Vol. 392 No. 35253 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Wednesday, February 5, 2020

WEDNESDAY A Liquidity Puerto Rico www.bondbuyer.com Warning to THE REGIONS Help Is On IN HIS SECOND STATE OF THE STATE Investors address, Oklahoma Gov. Kevin By Sarah Wynn The Way Stitt urged lawmakers to look A new study warns retail in- for efficiencies as the econom- vestors that their lower coupon By Brian Tumulty ic horizon darkens. ��������������� 3 rate bonds could become less liquid if interest rates rise. Puerto Rico’s economy could Those findings were released soon be bolstered as it claws THE ECONOMY Tuesday in a Municipal Securi- its way out of bankruptcy with ties Rulemaking Board report. a speedup in the disbursement THE PREVAILING OPINION IS THE The MSRB found that retail of federal aid as a result of the Federal Reserve will note the investors tend to purchase muni appointment of Coast Guard bonds with lower coupons than Rear Adm. Peter J. Brown as downside risks caused by the institutional investors. the island’s federal disaster aid coronavirus and won’t cut rates The MSRB decided to do MSRB’s John Bagley said the report was meant to be a word of caution coordinator. the report last year as interest for investors In addition, the House is in March, but bets are hedged rates continued to drop, which scheduled to vote Friday on a for later in the year. But some could kick into effect a tax rule the bonds,” said John Bagley, ber of complete years from the new round of $4.67 billion in that would make lower coupon MSRB chief market structure date of purchase to the date of disaster aid to deal with the af- analysts say a rate cut will be bonds less liquid. officer. maturity, it would fall under de termath of recent earthquakes. “We want investors to un- Investors should be aware minimis. Puerto Rico’s nonvoting rep- needed soon. ����������������������� 2 derstand that you should be that higher interest rates could The discount would then be resentative in the House said thinking about this and if rates put into effect a tax rule for low taxed as a capital gain rather Sunday that President Trump WEB EXCLUSIVES do come up you should be coupon rate bonds, Bagley said. than ordinary income. has selected Brown to serve aware of how it might affect The MSRB has not published When interest rates rise, in the post, although no offi- THE LATEST PROPOSAL TO TOLL a report similar to this before. bond prices tend to fall. The tax cial announcement had been In addition to writing rules, rule typically applies in a rising made as of Tuesday afternoon Connecticut highways — a TUESDAY’S YIELDS to govern the municipal bond interest rate environment when by the White House for the bond prices fall and are offered heavy-trucks-only version head- The Bond Buyer 40 market, the MSRB has a role as long-awaited appointment. an educational institution. at discounts. Unlike the mid-January ap- ed for a vote next week — has 3.8 Under the de minimis rule, if The rule would be in effect pointment of Robert M. Couch spawned partisan bickering the amount of market discount if the investor decides to sell by Department of Housing and 3.2 To Maturity 3.52 Up 0.01 at the time of purchase is less before maturity. Urban Development Secretary over whether bond-bill lan- than one-fourth of 1% of the The MSRB homed in on Ben Carson to serve as his de- 2.7 guage could open the door for stated redemption price of the bonds with a 3-3.5% coupon as partment’s Federal Financial bond multiplied by the num- Turn to Study page 3 Turn to Appointment page 3 passenger vehicles as well. 2.1 To Par Call 2.40 Up 0.03 1.6 PODCAST: RANDY GERARDES, A 01/22 01/27 01/30 02/04 Ohio Public Pension System Cuts Health Benefits senior municipal bond ana- 5.0 By Nora Colomer lyst at Wells Fargo Securities, 4.6 examines how a Minor League 4.3 Ohio’s largest public pension 3.9 fund, the Public Employees Retire- Baseball restructuring proposal 3.6 ment System, is launching a pre- that could ax dozens of teams 3.3 emptive strike to preserve retiree 2.9 health benefits over the long term would impact publicly funded 2.6 by scaling back on benefits now. ballparks. Andrew Coen and 2.3 Without the benefit cuts, OPERS FJDNOSAJJMAM projected that it would exhaust its Paul Burton host. Complete market coverage appears on page 2 $11.3 billion healthcare fund by 2030. The system has a trust, unlike many governments that still do pay- go funding for other post-employ- ment benefits, or OPEBs. The pension system is funded by employee and employer con- tributions and investment returns. OPERS used to earmark a chunk of employer contributions for retiree health care but stopped doing so in 2018. Instead, all the contributions Moody’s analyst Tom Aaron said cuts to healthcare initiated by Ohio’s Turn to OPERS page 4 largest public retirement system are a credit positive for the state.

001_BB020520 1 2/4/2020 5:07:49 PM Market News Wednesday, February 5, 2020 2 The Bond Buyer Muni Rates Come Off Record Lows; Deal Demand Won’t Stop New muni and taxable muni issuance was next week. president of Hennion & Walsh. Health Project. easily absorbed as yields moved up off of the Citigroup is set to price “We still see demand from Competitively, Tarrant Regional Water record lows they hit last week. $1.08 billion of tax-exempt investors but we advise to be Department, Texas sold $130.845 million “The new-issue deals continue to be easily fixed-rate bonds on Wednes- cautious and not reach for yield of water revenue refunding taxable bonds. absorbed,” said Peter Block, managing direc- day, Feb. 12, after a two-day on lower-quality issues,” Walsh Morgan Stanley won the bonds with a true tor, credit and market strategy at Ramirez. retail order period. BofA said Tuesday afternoon. ”We interest cost of 2.7917%. “Secondary market activity is robust with Securities, Goldman Sachs, don’t believe it’s worth putting “Flight-to-safety adjustments could have above-average bid-wanted lists and trading Jefferies, JPMorgan Securi- principal at risk for not much been affecting municipal prices as well, but volumes. Dealer inventories are -32% below ties, Loop Capital Markets, more return.” our sector has needed little outside influence average due to investors’ ravenous appetite Ramirez & Co., RBC Capital One Pennsylvania trader recently,” Matt Fabian, partner at Municipal for bonds.” Markets and Siebert Williams noted that although the market Market Analytics, said in a weekly report. He noted that last week’s underperfor- Shank will serve as co-senior By Aaron Weitzman is technically weaker, it cer- “Customer purchases accounted for 49.2% of mance was insufficient to meaningfully managers. tainly doesn’t feel like it. all par traded last month — a January record cheapen any spots on the curve as tax-ex- Also on Feb. 12, the city “The market feels stronger going back at least to 2008. This not only fol- empts remain expensive based on several will competitively sell around $423 million than it should, deals are being devoured, lows a lack of inter-dealer trading (noting that measures — ratios, spreads, and absolute of taxable fixed-rate bonds. The proceeds that’s the best I can describe it,” he said. dealers have needed to rely less on their peers yields — all driven by chronic imbalance of will be used to refund outstanding bonds. “This market is crazy right now and it feels to move inventories) but also the exceptional supply/demand. like nothing can stop it.” customer demand input.” PRIMARY MARKET Barclays priced Pennsylvania State Uni- NYC TO SELL $1.5B versity’s (Aa1/AA/ / ) $411.54 million of SECONDARY MARKET A strong primary market debuted on Tues- mostly taxable bonds with $331 million of New York City said it will sell about day, even as it continues to reckon with his- taxables and $80 million of exempts on Tues- Munis were mixed Tuesday on the MBIS $1.51 billion of general obligation bonds torically low yields, according to Bill Walsh, day. benchmark scale, with yields rising by seven Raymond James priced New York City basis points in the 10-year maturity and fall- Municipal Water Finance Authority’s (Aa1/ ing by less than a basis point in the 30-year AA+/AA+/NR) $465 million of water and maturity. Some Say Coronavirus Impact Will sewer second general resolution bonds for High-grades were weaker, with yields on retail investors on Tuesday. MBIS AAA scale increasing seven basis Morgan Stanley sent around indications of points in the 10-year and one basis point in Force the Fed to Cut Rates in March interest on the University of Southern Cali- the 30-year maturity. The prevailing opinion is gone negative, “the 10-2 fornia’s (Aa1/AA/ / ) $310 million of taxable On Refinitiv Municipal Market Data’s the Federal Reserve will note spread is more important to corporate CUSIP bonds. AAA benchmark scale, the yield on both the the downside risks caused by the Fed, in our view, and that Citi priced Berks County Municipal Au- 10- and 30-year GO was three basis points the coronavirus and won’t cut remains positive at about 18 thority, Pennsylvania’s (NR/BBB+/BBB/NR) higher to 1.18% and 1.83%, moving off their rates in March, but bets are basis points this morning,” $264.595 million of revenue bonds for Tower record lows. q hedged for later in the year. Tilley said. “However, the re- But some analysts say a cent moves have also invert- rate cut will be needed soon. ed the short-end and belly of 10-Year: MBIS benchmark (~AA) (+0.073) The coronavirus will strike at the curve, with all maturities 1.296 consumer confidence, which from 1 to 7 years yielding 10-Year: MBIS (AAA) (+0.071) will cause a drop in spending, less than the fed funds rate, 1.283 said Dan Geller, Analyticom which puts a bit of pressure Gary Siegel 10-Year: MMD (AAA) (+0.030) LLC founder. “Since personal on the Fed to lower rates. consumption makes up 70% They are likely hoping that 1.18 of GDP in the U.S., the Fed will have to will unwind before their next meeting.” 10-Year: US Treasury (+0.074) cut the funds rate to stimulate the econ- “The containment effort in China and 1.605 omy and restore consumer confidence,” impact on its trading partners this quarter 30-Year: MBIS benchmark (~AA) (-0.001) he said. will likely have a significant, measurable 1.945 The illness “certainly has tilted the odds impact,” said Steve Skancke, chief eco- 30-Year: MBIS (AAA) (+0.019) from a slight chance of a rate increase in nomic advisor at Keel Point and former 1.83 the last week of January to a one in seven Treasury staffer. “China’s Q1 economic chance of a rate cut in mid-March,” said growth likely will be 1%-1.5% lower and 30-Year: MMD (AAA) (+0.030) Robert R. Johnson, professor of Finance at its trading partners likewise will be nega- 1.83 Heider College of Business of Creighton tively affected.” 30-Year: US Treasury (+0.076) University. “If the conoravirus becomes The Fed will measure “how much ad- 2.084 a true global pandemic and isn’t under verse impact this has on Japan, Korea, control by the date of the Fed meeting, the Southeast Asia, U.K. and EU economies.” MBIS indices are updated hourly on the Bond Buyer Data Workstation Fed would likely cut rates in an attempt to Although “China’s growth likely will stimulate the economy.” catch up in subsequent quarters, there is “The Fed has to cut in March,” said uncertainty as to whether a similar catch- Tuesday’s Economic Indicators Mark Pacitti, founder of Woozle Research. up will occur in the other economics — Traders don’t believe the Fed will be on and hence in the U.S. economy,” he said. Indicator Last Report Forecast Actual hold this year and the market is “pricing Noting the elections later this year, Factory Orders Nov.: -1.2% Dec.: +1.2% Dec.: +1.8% in multiple rate cuts,” he said. Skancke said, there’s added pressure to Forecasts represent the median of estimates by economists polled by IFR Markets But, “only time will tell whether [the not cut rates. “Moreover, with expected virus] is transitory or not,” noted Luke Til- renewed Fed criticism from the White ley, chief economist of Wilmington Trust. House to cut interest rates, the Fed will be Tuesday’s Data “The Fed does not have any more insight particularly sensitive about reacting too 10 21 than the rest of us on the spread and poten- soon to early data on coronavirus impact.” Government Securities Prices 10-year: 101 /32 to yield 1.60%, down /32 tial economic impacts, and I don’t expect While not its base case, Steven Fried- 15 25 30-year: 106 /32 to yield 2.08%, down 1 /32 they would say otherwise.” man, senior global macroeconomist at Municipal Bond Index 1365/ , down 7/ As a result the Fed most likely will of- MacKay Shields, said the Fed would need 32 32 fer “cautious statements indicating it is a “evidence that the virus’ economic impact The Bond Buyer’s Total: $10.785 billion, down $1.081 billion downside risk to growth but only time will will be more significant and long-lasting 30-Day Visible Supply Competitives: $3.452 billion, down $89.2 million tell whether it is transitory or not.” than policymakers currently anticipate” to (as of 2/05) Negotiated: $7.332 billion, down $991.6 million A bigger issue is the recent yield curve make a cut. “But it remains a fluid situa- TheMuniCenter List Offering Total: $18.689 billion, up $994.0 million inversion. While parts of the curve have tion.” q

