Vol. 392 No. 35337 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Monday, July 6, 2020

MONDAY PROMESA’s Grassley is www.bondbuyer.com Future is THE REGIONS Disinclined THE PORT AUTHORITY OF NEW YORK and New Jersey’s decision to Debated issue $1.1 billion in taxable By Robert Slavin notes this week underscores To Add Aid the multi-year revenue chal- The second of three stories lenges confronting the bi-state marking the anniversary of By Sarah Wynn agency. �������������������������������4 PROMESA. Among the observers con- The chair of the Senate’s pow- THE PUBLIC AGENCY THAT MANAGES cerned over the Puerto Rico erful Finance Committee said he is St. Louis public transit hits Oversight, Management, and open to discussing more flexibility the market as soon as Tuesday Economic Stability Act and the for how states and localities access with a refunding to ease Oversight Board it created, a few federal aid, though he is skeptical near-term COVID-19-induced advocate changing the law, and that issuers actually need the aid revenue strains. The Missouri- some even want it abolished. they are asking for. Illinois Metropolitan Bi-State However, most participants Sen. Chuck Grassley, R- Iowa, noted that because of the cur- Julio Lopez Varona of the Center for Popular Democracy is among those made those comments Wednesday Development Agency is selling rent climate in Washington, in an calling for the abolition of PROMESA. on the Senate floor, casting doubt $171 million of combined lien election year, any alterations to on the prospects for additional mass transit sales tax appro- PROMESA are highly unlikely said. However, for the time being well as create a publicly-funded funding states and municipalities priation refunding bonds, of in 2020. it is “pie in the sky.” commission to audit Puerto Ri- say is crucial for their financial which $13 million are tax-ex- There may be the possibility Puerto Rico Oversight Board co’s debt. stability. empts and $158 million are of changing the law for the better Executive Director Natalie Jar- Jaresko said the board sup- “At this point, I believe that it taxables. �����������������������������4 when a new Congress and pos- esko said that the board hasn’t ported some of the changes and may be useful to entertain more sibly a new president are seated called for any changes. House opposed others. flexibility in what has already THE ECONOMY in January, University of Puerto Natural Resources Committee “In my view the danger when been approved,” Grassley said. Rico professor José Javier Colón Chairman Raúl Grijalva in May you start tinkering with it is that Municipalities have asked for THURSDAY’S EMPLOYMENT REPORT introduced H.R. 6975 to amend you’ll unleash unintended con- more flexibility in how they spend exceeded expectations, as jobs PROMESA. Grijalva’s Amend- sequences and make it worse their federal money, such as using were added and the unemploy- THURSDAY’S YIELDS ments to PROMESA Act gives rather than better,” said Puerto funds to cover revenue losses. ment rate fell for the second Rico Oversight Board member The Bond Buyer 40 Puerto Rico the option to dis- Grassley added that there may month in a row. �������������������2 charge unsecured debt if it is David Skeel. “And so if there be a need to make sure states send 5.3 deemed to be a financially ex- were some enormous flaw in the money they received to counties WEB EXCLUSIVES 4.5 To Maturity cessive burden. law, some obvious thing that is and cities. 3.63 Unchanged The bill also would prioritize simply unworkable, I would say “There may even be a reasoned PUERTO RICO BANKRUPTCY JUDGE 3.7 funding for public health care, we should have conversations case for limited additional funding Laura Taylor Swain reject- education, safety, pensions and about changing it. But I don’t to states and localities in the near ed three related claims of 2.9 the University of Puerto Rico as Turn to Should page 3 Turn to Finance page 3 bondholder liens on broad 2.1 To Par Call categories of commonwealth 2.63 Unchanged revenues. 1.3 06/19 06/24 06/29 07/02 Boston Faces Biggest Project Since the ‘Big Dig’ PODCAST: MARC PFEFFER, CHIEF 5.5 investment officer at CLS By Paul Burton Investments, talks about 5.0 today’s municipal bond market 4.5 Massachusetts transportation 4.0 and looks to the future. He officials have spent nearly six 3.5 looks at the advantages of buy- years trying to thread a needle 3.0 ing into exchange traded funds and now time is running short. 2.5 and sees value in individual “The time has come to make 2.0 a decision, not study alterna- names, while stressing rigorous 1.5 tives in perpetuity,” state trans- credit analysis by investors. JJMAMFJDNOSA portation Commissioner Steph- Chip Barnett hosts. Complete market coverage appears on page 2 anie Pollack said of the Allston Multimodal Project at the June 22 joint meeting of the Depart- ment of Transportation and the Massachusetts Bay Transporta- tion Authority’s Fiscal Manage- ment and Control Board. The project would fix a worn-down swerving viaduct on the Massachusetts Turnpike MassDOT — Interstate 90 — in Boston’s Allston neighborhood. This 2017 project illustrates the tight quarters the Massachusetts Turn to Massachusetts page 5 Turnpike must negotiate through this crowded part of Boston.

001_BB070620 1 7/2/2020 4:38:52 PM Market News Monday, July 6, 2020 2 The Bond Buyer Chunky Supply Awaits Muni Primary This Post-Holiday Week When market participants return to Traders and analysts noted PRIMARY MARKET Proceeds will be used to provide effec- work after the long holiday weekend, the holiday-shortened week tive cash flow management for the city’s they will see a chunky slate of supply has had munis in a holding The Regents of the Uni- general fund revenues and expenditures waiting for them as issuers take advan- pattern. versity of California (Aa2/ in fiscal 2020-2021 and to make the tage of low rates and a stable market- “Very attractive muni-U.S. AA/AA/NR) is heading to city’s annual contribution to the fire and place. Treasury ratios, little to no market with a $2.32 billion police departments’ pension plan and to Offerings from issuers in California, supply, and seven weeks of tax-exempt and taxable rev- the city employees’ retirement system. Oregon and Washington state top the inflows are underpinning enue bond deal. Additionally, the Asante Health Sys- calendar, headlined by a $2.3 billion solid support despite many JPMorgan Securities is ex- tem Obligated Group’s (NR/A+/A+/NR), University of California offering. participants reporting that pected to price the $790.45 $450 million of revenue and refunding IHS Ipreo estimates weekly volume at they don’t ‘love’ current million of exempt Series BE, bonds for the Medford Hospital Facili- $7.38 billion, consisting of $6.20 billion yields and are hoping things By Chip Barnett $328.305 million of taxable ties Authority, Ore., is set to be priced of negotiated deals and $1.18 billion of back up a bit before becom- Series BF and $1.2 billion of by JPMorgan on Tuesday competitive sales. ing more active,” said Greg taxable Series BG on Thurs- RBC Capital Markets is expected to In secondary trading, municipals fin- Saulnier, managing analyst, municipal day. price the Tacoma School District Num- ished out the week little changed on tri- bonds, at Refinitiv TM3/MMD. Proceeds of the Series BE and Series ber 10, Wash.’s (Aaa/AA+//) $432 mil- ple-A benchmarks as the market closed “Month/quarter-end amid a holi- BF bonds will be used to finance or re- lion of taxable GO refunding bonds on early ahead of the holiday. day-shortened week is undoubtedly hav- finance certain projects of the university Wednesday. The deal is backed by the Yields have essentially remained flat ing an impact on overall flows, but pri- including refunding bonds; proceeds of Washington state credit enhancement since mid-June as the market has di- mary deals continue to be well received the BG bonds will be used for the univer- program. gested new issues well and investors so I think munis are just circling the sity’s working capital purposes. Also on tap is a $353.895 million gen- are starved for paper, especially tax-ex- wagons until traders return post-holi- The City of Los Angeles, Calif., eral obligation taxable bond deal from empts. day,” Saulnier said. (MIG1/SP1+/NR/NR) is coming to mar- the state of Oregon (Aa1/AA+/AA+/ ket with a $1.78 billion note deal. NR). Citigroup is set to price the Series JPMorgan is set to price the tax and 2020-O and Series 2020–Q taxable GO A ‘Blockbuster’ Jobs Report Though revenue anticipation notes on Tuesday. refunding bonds on Wednesday. q Correction COVID-19 Still Weighs on Economy Thursday’s story, “Pair Quits Oversight Board,” incorrectly stated the day of the week the Oversight Board meeting and the resignation announcements took place. They Thursday’s employment re- Great Recession of a decade happened on Wednesday. port exceeded expectations, as ago,” Hamrick said. “Includ- The board also approved budgets for fiscal year 2021. The year was unclear because jobs were added and the un- ing the correction related to the of a typo. employment rate fell for the continued challenges associated second month in a row. with classifying those who are This news shows improve- absent from work, the jobless Major Deals This Week ments in the labor market rate was lower but still elevated reflected in the continued at 12% or so. The Labor De- Amount Lead Expected Preliminary resumption of economic ac- partment indicates this statis- (in millions) Issuer Underwriter Pricing Date Structure tivity that had been curtailed tical issue was less significant $2,319 University of California JPMorgan Thursday Serials, terms in March and April due to than in past months.” $1,780 Los Angeles, California JPMorgan Tuesday TRANs Aaron Weitzman COVID-19 pandemic and ef- $450 Asante Health System, Oregon JPMorgan Tuesday Serials, terms forts to contain it. INITIAL CLAIMS $432 Tacoma School Dist. 10, Washington RBC Wednesday Serials, terms The U.S. economy continues to head in $391 District of Columbia Citigroup Tuesday Serials, terms the right direction, according to Edward Initial jobless claims fell to a seasonally Moya, senior market analyst at OANDA. adjusted 1.427 million in the week ended $354 State of Oregon Citigroup Wednesday Serials, terms “Financial markets are heading into a long June 27, from the previous week’s upward- $315 Texas Tech University System Citigroup Thursday Serials, terms weekend on a high note after a blockbuster ly revised level of 1.482 million, originally $273 San Diego County Water Authority BofA Securities Wednesday Serials, terms jobs report showed [close to five million] jobs reported as 1.480 million, the Labor Depart- $266 Tarrant County CCD, Texas Competitive Tuesday Serials were created, the most since records began in ment said Thursday. $240 JEA JPMorgan Thursday Serials, terms 1939,” Moya said. “The trajectory of the eco- “It is a welcome sign to see both new job- nomic recovery remains V-shaped and as the less claims and continuing claims on the extraordinary coronavirus uncertainty will decline,” Hamrick said. “Still, they remain Economic Indicators This Week justify the Fed’s aggressive easing stance.” extremely elevated and tell a story of con- Moya noted that President Trump’s signal tinued stress for our society and individuals Day Indicator Last Report Forecast that he wants more money for individuals af- struggling to get by.” Monday ISM Non-Manufacturing May: 45.4 June: 48.2 firms the belief he will try to make the econ- Economists projected 1.350 million claims Wednesday Consumer Credit April: -$68.8B May: +$20.0B omy as strong as possible before November. in the week. Nonfarm payrolls rose 4.8 million in June “A precarious cocktail of risks sits in front Thursday Initial Jobless Claims 6/27: 1.427M 7/4: N.A. after increasing by 2.7 million in May. The of us between the continued prevalence of Thursday Wholesale Inventories April: -1.2% May: +0.1% unemployment rate declined to 11.1% in the virus and historically elevated unemploy- Friday PPI May: +0.4% June: +0.4% June from 13.3% in May, the U.S. Bureau of ment,” Hamrick said. Friday PPI Core May: -0.1% June: +0.1% Labor Statistics reported on Thursday. Continued claims for the week ended June Forecasts represent the median of estimates by economists polled by IFR Markets “With nearly 5 million jobs added in June, 20 totaled 19.290 million, a decline from the the economy continues to heal but remains prior week’s downwardly revised 19.231 hobbled from the COVID-19 pandemic and million, first reported as 19.522 million. Thursday’s Data related restrictions,” said Mark Hamrick, Economists anticipated 19.0 million con- 17 3 senior economic analyst at Bankrate.com. tinued claims. Government Securities Prices 10-year: 99 /32 to yield 0.68%, up /32 “Leisure and hospitality, including bars and “The headline better-than-expected gain 20 3 30-year: 95 /32 to yield 1.43%, up /32 restaurants, as well as retail had led the way garnered much of the attention, but continu- Municipal Bond Index 13327/ , unchanged down and are leading the way back up.” ing claims increased, suggesting a large part 32 Economists polled by IFR expected 3.074 of the jobs are still not coming back,” Moya The Bond Buyer’s Total: $15.999 billion, up $3.101 billion million jobs added and an unemployment said. “The labor market is improving, but 30-Day Visible Supply Competitives: $4.230 billion, up $1.357 billion rate of 12.3%. rising virus case counts across the Sunbelt (as of 7/06) Negotiated: $11.770 billion, up $1.744 billion “The unemployment rate remains above will derail the hiring of many individuals as TheMuniCenter List Offering Total: $009.1 million, down $1.0 million the historically high levels seen during the state reopenings stall.” q

002_BB070620 2 7/2/2020 4:36:40 PM Monday, July 6, 2020 Washington www.bondbuyer.com 3 Should PROMESA be Altered, Abolished or Just Left Alone? Continued from page 1 lamil said he would prefer the board be changes to the law. replace [it] with a credible group that un- a “control board” with complete control On the left there are people who agree derstands business, capital markets, and think that’s the case.” over the local government but it isn’t a with Center for a Popular Democracy’s has a genuine interest in helping all parties While Center for a New Economy Pub- possibility for the time being. Julio Lopez Varona, who said, “We believe obtain the best and most lawful outcome,” lic Policy Director Sergio Marxuach said “In the present political environment in that PROMESA has failed and should Travis said. PROMESA was a bad law he also said Washington the probability of achieving a be abolished. The PROMESA law has, “The role of the board should be geared it isn’t a good idea to alter it now. If one new consensus version of the bill is very in practice, been used to extract wealth to working with the Puerto Rico executive went down the road to changing it now, low, there is significant risk in trying to from the island to pay bondholders at the branch on a true economic growth plan creditors might get more influence, and for reopen the matter,” said Banco Popular expense of the people of Puerto Rico while that generates economic growth, allows Marxuach, that would be a negative result. Chief Financial Officer Carlos Vazquez. failing to address the debt crisis. for municipal reform, and a more reason- Estudios Técnicos Chairman José Vil- However, some sources urged real “What we need is a serious restructuring able negotiation of PR’s public debt ... effort, a complete cancellation of debt, The board has said in the past that it is not an independent citizen audit to ensure responsible for economic growth in Puerto Finance Chair is Wary of Providing that those who hurt the island are held Rico; only for achieving balanced bud- responsible, a serious relief package, and gets,” Puerto Rico business and economic economic policies that allow Puerto Rico consultant Heidi Calero said. “Repaying a More Federal Aid to States, Locals to achieve a fair recovery,” Lopez Varona renegotiated debt and having access to fi- Continued from page 1 Texas Department of State Health Services. said. He is co-director of Community Dig- nancial markets. Without economic growth There is a lag of counties understanding nity Campaigns for the center. this is impossible.” Calero is president of term though, as I said, I’m a bit skeptical,” how much they will lose, Ritacco added. “Either the federal government buys the H. Calero Consulting Group. Grassley said. “But approving half-a-trillion Moody’s Analytics said last month states debt at 30 cents or less on the dollar and Puerto Rico Attorney John Mudd, who to a trillion of additional funds for uncertain and localities likely need as much as $500 frees Puerto Rico from that burden or the has argued for paying off much or even future needs right now, to cover unknown billion dollars of additional aid. island will continue to send the poor to the all of the island’s debt, said, “PROMESA state and local needs as far out as two years In a CNN op-ed, Mark Zandi, chief econ- mainland,” said University of Puerto Rico should be repealed and the government down the road, just isn’t the responsible or omist at Moody’s said if states and local Professor Emilio Pantojas said. of Puerto Rico left to its own devices. It prudent action to take.” governments get federal aid it would help Tim Travis, chief executive officer of refuses to change the way it does politics In a May survey from the National the broader economy. T & T Capital Management, saw things and must be forced by circumstances to League of Cities, 32 states were found to be “Dr. Zandi promises so-called bang-for- differently. make the changes it needs to make.” withholding federal funding to local govern- the-buck magic to save states and localities, “The law is too ambiguous but changing Next: How should the Oversight Board ments — money approved under the Coro- but the federal government would have to it doesn’t seem practical in the short-term. and the local government change and navirus Aid, Relief and Economic Security pony up perhaps half-a-trillion more to start The best thing that could happen is for what will happen on the island in the next Act signed into law in March. the magic,” Grassley said. “I am skeptical of the president to remove the [board] and five years? The CARES Act provided a total of $150 some of those promises, to put it mildly.”

