Morgan Stanley North Slope Cap Adv ------13-Sep Seymour (Town) CT GO Ref (Tax) 5,700 Mesirow Financial Phoenix Advisors ------AA+ ------6-Mar Seymour (Town) CT GO 5,735 Mesirow Financial Phoenix Advisors ------AA+ ------6-Mar Capital Trust Agy FL Rev (Tax) 2,085 Stifel Nicolaus ------7-Feb Capital Trust Agy FL Rev 32,800 Stifel Nicolaus ------7-Feb Florida Dev Fin Corp FL Rev Ref 37,855 Morgan Stanley PFM Fin Advisors ------9-Mar Florida Dev Fin Corp FL Rev Ref (Tax) 231,030 Morgan Stanley PFM Fin Advisors ------9-Mar 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 Nevada IA GO Corp Purp 8,060 D.A. Davidson ------20-Mar Spirit Lake Comm SD IA Sales & Srvc Tax Rev 12,195 Piper Sandler ------6-Mar Idaho Hsg & Fin ID Mtg 30,797 Stifel Nicolaus ------8-Nov Illinois Fin Auth IL Multifam Hsg (Tax) 1,715 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg 2,785 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg (Tax) 6,860 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg 15,460 D.A. Davidson ------13-Mar Illinois Fin Auth IL Multifam Hsg 16,975 D.A. Davidson ------13-Mar Illinois Hsg Dev Auth IL Multifam Hsg 10,645 KeyBanc Cap Mkts ------11-Mar Washington IN Swr Works Rev 10,445 Baird Baker Tilly MA BAM ------17-Apr Reno Co USD #313 KS GO Ref (Tax) 42,280 Raymond James ------19-Sep Shawnee Co USD #501 KS GO Ref (Tax) 101,410 Raymond James ------20-Sep Kentucky Pub Energy Auth KY Gas Supply Rev 536,040 JPMorgan Municipal Cap Mkts ------A --- 28-Aug Massachusetts Dev Fin Agy MA Rev (Tax) 6,910 Stifel Nicolaus ------6-Mar Massachusetts Dev Fin Agy MA Rev 30,860 Stifel Nicolaus ------6-Mar Great Lakes Wtr Auth MI Sys Rev (Tax) 167,440 Citigroup PFM Fin Advisors ------13-Mar Great Lakes Wtr Auth MI Rev Ref (Tax) 548,010 Citigroup PFM Fin Advisors ------13-Mar Michigan Fin Auth MI Rev Ref 13,705 Piper Sandler ------13-Mar St Johns Pub Schs MI GO Energy 5,820 Stifel Nicolaus Baker Tilly MA ------6-Mar Minnesota Hsg Fin Agy MN Bond (Tax) 28,036 RBC Capital Mkts CSG Advisors ------6-May Minnesota Hsg Fin Agy MN Bond (Tax) 28,036 RBC Capital Mkts CSG Advisors ------6-May Windom MN Annual Appropriation 7,430 Baird ------6-Mar Northwest R-1 SD MO GO Ref 7,780 Stifel Nicolaus ------13-Mar Raytown MO Sales Tax Ref 28,875 Stifel Nicolaus Columbia Cap Mgmt ------7-Dec Salem Co Poll Cntr Fin Auth NJ Rev Ref 23,150 Morgan Stanley ------14-Feb Winrock Ctr Tax Incr Dev Dt #1 NM Tax Increment 14,735 D.A. Davidson Piper Sandler ------13-Mar Winrock Ctr Tax Incr Dev Dt #1 NM Tax Increment 82,645 D.A. Davidson Piper Sandler ------13-Mar Cincinnati OH Wtr Sys Rev Ref (Tax) 54,955 Morgan Stanley Davenport ------13-Mar Franklin Co Conv Facs Auth OH Tax & Rev Antic (Tax) 136,265 BofA Securities Baker Tilly MA ------13-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 OH Ed Facs Rev 57,000 Barclays Capital ------13-Mar For complete listings go to www.bondbuyer.com

018_BB051420 18 5/13/2020 3:50:06 PM Thursday, May 14, 2020 New Issues www.bondbuyer.com 19

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 Monday, May 18 Sauk Prairie SD WI Bond Antic 64,985 Baird ------12-May