002_BB020520 2 2/4/2020 5:07:51 PM Wednesday, February 5, 2020 Regions www.bondbuyer.com 3 Oklahoma’s Governor Requests a Tighter Rein on Spending By Richard Williamson “But we have nothing to fear,” he added. tive in nature so we can deliver the highest a single dollar more.” “We will remain vigilant in recognizing quality of transportation possible,” he said. While 2019 was a welcome year of In his second State of the State address, our needs, planning for our future, and As the state with the highest incarcera- rising revenues after years of budget cri- Oklahoma Gov. Kevin Stitt urged lawmak- shedding waste where operations are out- tion rate, Oklahoma has sought to reduce ses, state Treasurer Randy McDaniel has ers to look for efficiencies as the economic dated or redundant.” the load that has contributed to a shortage already told lawmakers to prepare for a horizon darkens. Stitt said he supports effort to raise the of corrections officers. change. Stitt’s address Monday came as oil pric- constitutional cap on the state’s rainy day “When I came into office, I was told Gross receipts during all of 2019 were es continued to drop to near $50 per barrel fund to 30%, which would require a voter that a change in our prison system wasn’t 5.7% more than during 2018. That growth from recent highs around $65. Bankrupt- referendum. possible without an immediate injection rate was down from 13.2% in 2018 com- cies in Oklahoma and Texas have acceler- Calling the state government “too big of $1 billion,” Stitt said. “I was told the pared to 2017, McDaniel said. ated over the past year. and too broken,” Stitt urged lawmakers to Pardon and Parole Board could not take McDaniel said the slowdown becomes “When I delivered this address last year, improve efficiency and eliminate overlap on an increase in casework without more more pronounced when viewed on a quar- 60% more drilling rigs were operating in of services. Two agencies he targeted were employees and more funding. I was told terly basis. Growth in collections during Oklahoma than exists today,” he said. the Department of Corrections and the that it would be logistically impossible to the first two quarters of 2019 reflected “Our first budget together was blessed Department of Transportation. accomplish a large commutation docket expansion of almost 10%. Third quarter by a thriving industry. Now, we must look Transportation Secretary Tim Gatz is to give low-level, non-violent offenders a growth fell to 4.2%, while fourth quarter at the realities of a changing and evolving beginning the process of combining all second chance. receipts contracted by 0.5% when com- market that is becoming more efficient and back office and common functions in the “What did we do? You passed better pared to the fourth quarter of 2018. less influenced by international volatility.” DOT and Oklahoma Turnpike Authority policy, and we changed leadership in both “Recent economic trends appear to be Oklahoma’s general revenue fund is into one shared service entity for both agencies. As a result: Pardon and Parole primarily related to low oil and gas pric- estimated to be down almost 1% versus agencies. Board consolidated its investigators with es,” McDaniel said. fiscal year 2020, and total spending au- “We will maintain separate general Department of Corrections. This stream- “We are seeing both a direct and spill- thority is very close to the same amount, management for unique functions, while lined the case work all while increasing it over effect on some tax collections due to Stitt said. streamlining operations that are duplica- by 118% over 2018. They did this without suppressed energy prices,” he said. q Appointment of Disaster Czar and Study by MSRB Finds Differences in Additional Aid On Tap For Territory Retail, Institutional Bond Investing Continued from page 1 deal with the aftermath of recent earth- Continued from page 1 retail investors bought those at a 30 year quakes. maturity, compared to 41% of institu- Monitor on the island and U.S. Virgin The proposed assistance is $1.3 bil- well as 5% from May 1 to October 31, tional investors. Islands, Brown apparently will have lion more than House Democrats pro- 2019 for bonds maturing in 15 years or There is a unique risk for buying 3% czar-like oversight of all federal aid. posed two weeks earlier. longer. coupon bonds, compared to 5% cou- The Trump administration has held “Our fellow Americans in Puer- Over half of the retail investor pur- pons, if interest rates do go up, Bagley back its disbursement of disaster aid to to Rico have urgent needs following chases during the period were for muni said. Puerto Rico claiming to be concerned recent earthquakes,” House Appropri- bonds with a 3.0-3.5% coupon. A higher interest rate would make about financial corruption and said last ations Committee Chairwoman Nita Most purchases by institutional in- those bonds have significant discounts, August it was planning to appoint a Lowey, D-N.Y., said in making the an- vestors were for bonds with a 5% cou- putting into effect the de minimis rule. federal administrator. nouncement last week. “While President pon. Retail investors accounted for only “Peoples’ financial positions can While aid payments to Puerto Rico Trump has finally released some of the about 8% of the purchases of 5% cou- change, their investment objectives are not directly related to the common- aid Congress has already appropriated pon bonds. change, so we thought you should be wealth’s other financial troubles, the for hurricanes, more support is clearly With trades of 100 bonds or fewer or aware of this just in case if at some assistance is important for helping the needed.” $100,000 or less in value, the MSRB point down the road, the individual in- battered island regain its financial foot- Lowey described the new funding as found that retail investors bought 34% vestors want to sell these,” Bagley said. ing. “targeted assistance to help families and of the muni bonds with a coupon rate of “You should be tracking this because Billions of dollars of assistance has communities recover from these devas- 3 to 3.5%. that could make the bonds significantly been spent to help Puerto Rico since tating earthquakes and puts the island However, in using trades of $1 mil- less liquid and can impact what kind of Hurricane Maria in 2017. on a better path to long-term recovery.” lion or more for institution investors, price you could get for your bonds,” he The massive Category 5 storm The revised package includes $3.26 the MSRB found that investors bought said. wreaked havoc on the territory. billion in Community Development 16% of those lower rated bonds. Patrick Luby, a senior municipal Couch, a former HUD official, “has Block Grant–Disaster Recovery money The MSRB also found that retail in- strategist at CreditSights, said higher an extensive background with decades for restoration work and mitigation im- vestors purchased 24% of muni bonds interest rates would have a low risk of of private and public sector experience provements to infrastructure and hous- with a 5% coupon, and institutional in- affecting bonds with maturities of 15 dealing with financial reporting, risk ing along with $1.25 billion road and vestors purchased 41% of those bonds. years, but said those with longer ma- management, and executing the law,” bridge repairs. About 59% of retail investors bought turities of 20 to 30 years could have a Carson said last month. “Robert will be There’s also $100 million for schools 30 year bonds at a 3 to 3.5% coupon higher risk. an asset in supporting HUD’s mission to and other educational facilities, $15 rate, while institutional investors only Interest rates would have to signifi- continue aiding recovery efforts in Puer- million to improve the resilience of the bought 13% of those. cantly increase to affect 15 year bonds, to Rico while ensuring that appropriated electrical grid and $6.75 million cyber- For 5% coupon rate bonds, 18% of Luby said. q funds are used in a responsible manner security and earthquake risk analysis. and for their intended purpose.” However, the Senate has not yet an- CUSTOMER SERVICE Brown, meanwhile, has higher-level nounced the amount of its earthquake 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.) White House connections as Trump’s supplemental or when it might be con- Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at third homeland security and counterter- sidered. q [email protected] or (877) 652-5295 for more information. Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. Single copies of current issues are available for $15. Back issue prices are based on publication date. rorism adviser. Cancellation Policy for Print & Electronic Subscriptions: A native New Yorker who grew up in No refunds will be issued for any print or electronic subscription cancellations requested within 6 months of the subscription’s expiration date. All other print or electronic subscription cancellations will receive a pro-rata refund of any prepaid subscription fees based on the date of termination. the northern Westchester County com- For information about Bond Buyer Worksheets, call (800) 367-8215. RELATED ® munity of Somers, he formerly served as To order The Bond Buyer’s Municipal Marketplace (the Red Book) contact Accuity at 800-321-3373, 1007 Church Street, Floor 6, Evanston, IL 60201. Those registered with the Copyright Clearance Center have permission to photocopy articles owned by The Bond Buyer for a flat fee of $10 per copy of each article. commander of the Seventh Coast Guard CONTENT Send Payment to the Copyright clearance Center, 222 Rosewood Drive, Danvers, MA 01923. District covering Southeast states and The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, Saturday, Sunday and Federal Holidays, by Arizent, One State Street Plaza, 27th Floor, New York, Other recent coverage of this NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices. the Caribbean. POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery Another step forward for Puerto Ri- topic is available with this article service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. co’s recovery is expected Friday when COPYRIGHT RESPONSIBILITY at BondBuyer.com ©2020 Arizent and The Bond Buyer, All rights reserved. Each subscriber has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has the House is scheduled to vote on a new access to the subscriber’s copy. No part of this publication may be reproduced, stored, or transmitted by any means, electronic, mechanical or otherwise without written round of $4.67 billion in disaster aid to permission. Federal copyright law carries liability of up to $100,000 per issue for such infringement.

003_BB020520 3 2/4/2020 5:07:52 PM 4 Midwest Wednesday, February 5, 2020 TRENDS IN THE REGION The Bond Buyer

OPERS Will Limit Healthcare Benefits To Concentrate on Pension Funding

Continued from page 1 sion systems or benefits to retirees, Moody’s move is that it is on top of a situation, acting “One thing they track is the amortization said. OPERS serves about 516,000 active and proactively and being smart about it. rate, they have this fixed funded policy and are plowed into pension benefits, which take retired state employees, and manages assets “The fact that they are doing it at 78% the fund looks at how many years will it take priority over healthcare coverage. At the end totaling $87.8 billion, making it one of the funded could be a best practice or a wake-up to pay it down based on that fixed contribu- of 2019, the pension fund held about $91 largest pension funds in the country. call for others — that somebody that funded tion rate,” Draine said. “The 2018 numbers billion. As of Dec. 31, 2018, the latest fully “OPERS pension is 78% funded — they is making corrective changes because they — and we know that there have been some audited information available, OPERS was are obviously not 80% or 90%, but they are can look down the road at projections and bad investments between the 2018 reporting 78% funded. certainly not 40% or 30%,” said Chapman say we need to do something,” Spiotto said. date and the 2019 reporting date — is over OPERS said in a statement that when it Strategic Advisors managing director James “Clearly on the other side of this there are 30 years, which my understanding is that it is began considering changes to its healthcare Spiotto. “I think long term what they are other states that are far less than 78% funded longer than what they want to be aiming for. coverage in mid-2018, the goal was to ex- doing is taking incremental steps for the sol- and the lesson is we should do it earlier rather Without changes they faced seeing pension tend solvency of the $13 billion health care vency of the fund which is a prudent way than later. The hope that it turns around by debt grow. fund until could begin funding it again. The of going. Obviously if things get better they itself, we have learned the lesson because we “All of these pieces add up to telling them changes to OPERS health care coverage that won’t have to do anything, but if things get have economic downturns significant losses something about the trajectory of their sys- the board of trustees approved in January worse they can take further action.” on investments, the hole could become bigger tem and what they saw is something they have extended that solvency from 11 years The reduction in benefits was approved even if you try to dig out of it.” wanted to avoid.” to 18.75 years. on a 9-2 vote by the Ohio Public Employees According to OPERS, changes to the long- Aaron said that for the state government The changes, which take effect on January Retirement System board in January after term assumed rate of return have a significant directly, unfunded liabilities are not outsized 1, 2022, will reduce state and local govern- the board reported the health care trust fund impact on the liabilities. In October 2018, in any way. Ohio is above average in funding ment unfunded OPEB liabilities by more didn’t have the funding coming in to continue OPERS modified its long-term investment and certainly in much better shape at the mo- than $6 billion, based on OPERS’ actuarial current healthcare coverage levels. return assumption for pension to 7.2% from ment than states like Kentucky, Connecticut assumptions. “There is no available funding for health 7.5% based on changes in the market out- and Illinois. Among the changes in benefit provisions care,” a report from the board said. “All of the look. The change increased the pension lia- “What we have seen thus far as unfunded enacted by the OPERS board, the system employer contributions must be allocated to bilities by $3.4 billion. liabilities in these systems have grown the will provide a monthly stipend to retirees not pension funding until that funding improves. About two-thirds of OPERS revenue from reaction has been to make an adjusted ben- yet eligible for Medicare to help offset their Based on current projections, no funding will which benefits are paid is generated from efit — through either benefit cuts or benefit healthcare coverage costs, but will discon- be available for health care for 15 or more investment returns. The remaining funding adjustments — but to leave government con- tinue the OPERS-sponsored plan currently years.” comes from employee and employer con- tributions rates alone,” Aaron said. “Unlike offered. OPERS will also reduce the monthly Ohio OPEBs have a lower priority relative tributions. The system reports a total of $1.5 other systems where government contribu- allowance it provides to Medicare-eligible to pension in terms of statutory protections. billion in member and $2.0 billion in employ- tion rates have risen dramatically in Ohio retirees. The healthcare benefits of retirees are not er contributions for the year ended December they have remained steady and instead relied The reduction in benefits comes at the statutory contract obligations, they are dis- 31, 2018. Total net position is $94.1 billion as on legal benefits flexibility to keep them same time the board has asked the legislature cretionary. The OPERS pension fund is used of Dec. 31, 2018. relatively stable.” to approve a cost of living adjustment freeze to pay pensions — more than $6 billion each “From what we have seen and what they Aaron said that the way that becomes for retirees, allowing it to reduce a $24 bil- year. At the end of 2019, the pension fund have said is that these are a reaction to past a credit risk is if at some point the ability lion unfunded liability. The measure is also held about $91 billion. investment losses in places where there in- to continue curtailing benefits runs out — calling for a freeze on OPERS management “The way it has worked in recent years vestments have fallen short of what they had whether that be politically or legally on the salaries and limits to investment adviser fees. is that because of the underfunded status of hoped for and potential future expectation pension side. After the healthcare cuts, OPERS projects the pension side, the board has directed the of what investment markets will bring,” said “At that point if unfunded liabilities per- it can extend its solvency to nearly 23 years. contributions that are coming in all toward David Draine, senior researcher with Pew sist then the contribution rates may have to The changes are a credit positive for the pensions and not toward OPEBs,” Moody’s Charitable Trusts. increase,” he said. q state and the local governments that partici- analyst Tom Aaron said. “So what that has Draine said that since Ohio follows a pate in OPERS because they lower unfunded done in order to keep the OPEB benefits fixed-rate funding policy for both pensions OPEB liabilities, according to Moody’s In- flowing to the current retirees that has forced and retiree health benefits it leaves a limited vestors Service. the system to use the assets that has accumu- set of options for OPERS if it is committed For more content about this The changes are consistent with what oth- lated to pay for those benefits on an ongoing to keeping contributions at 14% of payroll region, visit the Regional News er states have done in a number of other situ- basis.” while trying to manage the volatility of in- tab on BondBuyer.com. ations for the health and strength of their pen- Spiotto said one thing to read into OPERS vestments markets.

Visible Supply by State General Obligation Yield Curves for Feb. 3, 2020

February 4, 2020 January 28, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Illinois Baa3/BBB–/BBB 1.62 2.04 2.57 3.22 Illinois 17 $230,705 10 $71,720 158,985 Indiana Aaa/AAA/AAA 0.82 0.88 1.24 1.90 Indiana 4 15,550 4 53,695 –38,145 Iowa Aaa/AAA/AAA 0.82 0.88 1.24 1.89 Iowa 8 104,990 5 96,000 8,990 Michigan Aa1/AA/AA 0.84 0.89 1.24 1.95 Michigan 11 142,715 13 256,670 –113,955 Minnesota Aa1/AAA/AAA 0.83 0.87 1.19 1.84 Minnesota 16 472,530 17 432,640 39,890 Missouri Aaa/AAA/AAA 0.82 0.84 1.16 1.81 Missouri 2 53,655 5 169,665 –116,010 Nebraska NR/AAA/NR 0.83 0.91 1.31 1.98 Nebraska 1 15,615 2 12,635 2,980 North Dakota 1 15,000 1 1,050 13,950 North Dakota Aa1/AA+/NR 0.84 0.94 1.34 1.99 Ohio 12 352,565 10 585,740 –233,175 Ohio Aa1/AA+/AA+ 0.83 0.88 1.25 1.92 South Dakota 0 0 0 0 0 South Dakota Aaa/AAA/AAA 0.82 0.89 1.26 1.92 Wisconsin 10 90,015 9 53,150 36,865 Wisconsin Aa1/AA/AA+ 0.83 0.88 1.25 1.92 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

004_BB020520 4 2/4/2020 5:07:53 PM Wednesday, February 5, 2020 Competitive Sales Notices www.bondbuyer.com 5 SUMMARY NOTICE OF SALE SUMMARY NOTICE OF SALE $5,823,000 SCHOOL BONDS, SERIES 2020 $2,459,000 SCHOOL BONDS, SERIES 2020 OF THE BOARD OF EDUCATION OF THE OF THE BOARD OF EDUCATION OF THE BOROUGH OF RAMSEY BOROUGH OF SADDLE RIVER IN THE COUNTY OF BERGEN, NEW JERSEY IN THE COUNTY OF BERGEN, NEW JERSEY Book-Entry Only Bonds Book-Entry Only Bonds Bank-Qualified Bank-Qualified Callable Callable SUMMARY SUMMARY DATED DATE: Date of Delivery (on or about February 26, 2020). DATED DATE: Date of Delivery (on or about March 5, 2020). TYPE OF SALE: Electronic Bid via PARITY Electronic Bid Submission System. TYPE OF SALE: Electronic Bid via PARITY Electronic Bid Submission System. BID/AWARD DATE: February 12, 2020 prior to 11:00 a.m. BID/AWARD DATE: February 13, 2020 prior to 11:00 a.m. GOOD FAITH DEPOSIT: $116,460 via certified,cashier’ s or treasurer’s check, wire transfer or GOOD FAITH DEPOSIT: $49,180 via certified, cashier’s or treasurer’s check, wire transfer or Financial Surety Bond, if available. Financial Surety Bond, if available. MATURITIES: MATURITIES: Year Principal Year Principal Year Principal Year Principal (January 15) Amount (January 15) Amount (March 1) Amount (March 1) Amount 2021 $228,000 2029 $450,000 2022 $170,000 2029 $190,000 2022 225,000 2030 450,000 2023 135,000 2030 190,000 2023 225,000 2031 450,000 2024 135,000 2031 195,000 2024 225,000 2032 450,000 2025 135,000 2032 195,000 2025 450,000 2033 450,000 2026 135,000 2033 195,000 2026 450,000 2034 450,000 2027 190,000 2034 200,000 2027 450,000 2035 420,000 2028 190,000 2035 204,000 2028 450,000 DENOMINATIONS: $1,000 each or any integral multiple thereof, with a minimum pur- DENOMINATIONS: $1,000 each or any integral multiple thereof, with a minimum chase of $5,000 required. purchase of $5,000 required. INTEREST RATES: Multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). INTEREST RATES: Multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). FURTHER CONDITIONS: See Full Notice of Sale and the POS in electronic format at www. MuniHub.com. Printed copies of the POS and the Full Notice of Sale FURTHER CONDITIONS: See Full Notice of Sale and the POS in electronic format at www. may be obtained from the Board’s Bond Counsel, Wilentz, Goldman MuniHub.com. Printed copies of the POS and the Full Notice of Sale & Spitzer, P.A., 90 Woodbridge Center Drive, Woodbridge, New Jer- may be obtained from the Board’s Bond Counsel, Wilentz, Goldman sey 07095, Lisa A. Gorab, Esq. at (732) 855-6459. & Spitzer, P.A., 90 Woodbridge Center Drive, Woodbridge, New Jersey 07095, Lisa A. Gorab, Esq. at (732) 855-6459. /s/ Dr. Stephanie Kuchar Dr. Stephanie Kuchar, /s/ Thomas W. O’Hern Business Administrator/Board Secretary Thomas W. O’Hern, Dated: February 5, 2020 Business Administrator/Board Secretary

Dated: February 5, 2020

Advertise your GIVE competitive sales in The Bond Buyer. NEWSFLASH! NOTICE For more information, contact or Kerry-Ann C. Parkes We will not be publishing on you can save at 212-803-8436 or at some money [email protected] Monday, February 17, 2020 in observance of Presidents’ Day For rates and additional information about advertising a For more information and/or to find out THE DAILY NEWSPAPER notice of competitive sale, please our holiday deadlines, please send an OF PUBLIC FINANCE call Kerry-Ann C. Parkes at 212-803-8436 or e-mail to: [email protected] send an email to [email protected].