billion to states, territories including the Ritacco is hopeful that other lawmakers Legal Notice District of Columbia, as well as local gov- will see a need for more federal funding ernments with populations over 500,000. for counties to help jumpstart the economy, Only 5% of counties are eligible for mon- especially during an election year. If You Owned a U.S. Dollar LIBOR-Based ey under the CARES Act, said Mark Ri- “In an election year, everyone wants the tacco, deputy government of affairs at the economy to be good, so we’re hopeful that Instrument Between August 2007 and May 2010 National Association of Counties. Sen. Grassley’s colleagues will see a tre- You May Be Eligible for Payments from $21.7 Million in “To the extent that states are not shar- mendous need that counties have and help ing CARES act dollars, those states are us jumpstart the economy,” Ritacco said. Settlements rightly concerned about their own budgets Federal funding is not nearly enough to There are Settlements with Barclays, Bank of What do the Settlements provide? so that should tell us something,” Ritacco make up for declining revenues and increas- America, Citi, HSBC, and JPMorgan (“Settling The Settlements will pay eligible class members said. “That should tell us that states are not ing expenses due to the pandemic, said Irma Defendants”) that impact individuals and institu- who submit valid claims. Additionally, the sharing that money because they are really, Esparza Diggs, senior executive director of tions that entered into over-the-counter financial Settling Defendants will cooperate with the really worried about what the future holds.” federal advocacy at the National League of instruments directly with Ally, American Express, Plaintiffs in their ongoing litigation against the Ritacco said he disputed Grassley’s un- Cities. Bancwest, Bank of New York, BB&T, BBVA, Non-Settling Defendants. derlying presumptions, adding that very “As many states begin to pause and re- BMO Harris, Capital One, Fifth Third, Goldman few if any counties have said they were fine. verse their reopening efforts amid a surge Sachs, Harris Financial, Keycorp, M&T, Metlife, How can I get a payment? Some counties had high revenue losses in cases, we are going to see even more Morgan Stanley, Northern Trust, PNC, Regions, You must submit a Proof of Claim to get a due to lockdowns and decreases in eco- revenue declines and more expenses as local State Street, Suntrust, TD Bank, Unionbancal, payment. You can submit a Proof of Claim nomic activity as well as high healthcare governments work to contain further spread U.S. Bancorp or Wells Fargo, including their sub- online or by mail. The deadline to submit a Proof expenditures to keep up with the surge of of the virus,” Diggs said. sidiaries, affiliates, predecessors and successors of Claim is January 3, 2021. You are entitled (“Financial Institutions”). The financial instru- to receive a payment if you have a qualifying COVID-19 cases. “This puts our fragile national economic ments include interest rate swaps, forward rate transaction with a Financial Institution. At this COVID-19 cases have increased drasti- recovery efforts in an even more precarious agreements, asset swaps, collateralized debt obli- time, it is unknown how much each class member cally in some states in the last month or so position, and underscores the need for Con- gations, credit default swaps, inflation swaps, total who submits a valid claim will receive. since they have reopened. gress to provide direct federal funding to return swaps, options, and floating-rate notes. In Texas, new confirmed cases grew from municipalities, the vast majority of which What are my rights? 730 cases in the beginning of April to 8,076 were not provided aid through the CARES The litigation claims that the banks manipulated If you are a member of the class and you do not as of July 1, according to data from the Act,” she said. q U.S. Dollar LIBOR during the financial crisis, file a timely claim, you will lose your right to artificially lowering the rate for their own profit, receive money or benefits from the Settlements. which resulted in purchasers receiving less interest If you would like to retain your right to file your CUSTOMER SERVICE For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. than they otherwise would have. The Settling own lawsuit against Settling Defendants, you Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) 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003_BB070620 3 7/2/2020 4:36:41 PM Regions Monday, July 6, 2020 4 The Bond Buyer Port Authority Note Deal Boosts Its Liquidity THE AUTHORITY ON MUNICIPAL BONDS SINCE 1891 One State Street Plaza, 27th Floor, New York, N.Y. 10004 By Andrew Coen Preliminary bond documents prior to the obligations during the pandemic are also sale detailed the steep financial impact the negatively impacting Port Authority finances Phone: 212-803-8200 The Port Authority of New York and New coronavirus is having on the Port Authority’s with some requesting relief from contractual Jersey’s decision to issue $1.1 billion in tax- transportation assets. payment obligations, according to the pre- Editor in Chief – Michael Scarchilli (212) 803-8214 able notes this week underscores multi-year Ridership on its PATH trains was down sale documents. Managing Editor – Gary Siegel (212) 803-1560 revenue challenges confronting the bi-state 89% from June 8-12 compared to average The Port Authority is estimating roughly agency. weekday use in June 2019. $85 million of deferred payments from air- National Editor – Rich Saskal (510) 227-5169 Citi priced the three-year notes in a ne- There was also a year-over-year 92% dip lines from March 1 through April 30 that it Innovation Editor – Lynne Funk (212) 803-8237 gotiated deal Tuesday. The Port Authority in passengers at Port Authority airports and expects to recover sometime in the second Washington Bureau Chief – Kyle Glazier (571) 403-3857 plans to use proceeds to pay debt service on 28% drop in automobile traffic on the agen- half of 2020. outstanding consolidated bonds. The notes, cy’s bridges and tunnels during that period. The Port Authority had strong liquidity to REGIONAL EDITORS which mature on July 1, 2023, priced at par “The severe drop in enplanements and combat revenue losses during the pandemic to yield 1.09%. transit ridership, and to a lesser extent vehic- with $2.86 billion of unrestricted cash and Midwest – Yvette Shields (773) 282-9106 “This deal is a recognition that they aren’t ular traffic, in our view, has diminished the investments as of May 31, 2020. The agency Southeast – Shelly Sigo (941) 755-3527 going to recuperate a lot of their revenues for PANYNJ’s overall credit quality, stressing its also received $450 million of Federal Avi- Southwest – Richard Williamson (469) 705-1638 financial performance over the intermediate ation Administration grants for its airports quite a while,” said Howard Cure, director of Northeast – Paul Burton (212) 803-8723 municipal bond research at Evercore Wealth term.’ S&P credit analyst Todd Spence wrote under the CARES Act. Management. “It’s an indication of their cash in the June 26 report. “S&P Global Ratings Port Authority Executive Director Rock Far West – Keeley Webster (818) 481-6168 flow problems.” believes the PANYNJ’s activity levels could Cotton has said additional federal aid is need- Ahead of the deal, S&P Global Ratings be unpredictable or materially depressed ed if it wants to maintain its ongoing $37 bil- SENIOR MARKET REPORTER downgraded the Port Authority’s bond rat- beyond 2020.” lion, 10-year capital program through 2026. Chip Barnett – (212) 803-8221 ings by one notch to A-plus from AA-minus, Citi led a syndicate on the deal that also in- The capital plan, which features large-scale retaining a negative rating outlook, citing cluded co-managers Ramirez & Co., Siebert airport redevelopment projects at LaGuardia, REPORTERS plummeting volume due to the COVID-19 Williams Shank, J.P. Morgan, Loop Capital Kennedy and Newark Liberty, is likely to be pandemic. The Port Authority’s preliminary Markets, and Rice Financial Products Com- modified, according to bond documents. Christine Albano – (347) 937-0408 estimates forecast a possible $3 billion re- pany. Frasca & Associates was the financial Spence noted that the Port Authority faces Andrew Coen – (212) 803-8724 duction in revenue over a two-year period advisor; Orrick, Herrington & Sutcliffe was credit risks in the near-term from the un- Robert Slavin – (212) 803-8266

from March 2022 to March 2022, according bond counsel. predictable nature of COVID-19 and shift- Brian Tumulty – (571) 403-3845 to S&P. “The issuance of the three-year notes is an ing travel restrictions that may result. The The new S&P rating is one notch lower efficient and effective way to support the Port pandemic-induced recession and potential Aaron Weitzman – (212) 803-8223 than Moody’s Investors Service and Fitch Authority’s near term liquidity which has behavior changes with travel also makes ef- Sarah Wynn – (571) 403-3843 Ratings, which rate the Port Authority at Aa3 been adversely impacted by the significant fective financial budgeting more challenging, and AA-minus, respectively, with negative decline in activity revenues as a result of the according to Pence. STATISTICS DEPARTMENT outlooks. The agency had $22.2 billion of Covid-19 crisis,” said Port Authority spokes- Cure said Moody’s and Fitch may hold off E-mail: [email protected] outstanding consolidated bonds as of March man Lindsay Kryzak. “The offering attracted on taking any rating actions on the Port Au- 31, according to an April 14 disclosure to significant investor interest.” thority this year until it is determined whether Statistics Hotline: (212) 803-8244 bondholders. Tenants unable to meet certain financial more federal assistance can be achieved. q Competitive Offerings: 212-849-3870 Refunding Will Ease Budget Pressure on St. Louis Transit Negotiated Offerings: 212-849-3871 Competitive/Negotiated Sales Results: 212-849-3873

By Yvette Shields lag in reporting so the full impact on the itworthiness has been materially affected current fiscal year won’t be known until by the pandemic due to lower ridership Vice President, Capital Markets The public agency that manages St. later in the summer. Sales taxes received caused by social distancing and other ef- Harry Nikpour (212) 803-8638 Louis public transit hits the market as soon in June, which reflected April collections, forts to protect public safety and decreased Executive Director, Brand Studio as Tuesday with a refunding to ease near- were down by 23.6%. Ridership in the sales tax revenue available for operations Michael Chu (212) 803-8313 term COVID-19-induced revenue strains. first four months of 2020 was down 9.6% because of the recession. The Missouri-Illinois Metropolitan Bi- compared to last year with a 23.6% drop “Although the full scope of econom- Publisher State Development Agency is selling $171 seen in March and a steeper one of 56.7% ic and financial challenges posed by million of combined lien mass transit sales experienced in April. COVID-19 and the related recession cur- Michael Ballinger (212) 803-8481 tax appropriation refunding bonds includ- The agency acknowledges in the offer- rently remain unknown, due to the agen- ing $13 million of tax-exempts and $158 ing statement the difficulty in projecting cy’s reliance on sales taxes for operations ADVERTISING / CONFERENCES million of taxables. The bonds carry rat- the longer-term impact of the pandemic and debt service, we consider the agency Melissa Kroc – National Sales Manager, Conferences (212) 803-6089 ings in the double-A category. and recession on sales taxes but says given vulnerable to significant budgetary short- The proceeds will refund a portion of strong coverage ratios and the availability falls as it navigates the pandemic’s effect ADVERTISING / LEGAL 2013 bonds with the tax-exempts retiring of $93 million in surplus taxes from fiscal on the economy and finances during the the October maturity and the taxables re- 2019 it doesn’t expect a material impact next few years,” S&P analyst John Ken- Kerry-Ann C. Parkes – National Sales Manager, Legal Advertising funding later maturities. Transit sales taxes on the ability to cover debt payments. ward said. (212) 803-8436 appropriated by St. Louis and St. Louis The agency has also benefitted from The refunding’s savings allow “BSDA County secure the bonds. $142.5 million in direct aid from the fed- to reduce near-term debt service costs MARKETING The refunding is projected to generate eral government’s Coronavirus Aid, Relief and improve liquidity. Post-refunding, Jamie Billington – Senior Marketing Manager (212) 803-6099 $22 million, or 13.7% of present value & Economic Security Act signed March aggregate maximum annual debt service

savings, that will mostly be taken upfront 27. coverage is projected to improve to ap- LICENSING AND REUSE OF CONTENT: Contact our official partner, to ease the deep strains on operations To save money, the agency cut service proximately 5.76 times from 5.42 times,” posed by the economic shutdown that has in March. It restored it back to 91% June Kroll said. Wright’s Media, about available usages, license and reprint fees, and cut deeply into fare revenue and sales tax 15. Moody’s said coverage remains strong award seal artwork at [email protected] or (877) 652-5295 receipts. “BSD has the ability to defer and delay despite the sales tax losses. for more information. Please note that Wright’s Media is the only The refunding transaction will “allow future capital projects as needed,” it re- “The coronavirus crisis is not a key BSD to realize savings for liquidity and ports in the presentation. driver for this rating action,” it said in authorized company that we’ve partnered with for Arizent materials. operation costs,” the agency tells potential The strains drove a two-notch down- affirming the bonds June 24. “We do not investors in its roadshow presentation. grade from S&P Global Ratings ahead of see any material immediate credit risks Chief Executive Officer - Gemma Postlethwaite “The refunding will provide significant the sale. S&P now rates the bonds AA-mi- for Bi-State Development Agency’s mass Chief Financial Officer - Debra Mason budgetary savings in fiscal 2021 without nus with a negative outlook. Kroll Bond transit sales tax bonds. However, the situa- Chief Strategy Officer - Jeff Mancini an increase in debt service in any future Rating Agency affirmed at AA-plus with a tion surrounding the coronavirus is rapidly year.” stable outlook and Moody’s Investors Ser- evolving and the longer term impact will Chief Customer Officer - Dave Colford Sales taxes have so far declined by 2.5% vice affirmed at Aa2 with a stable outlook. depend on both the severity and duration Chief Content Officer - David Evans over last year, but there’s a two-month The public agency’s underlying cred- of the crisis.” q Chief People Officer - Lee Gavin