Election Results Compiled by IHS Markit

APPROVED Caledonia Comm Schs $88,090,000 Clearwater Creek Special Imp Dt $49,504,884 Erecting, furnishing and equipping a new ele- Hartland Cons Schs $45,000,000 For construction, improvement and maintenance Tuesday, Apr 07, 2020 mentary school Remodeling, equip and furnishing and refurnish- of waterworks, sanitary, sewer and drainage ing school buildings ALASKA Carsonville-Port Sanilac Schs $2,770,000 Clearwater Creek Special Imp Dt $25,318,524 Remodel, security improvements to, furnishing Ithaca Pub Schs $30,000,000 Anchorage $43,000,000 and equipping school buildings Erecting, remodel, furnishing school building, Constructing and improving road facilities For providing roads and storm drainage capital improving playgrounds and sites acquisition, construction, renovation, upgrades Monroe Pub Schs $59,000,000 Clearwater Creek Special Imp Dt $25,000,000 and related capital imporvements. Erecting, remodel security entrances, equip or Jenison Pub Schs $60,700,000 For funding economic development grants reequip school buildings and facilities Erecting, furnishing and equipping additions to Anchorage $5,375,000 school buildings Clearwater Creek Special Imp Dt $3,078,240 For the purpose of providing areawide facilities Tuesday, May 12, 2020 Constructing, improving and maintaining recre- capital improvements within the Municipality of Johannesburg-Lewiston SD $21,900,000 Anchorage. NEBRASKA Remodel, furnish and refurnishing, and equip and ational facilities re-equipping school buildings Anchorage $5,095,000 Hastings Pub SD #0018 $3,000,000 Gates Special Imp Dt $63,103,407 For the purpose of upgrading the infrastructure of To renovate Morton Elementary building Merrill Comm SD $6,325,000 For construction, improvement and maintenance the Anchorage Area Remodel existing school district buildings, acquir- of waterworks, sanitary, drain and sewer POSTPONED ing buses, improve and developing sites Anchorage $3,950,000 Gates Special Imp Dt $32,675,518 Purpose of renovating and rehabilitating trails Thursday, Mar 26, 2020 Morley-Stanwood Comm Schs $21,000,000 and parks, making playground, parking, safety, Erecting, remodel, furnishing school building, For construction, improvement and maintenance ADA and park improvements at various parks and MAINE improving playgrounds and sites of roads facilities recreational facilities. Frankfort (Town) $1,000,000 North Adams-Jerome Schs $8,000,000 Gates Special Imp Dt $25,000,000 Anchorage $2,400,000 To repair and pave roads in Frankfort Remodeling, furnishing and refurnishing, and Funding economic development grants For the purpose of acquiring new APD replace- equipping school facilities ment fleet vehicles and undertaking certain cap- Tuesday, May 05, 2020 Gates Special Imp Dt $6,464,303 ital improvements in the Anchorage Metropolitan Waterford SD $150,000,000 Police Service Area. MICHIGAN Construct and furnish a new Early Childhood For constructing, improving and maintaining rec- Center, acquiring school buses, improve athletic reational facilities. Anchorage $2,200,000 Bay City SD $28,400,000 fields For the purpose of building a new community To acquire buses and fund technology and build- Stolte Ranch Special Imp Dt $25,000,000 building to replace Glacier City Hall and Little ing updates. PENDING For funding economic development grants Bears facilities and making related capital im- provements in the Girdwood Valley Service Area. Breckenridge Comm SD $14,950,000 Tuesday, Apr 07, 2020 Stolte Ranch Special Imp Dt $15,000,000 Erecting, remodel, furnishing