005_BB020520 5 2/4/2020 1:42:09 PM Competitive Sales Notices Wednesday, February 5, 2020 6 The Bond Buyer SUMMARY NOTICE OF SALE SUMMARY NOTICE OF SALE $27,771,000 SCHOOL BONDS Town of Glastonbury, Connecticut THE BOARD OF EDUCATION OF THE $8,205,000* General Obligation Refunding Bonds, Issue of 2020, Series A TOWNSHIP OF VERONA IN THE Payable on May 15 in each year as follows: COUNTY OF ESSEX, NEW JERSEY $1,900,000* in 2021 (Book-Entry-Only) $1,585,000* in 2022 $1,900,000* in 2023 (Callable) $1,905,000* in 2024 SUMMARY $915,000* in 2025 *Preliminary, subject to change. Dated Date: Date of Delivery (expected March 4, 2020) ELECTRONIC BIDS via PARITY® will be received at Town of Glastonbury, Office of the Town Bid Date: Electronic proposals will be received via the Parity Electronic Bid System Manager, Town Hall, 2155 Main Street, Glastonbury, Connecticut, until 11:30 A.M. Eastern Time (“PARITY”) of I-Deal LLC on February 19, 2020 until 11:00 a.m. Award by on WEDNESDAY, FEBRUARY 12, 2020, for the purchase when issued of the above Bonds, at 3:00 p.m. not less than par and accrued interest from the date of the Bonds to the date of delivery. Type of Sale: PARITY Optional Redemption: The Bonds are not subject to redemption prior to maturity. Interest: Multiple Interest Rates- ascending in multiples of 1/8 or 1/20 of 1% Bank Qualified: No Purchase Price: Not less than Par plus accrued interest in Federal funds Maturity Schedule: The Bonds will consist of serial bonds maturing on March 1 in the years DTC Eligible: Yes - Book Entry Only 2022 through 2040, inclusive, as set forth in the following table: Delivery Date: On or about February 25, 2020 through DTC Year Principal Amount Year Principal Amount Certifying Bank/Paying 2022 $1,176,00 2032 $1,560,000 Agent/Escrow Agent: U.S. Bank National Association 2023 $950,000 2033 $1,560,000 Bond Counsel: Day Pitney LLP 2024 $1,100,000 2034 $1,565,000 Notices of Sale and the Town's Official Statement may be obtained from Mr. Matthew A. 2025 $1,250,000 2035 $1,600,000 Spoerndle, Senior Managing Director, at Phoenix Advisors, LLC, 53 River Street, Suite 1, Milford, 2026 $1,450,000 2036 $1,600,000 Connecticut 06460 (telephone: (203) 878-4945). 2027 $1,500,000 2037 $1,600,000 2028 $1,500,000 2038 $1,600,000 2029 $1,500,000 2039 $1,600,000 2030 $1,500,000 2040 $1,600,000 2031 $1,560,000 Legal Opinion: McManimon, Scotland & Baumann, LLC, Roseland, NJ Bid Security: Good Faith Check or wire must be received by Board by 10:30 a.m. prior to bidding in the amount of $555,420 Employers: Are you Preliminary Official Statement, a Notice of Sale and other details available at www.munihub.com looking for a... Bond Counsel Finance Director Research Analyst Salesperson

THE DAILY NEWSPAPER OF PUBLIC FINANCE Muni Bond Trader Portfolio Manager To reach the widest audience Investment Banker within the marketplace, advertise your competitive bond sales in Underwriter The Bond Buyer. For rates and additional information about Or other Public Finance advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected]. Professionals? If so, The Bond Buyer’s Classified ectionS can help you. For information on employment advertising options, including online advertising in our Career Zone section, Reach your target please contact: audience Victor Kuo at 212-803-8612 Place your redemption advertising in or e-mail [email protected], or [email protected]. For more info e-mail [email protected]

006_BB020520 6 2/4/2020 1:42:11 PM Wednesday, February 5, 2020 Legal Notice www.bondbuyer.com 7

UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO Limit Claim Objection may affect your rights. 2022 4,850,000 5.00% 745235S36 In re: : La Objeción a Reclamación Miscelánea del Límite de la Deuda tiene el propósito de 2023 2,080,000 5.25% 745235S44 PROMESA rechazar e invalidar (a) la reclamación del BGF [Reclamación Núm. 259485] basada en THE FINANCIAL OVERSIGHT AND MANAGEMENT : Title III 2042 538,675,000 5.25% 745235R37 BOARD FOR PUERTO RICO, : ciertos pagarés emitidos por el Estado Libre Asociado y la garantía del Estado Libre Asociado Total $582,345,000 : Case No. de los Bonos de Puertos (las “Reclamaciones BGF”), (b) la reclamación de Scotiabank The CUSIP numbers of the general obligation bonds subject to the Late Vintage Claim as representative of 17-BK-3283 (LTS) THE COMMONWEALTH OF PUERTO RICO et al., : [Reclamación Núm. 47658] basada en un pagaré de entera fe y crédito emitido por la Objection are: Debtors.1 : (Jointly Administered) Administración de Servicios Generales de Puerto Rico (la “Reclamación Scotiabank”), y Public Improvement Refunding Bonds, Series 2012 B (c) las reclamaciones presentadas o incoadas contra el Estado Libre Asociado basada NOTICE OF (A) OBJECTION OF LAWFUL CONSTITUTIONAL DEBT COALITION, Maturity Date July 1 Principal Amount Interest Rate CUSIP en la garantía del Estado Libre Asociado de los PRIFA BANs (las “Reclamaciones PRIFA 2013 $55,605,000 2.25% 74514LZS9 PURSUANT TO BANKRUPTCY CODE SECTION 502 AND BANKRUPTCY RULE BANs” y, colectivamente con las Reclamaciones BGF y la Reclamación Scotiabank, las 3007, TO CLAIMS FILED OR ASSERTED BY HOLDERS OF CERTAIN BONDS 2014 69,990,000 2.95% 74514LZT7 “Reclamaciones Misceláneas GO”). Sujeto a los derechos apelativos aplicables, 2015 67,300,000 3.25% 74514LZU4 ISSUED OR GUARANTEED BY THE COMMONWEALTH AND (B) OFFICIAL si el Tribunal concede la Objeción a Reclamación Miscelánea del Límite de 2016 56,170,000 3.65% 74514LZV2 COMMITTEE OF UNSECURED CREDITORS’ OMNIBUS OBJECTION ON la Deuda, total o parcialmente, la recuperación de los tenedores de las 2017 27,385,000 3.90% 74514LZW0 CONSTITUTIONAL DEBT LIMIT GROUNDS TO (I) CLAIM OF GOvERNMENT Reclamaciones Misceláneas GO a cuenta de dichas reclamaciones se eliminará 2018 51,925,000 4.10% 74514LZX8 DEvELOPMENT BANK FOR PUERTO RICO (CLAIM NUMBER 29485) BASED total o parcialmente, y estos reclamantes quedarán prohibidos para siempre 2019 20,160,000 4.25% 74514LZY6 ON CERTAIN COMMONWEALTH-ISSUED NOTES AND ON COMMONWEALTH de hacer valer dichas reclamaciones contra el Estado Libre Asociado, de 2020 17,125,000 4.40% 74514LZZ3 GUARANTY OF CERTAIN BOND ISSUED BY PORT OF AMERICAS AUTHORITY, votar sobre cualquier plan de ajuste presentado en este Caso de Título III, y 2033 49,610,000 5.30% 74514LA23 (II) CLAIM OF SCOTIABANK DE PUERTO RICO (CLAIM NUMBER 47658) de participar de cualquier distribución en este Caso de Título III a cuenta de Total $415,270,000 BASED ON FULL FAITH AND CREDIT NOTE ISSUED BY PUERTO RICO GENERAL tales Reclamaciones Misceláneas GO, según aplique. Por lo tanto, la Objeción SERvICES ADMINISTRATION, AND (III) CLAIMS FILED OR ASSERTED AGAINST Public Improvement Refunding Bonds, Series 2012 A a Reclamación Miscelánea del Límite de la Deuda podría afectar sus derechos. Maturity Date July 1 Principal Amount Interest Rate CUSIP COMMONWEALTH BASED ON COMMONWEALTH GUARANTY OF CERTAIN III. Previously Filed Claim Objections Related to GO Bonds and PBA Bonds. 2020 $10,000,000 4.00% 74514LA31 NOTES ISSUED BY PUERTO RICO INFRASTRUCTURE FINANCE AUTHORITY Please further note that the Committee and the Financial Oversight and Management 2020 35,345,000 5.00% 74514LC47 This notice is for (a) holders of (i) one or more bonds issued by the Puerto Rico Public Board for Puerto Rico also filed the 2012-2014 GO Bond Objection on January 14, 2019, 2021 49,400,000 4.00% 74514LA49 Buildings Authority in 2012 (the “2012 PBA Bonds”), and/or (ii) one or more of the which objection seeks to disallow and invalidate claims on account of the 2012-2014 2021 52,895,000 5.00% 74514LC54 Commonwealth General Obligation Bonds issued in 2012 or 2014 (the “2012-2014 GO GO Bonds. Notice of the 2012-2014 GO Bond Objection was previously served on holders 2022 32,110,000 4.13% 74514LA56 Bonds”) and/or (iii) one or more bond anticipation notes issued by the Puerto Rico of the 2012-2014 GO Bonds in accordance with the Court’s procedures order, dated 2022 21,285,000 5.00% 74514LC62 Infrastructure Financing Authority after March 2012 (the “PRIFA BANs”) and/or (iv) one February 15, 2019 [Docket No. 5143].5 2022 20,000,000 4.00% 74514LD46 or more bonds issued by the Port of Americas Authority after March 2012 (the “Ports Please further note that the Committee also filed (a) the Omnibus Objection of 2023 7,290,000 4.38% 74514LC70 Bonds” and collectively with the 2012 PBA Bonds, 2012-2014 GO Bonds, and PRIFA BANs, Official Committee of Unsecured Creditors, Pursuant to Bankruptcy Code Section 502 and 2023 68,500,000 5.25% 74514LA64 the “Late Vintage Bonds”), (b) parties that have submitted a notice of participation with Bankruptcy Rule 3007, to Claims Filed or Asserted by Holders of Certain 2011 Commonwealth 2023 5,000,000 4.13% 74514LD53 respect to the procedures order [Docket No. 5143] regarding the Omnibus Objection General Obligation Bonds [Docket No. 7057] (the “2011 GO Bond Objection”), on May 21, 2024 10,000,000 4.00% 74514LC88 of (I) Financial Oversight and Management Board, Acting Through Its Special Claims 2019, which objection seeks to disallow and invalidate claims on account of certain 2024 11,050,000 5.25% 74514LA72 Committee, and (II) Official Committee of Unsecured Creditors, Pursuant to Bankruptcy 2011 Commonwealth General Obligation Bonds (the “2011 GO Bonds”) and (b) the 2024 5,000,000 4.13% 74514LD61 Code Section 502 and Bankruptcy Rule 3007, to Claims Filed or Asserted By Holders of Omnibus Objection of Official Committee of Unsecured Creditors, Pursuant to Bankruptcy 2025 22,030,000 4.50% 74514LA80 Certain Commonwealth General Obligation Bonds [Docket No. 4784] (the “2012-2014 GO Code Section 502 and Bankruptcy Rule 3007, to Claims Filed or Asserted Against the 2025 5,000,000 4.25% 74514LD79 Bond Objection”),2 and/or (c) holders of all or a portion of the proofs of claim identified Commonwealth By Holders of Certain Puerto Rico Public Buildings Authority Bonds [Docket 2026 60,000,000 5.50% 74514LD38 by claim numbers 29485 and 47658. No. 8141] (the “PBA Bond Objection”), on July 18, 2019, which objection seeks to disallow 2026 4,455,000 4.50% 74514LC96 I. Notice of Late vintage Claim Objection. Please note that the Lawful and invalidate claims on account of the PBA Bonds. Notice of the 2011 GO Bond Objection 2026 69,740,000 5.50% 74514LA98 Constitutional Debt Coalition (the “LCDC”) has filed an objection, dated January 8, 2020 and the PBA Bond Objection was previously served on holders of 2011 GO Bonds and 2027 17,945,000 5.50% 74514LB 22 [Docket No. 9730] (the “Late Vintage Claim Objection”),3 to claims filed or asserted by PBA Bonds in accordance with the Court’s Interim Case Management Order (the “Case 2027 11,520,000 4.25% 74514LD87 holders of Late Vintage Bonds. The full text of the Late Vintage Claim Objection may Management Order”), dated December 19, 2019 [Docket No. 9619]. 2028 64,795,000 5.75% 74514LB30 be found on the Internet by using the following link: https://cases.primeclerk.com/ Iv. Briefing Schedule Regarding Motions to Dismiss with Respect to Late 2029 6,665,000 5.00% 74514LB48 puertorico/Home-DocketInfo?DockSearchValue=9730. vintage Claim Objection, Miscellaneous Debt Limit Claim Objection, PBA 2030 7,000,000 4.75% 74514LB97 The Late Vintage Claim Objection seeks a declaration that the Late Vintage Bonds Bond Objection, 2011 GO Bond Objection, and 20122014 GO Bond Objection. 2031 7,335,000 4.75% 74514LB55 were issued in violation of the debt service limit contained in article VI, section 2 of 2032 7,685,000 5.00% 74514LC21 Please note further, that the Case Management Order approves a schedule for briefing 2033 27,400,000 5.00% 74514LC39 the Puerto Rico Constitution and, as a result, any claims on account of or related to the on motions to dismiss with respect to the Late vintage Claim Objection, the Late Vintage Bonds (the “Late Vintage Bond Claims”) are not entitled to Constitutional 2035 322,925,000 5.00% 74514LD20 Miscellaneous Debt Limit Claim Objection, the PBA Bond Objection, the 2011 2037 263,540,000 5.13% 74514LB63 Priority. Subject to applicable appellate rights, if the Court grants the Late GO Bond Objection, and the 2012-2014 GO Bond Objection (collectively, the 2039 459,305,000 5.50% 74514LB71 vintage Claim Objection, in whole or in part, holders of Late vintage Bond “Claim Objections”). 2041 632,975,000 5.00% 74514LB89 Claims may be stripped of their priority (if any) and/or the recovery on The briefing schedule governing such motions to dismiss is as follows: Total $2,318,190,000 account of the Late vintage Bond Claims may be eliminated, in whole or in Opening Brief(s) for the Identified Parties (as defined in the February 5, 2020 part, in which case holders of Late vintage Bond Claims may be forever barred General Obligation Bonds of 2014, Series A Case Management Order) Maturity Date July 1 Principal Amount Interest Rate CUSIP from asserting such claims against the Commonwealth, from voting on any Opening Brief(s) for all other bondholders or interested parties February 19, 2020 plan of adjustment filed in this Title III Case, and from participating in any 2035 $3,500,000,000 8.00% 74514LE86 Opposition Brief(s) March 18, 2020 Total $3,500,000,000 distribution in this Title III Case on account of such Late vintage Bond Claims. Reply Brief(s) for Identified Parties April 8, 2020 Thus, the Late vintage Claim Objection may affect your rights. The PRIFA BANs and Ports Bonds subject to the Late Vintage Claim Objection and the Reply Brief(s) for all other bondholders or interested parties April 20, 2020 Miscellaneous Debt Limit Claim Objection are: La Objeción a la Reclamación de Late Vintage busca que se declare que los Bonos Hearing April 30, 2020 Late Vintage se emitieron en violación del límite del servicio de la deuda contenido en Please note that the foregoing briefing schedule may change, which change would Other Commonwealth Guaranteed Debt Issued after March 2012 el artículo VI, sección 2 de la Constitución de Puerto Rico y, como resultado, cualquier be reflected in further court orders and notices, as necessary. Principal Amount Original Issuance reclamo a cuenta de o relacionado a los Bonos Late Vintage (las Reclamaciones de If you intend to participate in the motion to dismiss briefing, you must Issuing Entity CUSIP ($MM) Date Bonos Late Vintage) no tiene derecho prioritario bajo la Constitución de Puerto Rico o comply with the requirements set forth in the Case Management Order. A PRIFA BANs 745223AA5 $78.1 3/17/2015 la ley estatutaria de Puerto Rico. Sujeto a los derechos apelativos aplicables, si el copy of the Case Management Order is enclosed with this Notice.6 Port of the Americas Authority N/A 225.5 12/31/2014 Additional Total $303.7 Tribunal acoge la Objeción a la Reclamación de Late Vintage en su totalidad o information regarding the Claim Objections, including any changes to the briefing en parte, los tenedores de recuperación de las Reclamaciones de los Bonos Late schedule, will be posted on the Internet under the following link: https://cases. * Source: principal amounts per Commonwealth’s Disclosure Statement filed September Vintage podrán ser despojados de su prioridad (si alguna) y/o la recuperación 27, 2019. primeclerk.com/puertorico/ 1 de los Bonos Late Vintage puede ser eliminada, en su totalidad o en parte, en v. Further Information. The Debtors in these Title III Cases, along with each Debtor’s respective Title III case cuyo caso, los tenedores de Reclamaciones de Bonos Late Vintage podrán estar Requests for Spanish-language Envíe por escrito las solicitudes de las number and the last four (4) digits of each Debtor’s federal tax identification number, as impedidos por siempre de entablar tales reclamaciones contra el Estado Libre versions of this Notice and any versiones en español de este Aviso y cualquier applicable, are the (i) Commonwealth of Puerto Rico (Bankruptcy Case No. 17-BK-3283- Asociado de Puerto Rico, de votar sobre cualquier plan de ajuste presentado en questions regarding this Notice, as it pregunta que surja de este Aviso en lo que LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax Financing Corpora- este Caso de Título III y de participar de cualquier distribución en este Caso de relates to the Late Vintage Objection, refiere a la Objeción a la Reclamación de “Late tion (“COFINA”) (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four Digits of Federal Tax ID: Título III a cuenta de tales Reclamaciones de Bonos Late Vintage. Por lo tanto, should be sent in writing to: Vintage”, a la siguiente dirección: 8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case la Objeción a la Reclamación de Late Vintage podría afectar sus derechos. Quinn Emanuel Urquhart & Sullivan LLP, 51 Madison Avenue, New York, NY 10010, No. 17-BK-3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement II. Notice of Miscellaneous Debt Limit Claim Objection. Please note that the Attn: Zach Russell, Esq., (212) 849-7273. System of the Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Official Committee of Unsecured Creditors (the Committee“ ”) has filed an objection, Case No. 17-BK-3566-LTS) (Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Requests for Spanish-language versions Envíe por escrito las solicitudes de las Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17- BK-4780-LTS) (Last Four dated January 8, 2020 [Docket No. 9735] (the “Miscellaneous Debt Limit Claim of this Notice and any questions versiones en español de este Aviso y Objection”),4 to claims filed or asserted by the Government Development Bank for Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority (“PBA”) regarding this Notice, as it relates to cualquier pregunta que surja de este (Bankruptcy Case No. 19-BK-5233-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III Puerto Rico (“GDB”), Scotiabank de Puerto Rico (“Scotiabank”), and holders of PRIFA the Miscellaneous Debt Limit Claim Aviso en lo que refiere a la Objeción a BANs. The full text of the Miscellaneous Debt Limit Claim Objection may be found case numbers are listed as Bankruptcy Case numbers due to software limitations). Objection, should be sent in writing to: Reclamación Miscelánea del Límite de la 2 The 2012-2014 GO Bond Objection objects to claims filed or asserted by holders of on the Internet by using the following link: https://cases.primeclerk.com/puertorico/ Deuda a la siguiente dirección: Home-DocketInfo?DockSearchValue=9735. certain Commonwealth General Obligation Bonds issued in 2012 and 2014 (as detailed The Miscellaneous Debt Limit Claim Objection seeks to disallow and invalidate (a) the Paul Hastings LLP, 200 Park Avenue, New York, NY 10166, Attn: Douglass E. Barron, in the 2012-2014 GO Claim Objection). [email protected], (212) 318-6690. claim of the GDB [Proof of Claim No. 29485] based on certain Commonwealth-issued 3 Capitalized terms not defined herein shall have the meanings ascribed to them in notes and on a Commonwealth guaranty of the Port Bonds (the “GDB Claims”), (b) the vI. CUSIP Numbers of Bonds Subject to Late vintage Claim Objections and the Late Vintage Claim Objection or the Miscellaneous Debt Limit Claim Objection (as claim of Scotiabank [Proof of Claim No. 47658] based on a full faith and credit note Miscellaneous Debt Limit Claim Objection. The CUSIP numbers of the PBA bonds defined below), as applicable. subject to the Late Vintage Claim Objection are: issued by the Puerto Rico General Services Administration (the “Scotiabank Claim”), 4 Capitalized terms not defined herein shall have the meanings ascribed to them in the and (c) claims filed or asserted against the Commonwealth based on a Commonwealth Government Facilities Revenue Refunding Bonds, Series U Late Vintage Claim Objection. guaranty of the PRIFA BANs (the “PRIFA BANs Claims” and, together with the GDB Claims, Maturity Date July 1 Principal Amount Interest Rate CUSIP 5 2014 $460,000 4.00% 745235S51 Among other things, that procedures order required holders of 2012-2014 GO Bonds and the Scotiabank Claim, the “Miscellaneous GO Claims”). Subject to applicable that wished to participate in the litigation of the 2012-2014 GO Bond Objection to appellate rights, if the Court grants the Miscellaneous Debt Limit Claim 2015 1,760,000 4.00% 745235R45 2016 4,830,000 5.00% 745235R52 submit a notice of participation by April 16, 2019. Objection, in whole or in part, the recovery of holders of the Miscellaneous 6 The Case Management Order also sets forth a briefing schedule for motions to dismiss GO Claims on account of such claims will be eliminated in whole or in part, 2017 4,920,000 5.00% 745235R60 2018 5,020,000 5.00% 745235R78 adversary proceedings seeking a determination of, inter alia, the validity of GO and PBA and such holders will be forever barred from asserting such claims against the bondholders’ asserted liens and, if such liens are valid, to avoid same (Adv. Proc. Nos. Commonwealth, from voting on any plan of adjustment filed in this Title III 2019 2,605,000 3.89% 745235S69 2019 2,120,000 5.00% 745235R86 19-291, 19-292, 19-293, 19-294, 19-295, 19-296, and 19-297, collectively the “GO Lien Case, and from participating in any distribution in this Title III Case on account Challenges”). Defendants in the GO Lien Challenges will also receive a copy of the Case of such Miscellaneous GO Claims, as applicable. Thus, the Miscellaneous Debt 2020 10,225,000 5.00% 745235R94 2021 4,800,000 5.00% 745235S28 Management Order.