004_BB070620 4 7/2/2020 4:36:42 PM Monday, July 6, 2020 Northeast 5 www.bondbuyer.com TRENDS IN THE REGION

Massachusetts Must Act on a Vexing Boston Transportation Megaproject

Continued from page 1 According to Pollack, the project Transportation officials have been meet- decision-makers not to reduce Turn- would set out to straighten I-90 west ing regularly with a task force. pike lanes and to ramp up service on The headlined and most vexing com- of the throat and open up development “The fall is critical, not just because the Worcester line. Worcester, 40 miles ponent is force-fitting a hodgepodge of land; replace the decaying viaduct; meet there have been six years and three at- west of Boston, is New England’s sec- highway, rail and bicycle and walking MBTA layover and operational needs tempts to reach a preferred alternative.” ond-largest city with 186,000 residents. paths into a thin stretch of land called at its nearby Beacon Park Yards; con- Pollack said. They also urged MassDOT to fix the “throat,” which covers only 204 feet struct a multimodal MBTA commuter While cost estimates were absent Turnpike structures over state Route between the Boston University property rail West Station to serve the Framing- from the June 22 meeting, the effect 128, about 10 miles west, before the line and the Charles River. ham-Worcester corridor; ease traffic and of COVID-19 could weigh in the final start of the Allston project to avoid con- That stretch also includes the at-grade safety concerns; and improve pedestrian decision. The pandemic has hurt state current projects that compound traffic Soldiers Field Road, a parkway along and bicycle infrastructure. and local capital planning, according to woes. “Those bridges are about eight the Boston side of the Charles River. Harvard, which owns about 90 near- municipal analyst Joseph Krist. years older than the BU viaduct, are While BU and its namesake bridge abut by acres on the Boston side, covets the “There is a clear budgetary impact,” also structurally deficient and in dire the area in question, Harvard Universi- land, with West Station’s potential to Krist said. need of repair,” they said. ty lines the Cambridge side across the generate transit-oriented development The Massachusetts Port Authority To build nothing and simply repair river. options. Likewise, pedestrian, bicycle reduced its five-year, $3 billion capital the viaduct is a non-starter for Mass- It stands to be Greater Boston’s big- and even rail on the Grand Junction plan, notably a Terminal E expansion at DOT board member and former Brain- gest megaproject since the controversial Bridge across the river appeal to Massa- Boston’s Logan International Airport, tree member Joseph Sullivan. Big Dig and its cost is still unknown, chusetts Institute of Technology. While by roughly one-third amid a worldwide “This is a forever decision, and I although state officials late in 2018 MassDOT controls that bridge, MIT slowdown in air travel. Logan passenger hope that we will be bold in that de- pegged it at $1.1 billion. owns rights-of-way to a portion of that counts are 90% below year-ago levels. cision-making come the fall because it The project could start in 2022. corridor that runs through its campus in Krist also cited declines in other would be transformative,” Sullivan said. At the throat, the project would Cambridge. Massport operated facilities. Two of “It would in many ways create not only need to accommodate five key pieces Pollack on June 22 proposed three Worcester Regional Airport’s three air- economic opportunities along that cor- of transportation infrastructure: I-90, options, which include a new viaduct, lines ended service in June, while ship- ridor, but also just a new vision. with four travel lanes in each direction; building the project at-grade or creating ping volume has dropped at the Conley “We need more time to make sure Soldiers Field Road, with two travel a hybrid. The viaduct and at-grade op- freight terminal in South Boston, New we have the underpinnings financially lanes each way; the two-track MBTA tions could take between six-and-a-half England’s only full-service container I order to carry out that ultimate pref- Worcester Main Line commuter rail; to eight years to complete, while the terminal. erence.” the 82-year-old steel-plate girder Grand hybrid could involve up to 10 years. The memory of cost overruns to the Betsy Taylor, a board member and Junction Railroad Bridge, which runs Without a preferred option, the com- Big Dig — formally the Central Ar- retired finance director at the Massachu- under the Boston University Bridge and monwealth could simply rebuild the tery-Tunnel Project — still hover in the setts Port Authority advised that fixing connects across the river to Cambridge; viaduct. Bay State, despite its improvements to the viaduct should remain a fallback and the Paul Dudley White bicycle and Business and community groups, ac- the area’s transportation infrastructure. option. pedestrian path, modified to separate cording to Pollack, want quicker com- The final tab for that project soared to “This whole project began because the two. pletion, less commuter rail disruption $24.3 billion from the original $2.6 bil- there is a serious maintenance problem,” “There are only so many ways to rear- and no infrastructure construction, tem- lion estimate. Taylor said. “There is a safety problem range those five,” Pollack said. porary or permanent, over the river. Mary Connaughton and James Ster- that must be solved. The viaduct, it was It is one of the few places in the “My [six] agencies would consider gios of Boston-based think tank Pioneer carefully explained to me 10 years ago, world where a boat can sail under a intrusion into the river excessive, espe- Institute urged the MassDOT board to needed attention. It needs more atten- train running under a car driven under cially if there are alternatives without revise its scoping report to minimize tion now.” q an airplane. any intrusion,” state Energy and Envi- disruption for Metro-West commuters. “The throat is not the project,” Pol- ronmental Affairs Secretary Kathleen Construction could require single-track lack said. “The throat is one piece of a Theoharides wrote the MassDOT board. Worcester commuter rail. very important and complicated multi- Another report is due this month with “Disruption is far too weak a word,” For more content about this modal project, even though we seem to the board to consider a preferred alter- director of government transparency region, visit the Regional News spend much of our time talking about native in the fall, in time for the agen- Connaughton and executive director tab on BondBuyer.com. the throat.” cy’s pending five-year capital program. Stergios said in a letter. They urged

Visible Supply by State General Obligation Yield Curves for July 1, 2020

July 3, 2020 June 26, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Connecticut A1/A/A+ 0.54 0.96 1.65 2.41 Connecticut 5 $72,115 8 $81,830 –9,715 Delaware Aaa/AAA/AAA 0.25 0.41 0.90 1.63 Delaware 1 16,235 0 0 16,235 Maine Aa2/AA/AA 0.26 0.46 1.02 1.77 Maine 3 6,860 2 24,880 –18,020 Maryland Aaa/AAA/AAA 0.25 0.41 0.93 1.67 Maryland 7 1,421,835 0 0 1,421,835 Massachusetts Aa1/AA/AA+ 0.27 0.46 1.02 1.85 Massachusetts 6 283,275 6 1,501,640 –1,218,365 New Hampshire Aa1/AA/AA+ 0.25 0.44 0.95 1.75 New Hampshire 1 91,305 1 21,765 69,540 New Jersey A3/A–/A– 0.73 1.13 1.76 2.56 New Jersey 11 296,601 9 146,600 150,001 New York Aa1/AA/AA 0.24 0.44 1.00 1.85 New York 17 450,074 16 1,426,361 –976,287 Pennsylvania Aa3/A+/AA– 0.45 0.68 1.40 2.18 Pennsylvania 12 269,975 11 688,165 –418,190 Rhode Island 0 0 0 0 0 Rhode Island Aa2/AA/AA 0.27 0.51 1.07 1.83 Vermont 1 92,765 0 0 92,765 Vermont Aa1/AA+/AA+ 0.25 0.42 0.92 1.68 District of Columbia 2 606,640 0 0 606,640 Dist. of Columbia Aaa/AA+/AA+ 0.26 0.45 1.00 1.77 Puerto Rico 0 0 0 0 0 Puerto Rico Caa3/CC/CC 44.65 14.01 10.20 7.73 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

005_BB070620 5 7/2/2020 4:36:43 PM Competitive Sales Notices Monday, July 6, 2020 6 The Bond Buyer OFFICIAL NOTICE OF SALE interest payment will be the 15th day of the month before such payment is due. The Township may designate a new transfer agent by notice mailed to the registered holders of the Bonds not less than $3,315,000 sixty (60) days prior to any change in transfer agent. HAMBURG TOWNSHIP BOOK-ENTRY-ONLY: The Bonds will be issued in book-entry-only form as one fully registered COUNTY OF LIVINGSTON, STATE OF MICHIGAN bond per maturity and will be registered in the name of Cede & Co., as bondholder and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository Special Assessment Bonds, Series 2020 for the Bonds. Purchase of the Bonds will be made in book-entry-only form, in the denomination (Limited Tax General Obligation) of $5,000 or any multiple thereof. Purchasers will not receive certificates representing their interest in Bonds purchased. It will be the responsibility of the purchaser to obtain DTC eligibility. Failure ELECTRONIC BIDS: Bids for the purchase of the above-designated bonds (the “Bonds”) to of the purchaser to obtain DTC eligibility shall not constitute cause for a failure or refusal by the be issued by Hamburg Township, Livingston County, Michigan (the “Township”), will be received purchaser to accept delivery of and pay for the Bonds. until 11:00 a.m., Eastern Time, on July 15, 2020. PURPOSE AND SECURITY: The Bonds are being issued in anticipation of the collection of Electronic bids may be submitted to the Township’s Municipal Advisor, Bendzinski & Co. at future due installments of special assessments for certain road and sewer improvements in multiple [email protected]. All such electronic bids must arrive before the time of sale and the bidder special assessment districts in the Township. The special assessments and interest thereon are bears all risks of transmission failure. projected to be sufficientto pay the principal of and interest on the Bonds when due. Additionally, Electronic bids will also be received on the same date and until the same time by Bidcomp/Parity the Township has pledged its limited tax full faith and credit as additional security for payment as agent of the Township. Further information about Bidcomp/Parity, including any fee charged, of principal of and interest on the Bonds. Pursuant to such pledge, if such special assessments may be obtained from Bidcomp/Parity, 1359 Broadway, Second Floor, New York, New York collections are insufficient to pay the principal of and interest on the Bonds when due, the Township 10010, (212) 849-5021. IF ANY PROVISION OF THIS NOTICE OF SALE SHALL CONFLICT is obligated to pay the principal of and interest on the Bonds as a firstbudget obligation from its WITH INFORMATION PROVIDED BY BIDCOMP/PARITY, AS THE APPROVED PROVIDER OF general funds, including the collection of any ad valorem taxes which the Township is authorized ELECTRONIC BIDDING SERVICES, THIS NOTICE SHALL CONTROL. to levy, but any such levy shall be subject to applicable constitutional, charter and statutory tax rate Bidders may select one of the above methods to submit a bid but a bidder may not present a bid limitations. The rights and remedies of bondholders may be affected by bankruptcy, insolvency, by more than one method. fraudulent conveyance or other laws affecting creditors’ rights generally now existing or hereafter The award of the Bonds will be made (or all bids will be rejected) by an Authorized Officer of the enacted, and by the application of general principles of equity, including those relating to equitable Township approximately one hour after the opening of the bids, on the day of the sale. subordination. BOND DETAILS: The Bonds will be fully registered bonds in any denomination of $5,000 or AWARD OF THE BONDS: The Bonds will be awarded to the bidder whose bid produces the multiples thereof not exceeding for each maturity the maximum principal amount of that maturity, lowest true interest cost determined in the following manner and as computed by the Township’s originally dated as of the date of delivery, numbered from 1 upwards, and will bear interest from the municipal advisor. The lowest true interest cost will be the single interest rate (compounded on date of original issuance, payable April 1, 2021 and semiannually on the first day of October and April 1, 2021, and semiannually thereafter) necessary to discount the debt service payments from April thereafter. The Bonds will mature on April 1 of each year, as follows: their respective payment dates to the estimated date of delivery of the Bonds (July 30, 2020), in an Year Amount amount equal to the price bid, excluding accrued interest. Each bidder shall state in its bid the true interest cost to the Township, compounded in the manner specified above. 2021 $275,000 2022 300,000 GOOD FAITH DEPOSIT: A good faith deposit in the form of a certified or cashier’s check 2023 340,000 drawn upon an incorporated bank or trust company, or wire transfer, in the amount of $33,150 2024 340,000 payable to the order of the Township will be required of the successful bidder. The successful 2025 340,000 bidder is required to submit its good faith deposit to the Township as instructed by the Township 2026 340,000 not later than Noon, prevailing Eastern Time, on the next business day following the sale of the 2027 345,000 Bonds. The good faith deposit will be applied to the purchase price of the Bonds. In the event the 2028 345,000 purchaser fails to honor its accepted bid, the good faith deposit will be retained by the Township. 2029 345,000 No interest shall be allowed on the good faith deposit. 2030 345,000 LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Dykema Gossett PLLC, Lansing, Michigan (“Bond Counsel”), an original of which will be furnished without expense TERM BOND OPTION: The initial purchaser of the Bonds may designate any one or more to the purchaser of the Bonds at the delivery thereof. The fees of Dykema Gossett PLLC, Lansing, maturities as term bonds and the consecutive maturities which shall be aggregated in the term Michigan for services rendered in connection with such approving opinion are expected to be paid bonds. Any such designation must be made within twenty-four (24) hours of the time that the bids from Bond proceeds. Except to the extent necessary to issue its approving opinion as to validity of for the Bonds are opened. The amounts of the maturities which are aggregated in a designated term the Bonds, Bond Counsel has not been requested to examine or review and has not examined or bond shall be subject to mandatory redemption on April 1 of the years and in the amounts as set reviewed any financialdocuments, statements or materials that have been or may be furnished in forth in the foregoing maturity schedule at a redemption price of par, plus accrued interest to the connection with the authorization, issuance or marketing of the Bonds, and accordingly will not date of mandatory redemption. express any opinion with respect to the accuracy or completeness of any such financial documents, OPTIONAL REDEMPTION: Bonds maturing in the years 2021 to 2027, inclusive, shall not statements or materials. In submitting a proposal for the Bonds, the bidder agrees to Dykema be subject to optional redemption prior to maturity. Bonds maturing on or after April 1, 2028 are Gossett PLLC serving as bond counsel to the Township. subject to optional redemption on any date on or after April 1, 2027 at par plus accrued interest to TAX MATTERS: In the opinion of Bond Counsel, under existing law, and assuming compliance the redemption date. with certain covenants, (i) interest on the Bonds is excludable from gross income for federal income With respect to partial redemptions, any portion of a Bond outstanding in a denomination larger tax purposes, as described in Bond Counsel’s opinion, and (ii) the interest on the Bonds is exempt than the minimum authorized denomination may be redeemed provided such portion and the from all taxation by the State of Michigan or a subdivision of the State of Michigan except estate amount not being redeemed each constitutes an authorized denomination. If less than the entire taxes and taxes on gains realized from the sale, payment or other disposition thereof. principal amount of a Bond is called for redemption, upon surrender of the Bond to the Bond QUALIFIED TAX EXEMPT OBLIGATIONS: The Township HAS designated the Bonds as Registrar, the Bond Registrar shall authenticate and deliver to the registered owner a new Bond in “qualified tax exempt obligations” for purposes of deduction of interest expense by financial the principal amount of the principal portion not being redeemed. institutions pursuant to the provisions of the Internal Revenue Code. Notice of redemption shall be sent to the registered holder of each Bond being redeemed by first ISSUE PRICE: The winning bidder shall assist the Township in establishing the issue price class United States mail at least 30 days before the date fixed for redemption, which notice shall of the Bonds and shall execute and deliver to the Township at closing an “issue price” or similar fix the date of record with respect to the redemption. Any defect in any notice of redemption shall certificate setting forth the reasonably expected initial offering price to the public or the sales price not affect the validity of the redemption proceedings. Bonds so called for redemption shall not bear or prices of the Bonds, together with the supporting pricing wires or equivalent communications, interest after the date fixed for redemption provided funds or sufficient government obligations substantially in the form provided by Bond Counsel, with such modifications as may be appropriate then are on deposit with the Bond Registrar to redeem such Bonds. or necessary, in the reasonable judgment of the winning bidder, the Township and Bond Counsel. INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates All actions to be taken by the Township under this Notice of Sale to establish the issue price of not exceeding five percent (5.00%) per annum for any maturity or maturities of the Bonds, to be the Bonds may be taken on behalf of the Township by the Township’s municipal advisor identified fixed by the bids for the Bonds, expressed in multiples of 1/8th or 1/100th of 1%, or both. The herein and any notice or report to be provided to the Township may be provided to the Township’s interest on any one Bond shall be at one rate only, and all Bonds maturing in any one year must municipal advisor. bear the same interest rate. Bonds maturing in any one year shall not bear an interest rate lower than The Township intends that the provisions of Treasury Regulation Section 1.148 1(f)(3)(i) the interest rate in any preceding year. No Bond may bear interest at a rate that is more than three (defining “competitive sale” for purposes of establishing the issue price of the Bonds) will apply to (3) percentage points above the rate borne by any other Bond. The true interest cost for the Bonds the initial sale of the Bonds (the “Competitive Sale Requirements”) because: shall not exceed five (5.00%) percent per annum. No proposal for the purchase of less than all of a. the Township is disseminating this Notice of Sale to potential underwriters in a manner that is the Bonds, or at a price less than 99% or more than 100% of their par value, will be considered. reasonably designed to reach potential underwriters; BOND REGISTRAR, TRANSFER AND PAYING AGENT, AND DATE OF RECORD: b. all bidders shall have an equal opportunity to bid; Principal of the Bonds will be paid at maturity upon presentation and surrender thereof to a bond c. the Township anticipates receiving bids from at least three underwriters of municipal bonds registrar to be designated by the Township (the “Bond Registrar”). The Township has designated who have established industry reputations for underwriting new issuances of municipal bonds; and The Huntington National Bank as the initial Bond Registrar. The Bond Registrar will keep records d. the Township anticipates awarding the sale of the Bonds to the bidder who submits a firmoffer of the registered holders of the Bonds, serve as transfer agent, authenticate the original and any to purchase the Bonds at the lowest true interest cost, as set forth in this Notice of Sale. re-issued Bonds and pay interest by check or draft to the registered holders of the Bonds as shown on the records of the Bond Registrar on the applicable date of record. The date of record for each continued on next page