school building, Improving and maintaining waterworks, sanitary Anchorage $2,050,000 improving playgrounds and sites OKLAHOMA To acquire a replacement fire ladder truck, make and sewer facilities AFD facility improvements and expanding the Cedar Springs Pub Schs $68,000,000 Craig Co ISD #6 $15,950,000 shop in the Anchorage Fire Service Area. Purchasing, erecting, completing, remodel and To provide funds for various improvements and Stolte Ranch Special Imp Dt $12,000,000 equip school buildings or other facilities equipping of school buildings and sites. Construction and improvement of roads in and Anchorage $830,000 around the district For the purpose of renting or leasing cardiac Durand Area Schs $28,000,000 Craig Co ISD #6 $450,000 monitors, chest compression systems, automated Erecting, furnishing and equipping additions to To provide funds for transportation equipment Stolte Ranch Special Imp Dt $3,000,000 external defibrillators (AEDs), power gurney sys- school buildings, improve athletic fields and safety tems, and other emergency medical equipment. Construction and improvement of recreational Durand Area Schs $1,680,000 Delaware Co ISD #1 $9,175,000 facilities Anchorage SD $82,833,000 Developing and improving Roundhouse Stadium To provide fund to construct, equip, repair and For providing educational capital improvements, to a synthetic surface remodel school buildings. Tuesday, May 05, 2020 construction, upgrades, design, planning, renova- tion and earthquake recovery of school facilities. Elk Rapids Schs $49,995,000 Delaware Co ISD #1 $2,595,000 MICHIGAN Erecting and furnishing additions to school build- To provide fund to construct, equip, repair and Anchorage SD $1,110,000 ings, improve athletic facilities remodel school sites. To construct and mantain life/safety access roads. Atherton Comm Schs $11,300,000 Galesburg-Augusta Comm Schs $14,730,000 Delaware Co ISD #1 $800,000 Erecting, remodeling, and equip or reequipping OKLAHOMA Erecting, furnishing and equipping additions to To provide funds for purchasing transportation school buildings or other facilities school buildings equipment Stephens Co ISD #1 $25,775,000 Freeland Comm SD $23,600,000 For acquisitions, construction and equipping Goodrich Area Schs $20,930,000 Delaware Co ISD #11 $7,750,000 Erecting, furnishing, and equipping additions to school facilities and sites Remodeling, furnishing and refurnishing schools, To provide fund to construct, equip, repair and the middle school/high school building preparing, developing, and improve sites remodel school buildings. Stephens Co ISD #1 $2,000,000 To provide funds to acquire transportation equip- Hamilton Comm Schs $65,625,000 Delaware Co ISD #14 $1,400,000 Melvindale North Allen Pub Schs $23,720,000 ment. Erecting, furnishing and equip a new middle To provide fund to construct, equip, repair and Purchase, construct, additions, remodel and school, improve athletic facilities remodel school sites. equipping district buildings, improve sites. Tuesday, May 05, 2020 Hamtramck Pub Schs $35,265,000 Pottawatomie Co ISD #93 $1,200,000 Tuesday, May 12, 2020 MICHIGAN Constructing a new elementary school building, To acquire student transportation equipment reequipping existing school Byron Center Pub Sch $80,185,000 Saturday, May 02, 2020 MINNESOTA Erecting, furnishing, and equipping a new inter- Harbor Beach Comm SD $1,240,000 mediate school building Remodeling, refurnishing, and equip Harbor TEXAS Byron ISD #531 $58,000,000 Beach Community School building Construction and improvements