007_BB020520 7 2/4/2020 1:42:12 PM Wednesday, February 5, 2020 8 The Bond Buyer

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

I-Deal Prospectus 2/5 - Las Vegas Valley Water District-NV 2/5 - Las Vegas Valley Water District-NV Electronic Official Statements Competitive 2/5 - City of Bryan (TX)-TX 2/3-ISD No. 12, OK (Edmond School District) GO Combined Purpose Bonds, Srs 2020 2/5 - Board of Education of Canyons School District-UT 2/4-Athens-Clarke County Unified Government, GA GO Sales Tax Bonds, Srs 2020 www.newissuehome.i-deal.com 2/5 - Board of Regents, State of Iowa-IA 2/12-Harris County MUD No. 460, TX Unlimited Tax Road Bonds, Series 2020 BiDCOMP®/Parity® 2/5 - Madison Area Technical College District (WI)-WI 2/13-Iowa Western Community College, IA GO School Refunding Bonds, Series 2020B 2/5 - North Polk Community School District-IA 1/30-Edison (Town of), NJ Bond Anticipation Notes and Special Emergency Notes 2/5 - Community College District No. 519 Counties of Stephenson, Ogle, 2/4-Bedford (Town of), NH GO Bonds, 2020 Srs A JoDaviess, and Carroll-IL www.i-dealprospectus.com 2/4-Tarrant RWD, TX WC & Improv Dist, Water Rev Ref Bonds, Taxable Srs 2020 2/5 - Board of Regents, State of Iowa-IA 2/5-Bryan (City of), TX Combo Tax & Rev COO, Series 2020 Full service electronic 2/5 - Borough of Avalon (NJ)-NJ 2/5-Bossier (Parish of) Parishwide SD, LA GO School Bonds, Series 2020 document delivery and 2/5-Canyons SD (BOE), UT GO Bonds (Utah School Bond Guaranty Prog), Srs 2020 2/5 - Danville School District No. 36 of Yell County-AR tracking system 2/5 - Town of Barnstable-MA 2/3-Krum (City of), TX Certificates of Obligation, Series 2020

2/5 - Town of Lloyd-NY 2/12-Parker County, TX Unlimited Tax Road Bonds, Series 2020 2/6-Fort Bend County MUD No. 24, TX Unlimited Tax Bonds, Series 2020 2/5 - Town of Groton (MA)-MA For more information, 2/11-Lake Worth (City of), TX Combination Tax & Revenue COO, Srs 2020 2/5 - Town of Barnstable-MA contact: 2/5 - Town of Lexington (MA)-MA 2/12-Cameron County, TX Tax Notes, Series 2020 John Hester 2/10- ISD No. 29, OK GO Combined Purp Bonds & Building Bonds, Srs 2020 2/5 - Town of Lexington (MA)-MA (212) 849-5125 2/5 - Parishwide School District of the Parish of Bossier-LA 2/11-Greensboro (City of), NC General Obligation Bonds, Series 2020A and 2020B 2/5 - St Joseph Public Schools-MI James Kellum 2/11-Richland County, SC General Obligation Bond Anticipation Notes, Series 2020 2/6 - Fort Bend County Municipal Utility District No. 24-TX (212) 849-5156 2/18-Denton County Fresh Water Supply District No. 1-C, TX Unlimited Tax Road Bonds, Srs 2020 2/6 - Village of Saltaire-NY 2/11-Waukesha County Area Tech College Dist, WI GO Prom Notes Srs 2020A 2/6 - Bryant School District No. 25 of Saline County-AR 2/24-Dallas Center-Grimes CSD, IA GO School Bonds, Series 2020 2/6 - Village of Larchmont-NY I-Deal Prospectus 2/6 - Town of Templeton-MA Electronic Official Statements Negotiated 2/6 - Town of Templeton-MA Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020 2/6 - Merrillville Conservancy District-IN ***The Preliminary Official Statement has been revised 2/6 - Town of Ridgefield-CT Midland (City of), TX GO Bonds and Tax & Limited Pledge Revenue COOs, Series 2020 2/10 - Oak Creek-Franklin Joint School District-WI Del Valle ISD, TX Unlimited Tax School Building Bonds, Series 2020 2/10 - Independent School District No. 858 (St. Charles)-MN El Paso (City of), TX GO Ref & Improv Bonds, Srs 2020A & Combo Tax & Rev COO, Srs 2020 2/10 - Unified School District No. 423 McPherson County (Moundridge)-KS El Paso (City of), TX GO Refunding Bonds, Series 2020B 2/10 - Highland Community School District-IA El Paso (City of), TX Airport Revenue Refunding Bonds, Series 2020 2/10 - Independent School District No. 29 of Cleveland County (Norman)-OK Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020 2/10 - Independent School District No. 29 of Cleveland County (Norman)-OK 2/11 - Nye County School District-NV Granbury (City of), TX ComboTax&Rev COO, Series 2020 2/11 - Waukesha County Area Technical College District (WI)-WI Washington County, TX Limited Tax Refunding Bonds, Series 2020 2/11 - City of Lake Worth (TX)-TX **THE S&P RATING REPORT HAS BEEN ADDED.** 2/11 - City of Greensboro-NC Joaquin ISD, TX Unlimited Tax School Building & Refunding Bonds, Series 2020 2/11 - City of New Rochelle-NY Arlington ISD, TX Unlimited Tax School Building Bonds, Srs 2020 2/11 - City of New Rochelle-NY Wolfforth (City of), TX Go Refunding Bonds & Tax Notes, Series 2020 2/11 - Natchez-Adams School District (MS)-MS Regional School District No. 18, CT GO Refunding Bonds, Issue of 2020 2/11 - City of Greensboro-NC **Page one of Appendix B has been replaced to reflect that the bonds are subject to redemption prior 2/11 - Richland County (SC)-SC to maturity.** 2/11 - City of Napoleon (OH)-OH Hubbard ISD, TX Unltd Tax Refunding Bonds, Series 2020 2/11 - LakeVille Community Schools (MI)-MI Eastmark CFD No. 2, AZ Assessment Dist A Spl Assess Rev Bonds, Series 2020 2/12 - State of Washington (WA)-WA Washington County, TX Limited Tax Refunding Bonds, Series 2020 2/12 - State of Washington (WA)-WA Ferris (City of), TX Tax & WW&SS (Limited Pledge) Revenue COO, Series 2020 2/12 - State of Washington (WA)-WA Regional School District No. 18, CT GO Refunding Bonds, Issue of 2020 2/12 - Harris County Municipal Utility District No. 460-TX Alamo CCD, TX Maintenance Tax Notes, Srs 2020 2/12 - Independent School District No. 435 (Waubun-Ogema-White Earth)-MN Port Arthur (City of), TX Combination Tax & Revenue COO, Srs 2020A 2/12 - Parker County-TX Lancaster (City of), TX General Obligaiton Refunding Bonds, Series 2020 2/12 - Cameron County (TX)-TX Live Oak Creek MUD No. 1 of Tarrant County, TX Unlimited Tax Refunding Bonds, Series 2020 2/13 - Unified Government of Wyandotte County/Kansas City-KS Richardson (City of), TX, GO Ref Bonds & Combo Tax & Rev COO, Series 2020 2/13 - Unified Government of Wyandotte County/Kansas City-KS Balmorhea ISD, TX Unlimited Tax School Building Bonds, Srs 2020 2/13 - Independent School District No. 624 (White Bear Lake)-MN Humble ISD, TX Unlimited Tax School Building Bonds, Series 2020 2/13 - Pratt Community College-KS Kerrville ISD, TX Unlimited Tax School Building Bonds, Series 2020 2/13 - City of Waco-TX Williamson County, TX Unltd Tax Road & Ltd Tax Refunding & Park Bonds, Srs 2020 2/13 - Iowa Western Community College (Merged Area XIII) (IA)-IA La Vega ISD, TX Unlimited Tax Refunding Bonds, Series 2020 Splendora ISD, TX Unlimited Tax Refunding Bonds, Series 2020 Corsicana (City of), TX GO Refunding Bonds & Combination Tax & Revenue COO, Srs 2020 Georgetown ISD, TX Unlimited Tax School Building Bonds, Series 2020 Birdville ISD, TX Unlimited Tax School Building Bonds, Series 2020 For rates and additional information about advertising a notice of Bexar County HD, TX Certificates of Obligation & Ltd Tax Ref Bonds, Srs 2020 competitive sale, please call Kerry-Ann C. Parkes at 212-803-8436 or Jacksonville (City of), TX Combination Tax & Revenue COO, Series 2020 send an email to [email protected]. Riverside Special UD, TX Water System Revenue Refunding Bonds, Srs 2020

008_BB020520 8 2/4/2020 1:42:13 PM Wednesday, February 5, 2020 New Issues www.bondbuyer.com 9

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Wednesday, February 5 Danville SD #36 AR Ref *2,380 11 am C First Sec Beardsley Friday Eldredge 22-43 --- Aa2 ------BQ 30-Jan Iowa BOR IA Util Sys Rev *16,455 10:30 am C Baker Tilly MA Ahlers & Cooney 20-40 ------6-Jan Iowa BOR IA Rev *63,860 10 am C Baker Tilly MA Ahlers & Cooney 21-40 ------6-Jan North Polk Comm SD IA GO Sch Ref *5,865 10 am C PFM Fin Advisors Ahlers & Cooney 21-30 ------30-Jan Highland Comm Coll Dt #519 IL GO Com Sch Fac *5,200 10 am C PMA Securities Chapman and Cutler 21-25 ------BQ 22-Jan Brookston (Town) IN Rev 995 11 am E Baker Tilly MA Barnes & Thornburg 21-40 ------BQ 4-Feb Bossier Parishwide SD LA GO Sch *25,000 11:30 am C Raymond James Foley & Judell 21-40 ------AA------29-Jan Barnstable (Town) MA GO Muni Purp Loan *12,130 11 am E Hilltop Securities Locke Lord 21-40 ------AAA ------31-Jan Groton (Town) MA GO Muni Purp Loan *6,250 11 am E UniBank Fiscal Adv Locke Lord 21-40 ------BQ 31-Jan Lexington (Town) MA GO Muni Purp Loan *9,570 11 am E Hilltop Securities Locke Lord 21-30 --- Aaa ------31-Jan St Joseph Pub Schs MI Sch Bldg & Site Ref *8,255 1:30 pm E PFM Fin Advisors Thrun Law Firm 21-29 ------AA ------BQ 23-Jan Las Vegas Vly Wtr Dt NV GO Ref *22,815 8:15 am P Hobbs, Ong Sherman & Howard 21-38 --- Aa1 AA+ ------13-Jan Las Vegas Vly Wtr Dt NV GO Wtr *134,425 7:45 am P Hobbs, Ong Sherman & Howard 21-34 --- Aa1 AA+ ------13-Jan Sodus Center Fire Dt NY Pub Imp *150 11 am E Bernard P. Donegan Timothy R. McGill 20-23 ------BQ 23-Jan Bryan TX Certs of Oblig *72,970 9 am C Specialized Pub Fin Orrick Herrington 22-50 ------AA ------29-Jan Canyons SD BOE UT GO *80,005 9:30 am M Stifel Nicolaus Gilmore & Bell 21-36 ------AAA ------30-Jan Madison Area Tech Coll Dt WI GO Prom *4,250 10 am C PMA Securities Quarles & Brady 23-25 ------AAA ------23-Jan