006_BB070620 6 7/2/2020 2:18:53 PM Competitive Sales Notices Monday, July 6, 2020 www.bondbuyer.com 7 interest payment will be the 15th day of the month before such payment is due. The Township may continued from previous page will be supplied upon the bidder’s agreement to pay to the Township the cost for those additional designate a new transfer agent by notice mailed to the registered holders of the Bonds not less than Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the purchase copies. sixty (60) days prior to any change in transfer agent. of the Bonds, as specified in the bid. The Township shall deliver, at closing, an executed certificate to the effect that as of the date BOOK-ENTRY-ONLY: The Bonds will be issued in book-entry-only form as one fully registered In the event that all of the Competitive Sale Requirements are not satisfied (e.g., if bids are of delivery the information contained in the Official Statement, including revisions, amendments bond per maturity and will be registered in the name of Cede & Co., as bondholder and nominee for not received from at least three underwriters all of whom meet the requirements of paragraph c. and completions as necessary, relating to the Township and the Bonds is true and correct in all The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository above), the Township shall so advise the winning bidder, and the Township shall treat the first material respects, and that such Official Statement does not contain any untrue statement of a for the Bonds. Purchase of the Bonds will be made in book-entry-only form, in the denomination price at which 10% of a maturity of the Bonds (the “10% Test”) is sold to the public as the issue material fact or omit to state a material fact necessary to make the statements therein, in light of the of $5,000 or any multiple thereof. Purchasers will not receive certificates representing their interest price of that maturity, applied on a maturity-by-maturity basis. The winning bidder shall advise the circumstances under which they were made, not misleading. in Bonds purchased. It will be the responsibility of the purchaser to obtain DTC eligibility. Failure Township if any maturity of the Bonds satisfies the 10% test as of the date and time of the award of CONTINUING DISCLOSURE: As more fully described in the OfficialStatement, the of the purchaser to obtain DTC eligibility shall not constitute cause for a failure or refusal by the the Bonds. The Township will not require bidders to comply with the “hold-the-offering-price rule” Township has agreed in its Continuing Disclosure Undertaking to provide or cause to be provided, purchaser to accept delivery of and pay for the Bonds. and therefore does not intend to use the initial offering price to the public as of the sale date of any in accordance with the requirements of Rule 15c2-12 promulgated by the Securities and Exchange PURPOSE AND SECURITY: The Bonds are being issued in anticipation of the collection of maturity of the Bonds as the issue price of that maturity. Bids will not be subject to cancellation in Commission, (i) on or prior to the last day of the seventh month after the end of the Township’s future due installments of special assessments for certain road and sewer improvements in multiple the event that the competitive sale requirements are not satisfied. Bidders should prepare their bids fiscal year, certain annual financial information and operating data, including audited financial special assessment districts in the Township. The special assessments and interest thereon are on the assumption that all of the maturities of the Bonds will be subject to the 10% Test in order to statements for the preceding fiscalyear, generally consistent with the information contained or projected to be sufficientto pay the principal of and interest on the Bonds when due. Additionally, establish the issue price of the Bonds. cross-referenced in the Official Statement relating to the Bonds, (ii) timely notice of the occurrence the Township has pledged its limited tax full faith and credit as additional security for payment If all of the Competitive Sale Requirements are not satisfied, then until the 10% Test has been of certain material events with respect to the Bonds, and (iii) timely notice of a failure by such entity of principal of and interest on the Bonds. Pursuant to such pledge, if such special assessments satisfied as to each maturity of the Bonds, the winning bidder shall promptly report to the Township to provide the required annual financial information on or before the date specified in (i) above. collections are insufficient to pay the principal of and interest on the Bonds when due, the Township the prices at which the unsold Bonds of that maturity have been sold to the public. That reporting BOND INSURANCE AT PURCHASER’S OPTION: If the Bonds qualify for issuance of any is obligated to pay the principal of and interest on the Bonds as a firstbudget obligation from its obligation shall continue, whether or not the closing date has occurred, until either (i) all Bonds of policy of municipal bond insurance or commitment therefor at the option of the bidder/purchaser, general funds, including the collection of any ad valorem taxes which the Township is authorized that maturity have been sold or (ii) the 10% Test has been satisfied as to the Bonds of that maturity, the purchase of any such insurance policy or the issuance of any such commitment shall be at the to levy, but any such levy shall be subject to applicable constitutional, charter and statutory tax rate provided that, the winning bidder’s reporting obligation after the closing date may be at reasonable sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds limitations. The rights and remedies of bondholders may be affected by bankruptcy, insolvency, periodic intervals or otherwise upon request of the Township or bond counsel. resulting from such purchase of insurance shall be paid by the purchaser. Failure of the municipal fraudulent conveyance or other laws affecting creditors’ rights generally now existing or hereafter By submitting a bid, each bidder confirms that: bond insurer to issue such policy after the Bonds have been awarded to the purchaser shall not enacted, and by the application of general principles of equity, including those relating to equitable a. except as otherwise provided in its bid, it has an established industry reputation for constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds from the subordination. underwriting new issuances of municipal bonds; Township. AWARD OF THE BONDS: The Bonds will be awarded to the bidder whose bid produces the b. any agreement among underwriters, any selling group agreement and each third-party CUSIP NUMBERS: It is anticipated that CUSIP numbers will be printed on the Bonds, but lowest true interest cost determined in the following manner and as computed by the Township’s distribution agreement (to which the bidder is a party) relating to the initial sale of the Bonds to the neither the failure to print such numbers nor any improperly printed number shall be cause for the municipal advisor. The lowest true interest cost will be the single interest rate (compounded on public, together with the related pricing wires, contains or will contain language obligating each purchaser to refuse to accept delivery. April 1, 2021, and semiannually thereafter) necessary to discount the debt service payments from underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a DELIVERY OF BONDS: The Township will furnish Bonds ready for execution at its expense. their respective payment dates to the estimated date of delivery of the Bonds (July 30, 2020), in an party to such third-party distribution agreement, as applicable: Bonds will be delivered without expense to the purchaser through the services of DTC. The usual amount equal to the price bid, excluding accrued interest. Each bidder shall state in its bid the true 1) to report the prices at which it sells to the public the unsold Bonds of each maturity allocated closing documents, including a certificate that no litigation is pending affecting the issuance of the interest cost to the Township, compounded in the manner specified above. to it, whether or not the closing date has occurred, until either all Bonds of that maturity allocated Bonds, will be delivered at the time of delivery of the Bonds. Payment for the Bonds shall be made GOOD FAITH DEPOSIT: A good faith deposit in the form of a certified or cashier’s check to it have been sold or it is notified by the winning bidder that the 10% Test has been satisfied as to in Federal Reserve Funds. If the Bonds are not tendered for delivery by 12:00 noon, Eastern Time, drawn upon an incorporated bank or trust company, or wire transfer, in the amount of $33,150 the Bonds of that maturity, provided that, the reporting obligation after the closing date may be at on the 45th day following the date of sale, or the first business day thereafter if such 45th day is payable to the order of the Township will be required of the successful bidder. The successful reasonable periodic intervals or otherwise upon request of the winning bidder; not a business day, the successful bidder may on that day, or any time thereafter until delivery of bidder is required to submit its good faith deposit to the Township as instructed by the Township 2) to promptly notify the winning bidder of any sales of Bonds that, to its knowledge, are made the Bonds, withdraw its proposal by serving notice of cancellation, in writing, on the undersigned. not later than Noon, prevailing Eastern Time, on the next business day following the sale of the to a purchaser who is a related party to an underwriter participating in the initial sale of the Bonds Payment for the Bonds shall be made in Federal Reserve Funds. Accrued interest to the date of Bonds. The good faith deposit will be applied to the purchase price of the Bonds. In the event the to the public (each such term being used as defined below); and delivery of the Bonds shall be paid by the purchaser at the time of delivery. purchaser fails to honor its accepted bid, the good faith deposit will be retained by the Township. 3) to acknowledge that, unless otherwise advised by the underwriter, dealer or broker-dealer, the MUNICIPAL ADVISOR: Additional information may be obtained from the Township’s No interest shall be allowed on the good faith deposit. winning bidder shall assume that each order submitted by the underwriter, dealer or broker-dealer municipal advisor, Bendzinski & Co., 17000 Kercheval Ave., Suite 230, Grosse Pointe, Michigan LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Dykema Gossett is a sale to the public. 48230 (313/961-8222). PLLC, Lansing, Michigan (“Bond Counsel”), an original of which will be furnished without expense c. any agreement among underwriters or selling group agreement relating to the initial sale of BIDDER CERTIFICATION REGARDING NOT “IRAN-LINKED BUSINESS”: By submitting to the purchaser of the Bonds at the delivery thereof. The fees of Dykema Gossett PLLC, Lansing, the Bonds to the public, together with the related pricing wires, contains or will contain language a bid, the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined Michigan for services rendered in connection with such approving opinion are expected to be paid obligating each underwriter or dealer that is a party to a third-party distribution agreement to be in Act 517, Michigan Public Acts of 2012, being MCL 129.311 et. seq. from Bond proceeds. Except to the extent necessary to issue its approving opinion as to validity of employed in connection with the initial sale of the Bonds to the public to require each broker-dealer THE TOWNSHIP RESERVES THE RIGHT TO REJECT ANY OR ALL BIDS. the Bonds, Bond Counsel has not been requested to examine or review and has not examined or that is a party to such third-party distribution agreement to report the prices at which it sells to ENVELOPES: Envelopes containing bids should be plainly marked “Proposal for Hamburg reviewed any financialdocuments, statements or materials that have been or may be furnished in the public the unsold Bonds of each maturity allocated to it, whether or not the closing date has Township Special Assessment Bonds, Series 2020 (Limited Tax General Obligation).” connection with the authorization, issuance or marketing of the Bonds, and accordingly will not occurred, until either all Bonds of that maturity allocated to it have been sold or it is notified by Mike Dolan, Township Clerk express any opinion with respect to the accuracy or completeness of any such financial documents, the winning bidder or such underwriter that the 10% Test has been satisfied as to the Bonds of that Hamburg Township statements or materials. In submitting a proposal for the Bonds, the bidder agrees to Dykema maturity, provided that, the reporting obligation after the closing date may be at reasonable periodic Gossett PLLC serving as bond counsel to the Township. intervals or otherwise upon request of the winning bidder or such underwriter. TAX MATTERS: In the opinion of Bond Counsel, under existing law, and assuming compliance Sales of any Bonds to any person that is a related party to an underwriter participating in the with certain covenants, (i) interest on the Bonds is excludable from gross income for federal income initial sale of the Bonds to the public (each such term being used as defined below) shall not tax purposes, as described in Bond Counsel’s opinion, and (ii) the interest on the Bonds is exempt constitute sales to the public for purposes of this Notice of Sale. Further, for purposes of this Notice from all taxation by the State of Michigan or a subdivision of the State of Michigan except estate of Sale: taxes and taxes on gains realized from the sale, payment or other disposition thereof. a. “public” means any person other than an underwriter or a related party; QUALIFIED TAX EXEMPT OBLIGATIONS: The Township HAS designated the Bonds as b. “underwriter” means (i) any person that agrees pursuant to its submission of a bid or pursuant “qualified tax exempt obligations” for purposes of deduction of interest expense by financial to a written contract, as applicable, with the Township (or with the lead underwriter to form an institutions pursuant to the provisions of the Internal Revenue Code. GIVE underwriting syndicate) to participate in the initial sale of the Bonds to the public and (ii) any ISSUE PRICE: The winning bidder shall assist the Township in establishing the issue price person that agrees pursuant to a written contract directly or indirectly with a person described in of the Bonds and shall execute and deliver to the Township at closing an “issue price” or similar clause (i) to participate in the initial sale of the Bonds to the public (including a member of a selling certificate setting forth the reasonably expected initial offering price to the public or the sales price group or a party to a third-party distribution agreement participating in the initial sale of the Bonds or prices of the Bonds, together with the supporting pricing wires or equivalent communications, to the public); NOTICE substantially in the form provided by Bond Counsel, with such modifications as may be appropriate c. a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the or necessary, in the reasonable judgment of the winning bidder, the Township and Bond Counsel. purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting All actions to be taken by the Township under this Notice of Sale to establish the issue price of power or the total value of their stock, if both entities are corporations (including direct ownership the Bonds may be taken on behalf of the Township by the Township’s municipal advisor identified buyers want by one corporation of another), (ii) more than 50% common ownership of their capital interests or herein and any notice or report to be provided to the Township may be provided to the Township’s profits interests, if both entities are partnerships (including direct ownership by one partnership of municipal advisor. another), or (iii) more than 50% common ownership of the value of the outstanding stock of the The Township intends that the provisions of Treasury Regulation Section 1.148 1(f)(3)(i) corporation or the capital interests or profit interests of the partnership, as applicable, if one entity to know (defining “competitive sale” for purposes of establishing the issue price of the Bonds) will apply to is a corporation and the other entity is a partnership (including direct ownership of the applicable the initial sale of the Bonds (the “Competitive Sale Requirements”) because: stock or interests by one entity of the other); and a. the Township is disseminating this Notice of Sale to potential underwriters in a manner that is d. “sale date” means the date that the Bonds are awarded by the Township to the winning bidder. reasonably designed to reach potential underwriters; OFFICIAL STATEMENT: A copy of the Official Statement with respect to the Bonds (the b. all bidders shall have an equal opportunity to bid; “Official Statement”) may be obtained by contacting Bendzinski & Co. at the address and telephone Advertise your competitive sales in The Bond Buyer. c. the Township anticipates receiving bids from at least three underwriters of municipal bonds number listed in the MUNICIPAL ADVISOR paragraph below. The Official Statement is in a form who have established industry reputations for underwriting new issuances of municipal bonds; and deemed finalas of its date by the Township for purposes of SEC Rule 15c2-12, but is subject to For more information, contact or Kerry-Ann C. Parkes d. the Township anticipates awarding the sale of the Bonds to the bidder who submits a firmoffer revision, amendment and completion of a final Official Statement. at 212-803-8436 or at [email protected] to purchase the Bonds at the lowest true interest cost, as set forth in this Notice of Sale. The Township will furnish to the successful bidder, at no cost, a reasonable number of copies of the Official Statement within seven business days after the award of the Bonds. Additional copies