019_BB051420 19 5/13/2020 3:50:06 PM Market Statistics Thursday, May 14, 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 5/7/20 4/30/20 High Date Low Date Municipal Bond Index ...... 129 12 . +9/32 140 05 . (3/9) 119 16 . (3/20) 40 Average Dollar Price ...... 104 51 . +0 20 . 104 58 . (5/8) 96 78 . (3/20) Bond Buyer Revenue Bond Index . . . . 3 02% . 2 98% . 3 34% . (4/2) 2 75% . (4/16) Average Yield to Par Call ...... 3 29 . –0 04 . 4 70 (3/20). 1 86 .(3/9) Bond Buyer 20-Bond Index ...... 2 60% . 2 56% . 2 84% . (4/2) 2 25% . (4/16) Average Yield to Maturity ...... 3 84 . –0 01 . 4 31 (3/20). 3 35 .(3/9) Bond Buyer 11-Bond Index ...... 2 13% . 2 09% . 2 37% . (4/2) 1 78% . (4/16)

Wk of 5/15/2020 Wk of 5/8/2020 Wk of 5/1/2020 Wk of 5/10/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $5,708 5. $5,704 7. $8,083 3. $7,425 .4 30-Day Visible Supply ($mills) ...... Negotiated Bonds ...... 3,945 1 . 4,324 9 . 6,008 4 . 4,765 0 . Total (May 14) ...... $9,053 2 . –2,302 2 . $17,009 2 . (4/6) $7,051 7 . (1/29) Competitive Bonds ...... 1,763 4 . 1,363 0 . 963 0 . 2,563 1 . Competitive ...... 2,106 4 . –308 3 . 5,326 2 . (1/3) 1,325 0 . (3/24) Short-Term Notes ...... 230 3 . 188 7 . 478 5 . 175 5 . Negotiated ...... 6,946 8 . –1,993 9 . 14,835 0 . (4/3) 4,084 5 . (2/19) Long-Term Bond Sales Thru 5/15/2020 Thru 5/8/2020 Thru 5/1/2020 Thru 5/10/2019 Month to Date ...... $11,790 8. $6,082 3. $377 6. $10,716 .8 Year to Date ...... 133,117 5 . 127,409 0 . 121,704 2 . 118,060 1 . 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

May 13, 2020 May 12, 2020 May 15, 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 32 . 0 34 . 1 53 . ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 0 39 . 0 49 . 1 27 .

Weekly Averages Monthly Averages 05/08 2,782,593 8,596,700 11,379,293 Apr_20 1,896,160 11,831,347 13,727,507 Municipal Market Data 05/01 1,907,048 10,737,723 12,644,771 Mar 2,330,672 11,328,615 13,659,287 One-Month Note (MIG-1) ...... 0 33 . 0 42 . 1 45 . Two-Month ...... 0 34 . 0 43 . 1 47 . 04/24 2,021,420 10,238,037 12,259,457 Feb 3,488,285 6,834,552 10,322,837 Three-Month ...... 0 35 . 0 44 . 1 50 . 04/17 1,830,019 11,230,360 13,060,378 Jan 3,686,529 6,255,930 9,942,460 Four-Month ...... 0 39 . 0 48 . 1 52 . 04/09 1,920,245 14,246,466 16,166,711 Dec 2,415,545 8,879,401 11,294,946 Five-Month ...... 0 43 . 0 52 . 1 54 . 04/03 1,984,784 13,481,021 15,465,805 Nov 3,001,881 12,458,477 15,460,358 Six-Month ...... 0 47 . 0 56 . 1 55 . 03/27 1,726,921 13,350,653 15,077,574 Oct 3,948,065 10,035,436 13,983,501 Nine-Month ...... 0 57 . 0 67 . 1 57 . One-Year ...... 0 65 . 0 74 . 1 60 . 03/20 2,015,528 13,200,118 15,215,645 Sep 2,908,169 9,016,317 11,924,486 03/13 2,309,489 9,866,675 12,176,164 Aug 3,892,634 7,169,949 11,062,583 Variable-Rate Demand (Non-AMT/AMT) 03/06 3,349,906 8,074,378 11,424,284 Jul 2,829,215 5,502,430 8,331,645 Daily General Market­ ...... 0 11/0. 16 . 0 10/0. 15 . 0 92/1. 01.

02/28 3,830,174 7,493,429 11,323,603 Jun 4,232,721 4,461,583 8,694,304 May 13, 2020 May 6, 2020 May 15, 2019 02/21 3,269,762 5,847,452 9,117,214 May 4,075,907 4,156,333 8,232,240 Seven-Day General Markets ...... 0 32/0. 46 . 0 34/0. 49 . 1 45/1. 48. 02/14 3,471,055 6,469,054 9,940,109 Apr 2,653,924 4,487,284 7,141,208 May 13, 2020 Apr. 6, 2020 May 15, 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. (as of 03/18) 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 negotiated supply has been reported since 1971. Jefferies Short-Term Index Rate (Jef STR) ...... 0 70 . 0 70 . 1 32 . May 6, 2020 Apr. 29, 2020 May 8, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0 19 . 0 22 . 1 59 .