Thursday, February 6 Bryant SD #25 AR Cons Bds *5,140 11 am C First Sec Beardsley Friday Eldredge 21-47 --- Aa2 ------BQ 30-Jan Hanover Park Vlg IL GO Ref *13,340 11 am C Speer Financial Chapman and Cutler 20-30 ------29-Jan Riverside Vlg IL Limited Oblig *1,015 10:15 am C Speer Financial Chapman and Cutler 20-24 ------BQ 27-Jan Merrillville Consv Dt IN Ref *5,495 11 am E Baker Tilly MA Ice Miller 20-27 ------BQ 14-Jan Templeton (Town) MA GO Sch *9,000 11 am E Hilltop Securities Locke Lord 21-45 --- Aa3 ------31-Jan Haddonfield Borough NJ Gen Imp *14,800 11:15 am E Municipal Official McManimon Scotland 21-40 ------21-Jan Fort Bend Co MUD #24 TX Unltd Tax 3,260 10 am C Rathmann & Assoc Allen Boone 22-48 ------BQ 22-Jan Merton Vlg WI GO Prom *1,200 10 am C Ehlers Quarles & Brady 21-30 ------BQ 30-Jan

Monday, February 10 Highland Comm SD IA GO Sch *3,700 1 pm C Piper Sandler Ahlers & Cooney 21-29 ------BQ 23-Jan McPherson Co USD #423 KS GO *5,385 11 am C Piper Sandler Gilmore & Bell 22-39 ------A+ ------BQ 30-Jan International Falls EDA MN Lease Rev Ref (Tax) *8,620 10:30 am C Northland Securities Taft Stettinius 20-31 --- Aa3 ------4-Feb St Charles ISD #858 MN GO Sch Bldg *9,570 11 am C Ehlers Knutson Flynn 21-42 ------BQ 31-Dec Beckham Co ISD #2 OK Comb Purp (Tax) 2,155 11:45 am C Stephen H. McDonald State Atty General 23-24 ------29-Jan Cleveland Co ISD #29 OK GO Bldg (Tax) 2,800 1:30 pm C BOK Fin Secs State Atty General 22-25 ------4-Feb Cleveland Co ISD #29 OK Comb Purp 18,600 1 pm C BOK Fin Secs State Atty General 22-25 ------4-Feb Camp Hill SD PA GO *9,235 12:15 pm E PFM Fin Advisors Stock & Leader 21-41 ------BQ Today Harris Co MUD #401 TX Unltd Tax 1,030 1 pm C Masterson Advisors Marks Richardson 24-34 ------BQ 28-Jan Harris Co MUD #401 TX Unltd Tax 3,360 1 pm C Masterson Advisors Marks Richardson 21-43 ------BQ 28-Jan Oak Creek-Franklin Jt SD WI GO Ref *1,555 9:30 am C Ehlers Quarles & Brady 21-24 ------BQ 10-Jan

Tuesday, February 11 Manchester (Town) CT GO 15,000 11 am E Hilltop Securities Shipman & Goodwin 21-40 ------Today Paintsville ISD Fin Corp KY Sch Bldg Ref Rev *1,800 11 am E Ross Sinclaire Steptoe & Johnson 21-30 ------BQ Today LakeVille Comm Schs MI Sch Bldg & Site *4,900 1 pm E PFM Fin Advisors Collins & Blaha 21-32 ------BQ 30-Jan

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.

009_BB020520 9 2/4/2020 3:51:53 PM New Issues Wednesday, February 5, 2020 10 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 Natchez Adams SD MS Bond *25,000 11 am C MuniGroup Chambers & Gaylor 21-40 ------4-Feb Greensboro NC GO Hsg Ref (Tax) *13,490 10:30 am E First Tryon Advisors Womble Bond 21-24 --- Aaa AAA AAA ------3-Feb Greensboro NC GO Pub Imp *37,380 11 am E First Tryon Advisors Womble Bond 24-40 --- Aaa AAA AAA ------3-Feb Mercer County NJ GO 49,057 11 am E NW Financial Group Parker McCay 21-32 ------4-Feb Rumson Boro BOE NJ Sch 25,743 11 am E Acacia Fin Group McManimon Scotland 21-40 ------28-Jan Nye Co SD NV GO Ref *15,660 8:30 am P JNA Consulting Sherman & Howard 21-30 --- A1 ------3-Feb Garden City Vlg NY Pub Imp *5,884 11 am E Capital Markets Adv Hawkins Delafield 21-29 ------Today P New Rochelle NY Pub Imp *23,993 11 am E Capital Markets Adv Norton Rose 21-50 ------3-Feb Ohio Pub Facs Comm OH GO 8,000 11 am E Acacia Fin Group Taft Stettinius 21-30 ------4-Feb Ohio Pub Facs Comm OH GO 31,490 10:45 am E Acacia Fin Group Taft Stettinius 21-35 ------4-Feb Ohio Pub Facs Comm OH GO 50,000 10:30 am E Acacia Fin Group Taft Stettinius 21-34 ------4-Feb Creek Co ESD #34 OK Bldg 150 12 pm C Stephen H. McDonald State Atty General 22-24 ------BQ 3-Feb Central Columbia SD PA GO *6,070 12:15 pm E PFM Fin Advisors Eckert Seamans 21-39 ------BQ Today Warrington Twp PA GO *7,010 11:15 am E Concord Pub Fin Adv Curtin & Heefner LLP 20-32 ------BQ Today Fort Bend Co MUD #194 TX Unltd Tax Road 1,170 9 am C Masterson Advisors Allen Boone 21-44 ------28-Jan Fort Bend Co MUD #206 TX Unltd Tax 5,000 9:45 am C Masterson Advisors Allen Boone 21-44 ------28-Jan Lake Worth TX Certs of Oblig *5,660 10 am C Hilltop Securities Naman Howell 21-40 ------BQ 3-Feb Lakeside Wtr Cntr & Imp #2-C TX Unltd Tax 4,815 10:30 am C Specialized Pub Fin McCall Parkhurst 21-40 ------BQ 29-Jan Jefferson County WI GO Corp Purp 7,600 11 am C Ehlers Quarles & Brady 21-39 ------BQ 31-Jan Plymouth WI GO Ref *4,065 10 am C Ehlers Quarles & Brady 21-31 ------BQ 28-Jan Waukesha Co Area Tech Coll WI GO Prom 2,900 9:30 am C Baird Quarles & Brady 21-25 ------BQ 21-Jan

Wednesday, February 12 Glastonbury (Town) CT GO Ref *8,205 11:30 am E Phoenix Advisors Day Pitney 21-25 ------Today Des Moines IA GO Ref *29,525 10 am C PFM Fin Advisors Ahlers & Cooney 21-32 ------AA+ ------Today Urbana IA GO Urban Renewal (Tax) *500 11 am C Speer Financial Dorsey & Whitney 22-28 ------31-Jan Urbana IA GO Corp Purp *950 10:30 am C Speer Financial Dorsey & Whitney 21-30 ------BQ 31-Jan Speedway Sch IN GO *1,625 11 am E Stifel Nicolaus Ice Miller 21-25 ------AA+ ------BQ Today Monroe County MI Sch Bldg 1,825 11 am E PFM Fin Advisors Thrun Law Firm 21-35 ------BQ 4-Feb Saint Paul MN GO Street *5,360 10 am C Baker Tilly MA --- 21-32 ------27-Jan Saint Paul MN GO Tax Increment *5,475 10 am C Baker Tilly MA --- 23 ------27-Jan Saint Paul MN GO Var Purp *10,565 10 am C Baker Tilly MA --- 21-30 ------27-Jan Saint Paul MN Swr Rev Ref *16,060 10:30 am C Baker Tilly MA --- 20-39 ------27-Jan Waubun ISD #435 MN GO Sch Bldg *7,515 10 am C Ehlers Dorsey & Whitney 29-39 ------BQ 6-Jan Ramsey Boro BOE NJ Sch 5,823 11 am E --- Wilentz Goldman 21-35 ------BQ Today Bernalillo County NM GO 8,375 9:30 am M RBC Capital Mkts Sherman & Howard 21-29 ------Today Buffalo NY Gen Imp *8,490 11 am E Capital Markets Adv Hawkins Delafield 21-25 ------4-Feb Grady Co ISD #56 OK Comb Purp (Tax) 1,845 1 pm C Stephen H. McDonald State Atty General 22-23 ------3-Feb Cameron County TX Tax Notes *5,610 11 am C Estrada Hinojosa Winstead 21-25 ------AA ------31-Jan Harris Co MUD #460 TX Unltd Tax Road 6,045 9:30 am C GMS Group Sanford Kuhl 23-47 ------BQ 22-Jan Mason Creek Util Dt TX Unltd Tax 2,650 1 pm C Blitch Associates Michael A. Cole 20-39 ------BQ 30-Jan Parker County TX Unltd Tax Road *31,405 10 am C Hilltop Securities McCall Parkhurst 22-46 ------AA+ ------31-Jan Washington WA Motor Vehicle Fuel *60,220 8 am P Montague DeRose Foster Garvey 21-45 ------AA+ ------7-Jan Washington WA Motor Vehicle Fuel *120,420 8:30 am P Montague DeRose Foster Garvey 21-45 ------AA+ ------7-Jan Washington WA Var Purp GO *619,730 7:30 am P Montague DeRose Foster Garvey 21-45 ------AA+ ------7-Jan

Thursday, February 13 Iowa Western Comm Coll IA GO Sch Ref *7,135 11 am C Piper Sandler Ahlers & Cooney 20-33 ------BQ 28-Jan Pratt Comm Coll KS Ref *1,280 10 am C Ranson Financial Gilmore & Bell 21-30 ------BQ 4-Feb Wyandotte Co Unified Govt KS GO Imp *46,585 10 am C Baker Tilly MA Gilmore & Bell 21-40 ------21-Jan Wyandotte Co Unified Govt KS Temp *50,700 10 am C Baker Tilly MA Gilmore & Bell 21 ------21-Jan White Bear Lake ISD #624 MN GO Sch Bldg *250,000 10 am C Ehlers Knutson Flynn 21-45 ------22-Jan Saddle River Boro BOE NJ Sch 2,459 11 am E --- Wilentz Goldman 22-35 ------BQ Today Depew UFSD NY Sch Dist Ref *9,795 11 am E Capital Markets Adv Hodgson Russ 20-24 ------BQ 4-Feb

010_BB020520 10 2/4/2020 3:51:54 PM Wednesday, February 5, 2020 New Issues www.bondbuyer.com 11

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 Waco TX Certs of Oblig *58,590 10 am C Masterson Advisors Bracewell LLP 21-40 ------4-Feb

Tuesday, February 18 Andover MN GO Equip Certs 1,310 10:30 am C Ehlers Taft Stettinius 21-24 ------BQ 27-Jan Denton Co Fresh Wtr Supp Dt #1-C TX Unltd Tax Road 4,550 9:30 am C Raymond James McCall Parkhurst 22-39 ------BQ 3-Feb Hunter’s Glen MUD TX Wtrwks & Swr Sys 5,000 12 pm C GMS Group State Atty General ------BQ 22-Jan Montgomery Co MUD #47 TX Wtrwks & Swr Sys 6,865 1 pm C Baird State Atty General ------BQ Today Woodridge MUD TX Unltd Tax 5,975 10:30 am C Masterson Advisors State Atty General 21-43 ------Today NE Wisconsin Tech Coll Dt WI GO Prom *6,400 10 am C PMA Securities Quarles & Brady 21-29 ------3-Feb Richland County WI GO Prom 2,970 10 am C Wisconsin Pub Fin Quarles & Brady 21-28 ------BQ Today

Wednesday, February 19 Canby MN GO Storm Swr Rev 845 10 am C Ehlers --- 21-31 ------BQ 21-Jan Verona Twp BOE NJ Sch 27,771 11 am E Phoenix Advisors McManimon Scotland 22-40 ------Today Fort Bend Co MUD #26 TX Unltd Tax 13,675 1 pm E Masterson Advisors State Atty General 26-44 ------4-Feb

Thursday, February 20 Santa Cruz Lib Facs Fin Auth CA Special Tax 20,000 9:30 am P Harrell & Company --- 21-46 ------4-Feb Crosswinds MUD TX Unltd Tax Road 3,330 9 am C GMS Group State Atty General ------BQ 27-Jan Fort Bend Co MUD #134B TX Unltd Tax 5,000 10:30 am C Masterson Advisors State Atty General 21-44 ------Today Kaufman Co MUD #5 TX Unltd Tax Road 9,900 10 am C Baird State Atty General ------Today

Monday, February 24 Dallas Ctr Grimes Comm SD IA GO Sch 22,705 12 pm C Piper Sandler Ahlers & Cooney 21-39 ------Today Crookston ISD #593 MN GO Sch Bldg 2,835 10 am C Ehlers Dorsey & Whitney 21-30 ------BQ 31-Jan Crosby ISD #182 MN GO Sch Bldg 23,200 11 am C Ehlers Kennedy & Graven 21-43 ------27-Jan Owatonna ISD #761 MN GO Sch Bldg 109,720 10 am C Ehlers Dorsey & Whitney 21-45 ------30-Jan Shakopee ISD #720 MN GO *11,920 10:30 am C Baker Tilly MA --- 21-35 ------4-Feb

Thursday, February 27 Wyandotte Co/Kansas City PBC KS Rev *2,790 10 am C Baker Tilly MA --- 21-40 ------23-Jan Wyandotte Co/Kansas City PBC KS Rev *3,190 10 am C Baker Tilly MA --- 21-40 ------23-Jan Wyandotte Co/Kansas City PBC KS Rev *4,575 10 am C Baker Tilly MA --- 21-40 ------23-Jan Harris Co MUD #50 TX Unltd Tax 2,200 11 am C GMS Group State Atty General ------BQ 30-Jan

Tuesday, March 10 Virginia Pub Bldg Auth VA Pub Fac 11,000 12 pm E Frasca & Associates ------4-Feb Virginia Pub Bldg Auth VA Pub Fac (Tax) *100,000 12 pm E Frasca & Associates ------4-Feb Virginia Pub Bldg Auth VA Pub Fac *195,000 11:30 am E Frasca & Associates ------4-Feb Virginia Pub Bldg Auth VA Pub Fac Ref *198,000 11 am E Frasca & Associates ------4-Feb

Day to Day Florida BOE FL Pub Fac Ref *115,000 --- Division of Bond Fin ------Aaa AAA AAA ------28-Jan Florida Dept of Transp FL Rev Ref *210,000 --- Division of Bond Fin ------Today

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Wednesday, February 5 River Trails Pk Dt IL GO Park *874 10:15 am C Speer Financial Chapman and Cutler 20 ------BQ 23-Jan Barnstable (Town) MA GO Bond Antic (Tax) 2,053 11 am E Hilltop Securities Locke Lord 21 ------31-Jan Lexington (Town) MA GO Bond Antic 5,268 11 am E Hilltop Securities Locke Lord 21 --- MIG1 ------30-Jan Avalon Borough NJ Bond Antic 15,186 11 am E Municipal Official Archer & Greiner 21 ------30-Jan Weehawken Twp NJ Bond Antic 2,952 11 am E NW Financial Group Winne Banta 21 ------31-Jan

011_BB020520 11 2/4/2020 3:51:54 PM New Issues Wednesday, February 5, 2020 12 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 Lloyd (Town) NY Bond Antic 1,872 11 am E Capital Markets Adv Hawkins Delafield 21 ------BQ 31-Jan

Thursday, February 6 Ridgefield (Town) CT GO Bond Antic 10,000 11:30 am E Phoenix Advisors Robinson & Cole 20 ------3-Feb Darien Pk Dt IL GO Park *945 10:15 am C Speer Financial Chapman and Cutler 20 ------BQ 27-Jan Templeton (Town) MA GO Bond Antic 3,675 11 am E Hilltop Securities Locke Lord 21 ------31-Jan Buena Vista Twp NJ Bond Antic 753 11 am E Municipal Official Fleishman Daniels 21 ------BQ 3-Feb Fairfield Twp NJ Bond Antic 8,325 11 am E Municipal Official Gibbons P.C. 20 ------BQ 4-Feb Haddonfield Borough NJ Bond Antic 6,000 11:30 am E Municipal Official McManimon Scotland 21 ------31-Jan Bethany (Town) NY Bond Antic 106 11 am E Municipal Solutions Hodgson Russ 21 ------BQ 30-Jan Johnson City Vlg NY Var Purp 750 11 am E Fiscal Adv & Mkt Hawkins Delafield 21 ------4-Feb Larchmont Vlg NY Bond Antic 352 11 am E Hilltop Securities Orrick Herrington 20 ------BQ 3-Feb Saltaire Vlg NY Bond Antic 3,750 11 am E Munistat Services Squire Patton 21 ------BQ 29-Jan