007_BB070620 7 7/2/2020 2:18:54 PM Competitive Sales Notices Monday, July 6, 2020 8 The Bond Buyer OFFICIAL NOTICE OF BOND SALE principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer. B. Optional Redemption. $11,200,000 The Bonds maturing through May 1, 2030, shall not be subject to optional redemption prior to MT. MORRIS CONSOLIDATED SCHOOLS maturity. Bonds due thereafter shall be made callable, at the option of the Issuer, in such order as the Issuer shall determine on any date on or after May 1, 2030 at par and accrued interest with no COUNTY OF GENESEE premium. STATE OF MICHIGAN Notice of redemption of any Bond shall be given not less than thirty (30) days and not more than sixty (60) days prior to the date fixes for redemption by mail to the Registered Owner at the 2020 SCHOOL BUILDING AND SITE BONDS registered address shown on the registration books kept by the Paying Agent. Bonds shall be call for (GENERAL OBLIGATION – UNLIMITED TAX) redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 BIDS for the purchase of the above 2020 School Building and Site Bonds (General Obligation and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part – Unlimited Tax) (the “Bond” or “Bonds”) will be received by an agent of Mt. Morris Consolidated shall state that, upon surrender of the Bond to be redeemed, a new Bond or Bonds in an aggregate Schools, County of Genesee, State of Michigan (the “Issuer”) at the offices of the Municipal Advisory principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Council of Michigan, 26211 Central Park Boulevard, Suite 508, Southfield, Michigan 48076, until Registered Owner thereof. No further interest payment on the Bonds or portions of the Bonds called 1:00 p.m., Eastern Time, on July14, 2020. All bids will be publicly opened and read at said time and for redemption shall accrue after the date fixed for redemption, whether presented for redemption, place and the award of the Bonds will be made by the Superintendent or her designee. provided funds are on hand with the Paying Agent to redeem same. EMAILED BIDS: Bidders may submit signed bids via electronic mail to the Municipal Advisory If less than all of the Bonds shall be called for redemption prior to maturity unless otherwise Council at [email protected] provided that emailed bids are received prior to the time and provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying date fixed for receipt of bids. Bidders submitting emailed bids bear the full risk of failed or untimely Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal transmission of their bids. Bidders are encouraged to confirm the timely receipt of their full and amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate complete bids by telephoning the Municipal Advisory Council at (313) 963-0420. trust office of the Paying Agent, such Bonds shall be paid and edeemed.r ELECTRONIC BIDS may be presented via PARITY® on the dates and times shown above. To INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not the extent any instructions or directions set forth in PARITY® conflict with this Notice of Bond exceeding four and a half percent (4.50%) per annum, to be fixedby the bids therefor. The interest Sale, the terms of the Notice shall control. For further information about the electronic bidding on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same services of PARITY® potential bidders may contact PFM Financial Advisors LLC at (734) 994-9700 interest rate. Interest on the Bonds shall be calculated based upon a 360-day year comprised of twelve or PARITY® at (212) 849-5021. 30-day months. The difference between the highest and lowest interest rates bid shall not exceed DTC BOOK-ENTRY-ONLY: If requested by the original purchaser of the Bonds (the “Purchaser”), three percent (4%) per annum. INTEREST RATES SHALL NOT BE IN DESCENDING ORDER. No the Bonds will be initially offered as registered in the name of Cede & Co., as registered owner and proposal for the purchase of less than all of the Bonds, or at a price less than 100% of their par value, nominee for The Depository Trust Company, New York, New York (“DTC”) under DTC’s Book-Entry- or at a price more than 110% of their par value, or at a price which will cause the true interest cost Only system of registration. Purchasers of interests in the Bonds (the “BeneficialOwners”) will not on the Bonds to exceed four and a half percent (4.50%) per annum, will be considered. Interest rates receive physical delivery of bond certificates and ownership by the Beneficial Owners of the Bonds shall be expressed in multiples of 1/8th or 1/100th of 1%, or both. will be evidenced by book-entry-only. As long as Cede & Co. is the registered owner of the Bonds PURPOSE AND SECURITY: The Bonds are being issued pursuant to a resolution of the Board as nominee of DTC, payments of principal and interest payments will be made directly to such of Education of the Issuer dated May 26, 2020, for the purposes of defraying all or part of the cost registered owner which will in turn remit such payments to the DTC participants for subsequent of erecting and remodeling, and equipping or reequipping, except for equipping or reequipping for disbursement to the Beneficial Owners. technology, school buildings, including structures, athletic fields, playgrounds, or other facilities, or BOND DETAILS: Said Bonds will be fully registered Bonds up to the amount of a single maturity, parts of or additions to those facilities, including security upgrades; acquiring, preparing, developing, dated the date of delivery, numbered in order of issue from 1 upwards and will bear interest from their and improving sites, or parts of or additions to sites, for school buildings, including structures, dated date payable on May 1, 2021, and semiannually thereafter. There shall be no capitalized interest athletic fields, playgrounds, or other facilities. The Bonds are issued under the provisions of Act 451, on the Bonds. The Bonds will mature on May 1 in the years and amounts as follows: Public Acts of Michigan, 1976, as amended. The Bonds will pledge the full faith, credit and resources Year Amount Year Amount of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem 2021 $240,000 2034 $440,000 taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section 2022 395,000 2035 440,000 6, and Article IX, Section 16, of the Michigan Constitution of 1963. 2023 405,000 2036 445,000 STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, 2024 420,000 2037 445,000 Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the 2025 420,000 2038 450,000 Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if for 2026 425,000 2039 450,000 any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when due, 2027 425,000 2040 455,000 then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to enable 2028 425,000 2041 455,000 the Issuer to make the payment. 2029 430,000 2042 455,000 BANK QUALIFICATION: The Bonds will NOT be designated as “qualified tax-exempt 2030 430,000 2043 460,000 obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 2031 430,000 2044 460,000 BOND INSURANCE: If the Bonds qualify for issuance of any such policy or commitment 2032 435,000 2045 465,000 therefor, any purchase of such insurance or commitment shall be at the sole option and expense of 2033 435,000 2046 465,000 the bidder. Proposals shall not be conditioned upon the issuance of any such policy or commitment. MATURITY ADJUSTMENT: The aggregate principal amount of this issue is believed to be the Any failure of the Bonds to be so insured or of any such policy or commitment to be issued shall amount necessary to provide adequate funds to fund projects and to pay transactional costs. The not in any way relieve the purchaser of the contractual obligations arising from the acceptance of a Issuer reserves the right to increase or decrease the aggregate principal amount of the Bonds after proposal to purchase of the Bonds. Should the successful bidder purchase municipal bond insurance, receipt of the bids and prior to final award. Such adjustment if necessary, will be made in increments all expenses associated with such policy or commitment will be borne by the successful bidder. of $5,000 and may be made in one or more maturities. GOOD FAITH: A good faith deposit in the form of a certified or cashier’s check drawn upon TERM BOND OPTION: Bidders shall have the option of designating the bonds as serial bonds an incorporated bank or trust company, or a wire transfer, in the amount of $112,000 (1% of the or term bonds, or both. The bid must designate whether each of the principal amounts shown above par value of the Bonds) and payable to the order of the Issuer, will be required from the successful represents a serial maturity or a mandatory redemption requirement for a term bond maturity. There bidder. THE SUCCESSFUL BIDDER IS REQUIRED TO SUBMIT ITS GOOD FAITH DEPOSIT TO may be more than one term bond maturity. In any event, the above principal amount schedule THE ISSUER NOT LATER THAN NOON, PREVAILING EASTERN TIME, ON THE NEXT BUSINESS shall be represented by either serial bond maturities or mandatory redemption requirements, or a DAY FOLLOWING THE DATE OF THE SALE. The good faith deposit will be applied to the purchase combination of both. price of the Bonds. In the event the Purchaser fails to honor its accepted bid, the good faith deposit PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified to will be retained by the Issuer. No interest shall be allowed on the good faith check. The good faith act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer may check of the successful bidder will be cashed and payment for the balance of the purchase price of hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior to any the Bonds shall be made at the closing. change in Paying Agent. In the event the Bonds cease to be held in book entry form only, the Paying AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest Agent will serve as bond registrar and transfer agent, interest shall be paid by check mailed to the true interest cost to the Issuer calculated as of August 6, 2020 (the estimated delivery date). The true owner as shown by the registration books of the Issuer as of the close of business on the 15th day interest cost shall not exceed four and a half percent (4.50%). of the month preceding any interest payment date and the Bonds will be transferable only upon the ISSUE PRICE DETERMINATION: The winning bidder shall submit to the Issuer and Bond registration books of the Issuer kept by the Paying Agent. See “DTC Book-Entry-Only” above. Counsel a certificate (the “Issue Price Certificate”), satisfactory to Bond Counsel, prior to the delivery PRIOR REDEMPTION: of the Bonds stating the applicable facts necessary for the Issuer to comply with Treasury Regulation A. Mandatory Redemption. Section 1.148-1(f). The Issuer anticipates, but cannot guarantee, that it will receive three competitive The amounts of the maturities which are aggregated in a designated term bond shall be subject bids, enabling it to comply with the competitive sale requirements of Treasury Regulation Section to mandatory redemption on the dates and in the amounts set forth in the maturity schedule at par, 1.148-1(f)(3)(i). If the competitive sale requirements are not met with respect to the initial sale of plus accrued interest to the date of mandatory redemption. When term Bonds are purchased by the the Bonds, the winning bidder shall have the option of (a) treating the first price at which 10% of a Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other than maturity of the Bonds is sold to the public as the issue price of that maturity, applied on a maturity- by mandatory redemption, the principal amount of the term Bonds affected shall be reduced by the continued on next page