Visible Supply Declines Municipal Market Data General Obligation Yields

Aaa Aa Insured A Baa 2021 0 52 . 0 57 . 0 60 . 0 66 . 1 45 . 2022 0 57 . 0 63 . 0 68 . 0 78 . 1 57 . 2025 0 81 . 0 91 . 1 03 . 1 13 . 1 93 . 2030 1 09 . 1 24 . 1 36 . 1 45 . 2 30 . 2035 1 48 . 1 68 . 1 78 . 1 90 . 2 78 . 2040 1 69 . 1 90 . 1 99 . 2 11 . 2 99 . 2045 1 85 . 2 06 . 2 14 . 2 26 . 3 14 . 2050 1 90 . 2 11 . 2 20 . 2 32 . 3 20 .

Figures are as of 3 pm Eastern time May 13, 2020. Yields represent the fair market offer side for most liquid and available credits in each 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 property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

020_BB051420 20 5/13/2020 4:34:58 PM Thursday, May 14, 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 ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 5/13 34.4 Westport (Town), Conn., (Aaa) ...... … 0.80 1.35 2.26 2.50 … … (in percent of discount) Bid/Offer Bid/Offer Bid Yield 5/13 31.3 Marlborough, Mass., (AAA) ...... 0.50 0.83 1.13 2.20 2.50 2.70 … 1M — 06/09/2020 ...... 0 075/65. 0 095/90. 0 076 . 5/13 15.2 Jefferson County, Tenn., (Aa3) ...... 0.70 1.15 1.75 2.25 2.35 … … 3M — 08/13/2020 ...... 0 120/110. 0 130/130. 0 122 . 5/13 9.8 Arlington, Tex., (Aa1/AAA/AAA) ...... 0.62 1.00 1.35 2.18 2.50 … … 5/13 8.9 New Lenox Vlg, Ill., (AA+) ...... 1.00 1.25 1.75 2.10 2.35 … … 6M — 11/12/2020 ...... 0 150/145. 0 155/150. 0 152 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Treasury Notes and Bonds Aaa – AAA Yesterday’s Prev. Day’s Yesterday’s 5/12 20.0 Orange County, N.C., ...... 0.50 0.80 1.14 2.03 2.31 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 5/7 11.4 Canton (Town), Mass., ...... 0.70 0.90 1.31 2.20 2.55 2.65 … 5/6 126.9 Denver Bd Wtr Comm, Colo., ...... 0.70 0.93 1.32 2.20 2.67 … … 2Y — 0 .13% due 04/2022 . . . . 99 290/302. 99 28+/296. 0 173. 5/6 22.7 Green Bay Metro Swrg, Wis., ...... 0.90 1.20 1.90 2.25 … … … 5Y — 0 .37% due 04/2025 . . . . 100 092/106. 100 05+/070. 0 316. 5/5 18.5 Wellesley (Town), Mass., ...... 0.75 0.96 1.35 2.35 … … … 5/5 16.1 Wilmington, N.C., ...... 0.83 1.30 1.91 2.15 2.40 … … 10Y — 1 .50% due 02/2030 . . . . 99 246/266. 107 226/246. 0 648. 4/28 40.0 Harford County, Md., ...... 0.98 1.14 1.50 2.15 … … … 30Y — 2 .00% due 02/2050 . . . . 116 06+/08+. 115 00+/02+. 1 338. 4/27 70.4 Polk County, Iowa., ...... 0.98 1.19 1.81 2.28 2.57 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 4/23 34.3 New Jersey Infra Bk, N.J ...... 0.90 1.05 1.32 2.47 2.73 2.75 … 4/22 80.0 Wisconsin, Wis., ...... 0.90 1.01 1.28 1.70 … … … 4/16 55.1 Davis SD BOE, Utah., ...... 0.86 0.95 1.20 2.10 2.63 … … Barclays Capital Long Treasury Bond Index 4/9 5.6 Wilton (Town), Conn., ...... 