Tuesday, February 11 Naugatuck Borough CT GO Bond Antic 5,455 11:30 am E Phoenix Advisors Pullman & Comley 20 ------BQ Today Upper Cape Cod Reg Tech Sch MA GO Bond Antic 180 11 am E Hilltop Securities --- 21 ------BQ 4-Feb South Hackensack Twp NJ Bond Antic 3,563 11 am E Municipal Official Waters McPherson 21 ------BQ Today Belleville Henderson Ctrl SD NY Bond Antic Ref 228 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 20 ------BQ Today Garden City Vlg NY Bond Antic 35,750 11 am E Capital Markets Adv Hawkins Delafield 21 ------Today New Rochelle NY Bond Antic 13,087 11 am E Capital Markets Adv Norton Rose 21 ------3-Feb Port Chester Vlg NY Bond Antic 4,958 11 am E Capital Markets Adv Orrick Herrington 21 ------BQ Today Napoleon OH Var Purp GO 5,852 11 am E Sudsina & Assoc Squire Patton 21 ------BQ 4-Feb Richland County SC GO Bond Antic *125,000 11 am E First Tryon Advisors Parker Poe 21 --- MIG1 SP-1+ ------4-Feb

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 February 3 Black Belt Energy Gas Dt AL Rev 300,000 Morgan Stanley Municipal Cap Mgmt ------30-Jan SW White Co Pub Wtr Auth AR Wtr Rev 2,410 Crews & Associates ------Today Arizona Indl Dev Auth AZ Educ Rev 6,840 RBC Capital Mkts ------30-Jan Arizona Indl Dev Auth AZ Educ Rev (Tax) 12,110 RBC Capital Mkts ------30-Jan Eastmark Comm Facs Dt #2 AZ Spec Assess 707 Stifel Nicolaus Hilltop Securities ------31-Jan Anaheim Hsg & Pub Imp Auth CA Rev Ref (Tax) 32,350 Wells Fargo Secs PFM Fin Advisors ------AAA --- 30-Jan Anaheim Hsg & Pub Imp Auth CA Rev 38,345 Wells Fargo Secs PFM Fin Advisors ------AAA --- 30-Jan California St Univ Trustees CA Sys Rev (Tax) 812,690 BofA Securities KNN Public Finance ------30-Jan Fontana Comm Facs Dt #86 CA Special Tax 4,700 Stifel Nicolaus CSG Advisors ------31-Jan Long Beach CA Rev Ref 56,270 Citigroup Public Resources ------31-Jan Long Beach CA Rev Ref (AMT) 74,830 Citigroup Public Resources ------31-Jan New Haven USD CA GO 35,000 Morgan Stanley ------30-Jan Oxnard CA Gas Tax Rev 16,110 Ramirez ------3-Feb Pasadena CA Pension (Tax) 130,255 Stifel Nicolaus ------31-Jan Roseville Jt Union High SD CA Bond 23,000 Stifel Nicolaus ------31-Jan Salida Union SD CA Ref Certs of Part 4,080 Hilltop Securities Dale Scott AGM ------31-Jan Tracy Oper Partners Jt Pwrs CA Lease Rev Ref 17,740 Piper Sandler ------31-Jan Harris Co SD GA GO 22,565 Raymond James ------31-Jan Cahokia CUSD #187 IL GO Sch 9,800 Oppenheimer --- AGM ------31-Jan Cook Co SD #159 IL GO Sch Ref (Tax) 19,750 Oppenheimer ------31-Jan Crestwood Vlg IL GO Ref 4,345 Hutchinson Shockey --- BAM ------3-Feb Crestwood Vlg IL GO (Tax) 6,000 Hutchinson Shockey --- BAM ------3-Feb Joliet Pk Dt IL GO Park 4,650 Stifel Nicolaus --- BAM ------31-Jan Kishwaukee Comm Coll #523 IL GO Ref (Tax) 50,000 Raymond James ------30-Jan

012_BB020520 12 2/4/2020 3:51:55 PM Wednesday, February 5, 2020 New Issues www.bondbuyer.com 13

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

South Holland SD #151 IL GO Sch 5,535 Mesirow Financial ------31-Jan Wilson Co USD #461 KS GO Ref (Tax) 4,025 Stifel Nicolaus ------31-Jan Wyandotte Co USD #202 KS GO Ref (Tax) 8,385 Piper Sandler ------31-Jan Avoyelles Wtr Comm LA Wtr Rev 9,510 Crews & Associates --- BAM ------Today Maryland Comm Dev Admin Hsg MD Rev (AMT) 9,250 Morgan Stanley Caine Mitter & Assoc ------30-Jan Maryland Comm Dev Admin Hsg MD Rev 130,750 Morgan Stanley Caine Mitter & Assoc ------30-Jan East Lansing SD MI Sch Bldg & Site 26,570 Stifel Nicolaus PFM Fin Advisors ------31-Jan Macomb Interceptor Drain Dt MI Ref 16,535 Hilltop Securities ------31-Jan N Gratiot Interceptor Drain Dt MI Ref 1,880 Hilltop Securities ------31-Jan Richmond Comm Schs MI Sch Bldg & Site 34,060 Raymond James PFM Fin Advisors ------28-Jan Thornapple Kellogg Sch MI Sch Bldg & Site Ref 31,785 Stifel Nicolaus PFM Fin Advisors ------Today Excelsior Springs MO COPs 24,780 D.A. Davidson --- BAM --- A ------3-Jan Mississippi Hosp Equip MS Rev 84,800 JPMorgan Ponder ------31-Jan Mississippi Hosp Equip MS Rev (Fwrd) 29,295 JPMorgan Ponder ------31-Jan Greensboro NC Limited Oblig 12,575 Wells Fargo Secs ------Aa1 AA+ AA+ --- 31-Jan Burleigh County ND Healthcare 15,000 Dougherty ------31-Jan Monroe Twp BOE (Middlesex Co) NJ Sch Dist Ref (Tax) 94,845 RBC Capital Mkts Phoenix Advisors ------31-Jan NYC Muni Wtr Fin Auth NY Wtr & Swr 465,000 Raymond James Lamont Financial ------AA+ AA+ --- 30-Jan NYS Dorm Auth NY Rev 356,655 BofA Securities Ponder ------30-Jan Warren County NY Pub Imp Ref 12,860 Roosevelt & Cross ------30-Jan Washingtonville Ctrl SD NY Sch Dist Ref 3,045 Roosevelt & Cross ------30-Jan Cleveland OH Power Sys Rev (Tax) 17,695 Mesirow Financial Govt Capital Mgmt AGM ------31-Jan Cleveland OH Power Sys Rev 62,100 Mesirow Financial Govt Capital Mgmt AGM ------31-Jan Coshocton OH Wtr & Swr 1,245 Hilltop Securities ------31-Jan Union Twp Clermont Co CIC, Inc. OH Econ Dev Rev (Tax) 24,975 Piper Sandler Bradley Payne ------31-Jan Hillsboro SD #1J OR GO 139,605 Piper Sandler ------31-Jan Clinton County PA GO (Tax) 2,695 PNC Capital Markets Susquehanna Group BAM ------30-Jan Clinton County PA GO 3,920 PNC Capital Markets Susquehanna Group BAM ------30-Jan Montgomery Co Hgr Educ PA Rev 17,775 BofA Securities Financial S&Lutions ------BBB ------30-Jan North Fayette Twp PA GO Ref 3,745 Piper Sandler ------31-Jan Richland County SC Util Rev 30,220 Wells Fargo Secs First Charlotte ------31-Jan Arlington ISD TX Sch Bldg & Ref 310,125 Raymond James Hilltop Securities PSF --- AA ------8-Jan Harris Co Metro Trans Auth TX Sales Tax (Tax) 304,785 Morgan Stanley PFM Fin Advisors ------AAA ------30-Jan Tarrant Co Cult Ed Facs Fin Corp TX Hosp Rev 201,930 JPMorgan Hilltop Securities ------31-Jan Waller ISD TX Sch Bldg 204,500 BOK Fin Secs Post Oak Muni Advs PSF ------31-Jan Public Fin Auth WI Hsg Rev 55,935 RBC Capital Mkts First Tryon Advisors AGM --- BBB------29-Jan

Wednesday, February 5 North Polk Comm SD IA Sales & Use Tax Rev 6,525 Baird PFM Fin Advisors ------31-Jan Minneapolis MN Lease Rev 8,310 Baird ------17-Jan American Muni Pwr Inc. OH Rev Ref 106,880 Citigroup Ramirez ------31-Jan Triad LSD OH Sch Facs Constr 3,890 Baird ------31-Jan Suburban Lancaster Swr Auth PA Swr Rev 8,620 RBC Capital Mkts ------31-Jan

Thursday, February 6 Minneapolis MN Bond 1,225 Baird ------31-Jan

Week Of February 10 Arkansas Southside Pub Wtr Auth AR Wtr & Swr Imp Rev (Tax) 15,480 Crews & Associates --- BAM ------Today California Sch Fin Auth CA Rev (Tax) 1,895 RBC Capital Mkts Urban Futures ------4-Feb California Sch Fin Auth CA Rev 18,430 RBC Capital Mkts Urban Futures ------4-Feb Stockton Pub Fin Auth CA Parking Rev 25,485 Stifel Nicolaus Del Rio Advisors ------3-Feb Union San Dist Fin Auth CA Rev 62,015 RBC Capital Mkts Fieldman Rolapp ------3-Feb Aurora East SD #131 IL GO Sch Ref 21,975 Loop Capital Raymond James ------3-Feb

013_BB020520 13 2/4/2020 3:51:56 PM New Issues Wednesday, February 5, 2020 14 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

Aurora East SD #131 IL GO Sch 33,495 Loop Capital Raymond James ------3-Feb Cook Co Comm Cons SD #59 IL GO 31,345 Raymond James ------4-Feb Caddo Par SD LA GO Sch 9,800 Raymond James ------30-Jan St Mary Parish LA Sales Tax 1,000 Raymond James ------30-Jan St Mary Parish LA Sales Tax (Tax) 3,940 Raymond James ------30-Jan Minnesota Office of Hgr Educ MN Rev 57,790 BofA Securities S L Cap Strategies ------Today East Brunswick Twp BOE NJ Ref 11,105 PNC Capital Markets ------Today Wayne Twp NJ Gen Imp 5,685 RBC Capital Mkts ------Today Palmer Twp PA GO 20,310 PNC Capital Markets ------Today Grand Parkway Transp Corp TX Rev Ref 809,330 Goldman Sachs Estrada Hinojosa ------31-Jan Joaquin ISD TX Sch Bldg & Ref 3,360 RBC Capital Mkts Hilltop Securities PSF ------31-Jan Midland TX GO 25,000 Frost Bank Hilltop Securities ------Today Midland TX Tax & Limited Pledge 25,000 Frost Bank Hilltop Securities ------Today New Hope Cult Educ Facs Fin Corp TX Rev 28,910 HJ Sims & Co ------4-Feb Sunray ISD TX Ref (Tax) 1,730 RBC Capital Mkts ------Today Sunray ISD TX Sch Bldg 8,175 RBC Capital Mkts --- PSF ------Today Utah UT GO 449,625 Wells Fargo Secs Zions Pub Fin ------AAA AAA --- 30-Jan Washington Hgr Educ Facs WA Rev (Tax) 25,415 KeyBanc Cap Mkts PFM Fin Advisors ------Today Washington Hgr Educ Facs WA Rev & Ref 53,270 KeyBanc Cap Mkts PFM Fin Advisors ------Today

Tuesday, February 11 Arizona Indl Dev Auth AZ Educ Rev 41,690 Baird Specialized Pub Fin ------3-Feb

Week Of February 18 Red River Par SD #1 LA GO Sch 7,400 Raymond James ------Today

Wednesday, March 11 Western Sch Bldg Corp IN Bond 6,060 Baird ------6-Dec

Day to Day La Paz Co Indl Dev Auth AZ Ed Facs Rev 13,145 BB&T Cap Mkts D.A. Davidson ------24-Jan 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 Saria CO Rev 11,174 D.A. Davidson ------7-Dec Idaho Hsg & Fin ID Mtg 30,797 Stifel Nicolaus ------8-Nov 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 Raytown MO Sales Tax Ref 28,875 Stifel Nicolaus Columbia Cap Mgmt ------7-Dec Chautauqua Co Cap Res Corp NY Rev Ref 58,500 Morgan Stanley ------3-Jan Hamilton OH Spec Oblg (Tax) 9,000 KeyBanc Cap Mkts --- BAM ------17-Jan Putnam County OH Econ Dev Rev Ref 26,150 Ziegler Cap Mkts Ascension Cap Ent ------6-Dec Bensalem Twp SD PA GO 9,515 Boenning&Scattergood ------24-Jan Butler Area Swr Auth PA Swr Rev 9,965 Janney Montgomery ------A ------8-Nov Travis Co MUD #8 TX Unltd Tax 1,405 Hutchinson Shockey ------4-Oct Public Fin Auth UT Sch Rev 20,455 Stifel Nicolaus ------28-Oct

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

Tuesday, February 11, 2020 $600,000 ...... Edmonds SD #15, WA Tuesday, February 18, 2020 Tuesday, February 25, 2020 $13,200 ...... Kittitas SD #403, WA $290,000 ...... Lincoln Co SD #1, NE $28,000 ...... Williams Co Pub SD #8, ND $107,000 ...... Ridgefield SD #122, WA $650 ...... Edgar SD, WI $189,553 ...... Rapid City Area SD 51-4, SD $35,700 ...... Piedmont Pub Schs, OK $125,000 ...... Riverview SD #407, WA $3,450 ...... Lakeland Union High SD, WI Tuesday, March 03, 2020 $3,785 ...... Waukomis Pub Schs, OK *$205,000...... Sumner SD #320, WA *$4,000...... Eatonville SD #404, WA *$535,000...... Tacoma SD #10, WA $2,300 ...... River Ridge SD, WI *$90,000...... Alameda Co Fire Dept, CA

014_BB020520 14 2/4/2020 3:51:56 PM Wednesday, February 5, 2020 New Issues www.bondbuyer.com 15