008_BB070620 8 7/2/2020 2:18:54 PM Competitive Sales Notices Monday, July 6, 2020 www.bondbuyer.com 9 principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer. continued from previous page NOTICE OF SALE B. Optional Redemption. by-maturity basis; or (b) applying the hold-the-offering-price rule to determine the issue price of each The Bonds maturing through May 1, 2030, shall not be subject to optional redemption prior to maturity. Bids will not be subject to cancellation in the event that the competitive sale requirements $2,566,000* maturity. Bonds due thereafter shall be made callable, at the option of the Issuer, in such order as are not satisfied. GENERAL IMPROVEMENT BONDS, SERIES 2020 the Issuer shall determine on any date on or after May 1, 2030 at par and accrued interest with no LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Collins OF THE premium. & Blaha, P.C., Farmington Hills, Michigan, bond counsel, the original of which will be furnished Notice of redemption of any Bond shall be given not less than thirty (30) days and not more without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Collins & Blaha, TOWNSHIP OF EASTAMPTON, IN THE than sixty (60) days prior to the date fixes for redemption by mail to the Registered Owner at the P.C. for services rendered in connection with such approving opinion are expected to be paid from COUNTY OF BURLINGTON, NEW JERSEY registered address shown on the registration books kept by the Paying Agent. Bonds shall be call for Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of (Book-Entry-Only Bonds) (Callable) redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated the above Bonds, Collins & Blaha, P.C. has not been requested to examine or review, and has not as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 examined or reviewed, any financial documents, statements or other materials that have been or may SUMMARY and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part be furnished in connection with the authorization, marketing or issuance of the Bonds and, therefore, shall state that, upon surrender of the Bond to be redeemed, a new Bond or Bonds in an aggregate has not expressed and will not express an opinion with respect to the accuracy or completeness of Dated: Date of Delivery – On or about July 29, 2020 principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the any such financial documents, statements or materials. The opinions of bond counsel will contain Bid Date and Time: July 15, 2020 at 11:00 a.m. and award by 3:00 p.m. Registered Owner thereof. No further interest payment on the Bonds or portions of the Bonds called the following provision: Type of Sale: PARITY for redemption shall accrue after the date fixed for redemption, whether presented for redemption, The advice contained herein cannot be used by any taxpayer, including holders or owners of Interest: Multiple Interest Rates – multiples of 1/8 or 1/20 of 1% provided funds are on hand with the Paying Agent to redeem same. the Bonds, for the purpose of avoiding penalties related to federal income tax matters that may be Legal Opinion: McManimon, Scotland & Baumann, LLC, Roseland, NJ If less than all of the Bonds shall be called for redemption prior to maturity unless otherwise imposed on such taxpayer. Taxpayers, including holders or owners of the Bonds, should seek advice Bid Security: Good faith check or wire transfer Bond must be received by the provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying based upon such taxpayers’ particular circumstances from an independent tax advisor. Township by 10:30 a.m. prior to bidding in the amount of $51,320 Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal TAX MATTERS: In the opinion of bond counsel the Bonds and interest thereon are exempt from Limitation on Premium: $2,694,300 (par plus 5% original issue premium) amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate all taxation in the State of Michigan, except inheritance and estate taxes and taxes on gains realized Maturity Schedule: July 15 as set forth in the following table: trust office of the Paying Agent, such Bonds shall be paid and edeemed.r from the sale, payment, or other disposition thereof. In the opinion of bond counsel, the interest on Year Principal Amount Year Principal Amount INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not the Bonds is excluded from gross income for federal income tax purposes. The Issuer has designated 2021 $121,000 2028 $215,000 exceeding four and a half percent (4.50%) per annum, to be fixedby the bids therefor. The interest the Bonds as “Qualified Tax-Exempt Obligations” within the meaning of the Internal Revenue Code of on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same 2022 170,000 2029 225,000 1986 (the “Code”), as amended, and has covenanted to comply with those requirements of the Code 2023 175,000 2030 225,000 interest rate. Interest on the Bonds shall be calculated based upon a 360-day year comprised of twelve necessary to continue the exclusion of interest on the Bonds from gross income for federal income 2024 180,000 2031 225,000 30-day months. The difference between the highest and lowest interest rates bid shall not exceed tax purposes. 2025 185,000 2032 225,000 three percent (4%) per annum. INTEREST RATES SHALL NOT BE IN DESCENDING ORDER. No OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement 2026 190,000 2033 230,000 proposal for the purchase of less than all of the Bonds, or at a price less than 100% of their par value, in substantially the same form as the Preliminary OfficialStatement, subject to minor additions, 2027 200,000 or at a price more than 110% of their par value, or at a price which will cause the true interest cost deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the * Preliminary, subject to change on the Bonds to exceed four and a half percent (4.50%) per annum, will be considered. Interest rates sale date, but in no event later than seven (7) business days after such date, the Issuer, will furnish to shall be expressed in multiples of 1/8th or 1/100th of 1%, or both. the successful bidder, at no cost, the final Official Statement in electronic format. Additional copies Preliminary Official Statement, Notice of Sale and other details available at PURPOSE AND SECURITY: The Bonds are being issued pursuant to a resolution of the Board will be supplied upon the bidder’s agreement to pay the costs of such copies. Request for www.munihub.com of Education of the Issuer dated May 26, 2020, for the purposes of defraying all or part of the cost additional copies should be made to the Issuer within 24 hours of the date of sale. A copy of of erecting and remodeling, and equipping or reequipping, except for equipping or reequipping for the Preliminary Official Statement may be obtained by contacting the Financial Consultant. technology, school buildings, including structures, athletic fields, playgrounds, or other facilities, or The Preliminary Official Statement is in a form deemed final as of its date by the Issuer for purposes NOTICE OF INTENTION TO SELL BONDS parts of or additions to those facilities, including security upgrades; acquiring, preparing, developing, of SEC Rule 15c2-12(b)(1), but is subject to revision, amendment, and completion of a final Official and improving sites, or parts of or additions to sites, for school buildings, including structures, Statement. The successful bidder shall supply to the Issuer within twenty-four hours after the award $23,995,000* athletic fields, playgrounds, or other facilities. The Bonds are issued under the provisions of Act 451, of the Bonds any pricing information and any underwriter identification which may be determined Public Acts of Michigan, 1976, as amended. The Bonds will pledge the full faith, credit and resources by the Issuer to be necessary to complete the Official Statement. The Issuer shall deliver, at closing, Los Angeles County Capital Asset Leasing Corporation of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem an executed certificate to the effect that as of the date of delivery, the information contained in the Lease Revenue Bonds, 2020 Series A taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section Official Statement, including revisions, amendments and completions as necessary, relating to the (LAC-CAL Equipment Program) 6, and Article IX, Section 16, of the Michigan Constitution of 1963. Issuer and the Bonds is true and correct in all material respects, and that such Official Statement does STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, not contain any untrue statement of a material fact or omit to state a material fact necessary to make The Los Angeles County Capital Asset Leasing Corporation (the “Corporation”) intends to receive Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the the statements therein, in light of the circumstances under which they were made, not misleading. bids from broker-dealers and dealer banks through Ipreo LLC’s Parity® electronic bid submission Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if for DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds system (“Parity”) for the above referenced bonds (the “Bonds”) at 8:45 A.M. Pacific Time on: any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when due, will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the July 15, 2020 then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to enable Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the Issuer to make the payment. the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are The Bonds will be dated their date of delivery and will mature in varying amounts on BANK QUALIFICATION: The Bonds will NOT be designated as “qualified tax-exempt not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following December 1 and June 1 beginning on December 1, 2020 through December 1, 2022* or upon obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. the date of sale, or the first business day thereafter if the 45th day is not a business day, the successful the earlier redemption thereof. The Bonds are further described in the Notice Inviting Bids dated BOND INSURANCE: If the Bonds qualify for issuance of any such policy or commitment bidder may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by July 1, 2020 (the “Notice Inviting Bids”). therefor, any purchase of such insurance or commitment shall be at the sole option and expense of serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery Further information about Parity, including any fee charged, may be obtained from PARITY, 1395 the bidder. Proposals shall not be conditioned upon the issuance of any such policy or commitment. of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be Broadway, 2nd Floor, New York, New York, 10018, Attention: Customer Support (212) 849-5021 Any failure of the Bonds to be so insured or of any such policy or commitment to be issued shall made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the or at https://www.newissuehome.i-deal.com. Copies of the Notice Inviting Bids and the Preliminary not in any way relieve the purchaser of the contractual obligations arising from the acceptance of a denominations and names in which it wishes to have the certificates issued at least five (5) business Official Statement relating to the Bonds are available only by electronic means at www.munios.com. proposal to purchase of the Bonds. Should the successful bidder purchase municipal bond insurance, days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for Any questions regarding these documents may be directed to the Corporation’s Municipal Advisor, all expenses associated with such policy or commitment will be borne by the successful bidder. each maturity registered in the name of the Purchaser. Public Resources Advisory Group, 11500 West Olympic Boulevard, Suite 502, Los Angeles, GOOD FAITH: A good faith deposit in the form of a certified or cashier’s check drawn upon CONTINUING DISCLOSURE: Prior to delivery of the Bonds, the Issuer will provide an CA 90064, Attention: Louis Choi, phone: 310-477-7098, email: [email protected] or an incorporated bank or trust company, or a wire transfer, in the amount of $112,000 (1% of the undertaking, in accordance with the requirements of Rule 15c2-12(b)(5) adopted by the Securities Michelle Issa, [email protected]. par value of the Bonds) and payable to the order of the Issuer, will be required from the successful and Exchange Commission under the Securities Act of 1934, to send certain information annually Treasurer and Tax Collector bidder. THE SUCCESSFUL BIDDER IS REQUIRED TO SUBMIT ITS GOOD FAITH DEPOSIT TO and to provide notice of certain events to certain information repositories for the benefitof the County of Los Angeles THE ISSUER NOT LATER THAN NOON, PREVAILING EASTERN TIME, ON THE NEXT BUSINESS holders of the Bonds. Dated: July 6, 2020 DAY FOLLOWING THE DATE OF THE SALE. The good faith deposit will be applied to the purchase CUSIP NUMBERS: It is anticipated that CUSIP numbers will be printed on the Bonds at the price of the Bonds. In the event the Purchaser fails to honor its accepted bid, the good faith deposit option of the purchaser, but neither the failure to print CUSIP numbers nor any improperly printed * Preliminary, subject to change. will be retained by the Issuer. No interest shall be allowed on the good faith check. The good faith CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase check of the successful bidder will be cashed and payment for the balance of the purchase price of price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, the Bonds shall be made at the closing. municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest identification numbers shall be paid by the Purchaser. true interest cost to the Issuer calculated as of August 6, 2020 (the estimated delivery date). The true THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS. Reach your target interest cost shall not exceed four and a half percent (4.50%). ADDITIONAL INFORMATION regarding the Bonds may be obtained from the Issuer’s Financial ISSUE PRICE DETERMINATION: The winning bidder shall submit to the Issuer and Bond Advisor, PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan, 48018; Counsel a certificate (the “Issue Price Certificate”), satisfactory to Bond Counsel, prior to the delivery (734) 994-9700. audience of the Bonds stating the applicable facts necessary for the Issuer to comply with Treasury Regulation Section 1.148-1(f). The Issuer anticipates, but cannot guarantee, that it will receive three competitive Dated: July 6, 2020 MT. MORRIS CONSOLIDATED SCHOOLS Place your redemption advertising in bids, enabling it to comply with the competitive sale requirements of Treasury Regulation Section COUNTY OF GENESEE 1.148-1(f)(3)(i). If the competitive sale requirements are not met with respect to the initial sale of STATE OF MICHIGAN the Bonds, the winning bidder shall have the option of (a) treating the first price at which 10% of a By: maturity of the Bonds is sold to the public as the issue price of that maturity, applied on a maturity- Mickie Kujat, Superintendent For more info e-mail [email protected]

009_BB070620 9 7/2/2020 2:18:56 PM Monday, July 6, 2020 10 The Bond Buyer

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

7/6 - City of Brainerd, MN I-Deal Prospectus 7/6 - City of Concordia (MO), MO Electronic Official Statements Competitive 7/6 - City of Little Falls (MN), MN 7/8-Bee County, TX GO Refunding Bonds, Series 2020 7/6 - City of Cavalier, ND 7/8-Salt Lake County, UT Tax&Revenue Anticipation Notes, Series 2020 7/6 - Independent School District No. 21 of Creek County (Depew), OK 7/14-Pennsylvania HEFA, PA Rev&Ref Rev Bonds, State Sys of Higher Ed, Srs AX 7/7 - City of Copperas Cove, TX www.newissuehome.i-deal.com 7/8-Bee County, TX GO Refunding Bonds, Series 2020 *S&P Ratings Report Added* 7/7 - Harris County Municipal Utility District No. 416 (TX), TX 7/14-Hays County Development Dist No. 1, TX Unlimited Tax Bonds, Series 2020 BiDCOMP®/Parity® 7/7 - City of Owatonna, MN 7/7-Live Oak Creek MUD No. 1, TX Unlimited Tax Utility & Road Bonds, Series 2020 7/7 - Village of Deforest, WI www.i-dealprospectus.com 7/7-Harris County MUD No. 504, TX Unlimited Tax Bonds, Series 2020 7/7 - Forrest City School District No 7 of St. Francis County, AR 7/8-Edgewater (Borough of), NJ Bond Anticipation Notes, Series 2020 7/7 - City of Cannon Falls, MN Full service electronic 7/8-Waterford (Town of), CT GO Bonds, Series 2020 7/7 - City of Northfield (MN), MN document delivery and 7/9-Waller County Road Improvement District No. 1, TX Unlimited Tax Bonds, Srs 2020 7/7 - Town of Victor, NY tracking system 7/9-Augusta (City of), ME 2020 General Obligations Bonds 7/7 - Clinton County School District Finance Corporation, KY 7/9-ISD No. 12, OK (Edmond School District) GO Building Bonds, Srs 2020 7/7 - City of Ventnor City, NJ 7/7 - Athol-Royalston Regional School District, MA For more information, 7/13-Norwalk CSD, IA GO School Bonds, Srs 2020 contact: 7/7 - Hicksville Water District, NY 7/7-Fairview (Town of), TX GO Refunding & Improvment Bonds, Srs 2020 7/7 - East Ramapo Central School District, NY John Hester 7/8-Harris County MUD No. 319, TX Unlimited Tax Bonds, Series 2020 7/7 - Bethlehem Central School District, NY (212) 849-5125 7/8-Bergen County, NJ Tax-Exempt & Taxable BANs, (2020) 7/7 - City of Waterville (OH), OH 7/9-Putnam (Town of), CT General Obligation Bonds, Issue of 2020 James Kellum 7/7 - City of Ashland (KY), KY (212) 849-5156 7/13-Mont Belvieu (City of), TX Combination Tax & Revenue COO, Srs 2020 7/7 - Drew Central School District No. 5 of Drew County, AR 7/14-Portland WD, ME 2020 Water&Wastewater Sys Rev Bonds (Green Bonds) 7/8 - Salt Lake County, UT 7/14-Berkeley (City of), CA 2020-21 Tax & Revenue Anticipation Notes 7/8 - Bee County, TX 7/8 - Fulton Public School District No. 58 of Callaway County (MO), MO I-Deal Prospectus 7/8 - Town of Marshfield, MA Electronic Official Statements Negotiated 7/8 - City of Malden, MA Northside ISD, TX Unlimited Tax Refunding Bonds, Srs 2020 7/8 - Borough of Edgewater (NJ), NJ Texas Tech University System (BOR), TX Rev Financing Sys Ref&Improv Bonds, Taxable Srs 2020 7/8 - Montauk Union Free School District, NY Abilene (City of), TX GO Refunding Bonds, Taxable Series 2020 7/8 - Allen Park Public Schools, MI Kaufman County, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020 7/8 - Township of Robbinsville, NJ *Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-3 A&B *REVISED POS* 7/8 - Pike County School District Finance Corporation, KY White Settlement ISD, TX Unltd Tax Ref Bonds, Series 2020 7/8 - Township of Robbinsville, NJ *Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-3 A&B *REVISED POS* 7/9 - Independent School District No. 624 (White Bear Lake), MN Fort Bend County MUD No. 185, TX Unlimited Tax Refunding Bonds, Srs 2020 7/9 - Town of Pawling, NY Arlington ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020 Paloma Lake MUD No. 1, TX Unlimited Tax Refunding Bonds, Series 2020 Vernon (Town of), CT GO Bonds & Refunding Bonds, Issues of 2020, Series A&B Aledo (City of), TX GO Refunding Bonds, Series 2020 Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-3 A&B It’s more than a bond deal— Paloma Lake MUD No. 2, TX Unltd Tax Ref Bonds, Series 2020 you’re improving a community Los Ranchos De Albuquerque (Village of), NM Educational Fac Ref Rev Bonds, Srs 2020 South Texas College District, TX Ltd Tax Ref Bonds, Taxable Series 2020 Cypress-Fairbanks ISD, TX Unltd Tax School Bldg&Ref Bonds, Series 2020 Northwest ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020A Abilene ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020 Wimberley ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020 Lewisville ISD, TX Unltd Tax School Bldg&Ref Bonds, Series 2020 Collin County, TX Limited Tax Ref Bonds & Permanent Improv Bonds, Taxable Series 2020 Sienna Plantation MUD No. 12, TX Unlimited Tax Refunding Bonds, Series 2020 Gilmer (City of), TX GO Refunding Bonds, Srs 2020 Anderson County, TX Unlimited Tax Road Bonds, Series 2020 Flower Mound (Town of), TX GO Ref Bonds&COO, Series 2020 Red Oak (City of), TX GO Refunding Bonds, Srs 2020 Socorro ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020C *REVISED POS* Lamar Consolidated ISD, TX Unltd Tax Ref Bonds, Series 2020 Cadence CFD, AZ Assessment Dist No. 3, Spec Assess Rev Bonds, Srs 2020 Eagle Mountain-Saginaw ISD, TX Unltd Tax Ref Bonds, Series 2020-A Eagle Mountain-Saginaw ISD, TX Unltd Tax Ref Bonds,Taxable Series 2020-B NO NEGOTIATED DEALS FOR TOMORROWS CALEDAR Price matters—get the best yield Queen Creek (Town of), AZ Excise Tax& State Shared Rev Obligations, Srs 2020 Guilford (Town of), CT GO Refunding Bonds, Srs 2020A Advertise your competitive sales in The Bond Buyer. Otero County, NM Subordinate Lien County Gross Receipts Tax Rev Bonds, Series 2020 For more information, contact or Kerry-Ann C. Parkes Wolfforth (City of), TX Tax & WW&SS (Ltd Pledge) Rev COO, Srs 2020 Mesquite ISD, TX Unltd Tax School Bldg&Unltd Tax Ref Bonds, Series 2020A-B-C at 212-803-8436 or at [email protected] NO NEGOTIATED DEALS FOR TOMORROWS CALEDAR