0.93 1.00 1.50 2.20 2.60 … … Aa1/Aa2/Aa3 – AA+/AA/AA– Index Value Yield Index Total 5/12 338.6 Miami-Dade County, Fla., ...... 0.54 0.96 1.34 2.05 2.33 2.49 … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 5/12 50.5 Amarillo, Tex., ...... 0.63 1.08 1.50 2.35 … … … 5/12 16.7 Coffee County, Tenn., ...... 0.70 1.05 1.65 1.92 … … … Close 4966 67. 4908 52. +58 14. 1 30. 1 36. –0 06. 4866 67. 5/11 50.5 City of Amarillo, Tex., ...... 0.63 1.08 1.50 2.35 … … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 5/11 10.0 Sevier County, Tenn., ...... … 1.05 1.55 2.00 2.35 … … (Jan. 1 1973 = 100). 5/8 2.5 Green Oak Twp, Mich., ...... 0.95 1.20 1.70 … 2.40 … … 5/7 120.0 SD of Georgetown County, S.C., ...... 0.71 1.08 1.45 2.45 2.67 … … 5/7 4.2 Holbrook (Town), Mass., ...... 0.85 1.20 1.80 … 2.25 … … 5/6 35.3 Nebo SD Local Bldg Auth, Utah, ...... 1.00 1.25 1.70 2.45 … … … 5/6 27.4 Gardner, Kan., ...... 1.05 1.35 1.80 2.30 2.70 … … 5/5 21.7 Mallory Vly Util Dt, Tenn., ...... 0.94 1.30 1.81 2.30 2.70 2.75 … State and Local Government Series Rates 5/5 11.6 Berkeley, Calif., ...... 0.80 1.09 1.41 2.40 … … … A1/A2/A3 – A+/A/A– 5/12 5.7 Mccordsville (Town), Ind., ...... 0.85 1.20 1.70 2.15 2.35 … … Thursday Friday Monday Tuesday Wednesday 5/7 1.5 Moriah Ctrl SD, N.Y., ...... 1.20 1.55 1.95 2.35 … … … May 7 May 8 May 11 May 12 May 13 5/5 1.0 Chazy UFSD, N.Y., ...... 1.20 1.55 2.05 2.60 2.80 … … Overnight*...... 0 07 . 0 07 . 0 07 . 0 09 . 0 09 . 5/4 2.0 Sapulpa, Okla., ...... … 1.85 2.35 2.85 3.35 3.70 … Three Months...... 0 11 . 0 10 . 0 10 . 0 12 . 0 12 . 4/22 9.9 Kentucky Rural Wtr Fin, Ky., ...... 1.45 1.65 2.15 2.70 3.00 3.05 3.10 Six Months...... 0 13 . 0 13 . 0 13 . 0 15 . 0 15 . 4/20 11.2 Dallas Co R-I SD, Mo., ...... 1.20 1.40 1.80 … 2.50 2.75 … Nine Months...... 0 14 . 0 13 . 0 15 . 0 15 . 0 15 . 4/16 9.4 Lexington, Tenn., ...... 1.00 1.20 1.60 2.10 2.35 … … One Year...... 0 15 . 0 13 . 0 15 . 0 15 . 0 14 . 4/7 10.0 North Mahaska Comm SD, Iowa., ...... 1.35 1.55 1.90 2.30 2.55 … … Two Years ...... 0 16 . 0 13 . 0 13 . 0 16 . 0 15 . 4/6 5.9 City of Buffalo, Minn., ...... 1.30 1.50 2.00 2.25 2.50 … … Three Years...... 0 23 . 0 19 . 0 19 . 0 23 . 0 19 . 3/31 4.4 Elizabethton, Tenn., ...... 1.55 1.63 2.00 … 2.45 … … Four Years...... 0 29 . 0 25 . 0 25 . 0 29 . 0 24 . 3/5 1.4 Camillus (Town), N.Y., ...... 0.75 1.00 1.50 2.00 2.16 … … Five Years...... 0 35 . 0 30 . 0 31 . 0 35 . 0 30 . 3/3 12.1 Kentucky Rural Wtr Fin, Ky., ...... 0.95 1.06 1.60 2.10 2.35 2.45 … Six Years...... 0 45 . 0 40 . 0 41 . 0 45 . 0 40 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 55 . 0 50 . 0 51 . 