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

*$398,000...... Anaheim Union HSD, CA $14,000 ...... Lone Pine USD, CA $7,500 ...... Westside Union SD, CA $9,900 ...... Cambridge SD, WI $350,000 ...... Antelope Vly Hlthcare Dt, CA $650,000 ...... Los Rios Comm Coll Dt, CA $16,500 ...... Wheatland Union HSD, CA $30,000 ...... Columbus SD, WI $105,000 ...... Antioch USD, CA $260,000 ...... Manteca USD, CA $19,000 ...... Williams USD, CA $17,000 ...... Dodgeland SD, WI $4,200 ...... Aromas-San Juan USD, CA *$30,000...... MarFarland USD, CA $17,000 ...... Willits USD, CA $15,730 ...... Elk Mound Area SD, WI $98,000 ...... Beaumont USD, CA *$31,000...... Mendocino USD, CA $228,400 ...... Yuba Comm Coll Dt, CA $6,920 ...... Elkhorn Area SD, WI $28,000 ...... Bellevue Union SD, CA $247,000 ...... Merced Comm Coll Dt, CA $3,000 ...... Coon Rapids-Bayard Comm SD, IA $15,000 ...... Johnson Creek SD, WI $380,000 ...... Berkeley USD, CA $96,000 ...... Moorpark USD, CA $9,400 ...... Dike-New Hartford Comm SD, IA $9,850 ...... Luck SD, WI $98,000 ...... Berryessa Union SD, CA $80,000 ...... Moreland SD, CA *$8,700...... Guthrie County, IA $114,900 ...... Neenah Jt SD, WI $29,868 ...... Black Oak Mine USD, CA $900,000 ...... Morgan Hill USD, CA $26,250 ...... Knox, IA $2,900 ...... Nekoosa SD, WI *$123,000...... Brea Olinda USD, CA $55,600 ...... Morongo USD, CA $37,000 ...... Moc-Floyd Vly Comm SD, IA $8,000 ...... New Holstein SD, WI $1,200 ...... Bridgeville Elem SD, CA $56,000 ...... Mountain View SD, CA $6,200 ...... Monona County, IA $7,500 ...... Oostburg SD, WI $27,000 ...... Brisbane SD, CA $33,000 ...... Mountain View SD CFD #3, CA $20,800 ...... South Tama Co Comm SD, IA $16,000 ...... Spooner Area SD, WI $97,000 ...... Burlingame ESD, CA $259,000 ...... Mountain View Whisman SD, CA $9,250 ...... Houston SD, MS $14,000 ...... St Croix Falls SD, WI $274,100 ...... Cabrillo Comm Coll Dt, CA *$35,000...... Newman Crows Landing USD, CA $45,000 ...... Rowan County, NC $16,840 ...... Sturgeon Bay SD, WI $220,000 ...... Cajon Vly Union SD, CA $30,000 ...... Pacific Grove USD, CA *$10,810...... Rio Rancho, NM $2,500 ...... SW Wisconsin Comm SD, WI $15,000,000 ...... California, CA $389,385 ...... Palos Verdes Peninsula USD, CA *$3,790...... Rio Rancho, NM $6,500 ...... Webster SD, WI $300,000 ...... Capistrano USD, CA $11,000 ...... Parlier USD, CA $86,750 ...... Sumner County, TN $4,000 ...... Winter SD, WI $120,000 ...... Capistrano USD, CA $32,500 ...... Patterson Jt USD, CA $16,850 ...... Sumner County, TN $28,700 ...... Wrightstown Comm SD, WI $120,000 ...... Central USD, CA *$16,000...... Penn Vly Union ESD, CA $60,000 ...... Slate Valley SD, VT Tuesday, April 14, 2020 *$10,700...... Chatom Union SD, CA $63,500 ...... Pleasant Hill Rec & Pk Dist, CA Tuesday, March 10, 2020 $1,500 ...... Benson ISD #777, MN $300,000 ...... Chula Vista ESD, CA $323,000 ...... Pleasanton USD, CA $33,900 ...... Alpena Pub Schs, MI Tuesday, May 05, 2020 $408,000 ...... Clovis USD, CA $30,000 ...... Plumas Lake ESD, CA $28,400 ...... Bay City SD, MI *$230,000...... Coachella Vly USD, CA $33,400 ...... Porterville USD, CA $1,560 ...... Alanson Pub Schs, MI $195,000 ...... Birmingham Pub Schs, MI $4,700 ...... Colfax ESD, CA $448,000 ...... Poway USD, CA $11,300 ...... Atherton Comm Schs, MI $19,500 ...... Brandon SD, MI $730 ...... Cuddeback Union SD, CA *$496,000...... Rancho Santiago Comm Coll, CA $28,400 ...... Bay City Pub Schs, MI $71,390 ...... Davison Comm Schs, MI $700 ...... Cuddeback Union SD, CA $1,500 ...... Raymond-Knowles Union SD, CA $2,240 ...... Bentley Comm SD, MI $112,900 ...... East China SD, MI $290,000 ...... Dublin USD, CA $1,500 ...... Raymond-Knowles Union SD, CA $14,950 ...... Breckenridge Comm SD, MI $124,800 ...... Ferndale Pub Sch, MI $60,000 ...... East Side Union HSD, CA $75,000 ...... Rescue Union SD, CA *$68,000...... Cedar Springs Pub Schs, MI $3,500 ...... Gladwin Comm Schs, MI $120,000 ...... El Dorado Union HSD, CA $51,500 ...... Rim of the World USD, CA $40,600 ...... Clio Area Schs, MI $38,000 ...... Manson Cons Sch, MI $3,400 ...... El Nido ESD, CA *$715,000...... Riverside Comm Coll Dt, CA *$28,000...... Durand Area Schs, MI $275,000 ...... Plymouth-Canton Com Schs, MI $3,400 ...... El Nido ESD, CA $9,400 ...... Roseland Elem SD, CA *$1,680...... Durand Area Schs, MI $147,000 ...... Pontiac City SD, MI $205,000 ...... Escondido Union SD, CA $750,000 ...... Sacramento City USD, CA *$49,995...... Elk Rapids Schs, MI $35,640 ...... Saugatuck Pub Schs, MI $18,000 ...... Eureka City SD, CA $495,000 ...... Saddleback Vly USD, CA *$23,600...... Freeland Comm SD, MI $39,900 ...... Schoolcraft Comm Schs, MI $49,000 ...... Eureka Union SD, CA *$24,700...... Salida Union SD, CA *$50,000...... Garden City SD, MI $59,475 ...... Southgage Comm SD, MI $125,000 ...... Evergreen SD, CA *$20,000...... Salida Union SD, CA $20,930 ...... Goodrich Area Schs, MI Tuesday, March 17, 2020 $898,000 .. Foothill-De Anza Comm Coll Dt, CA $30,000 ...... San Benito HSD, CA $86,925 ...... Grand Blanc Comm Schs, MI $35,000 ...... Fort Bragg USD, CA $628,500 ...... San Francisco (City & Co), CA $34,500 ...... Longboat Key, FL $17,470 ...... Grant Pub Schs, MI $80,000 ...... Franklin-McKinley SD, CA $845,000 ...... San Francisco Comm Coll, CA $30,000 ...... West Palm Beach, FL *$65,625...... Hamilton Comm Schs, MI $325,000 ...... Fresno USD, CA *$198,000...... San Leandro USD, CA $10,500 ...... East Dubuque USD #119, IL *$35,265...... Hamtramck Pub Schs, MI $310,000 ...... Fullerton Jt Union HSD, CA *$75,000...... San Lorenzo Vly USD, CA $55,000 ...... Elmwood Pk CUSD #401, IL *$1,240...... Harbor Beach Comm SD, MI $198,000 ...... Fullerton SD, CA $200,000 ...... San Marino USD, CA $7,400 ...... Glen Carbon, IL *$45,000...... Hartland Cons Schs, MI $4,000 ...... Gerber Union ESD, CA $385,000 ...... San Mateo Union HSD, CA $17,000 ...... Illini West HSD #307, IL $30,000 ...... Ithaca Pub Schs, MI $22,000 ...... Geyserville USD, CA $55,500 ...... San Ysidro SD, CA $1,500 ...... Riverside Vlg, IL *$67,000...... Kenowa Hills Pub Schs, MI $23,000 ...... Hanford ESD, CA $52,985 ...... San Ysidro SD, CA $10,000 ...... Woodstock, IL *$55,000...... Linden Comm Schs, MI $21,000 ...... Hermosa Beach CSD, CA $17,500 ...... Sebastopol Union SD, CA $5,600 ...... Euclid CSD, OH $29,825 ...... Manistee Area Pub Schs, MI $47,400 ...... Hope ESD, CA $11,500 ...... Soledad USD, CA $89,975 ...... Kings LSD, OH $23,720 ...Melvindale North Allen Pub Schs, MI *$30,000...... Imperial USD, CA *$21,400...... Stanislaus USD, CA $134,700 ...... Olentangy LSD, OH $6,325 ...... Merrill Comm SD, MI $28,390 ...... Jefferson Union HSD, CA $78,000 ...... Sulphur Springs Union SD, CA $44,200 ...... Tiffin City SD, OH $21,000 ...... Morley-Stanwood Comm Schs, MI $98,700 ...... Troy CSD, OH *$192,000...... Jurupa USD, CA *$9,500...... Sunol Glen USD, CA $11,200 ...... Mount Morris Cons Schs, MI $17,900 ...... Keppel USD, CA $5,000 ...... Terra Bella Union ESD, CA Wednesday, March 18, 2020 *$22,930...... Otsego Pub Schs, MI $19,325 ...... King City Union SD, CA $16,670 ...... Trinity Alps USD, CA *$158,618...... Baldwin UFSD, NY $3,900 ...... Pine River Area Schs, MI $18,975 ...... King City Union SD, CA *$215,000...... Tustin USD, CA Tuesday, March 24, 2020 *$41,750...... Vicksburg Comm Schs, MI $17,000 ...... Kingsburg Jt Union HSD, CA $75,000 ...... Ukiah USD, CA $45,500 ...... Warren Woods Pub Schs, MI $189,000 ...... Muscogee Co SD, GA *$205,000...... Lakeside Union SD, CA *$192,000...... Val Verde USD, CA *$150,000...... Waterford SD, MI Tuesday, April 07, 2020 $33,000 ...... Lakeside Union SD, CA $48,000 ...... Victor ESD, CA *$235,000...... Killeen ISD, TX $198,000 ...... Las Virgenes USD, CA *$38,950...... Wasco UHSD, CA *$21,000...... Monett SD R-I, MO *$191,000...... Killeen ISD, TX $2,700 ...... Lassen View Elem SD, CA *$16,000...... Wasco USD, CA $1,300 .....Northeast Nodaway Co R-V SD, MO Saturday, May 09, 2020 $33,800 ...... Lawndale ESD, CA $46,000 ...... Washington USD, CA $1,000 ...... S Nodaway Co SD #R-4, MO $12,300 .... Jefferson Davis Par Cons SD #1, LA $6,000 ...... Le Grand Union HSD, CA $1,650 ...... Waukena Jt Union ESD, CA $17,200 ...... Pottawatomie Co ISD #93, OK Tuesday, May 19, 2020 $26,000 ...... Lemoore Union HSD, CA $575,000 ...... West Contra Costa USD, CA $10,050 ...... Ashwaubenon SD, WI $125,000 ...... Local Pub Sch Fdning Auth, CA $29,000 ...... Western Placer USD, CA $12,500 ...... Baldwin-Woodville Area SD, WI $145,000 ...... Lane Co Comm Coll, OR

015_BB020520 15 2/4/2020 3:51:57 PM Market Statistics Wednesday, February 5, 2020 16 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 1/30/20 1/23/20 High Date Low Date Municipal Bond Index ...... 136 05 . –7/32 136 15 . (1/31) 133 31 . (1/2) 40 Average Dollar Price ...... 110 13 . –0 18 . 110 38 . (1/31) 108 35 . (1/2) Bond Buyer Revenue Bond Index . . . . 2 97% . 3 04% . 3 20% . (1/2) 2 97% . (1/30) Average Yield to Par Call ...... 2 40 . +0 03 . 2 70 .(1/2) 2 36 (1/31). Bond Buyer 20-Bond Index ...... 2 47% . 2 54% . 2 73% . (1/2) 2 47% . (1/30) Average Yield to Maturity ...... 3 52 . +0 01 . 3 62 .(1/2) 3 51 (1/30). Bond Buyer 11-Bond Index ...... 2 00% . 2 07% . 2 26% . (1/2) 2 00% . (1/30)

Wk of 2/7/2020 Wk of 1/31/2020 Wk of 1/24/2020 Wk of 2/1/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $7,059 0. $5,216 9. $6,884 8. $4,548 .2 30-Day Visible Supply ($mills) ...... Negotiated Bonds ...... 5,802 7 . 4,060 9 . 5,072 1 . 2,412 1 . Total (Feb. 5) ...... $10,784 6. –1,080 8. $12,362 7. (1/13) $7,051 7. (1/29) Competitive Bonds ...... 1,256 3 . 1,110 0 . 1,812 7 . 1,779 9 . Competitive ...... 3,452 2 . –89 2 . 5,326 2 . (1/3) 2,798 1 . (1/23) Short-Term Notes ...... 157 5 . 211 0 . 289 3 1,085. 5 . Negotiated ...... 7,332 4 . –991 6 . 8,651 7 . (1/13) 5,462 3 . (1/2) Long-Term Bond Sales Thru 2/7/2020 Thru 1/31/2020 Thru 1/24/2020 Thru 2/1/2019 Month to Date ...... $7,059 0. $29,623 3. $24,406 5. $25,063 .4 Year to Date ...... 36,682 3 . 29,623 3 . 24,406 5 . 25,277 9 . 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

Feb. 4, 2020 Feb. 3, 2020 Feb. 5, 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 . 1 52 . Competitive Negotiated Total Competitive Negotiated Total San Anto Tex Indpt sch Dist, Calif ., 4 .00s (Aug . 15) . . . 0 86 . 0 84 . 1 40 . ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 0 86 . 0 86 . 1 37 .

Weekly Averages Monthly Averages 01/31 3,075,623 6,088,922 9,164,546 Jan_20 3,686,529 6,255,930 9,942,460 Municipal Market Data 01/24 3,481,278 6,620,025 10,145,660 Dec 2,415,545 8,879,401 11,294,946 One-Month Note (MIG-1) ...... 0 90 . 0 86 . 1 50 . Two-Month ...... 0 91 . 0 88 . 1 53 . 01/17 3,537,541 7,397,796 10,935,337 Nov 3,001,881 12,458,477 15,460,358 Three-Month ...... 0 92 . 0 89 . 1 55 . 01/10 3,956,400 6,220,241 10,176,641 Oct 3,948,065 10,035,436 13,983,501 Four-Month ...... 0 91 . 0 90 . 1 58 . 01/03 4,420,068 2,605,270 7,025,338 Sep 2,908,169 9,016,317 11,924,486 Five-Month ...... 0 91 . 0 91 . 1 60 . 12/27 3,549,144 2,511,081 6,060,225 Aug 3,892,634 7,169,949 11,062,583 Six-Month ...... 0 92 . 0 91 . 1 63 . 12/20 794,151 5,924,531 6,718,682 Jul 2,829,215 5,502,430 8,331,645 Nine-Month ...... 0 93 . 0 93 . 1 69 . One-Year ...... 0 95 . 0 95 . 1 74 . 12/13 1,678,664 11,051,209 12,729,873 Jun 4,232,721 4,461,583 8,694,304 12/06 3,151,973 17,714,778 20,866,751 May 4,075,907 4,156,333 8,232,240 Variable-Rate Demand (Non-AMT/AMT) 11/27 3,051,148 10,962,526 14,013,674 Apr 2,653,924 4,487,284 7,141,208 Daily General Market­ ...... 0 99/1. 05 . 1 07/1. 14 . 1 45/1. 51.

11/22 1,663,704 11,203,310 12,867,014 Mar 3,160,437 3,963,383 7,123,820 Feb. 4, 2020 Feb. 28, 2020 Feb. 5, 2019 11/15 3,124,836 12,002,779 15,127,615 Feb 2,408,610 4,581,885 6,990,495 Seven-Day General Markets ...... n a /n .a . . . n a /n .a . . . n a /n .a . . . 11/08 4,148,422 14,622,799 18,771,221 Jan 3,003,035 4,704,831 7,707,866 Jan. 29, 2020 Jan. 22, 2020 Jan. 30, 2019 The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected Jefferies & Co. to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the Jefferies Short-Term Index Rate (Jef STR) ...... 0 97 . 0 83 . 1 42 . negotiated supply has been reported since 1971. Jan. 29, 2020 Jan. 22, 2020 Jan. 30, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0 94 . 0 82 . 1 43 .

Visible Supply Decline Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa Dec. 20, 2019 – Feb. 5, 2020 2021 0 84 . 0 87 . 0 92 . 0 93 . 1 22 . 15 2022 0 85 . 0 91 . 0 96 . 1 01 . 1 30 . 12 2025 0 86 . 0 95 . 1 08 . 1 13 . 1 43 . 2030 1 18 . 1 33 . 1 45 . 1 49 . 1 81 . 9 2035 1 45 . 1 65 . 1 75 . 1 82 . 2 10 . 6 2040 1 64 . 1 84 . 1 94 . 2 01 . 2 29 . 2045 1 78 . 1 97 . 2 07 . 2 14 . 2 42 . 3 2050 1 83 . 2 03 . 2 13 . 2 20 . 2 48 . 0 12/20 12/26 12/31 1/6 1/9 1/14 1/17 1/23 1/28 1/31 2/5 Figures are as of 3 pm Eastern time Feb. 4, 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 Competitive Negotiated a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

016_BB020520 16 2/4/2020 4:32:23 PM Wednesday, February 5, 2020 Market Statistics www.bondbuyer.com 17

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

Treasury Bills Offer Amount Yesterday’s Prev. Day’s Yesterday’s Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield 2/4 129.5 Tarrant Reg Wtr Dt, Tex., (AAA/AA) ...... 1.42 1.73 2.12 2.45 … 2.93 … 2/4 85.4 Sharon (Town), Mass., (AA/AA) ...... 0.82 0.85 1.25 2.28 2.45 … … 1M — 03/03/2020 ...... 1 515/505. 1 525/520. 1 538 . 2/4 41.9 Sil Sp Sch Dist No. 21 of Bent Cnty, Ark., (Aa2) . 0.92 1.15 1.85 2.25 … … … 3M — 05/07/2020 ...... 1 540/535. 1 530/525. 1 567 . 2/4 16.2 Wayland (Town), Mass., (AAA) ...... 0.73 0.79 1.32 2.05 … … …