010_BB070620 10 7/2/2020 2:18:58 PM Monday, July 6, 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 Monday, July 6 Brainerd MN GO *3,880 10:30 am C Baker Tilly MA Kennedy & Graven 21-35 ------BQ 9-Jun Little Falls MN GO Permanent Imp 2,640 11 am C David Drown Taft Stettinius 22-36 ------A+ ------BQ 16-Jun Concordia MO Combined Wtr & Swr *1,950 11 am C McLiney & Co Gilmore & Bell 21-30 BAM ------BQ 23-Jun Cavalier ND Ref Imp *2,660 11 am C AMKO Advisors Arntson Stewart 21-37 ------BQ 1-Jul Creek Co ISD #21 OK Bldg 350 5:30 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 24-Jun

Tuesday, July 7 Drew Ctrl SD #5 AR Ref 1,500 1 pm C Stephens Friday Eldredge 21-37 ------BQ 1-Jul Forrest City SD #7 AR Ref *4,300 10 am C Stephens Friday Eldredge 21-39 ------BQ 1-Jul West Union IA GO Corp Purp Ref *2,475 11 am C Speer Financial Dorsey & Whitney 21-31 ------BQ 24-Jun Ashland KY Water Sys Rev *11,500 1 pm E RSA Advisors, LLC Dinsmore Shohl 21-41 BAM A2 ------1-Jul Clinton Co SD Fin Corp KY Sch Bldg Rev *156 11 am E RSA Advisors, LLC Steptoe & Johnson 21-40 ------BQ 30-Jun Cannon Falls MN GO Ref 3,780 10 am C Northland Securities Taft Stettinius 21-34 ------AA------BQ 1-Jul Northfield MN GO Street *5,425 10:30 am C Ehlers Kennedy & Graven 22-31 ------BQ 11-Jun Owatonna MN GO Street *1,785 10 am C Baker Tilly MA Kennedy & Graven 22-31 ------BQ 22-Jun North Brunswick Twp NJ GO 18,955 10:45 am E Acacia Fin Group McCarter & English 21-40 ------26-Jun Amsterdam NY Pub Imp (Tax) 955 11:30 am E Municipal Solutions Norton Rose 21-36 ------16-Jun East Rochester (Town/Vlg) NY Pub Imp *385 11:30 am E Bernard P. Donegan Harris Beach 21-30 ------BQ 23-Jun Hicksville Wtr Dt NY Wtr *7,000 11 am E Munistat Services Norton Rose 21-40 ------1-Jul Victor (Town) NY GO Pub Imp 8,261 11 am E Bernard P. Donegan Timothy R. McGill 20-40 ------BQ 26-Jun Copperas Cove TX Certs of Oblig *8,790 9:30 am C Specialized Pub Fin Bracewell LLP 21-40 ------30-Jun Fairview (Town) TX GO Ref & Imp *13,005 10 am C Hilltop Securities McCall Parkhurst 21-50 ------Today Harris Co MUD #416 TX Unltd Tax Road 1,690 9:30 am C Masterson Advisors Smith Murdaugh 22-44 ------BQ 25-Jun Harris Co MUD #504 TX Unltd Tax 12,060 10 am C Rathmann & Assoc Allen Boone 22-50 ------15-Jun Live Oak Creek MUD #1 TX Unltd Tax Road 2,100 10:30 am C Baird Coats Rose 22-45 ------BQ 25-Jun Live Oak Creek MUD #1 TX Unltd Tax 4,330 10 am C Baird Coats Rose 21-45 ------BQ 25-Jun Tarrant Co Coll Dt TX GO *265,980 9:30 am C PFM Fin Advisors McCall Parkhurst 21-40 ------2-Jul Washington WA COPs (Tax) *12,780 8:30 am P Piper Sandler Foster Garvey 21-40 ------8-Jun Washington WA COPs *54,915 8 am P Piper Sandler Foster Garvey 21-40 ------8-Jun Deforest Vlg WI GO Prom *4,395 10 am C Ehlers Quarles & Brady 21-30 ------BQ 19-Jun

Wednesday, July 8 Glen Rose SD #3 AR Ref & Construction *5,020 10 am C Stephens Friday Eldredge 22-50 --- Aa2 ------BQ 2-Jul Gravette SD #20 AR Ref *9,745 1 pm C First Sec Beardsley Friday Eldredge 28-42 ------2-Jul Gravette SD #20 AR Ref *10,225 11 am C First Sec Beardsley Friday Eldredge 24-48 --- Aa2 ------2-Jul Gravette SD #20 AR Ref *17,685 10 am C First Sec Beardsley Friday Eldredge 22-39 --- Aa2 ------2-Jul Waterford (Town) CT GO *14,500 11:30 am E Hilltop Securities Day Pitney 21-40 ------AA ------30-Jun Iowa Valley Comm Coll Dt IA GO Sch *17,000 10:30 am C Speer Financial Ahlers & Cooney 21-28 ------22-Jun Kane Co Forest Pres Dt IL GO Ref *19,600 11 am C Speer Financial Chapman and Cutler 20-31 ------Today Fayette Co SD Fin Corp KY Sch Bldg Rev *72,740 11 am E Baird Stoll Keenon 21-40 --- A1 AA------1-Jul Kentucky Bond Corp KY Rev (Tax) *3,290 1 pm E RSA Advisors, LLC Dinsmore & Shohl 21-50 ------AA------Today Kentucky Bond Corp KY Rev *5,825 12 pm E RSA Advisors, LLC Dinsmore & Shohl 21-40 ------AA------Today Pike Co SD Fin Corp KY Sch Bldg Ref Rev *975 11:30 am E RSA Advisors, LLC Steptoe & Johnson 20-29 ------BQ 30-Jun Malden MA GO Ref *6,245 11 am E Hilltop Securities Locke Lord 20-27 ------BQ 26-Jun Marshfield (Town) MA GO Muni Purp Loan *12,310 11 am E Hilltop Securities Locke Lord 21-48 ------24-Jun Allen Pk Pub Sch MI Ref (Tax) *8,785 11 am E Baker Tilly MA Thrun Law Firm 21-30 ------29-Jun Fulton Pub SD # 58 MO GO 10,000 11 am C L.J. Hart Armstrong Teasdale 36-40 ------BQ 19-Jun St Louis County MO GO Ref *40,605 9:30 am C Columbia Cap Mgmt Gilmore & Bell 21-32 ------Today Passaic Vly Swrg Comm NJ Swr Sys *83,625 11 am E NW Financial Group DeCotiis FitzPatrick 23-45 ------1-Jul

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.

011_BB070620 11 7/2/2020 2:53:31 PM New Issues Monday, July 6, 2020 12 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 Robbinsville Twp NJ GO *7,600 11 am E Phoenix Advisors Malamut & Associates 21-45 ------BQ 30-Jun Las Vegas Vly Wtr Dt NV GO *100,000 8:15 am P Hobbs, Ong Sherman & Howard 21-50 --- Aa1 AA ------29-Jun Lancaster (Town) NY GO *4,821 11:15 am E Capital Markets Adv Hodgson Russ 21-34 ------2-Jul P Montauk UFSD NY Library Fac *7,486 11 am E Capital Markets Adv Hawkins Delafield 21-35 ------1-Jul North Tonawanda NY Var Purp *1,353 11 am E Capital Markets Adv Harris Beach 21-35 ------BQ 1-Jul Olean NY Sch (Tax) 250 11 am E Municipal Solutions Hodgson Russ 21-33 ------16-Jun Atoka Co ISD #7 OK Bldg 140 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 26-Jun Bee County TX GO Ref *2,885 10:30 am C Specialized Pub Fin McCall Parkhurst 21-25 ------AA------BQ 30-Jun Chambers Co Imp Dt #2 TX Unltd Tax 6,050 9 am C Masterson Advisors Schwartz Page 22-45 ------25-Jun Harris Co MUD #319 TX Unltd Tax 6,600 10 am C Baird State Atty General 21-44 ------BQ 25-Jun Chesterfield County VA GO Pub Imp *59,755 10:45 am E Davenport Hunton Andrews 21-40 ------2-Jul Abbotsford WI GO Street *2,080 10 am C Ehlers Quarles & Brady 21-40 ------BQ 12-Jun

Thursday, July 9 Bentonville SD #6 AR Ref 52,735 11 am C First Sec Beardsley Friday Eldredge 21-43 --- Aa2 ------Today Glastonbury (Town) CT GO 10,390 11:30 am E Phoenix Advisors Day Pitney 21-40 ------2-Jul Putnam (Town) CT GO 11,000 11:30 am E Hilltop Securities Day Pitney 21-40 ------AA ------1-Jul Highland Pk IL GO Ref *4,990 10 am C Speer Financial Chapman and Cutler 20-31 --- Aaa ------BQ 26-Jun Winnetka Pk Dt IL GO Park *9,145 10 am C Piper Sandler Chapman and Cutler 31-45 ------BQ 2-Jul Augusta ME GO 1,560 11 am E Northeast Muni Advs Preti Flaherty 21-40 ------BQ 2-Jul Carsonville-Port Sanilac MI Sch Bldg & Site 1,780 11:30 am E PFM Fin Advisors Thrun Law Firm 23-30 ------BQ 1-Jul Three Rivers Pk Dt MN GO *6,485 10:15 am C PFM Fin Advisors McGrann Shea 22-30 ------BQ Today White Bear Lake ISD #624 MN Certs of Part *7,390 10 am C Ehlers Knutson Flynn 21-29 ------15-Jun St Louis County MO Spec Oblg (Tax) *13,845 10 am C Columbia Cap Mgmt Gilmore & Bell 21-50 ------Today St Louis County MO Spec Oblg Ref *111,750 9:30 am C Columbia Cap Mgmt Gilmore & Bell 20-35 ------Today East Brunswick Twp NJ GO *44,552 11:30 am E --- McManimon Scotland 21-30 ------25-Jun Hillsborough Twp BOE NJ Sch 35,416 11 am E --- Wilentz Goldman 22-40 ------1-Jul P Salem County NJ GO *51,009 11 am E Phoenix Advisors Archer & Greiner 21-50 ------AA------30-Jun Clarkstown Ctrl SD NY Sch Dist *30,348 11 am E Capital Markets Adv Hawkins Delafield 21-32 ------2-Jul Cornwall (Town) NY Pub Imp *720 11 am E Munistat Services Hawkins Delafield 21-32 ------BQ Today Kings Point Vlg NY Pub Imp *1,225 11 am E Fiscal Adv & Mkt Hawkins Delafield 21-30 ------BQ 30-Jun Oklahoma Co ISD #12 OK GO Bldg 20,000 9:30 am C BOK Fin Secs State Atty General 22-25 ------2-Jul Solebury Twp PA GO *4,740 11:15 am E PFM Fin Advisors Curtin & Heefner LLP 21-28 ------BQ 26-Jun Blaketree MUD #1 TX Unltd Tax 1,920 9:30 am C Baird State Atty General ------BQ 25-Jun Brazoria Co MUD #55 TX Unltd Tax *6,980 9:30 am C Baird State Atty General ------25-Jun Montgomery Co MUD #126 TX Unltd Tax 6,625 9 am C Masterson Advisors State Atty General 21-44 ------BQ 25-Jun Montgomery Co MUD #139 TX Unltd Tax Road 2,000 10 am C Tierra Financial Adv State Atty General 21-45 ------BQ 25-Jun Montgomery Co MUD #139 TX Unltd Tax 6,670 10 am C Tierra Financial Adv Coats Rose 21-45 ------BQ 25-Jun Montgomery Co MUD #42 TX Wtrwks & Swr Rev 1,865 10 am C Baird State Atty General ------BQ 25-Jun Waller Co Rd Imp Dt #1 TX Unltd Tax 3,800 9 am C GMS Group Bacon & Wallace 24-50 ------BQ 25-Jun

Monday, July 13 Lisbon IA GO Corp Purp *5,250 10:30 am C Speer Financial Dorsey & Whitney 21-35 ------BQ 26-Jun Norwalk Comm SD IA GO Sch *14,955 11 am C Piper Sandler Dorsey & Whitney 21-40 ------1-Jul Stockbridge Comm Schs MI Sch Bldg & Site 990 1:30 pm E PFM Fin Advisors Thrun Law Firm 21-25 ------BQ 1-Jul Albert Lea MN GO *4,885 10 am C Ehlers Kennedy & Graven 22-31 ------BQ 2-Jun Victoria MN GO 6,445 10 am C Northland Securities Kennedy & Graven 21-36 ------AAA ------2-Jul Mont Belvieu TX Certs of Oblig *21,010 10:15 am C Hilltop Securities Norton Rose 21-40 ------Today NW Harris Co MUD #16 TX Wtr & Swr Rev 7,300 12 pm C Rathmann & Assoc State Atty General ------BQ 25-Jun Blackhawk Tech Coll Dt WI GO Prom 3,500 10 am C Baird Quarles & Brady 22-30 ------BQ 2-Jul Janesville WI GO Tax Dev (Tax) *3,585 11:30 am C Wisconsin Pub Fin Kutak Rock 22-40 ------AA ------30-Jun Janesville WI GO Prom *26,415 10:30 am C Wisconsin Pub Fin Kutak Rock 21-30 ------AA ------30-Jun Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 22-25 ------30-Jun Moraine Park Tech Coll Dt WI GO Prom 5,000 10:30 am C Baird Quarles & Brady 23-30 ------BQ 23-Jun