0 55 . 0 49 . Eight Years...... 0 60 . 0 56 . 0 57 . 0 61 . 0 54 . Nine Years...... 0 65 . 0 61 . 0 63 . 0 67 . 0 60 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 69 . 0 66 . 0 68 . 0 71 . 0 64 . 15 Years...... 0 91 . 0 86 . 0 90 . 0 92 . 0 85 . Performance Comparisons for May 11, 2020 20 Years...... 1 13 . 1 07 . 1 12 . 1 14 . 1 06 . Aaa–Baa Rated Corporates 25 Years...... 1 34 . 1 29 . 1 33 . 1 35 . 1 27 . Index Avg. Pct.of Total Return% 30 Years...... 1 39 . 1 34 . 1 39 . 1 41 . 1 33 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3232.24 2.92 100.00 –1.18 –0.52 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2119.89 2.48 66.15 –0.17 +0.29 Industrials 763.33 2.52 35.16 –0.14 –0.22 Utilities 756.24 2.25 6.20 –0.37 +2.03 Finance 733.16 3.37 4.61 –0.35 –1.69 Banks 793.17 2.26 19.00 –0.10 +1.25 Canadians/Yankees 708.93 2.12 35.65 +0.15 +1.12 Long-term (10 years and over) 3367.35 3.78 33.85 –3.10 –2.04 MARKET Industrials 1281.94 3.86 20.51 –2.98 –3.39 Utilities 1329.10 3.53 7.08 –3.24 +1.95 STATISTICS Finance 1301.46 3.81 2.14 –3.25 –1.33 For additional market data, please visit Banks 1406.74 3.74 2.85 –3.42 –3.03 bondbuyer.com/marketstatistics. Canadians/Yankees 1787.90 4.00 10.40 –0.62 –3.92 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_BB051420 21 5/13/2020 4:02:51 PM Market Statistics Thursday, May 14, 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 MAY 7 ...... 2.60 2.13 3.02 0.63 1.31 the April 30 pricings. The list will be revised at the next regularly scheduled revision on May 15. APR 30 ...... 2.56 2.09 2.98 0.64 1.28 23 ...... 2.36 1.89 2.86 0.60 1.19 16 ...... 2.25 1.78 2.75 0.62 1.21 As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 9 ...... 2.49 1.99 2.99 0.73 1.35 average par call date is July 3, 2026 and the average maturity date is May 18, 2046. 2 ...... 2.84 2.37 3.34 0.63 1.26 MAR 26 ...... 2.27 1.80 2.77 0.84 1.42 19 ...... 2.72 2.25 3.22 1.12 1.78 12 ...... 2.57 2.10 3.07 0.88 1.47 5 ...... 2.31 1.84 2.81 0.92 1.56 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 6 ...... 2.53 2.06 3.03 1.64 2.11 JAN 30 ...... 2.47 2.00 2.97 1.57 2.04 23 ...... 2.54 2.07 3.04 1.73 2.18 16 ...... 2.56 2.09 3.06 1.81 2.26 9 ...... 2.63 2.16 3.10 1.85 2.32 2 ...... 2.73 2.26 3.20 1.88 2.34 DEC 26 ...... 2.74 2.27 3.21 1.90 2.33 19 ...... 2.74 2.27 3.21 1.91 2.35 12 ...... 2.74 2.27 3.21 1.90 2.32 5 ...... 2.77 2.30 3.24 1.80 2.24 NOV 27 ...... 2.77 2.30 3.24 1.77 2.19 21 ...... 2.79 2.33 3.27 1.78 2.24 14 ...... 2.85 2.39 3.33 1.82 2.31 7 ...... 2.86 2.40 3.34 1.92 2.40 OCT 31 ...... 2.79 2.33 3.27 1.69 2.18 24 ...... 2.75 2.29 3.23 1.77 2.26 17 ...... 2.70 2.24 3.18 1.76 2.24