6M — 08/06/2020 ...... 1 525/520. 1 505/500. 1 558 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Treasury Notes and Bonds Aaa – AAA 1/30 17.0 West Hartford (Town), Conn., ...... 0.70 0.74 1.10 1.95 … … … Yesterday’s Prev. Day’s Yesterday’s 1/30 9.1 Simsbury (Town), Conn., ...... 0.68 0.71 1.27 2.00 … … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 1/30 6.0 Norwell (Town), Mass., ...... 0.77 0.82 1.15 2.00 … … … 2Y — 1 .37% due 12/2021 . . . . 99 292/30+. 100 00+/016. 1 419. 1/29 15.0 Natick (Town), Mass., ...... 0.72 0.76 1.35 2.10 … … … 1/28 92.2 Fort Lauderdale, Fla., ...... 0.84 0.89 1.29 2.33 2.55 2.43 … 5Y — 1 .37% due 12/2024 . . . . 99 240/25+. 100 30/40+. 1 427. 1/28 314.3 Fairfax County, Va., ...... 0.82 0.86 1.22 1.45 … … … 10Y — 1 .75% due 11/2029 . . . . 101 100/120. 101 310/10. 1 604. 1/28 8.2 Briarcliff Manor Vlg, N.Y., ...... 0.72 0.74 1.03 1.95 … … … 1/27 24.3 Minnetonka, Min.,., ...... 0.82 0.87 1.25 2.10 2.40 2.47 … 30Y — 2 .38% due 11/2049 . . . . 106 146/166. 108 08+/10+. 2 083. 1/23 257.7 Florida BOE, Fla., ...... 0.86 0.90 1.30 2.15 2.34 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 1/23 1.7 Newbury (Town), Mass., ...... 0.96 1.05 1.55 … 2.50 … … 1/22 3.3 New Hanover County, N.C., ...... 0.81 085 1.25 1.95 2.16 … … 1/17 44.5 Jordan SD BOE, Utah., ...... 0.91 0.95 0.79 2.24 … … … Barclays Capital Long Treasury Bond Index Aa1/Aa2/Aa3 – AA+/AA/AA– Index Value Yield Index Total 2/3 68.3 Worcester, Mass., ...... 0.85 0.87 1.45 2.06 2.36 2.40 … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 2/3 8.1 Krum, Tex., ...... 0.91 1.01 1.38 2.18 2.42 … … 1/30 4.4 Bluffton (Town), S.C., ...... 0.80 0.88 1.40 1.90 … … … Close 4393 06. 4379 57. +13 48. 1 96. 1 98. –0 02. 4293 06. 1/29 24.9 Amherst Ctrl SD, N.Y., ...... 0.75 0.78 1.13 2.10 … … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 1/28 6.1 Marshall, Minn., ...... 0.92 0.94 1.33 2.18 2.50 … … 1/28 4.6 Russell ISD Fin Corp, Ky., ...... 1.20 1.40 2.00 2.40 2.62 … … (Jan. 1 1973 = 100). 1/23 64.9 Fall River, Mass., ...... 0.89 0.97 1.38 2.30 2.60 … … 1/23 6.5 Monroe County, Ind., ...... 1.02 1.20 1.70 2.15 … … … 1/23 3.4 Norfolk County. Mass., ...... 0.90 0.94 1.50 2.00 2.31 … … 1/22 162.6 Univ of Houston Sys BOR, Tex., ...... 1.58 1.82 2.32 2.69 … 3.00 … 1/22 5.7 Clinton (Town), Calif., ...... … 0.84 1.60 2.05 2.30 … … State and Local Government Series Rates 1/21 17.1 Cass Co Govt Bldg Corp, Ind., ...... … 1.32 1.88 2.40 2.61 … … A1/A2/A3 – A+/A/A– 2/3 7.6 Peculiar, Mo., ...... 1.00 1.10 1.45 2.00 … … … Wednesday Thursday Friday Monday Tuesday 1/14 13.3 Nicholas Co Pub Prop Corp, Ky., ...... 1.15 1.40 2.10 2.54 … … … Jan 29 Jan 30 Jan 31 Feb 3 Feb 4 12/18 12.6 Kentucky Rural Wtr Fin, Ky., ...... … 1.40 2.00 2.50 2.90 … 3.00 Overnight*...... 1 18 . 1 18 . 1 18 . 1 18 . 1 20 . 12/17 11.0 Winter Park (Town), Colo., ...... 1.16 1.28 1.72 2.40 2.64 … … Three Months...... 1 56 . 1 55 . 1 55 . 1 56 . 1 56 . 12/10 6.3 Jackson Vlg, Wis., ...... 1.25 1.43 1.84 2.20 2.45 … … Six Months...... 1 58 . 1 55 . 1 56 . 1 55 . 1 56 . 12/9 5.2 Moundridge Pub Bldg Comm, Kan., . . . . . … 1.45 1.90 … 2.55 2.78 2.85 Nine Months...... 1 55 . 1 52 . 1 51 . 1 50 . 1 51 . 11/25 4.0 Corydon (Town), Ind., ...... … 1.60 2.15 2.50 2.75 … … One Year...... 1 51 . 1 49 . 1 46 . 1 45 . 1 47 . 11/25 2.8 Knox, Ind., ...... 1.46 1.65 2.20 … 2.80 … … Two Years ...... 1 43 . 1 40 . 1 38 . 1 35 . 1 40 . 11/20 7.3 Marshall County, Ky., ...... 1.40 1.65 2.15 2.40 2.65 … … Three Years...... 1 41 . 1 37 . 1 35 . 1 33 . 1 38 . 11/20 1.8 Melton Pub Lib Bldg Corp, Ind., ...... … 1.60 2.20 2.50 2.75 … … Four Years...... 1 42 . 1 37 . 1 35 . 1 33 . 1 38 . 11/19 2.7 Island Heights Borough, N.J., ...... 1.23 1.37 1.81 2.65 2.87 3.04 … Five Years...... 1 44 . 1 38 . 1 36 . 1 35 . 1 40 . 11/6 4.3 Caledonia Vlg, Wis., ...... 1.40 1.55 2.00 2.35 2.55 … … Six Years...... 1 49 . 1 43 . 1 40 . 1 40 . 1 45 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 1 53 . 1 48 . 1 45 . 1 45 . 1 50 . Eight Years...... 1 56 . 1 51 . 1 48 . 1 48 . 1 53 . Nine Years...... 1 59 . 1 54 . 1 51 . 1 51 . 1 55 . Merrill Lynch Corporate Bond Indexes 10 Years...... 1 62 . 1 57 . 1 54 . 1 54 . 1 58 . 15 Years...... 1 77 . 1 72 . 1 69 . 1 70 . 1 74 . Performance Comparisons for Feb. 3, 2020 20 Years...... 1 91 . 1 87 . 1 84 . 1 85 . 1 89 . Aaa–Baa Rated Corporates 25 Years...... 2 04 . 2 00 . 1 98 . 2 00 . 2 03 . Index Avg. Pct.of Total Return% 30 Years...... 2 07 . 2 03 . 2 00 . 2 02 . 2 05 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3327.40 2.69 100.00 +0.34 +2.41 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2145.16 2.30 65.72 +0.36 +1.49 Industrials 776.23 2.31 35.41 +0.34 +1.47 Utilities 753.30 2.31 5.76 +0.35 +1.63 Finance 758.00 2.55 4.47 +0.31 +1.64 Banks 794.72 2.21 18.88 +0.40 +1.45 Canadians/Yankees 710.76 2.20 36.05 +0.35 +1.38 Long-term (10 years and over) 3583.22 3.44 34.28 +0.31 +4.24 MARKET Industrials 1380.89 3.52 21.18 +0.31 +4.07 Utilities 1364.39 3.29 6.97 +0.34 +4.65 STATISTICS Finance 1383.83 3.36 2.22 +0.20 +4.91 For additional market data, please visit Banks 1505.38 3.22 2.69 +0.45 +3.77 bondbuyer.com/marketstatistics. Canadians/Yankees 1932.91 3.61 11.10 +0.79 +3.88 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.

017_BB020520 17 2/4/2020 4:14:13 PM Market Statistics Wednesday, February 5, 2020 18 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 January 15 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 JAN 30 ...... 2.47 2.00 2.97 1.57 2.04 the January 31 pricings. The list will be revised at the next regularly scheduled revision on 23 ...... 2.54 2.07 3.04 1.73 2.18 February 14. 16 ...... 2.56 2.09 3.06 1.81 2.26 9 ...... 2.63 2.16 3.10 1.85 2.32 As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 2 ...... 2.73 2.26 3.20 1.88 2.34 average par call date is July 3, 2026 and the average maturity date is May 18, 2046. DEC 26 ...... 2.74 2.27 3.21 1.90 2.33 19 ...... 2.74 2.27 3.21 1.91 2.35 12 ...... 2.74 2.27 3.21 1.90 2.32 5 ...... 2.77 2.30 3.24 1.80 2.24 NOV 27 ...... 2.77 2.30 3.24 1.77 2.19 21 ...... 2.79 2.33 3.27 1.78 2.24 14 ...... 2.85 2.39 3.33 1.82 2.31 7 ...... 2.86 2.40 3.34 1.92 2.40 OCT 31 ...... 2.79 2.33 3.27 1.69 2.18 24 ...... 2.75 2.29 3.23 1.77 2.26 17 ...... 2.70 2.24 3.18 1.76 2.24 10 ...... 2.59 2.13 3.07 1.66 2.15 3 ...... 2.62 2.16 3.10 1.54 2.04 SEP 26 ...... 2.66 2.20 3.14 1.71 2.15 19 ...... 2.76 2.30 3.24 1.79 2.23 12 ...... 2.85 2.39 3.33 1.79 2.27 5 ...... 2.97 2.51 3.45 1.57 2.06 AUG 29 ...... 2.97 2.51 3.45 1.51 1.97 22 ...... 3.07 2.61 3.55 1.62 2.11 15 ...... 3.10 2.64 3.58 1.53 1.98 8 ...... 3.22 2.76 3.70 1.72 2.24 1 ...... 3.42 2.96 3.90 1.90 2.44 JUL 25 ...... 3.43 2.97 3.91 2.08 2.60 18 ...... 3.45 2.99 3.93 2.03 2.56 11 ...... 3.46 3.00 3.94 2.13 2.64

(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 / AA *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– California Housing Finance Agency, multi-unit rental (AMT) ...... A1 AA+ NR 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 ...... Aa1 AA– AA Illinois Health Facilities Authority (Northwestern Memorial Hospital) ...... 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 ...... A2 A A Port Authority of New York and New Jersey, consolidated (AMT) ...... Aa3 AA– AA– Puerto Rico Electric Power Authority ...... Ca D D Salt River Project Agricultural Improvement and Power District, Ariz., electric revenue ...... Aa1 AA NR South Carolina Public Service Authority, electric revenue ...... A2 A A– Texas Municipal Power Agency ...... A1 A+ A+ Virginia Housing Development Authority ...... Aa1 AA+ NR

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

Weekly Yields of 20-Bond GO Index and Treasury Securities

20-Bond Index 5.00 Treasury Bond

Treasury Note 4.00

3.00

2.00

1.00 1/31/2019 5/2/2019 8/1/2019 10/31/2019 1/30/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.47 2.54 4.22 4.24 2.47 10-Year Treasury Note 1.57 1.73 2.63 2.73 1.51 STATISTICS 30-Year Treasury Bond 2.04 2.18 3.00 3.10 1.97 Basis Pt Spread to Note –90.00 –81.00 –159.00 –75.00 –159.00 For additional market data, please visit BBI as % of Note 157.32 146.82 160.46 203.00 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –43.00 –36.00 –122.00 –30.00 –124.00 BBI as % of Bond 121.08 116.51 140.67 156.42 113.27

018_BB020520 18 2/4/2020 4:14:37 PM Wednesday, February 5, 2020 Market Statistics www.bondbuyer.com 19

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 136.05 136.12 136.01 134.26 123.24 Standard & Poor’s Securities Evaluations Inc. Tuesday, February 4, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 111.3000 0.9256 120.2463 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 112.4670 0.9628 116.8124 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 110.8720 0.9256 119.7839 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 113.6420 0.9269 122.6044 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 112.2530 0.9269 121.1058 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 113.0650 0.9269 121.9819 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 110.250 - 0.250 2.39 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 113.1730 0.9269 122.0984 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 115.625 - 0.250 2.16 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 109.8250 0.8539 128.6158 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 108.625 - 0.125 2.22 9 Health and Educ Facilities Auth. 4.00 . . . .11/15/2045 11/15/2024 107.8790 0.8539 126.3368 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 109.000 - 0.250 2.95 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 106.1030 0.8771 120.9702 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 109.625 - 0.125 2.60 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 107.7600 0.8595 125.3752 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 108.6680 0.8595 126.4316 G.O. ET AL. 13 The Port Auth of N.Y. and N.J. 4.00 . . . . .10/15/2045 10/15/2025 110.2050 0.8539 129.0608 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 113.625 - 0.125 1.26 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 106.9960 0.8568 124.8786 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 113.125 - 0.125 1.38 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 110.4140 0.8539 129.3055 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 111.000 - 0.125 2.49 16 Hosp Auth No. 2 of Douglas County. 3.00 . . 05/15/2046 05/15/2026 101.6670 0.7809 130.1921 Aa3/AA-/NR Health and Educ Facilities Auth.4.00 11/15/2045 . . . . 107.875 - 0.125 2.26 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 102.7730 0.7768 132.3030 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 107.000 - 0.125 2.68 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 101.7000 0.7768 130.9217 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 115.000 - 0.250 2.14 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 109.2330 0.8512 128.3282 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 110.375 - 0.125 2.13 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 114.0960 0.8568 133.1653 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 109.875 - 0.125 1.51 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 110.2710 0.8512 129.5477 Aa3/AA-/AA- The Port Auth of N.Y. and N.J.4.00 10/15/2045 . . . . . 110.250 - 0.125 2.10 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 113.0730 0.8568 131.9713 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 112.8940 0.8512 132.6292 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 109.6010 0.8568 127.9190 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 102.750 - 0.250 2.55 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 104.5760 0.8174 127.9374 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 101.750 - 0.125 2.72 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 113.5000 0.8568 132.4697 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 114.125 - 0.250 1.72 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 110.9890 0.8512 130.3912 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 110.875 - 0.125 2.43 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 108.6420 0.8484 128.0552 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 107.750 - 0.125 2.27 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 107.9290 0.8484 127.2148 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 111.125 - 0.125 2.51 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 110.8270 0.8568 129.3499 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 113.500 - 0.125 2.03 31 Eco Devlp Auth of the City of Norfolk. 4.00 . .11/01/2048 11/01/2028 112.4110 0.8484 132.4976 Aa2/AA/- Eco Devlp Auth of the City of Norfolk.4.00 11/01/2048 . . 112.375 - 0.125 2.42 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 109.3030 0.8539 128.0045 NR/AA-/AA- Hosp Auth No. 2 of Douglas County.3.00 05/15/2046 . . 101.625 - 0.125 2.71 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 114.9890 0.8512 135.0905 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 112.875 - 0.250 2.40 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 111.1020 0.8595 129.2635 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 109.250 - 0.125 2.52 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 113.4540 0.8625 131.5409 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 110.500 - 0.125 2.70 36 Dormitory Auth of the State of N.Y.. 4.00 . . .07/01/2045 07/01/2029 115.6330 0.8484 136.2954 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 108.625 - 0.250 2.82 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 110.5460 0.8539 129.4601 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 107.875 - 0.125 2.91 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 112.8250 0.8568 131.6818 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 109.250 - 0.125 2.75 39 N.J. Economic Development Auth. 4.00 . . .06/15/2049 12/15/2029 108.9510 0.8539 127.5922 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 109.7210 0.995 110.2724 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 113.125 - 0.500 2.00 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 110.1332 110.3148 110.0307 109.0389 100.5691 POWER Yield To Par Call ...... 2.40 2.37 2.42 2.59 4.04 Yield To Maturity ...... 3.52 3.51 3.53 3.58 4.10 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 112.500 - 0.125 2.10 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 110.875 - 0.125 2.04

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 111.250 - 0.125 1.80 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 ...... 112.250 - 0.125 1.65 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A2/A/A Metro Transp Auth NY.5.00 11/15/2038 ...... 113.125 - 0.125 1.44 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 109.750 - 0.250 -21.3 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 106.125 - 0.125 2.76 The Municipal Bond Index presented today employs the coefficient derived from the January 31, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 112.875 - 0.250 2.22 pricing, when it was set at 1.068. The average price represents the simple average price of the 40 bonds. The yield to par call is computed from the average price, the average coupon (4.11%), and the average first WATER par call date ( July 03, 2026). Noncallable bonds are included in the par call yield calculations, with their maturity dates serving as their par call dates in the calculations. The yield to maturity is computed from the Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 104.625 - 0.125 2.83 average price, the average coupon, and the average maturity date (May 18, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 113.500 - 0.125 2.23

019_BB020520 19 2/4/2020 4:29:52 PM Wednesday, February 5, 2020 20 The Bond Buyer

KEYNOTE ADDRESS: The Texas outlook with a focus on sales tax

Glenn Hegar Texas Comptroller, State of Texas

February 24-26, 2020, Austin

To register contact For information on sponsoring and exhibiting, Zachary Binns at [email protected] Contact Michael Ballinger at [email protected] or (212) 803-8250. or (212) 803-8481.

d42208_BB Texas 2020 Print Ads_Glenn Hegar_2.0R.indd 1 1/22/20 10:55 AM

020_BB020520 20 2/4/2020 5:07:57 PM