(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

4.00 Treasury Note

3.00

2.00

1.00

0.00 5/9/2019 8/8/2019 11/7/2019 2/6/2020 5/7/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.60 2.56 3.63 3.63 2.25 10-Year Treasury Note 0.63 0.64 2.46 2.46 0.60 STATISTICS 30-Year Treasury Bond 1.31 1.28 2.87 2.87 1.19 Basis Pt Spread to Note –197.30 –192.00 –117.00 –75.00 –221.00 For additional market data, please visit BBI as % of Note 414.67 400.00 147.56 450.79 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –128.90 –128.00 –76.00 -30.00 –158.00 BBI as % of Bond 198.32 200.00 126.48 225.40 113.27

022_BB051420 22 5/13/2020 4:36:22 PM Thursday, May 14, 2020 Market Statistics www.bondbuyer.com 23

Municipal Bond Index Municipal Bond Prices Current Day Previous Day Week Ago Month Ago Year Ago These 40 Bonds are evaluated and priced daily by The Bond Buyer Municipal Bond Index 129.12 129.03 128.27 132.04 131.08 Standard & Poor’s Securities Evaluations Inc. Wednesday, May 13, 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 114.7990 0.9256 124.0266 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 106.8830 0.9628 111.0127 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 104.5690 0.9256 112.9743 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 110.3800 0.9269 119.0851 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 100.5120 0.9269 108.4389 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 100.5100 0.9269 108.4367 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 102.125 + 0.250 3.64 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 110.4850 0.9269 119.1984 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 111.000 + 0.250 2.64 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 107.0430 0.8539 125.3578 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 102.125 + 0.125 3.52 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 104.7400 0.8539 122.6607 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . .84 .750 unch 4.99 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 89.6030 0.8771 102.1582 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 107.875 + 0.250 2.80 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 103.9360 0.8595 120.9261 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 102.1330 0.8595 118.8284 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 105.2780 0.8539 123.2908 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 110.375 + 0.125 1.90 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 106.0370 0.8568 123.7593 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 110.500 + 0.125 1.87 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 106.4880 0.8539 124.7078 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 107.500 + 0.250 2.92 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 100.6760 0.7809 128.9230 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 104.750 + 0.125 2.88 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 101.7130 0.7768 130.9385 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 106.000 + 0.125 2.81 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 100.8840 0.7768 129.8713 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 111.375 + 0.250 2.52 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 102.9780 0.8512 120.9798 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 106.500 + 0.125 2.76 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 107.2240 0.8568 125.1447 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 107.000 + 0.125 2.07 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 102.1210 0.8512 119.9730 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 105.250 + 0.125 2.95 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 107.1460 0.8568 125.0537 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 108.9670 0.8512 128.0157 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 107.8530 0.8568 125.8789 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 101.750 + 0.250 2.71 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 106.0880 0.8174 129.7871 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 100.875 + 0.250 2.85 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 108.7580 0.8568 126.9351 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 107.250 + 0.250 2.74 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 107.5100 0.8512 126.3040 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 104.500 + 0.250 3.30 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 104.8440 0.8484 123.5785 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 103.875 + 0.125 3.06 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 102.6960 0.8484 121.0467 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 106.375 + 0.250 3.10 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 104.5080 0.8568 121.9748 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 108.750 + 0.250 2.65 31 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 109.6700 0.8484 129.2669 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 109.625 + 0.250 2.72 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 104.5800 0.8539 122.4734 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 100.625 + 0.250 2.88 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 111.3580 0.8512 130.8247 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 108.125 + 0.250 2.93 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 106.3950 0.8595 123.7871 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 103.000 + 0.250 3.49 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 110.6660 0.8625 128.3084 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 103.750 + 0.250 3.50 36 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 111.0130 0.8484 130.8498 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 104.875 + 0.250 3.30 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 103.8120 0.8539 121.5740 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 102.625 + 0.250 3.61 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 108.1710 0.8568 126.2500 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 104.625 + 0.250 3.35 39 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 84.7750 0.8539 99.2798 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 82.7680 0.995 83.1839 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 107.125 + 0.250 2.84 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 104.5143 104.3109 104.1094 106.7551 106.3585 POWER Yield To Par Call ...... 3.29 3.33 3.37 2.92 3.13 Yield To Maturity ...... 3.84 3.85 3.86 3.71 3.74 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 106.875 + 0.125 3.44 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 104.625 + 0.125 3.62

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 . . . . 114.750 + 0.125 0.58 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 ...... 100.500 + 0.250 4.84 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 ...... 100.500 + 0.250 4.84 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . .82 .750 + 0.125 5.12 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . .89 .625 unch 4.99 The Municipal Bond Index presented today employs the coefficient derived from the April 30, 2020 pricing, A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 109.000 + 0.250 2.70 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 par call WATER 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 average Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 106.125 + 0.250 2.59 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 . . 110.625 + 0.250 2.54

023_BB051420 23 5/13/2020 4:39:57 PM Thursday, May 14, 2020 24 The Bond Buyer

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