Tuesday, July 14 Tallahassee FL Energy *81,750 11 am E PFM Fin Advisors Bryant Miller 21-28 ------2-Jul Andover KS GO *4,440 11 am C Piper Sandler Triplett Woolf 21-40 ------BQ 26-Jun Marblehead (Town) MA GO Muni Purp Loan *41,775 11 am E Hilltop Securities Locke Lord 21-40 ------Today

012_BB070620 12 7/2/2020 2:53:32 PM Monday, July 6, 2020 New Issues www.bondbuyer.com 13

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Portland Wtr Dt ME Wstwtr Rev 1,400 11 am E Moors & Cabot Pierce Atwood 21-40 ------BQ Today Portland Wtr Dt ME Water Sys Rev 3,900 11 am E Moors & Cabot Pierce Atwood 21-40 ------BQ Today Mount Morris Cons Schs MI Sch Bldg & Site 11,200 1 pm E PFM Fin Advisors Collins & Blaha 21-46 ------Today Hutchinson MN GO Imp 2,465 10 am C Ehlers Dorsey & Whitney 22-36 ------BQ 16-Jun Kearney MO COPs *3,135 10 am C Piper Sandler Gilmore & Bell 20-26 ------Today New Hampshire Muni Bond Bk NH Bond *91,305 10:30 am E Hilltop Securities Locke Lord 21-45 ------30-Jun Delaware Twp NJ Gen Imp *3,407 11 am E Phoenix Advisors McManimon Scotland 21-30 ------BQ 2-Jul Waldwick Borough NJ Gen Imp 7,995 11 am E --- Rogut McCarthy 21-30 ------BQ 2-Jul Dobbs Ferry Vlg NY Pub Imp Ref *2,545 11 am E Capital Markets Adv Jeffrey E Storch 20-24 ------BQ 2-Jul Kay Co ISD #125 OK Comb Purp 1,470 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 2-Jul Pennsylvania Hgr Educ Facs PA Rev & Ref *93,540 11 am E RBC Capital Mkts Ballard Spahr 21-42 ------29-Jun Dallas ISD TX Sch Bldg *276,250 11 am C RBC Capital Mkts Bracewell LLP 21-50 PSF ------30-Jun Harris Co Wtr Cntr & Imp Dt #84 TX Unltd Tax 9,750 12 pm C Rathmann & Assoc State Atty General ------BQ 19-Jun Hays Co Dev Dist #1 TX Unltd Tax 4,500 9 am C GMS Group State Atty General 23-48 ------BQ 19-Jun Washington WA GO (Tax) *36,900 8:45 am P Montague DeRose Foster Garvey ------Aaa AA+ AA+ ------5-Jun Washington WA Motor Vehicle Fuel *116,310 8:30 am P Montague DeRose Foster Garvey ------Aaa AA+ AA+ ------5-Jun Washington WA Var Purp GO *205,245 7:30 am P Montague DeRose Foster Garvey ------Aaa AA+ AA+ ------5-Jun Washington WA Var Purp GO *294,230 8 am P Montague DeRose Foster Garvey 36-45 --- Aaa AA+ AA+ ------2-Jul Fox Point Vlg WI GO Prom 2,505 10 am C Baird Husch Blackwell 21-30 ------BQ 18-Jun Madison Area Tech Coll Dt WI GO Prom 3,500 10 am C PMA Securities Quarles & Brady 21-22 ------26-Jun Oconto Falls WI GO Prom 2,330 10 am C Ehlers Quarles & Brady 21-30 ------BQ 23-Jun

Wednesday, July 15 Los Angeles Co Cap Asset Lsing CA Lease Rev 23,995 8:45 am P Public Resources Hawkins Delafield 20-22 --- Aa2 AA+ AA ------30-Jun Tallahassee FL Ref Rev *15,205 11 am E PFM Fin Advisors Bryant Miller 21-26 ------2-Jul Zion Pk Dt IL GO Park *941 10:15 am C Speer Financial Chapman and Cutler 21-22 ------BQ Today Rowan County KY GO *2,305 12 pm E Compass Muni Adv GBJ & Associates 21-36 --- A1 ------BQ 1-Jul Hamburg Twp MI Spec Assess 3,315 11 am E Bendzinski Dykema Gossett 21-30 ------BQ Today Eastampton Twp NJ Gen Imp *2,566 11 am E --- McManimon Scotland 21-33 ------BQ Today Mahwah Twp NJ GO *32,858 10:45 am E --- McManimon Scotland 21-45 ------1-Jul Westmoreland Ctrl SD NY Sch Dist *5,970 11 am E R.G. Timbs Timothy R. McGill 22-41 ------BQ 1-Jul Conroe Muni Mgmt Dist #1 TX Unltd Tax 2,305 10 am C Baird State Atty General ------2-Jul Fort Bend Co MUD #169 TX Contract Rev 16,750 10 am C Masterson Advisors State Atty General 21-45 ------1-Jul Harris Co MUD #551 TX Unltd Tax 3,575 10 am C Rathmann & Assoc State Atty General ------BQ 30-Jun Travis Co MUD #18 TX Unltd Tax 4,000 9 am C Specialized Pub Fin State Atty General 21-44 ------BQ 1-Jul West Harris Co MUD #2 TX Unltd Tax 3,840 10:30 am C Baird State Atty General ------BQ 2-Jul Delafield WI GO Prom 2,600 10 am C Ehlers Husch Blackwell 21-30 ------BQ 1-Jul

Thursday, July 16 Scott Co SD #2 IN GO 2,000 11 am E Baker Tilly MA Ice Miller ------BQ 22-Jun Lindstrom MN GO *6,410 10 am C Ehlers Taft Stettinius 22-46 ------BQ 4-Jun Burlington Twp NJ GO *8,618 11 am E Acacia Fin Group McManimon Scotland 21-44 ------BQ 2-Jul Ottawa Co ISD #18 OK Bldg 555 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ Today Cy-Champ Pub Util Dt TX Unltd Tax 6,750 9 am C GMS Group State Atty General ------BQ 22-Jun Fort Bend Co MUD #130 TX Unltd Tax 3,150 10 am C Rathmann & Assoc State Atty General ------BQ 25-Jun Fort Bend Co MUD #142 TX Unltd Tax 27,400 12 pm C Rathmann & Assoc State Atty General ------25-Jun Galveston Co Wtr Cntr & Imp #8 TX Unltd Tax 4,500 10 am C Post Oak Muni Advs State Atty General ------BQ 2-Jul Hays Co Wtr Cntr & Imp #1 TX Unltd Tax 6,380 10 am C SAMCO Cap Mkts State Atty General ------BQ 2-Jul SE Williamson Co MUD #1 TX Unltd Tax 12,000 10 am C Public Fin Group State Atty General ------29-Jun Rome (Town) WI GO Ref (Tax) 10,470 10 am C Ehlers Quarles & Brady 21-32 ------29-Jun

Monday, July 20 Alexandria ISD #206 MN GO *1,915 11 am C Baker Tilly MA Dorsey & Whitney 22-31 ------BQ 22-Jun Caledonia ISD #299 MN GO Tax Abate 920 10 am C Ehlers Knutson Flynn 22-27 ------BQ 22-Jun Lakeville MN GO 15,700 10 am C Northland Securities Dorsey & Whitney 21-31 --- Aa1 ------2-Jul Pipestone MN GO 2,875 10:30 am C Ehlers Kennedy & Graven 22-36 ------BQ 19-Jun For complete listings go to www.bondbuyer.com

013_BB070620 13 7/2/2020 2:53:33 PM New Issues Monday, July 6, 2020 14 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 Monday, July 6 Brasher Falls Ctrl SD NY Bond Antic 17,124 11 am E Fiscal Adv & Mkt Barclay Damon 21 ------1-Jul

Tuesday, July 7 Athol-Royalston Reg SD MA GO Bond Antic 1,800 11 am E Hilltop Securities Locke Lord 20 ------BQ 1-Jul Deptford Twp NJ Bond Antic 5,878 11 am E Municipal Official Parker McCay 21 ------BQ 1-Jul East Rutherford BOE NJ GO Sch 8,000 11 am E Municipal Official Rogut McCarthy 21 ------BQ 30-Jun Glen Ridge Borough NJ Bond Antic 5,295 11:30 am E Municipal Official McManimon Scotland 21 ------BQ Today North Brunswick Twp NJ Bond Antic 27,475 10:30 am E Acacia Fin Group McCarter & English 21 ------2-Jul Ventnor City NJ Bond Antic 14,929 11 am E Municipal Official Archer & Greiner 21 ------1-Jul Amsterdam NY Bond Antic (Tax) 3,565 11:30 am E Municipal Solutions Norton Rose 21 ------16-Jun Bethlehem Ctrl SD NY Bond Antic 3,705 11 am E Capital Markets Adv Whiteman Osterman 21 ------2-Jul Brighton Ctrl SD NY Bond Antic 12,000 11:15 am E Bernard P. Donegan Harris Beach 21 ------25-Jun E Ramapo Ctrl SD NY Tax Antic *18,000 11 am E Capital Markets Adv Hawkins Delafield 20 ------2-Jul Fayetteville-Manlius Ctrl SD NY Bond Antic 3,140 10:15 am E Fiscal Adv & Mkt ------29-Jun Lansing Ctrl SD NY GO Bond Antic 4,817 11:15 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ Today McGraw Ctrl SD NY Bond Antic 9,015 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 24-Jun Palmyra-Macedon Ctrl SD NY Bond Antic 12,500 11 am E Municipal Solutions Orrick Herrington 21 ------16-Jun Pearl River UFSD NY Bond Antic 28,345 11 am E Fiscal Adv & Mkt Hawkins Delafield 21 ------2-Jul Salem Ctrl SD NY Bond Antic 13,550 10 am E Fiscal Adv & Mkt Barclay Damon 21 ------8-Jun Vestal Ctrl SD NY Bond Antic 22,925 10:45 am E Fiscal Adv & Mkt ------29-Jun Waterville OH Var Purp 1,661 11:30 am E Sudsina & Assoc Dinsmore & Shohl 21 ------BQ 26-Jun

Wednesday, July 8 Marshfield (Town) MA GO Bond Antic 509 11 am E Hilltop Securities --- 21 ------25-Jun Spencer (Town) MA GO Bond Antic 100 11 am E Hilltop Securities --- 21 ------BQ 24-Jun Bergen County NJ Bond Antic (Tax) 19,000 11 am E NW Financial Group Waters McPherson 21 ------Today Bergen County NJ Bond Antic 19,000 11 am E NW Financial Group Waters McPherson 21 ------Today Edgewater Borough NJ Bond Antic 3,660 11 am E NW Financial Group DeCotiis FitzPatrick 21 ------BQ 1-Jul Egg Harbor Twp NJ Bond Antic 1,500 11 am E Municipal Official Fleishman Daniels 21 ------BQ Today Franklin Twp (Gloucester Co) NJ Bond Antic 3,105 11 am E Municipal Official Archer & Greiner 21 ------BQ 2-Jul Robbinsville Twp NJ Bond Antic (Tax) 855 11:30 am E Phoenix Advisors Malamut & Associates 21 ------2-Jul Robbinsville Twp NJ Bond Antic 2,375 11:15 am E Phoenix Advisors Malamut & Associates 21 ------BQ 2-Jul Washington Twp BOE NJ Temp 4,174 11 am E Municipal Official Wilentz Goldman 21 ------BQ 1-Jul Alden Ctrl SD NY Bond Antic 13,500 11:15 am E Bernard P. Donegan Hodgson Russ 21 ------29-Jun Arlington Ctrl SD NY Bond Antic 9,757 11 am E Bernard P. Donegan Hawkins Delafield 21 ------22-Jun Baldwinsville Ctrl SD NY GO Bond Antic 3,480 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------24-Jun Delaware Academy CSD at Delhi NY GO Bond Antic 3,000 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 2-Jul Florida UFSD NY Bond Antic 3,000 11:30 am E Bernard P. Donegan Timothy R. McGill 21 ------BQ Today Frontier Ctrl SD NY Bond Antic 22,568 11 am E R.G. Timbs Hodgson Russ 21 ------2-Jul Guilderland Ctrl SD NY Bond Antic 1,735 11:30 am E Fiscal Adv & Mkt Hawkins Delafield 21 ------BQ 29-Jun Lancaster (Town) NY Bond Antic 10,310 11:15 am E Capital Markets Adv Hodgson Russ 21 ------2-Jul Putnam BOCES NY Rev Antic *5,000 11 am E Capital Markets Adv Hawkins Delafield 21 ------30-Jun Scotia Glenville Ctrl SD NY GO Bond Antic 14,000 11 am E Fiscal Adv & Mkt Barclay Damon 21 ------24-Jun Southwestern Ctrl SD NY Bond Antic 1,249 11:30 am E Municipal Solutions Hodgson Russ 21 ------BQ 16-Jun Southwestern Ctrl SD NY Bond Antic 7,450 11:30 am E Municipal Solutions Hodgson Russ 21 ------BQ 16-Jun Warwick Vly Ctrl SD NY Bond Antic 874 10:30 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ Today Windsor Ctrl SD NY GO Bond Antic 8,665 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------30-Jun Houston TX Tax & Rev Antic *230,000 9 am C Masterson Advisors Holland & Knight 21 ------26-Jun Salt Lake County UT Tax & Rev Antic 65,000 9:15 am M Zions Pub Fin Gilmore & Bell 20 --- MIG1 ------30-Jun

Thursday, July 9 West Barnstable Fire Dist MA GO Bond Antic 210 11 am E Hilltop Securities --- 21 ------BQ Today Akron Ctrl SD NY Bond Antic 6,000 11:15 am E Municipal Solutions Hodgson Russ 21 ------BQ 9-Jun Byron-Bergen Ctrl SD NY Bond Antic 395 11 am E R.G. Timbs Harris Beach 21 ------BQ 1-Jul Corinth Ctrl SD NY GO Bond Antic 11,840 11 am E Fiscal Adv & Mkt Barclay Damon 21 ------30-Jun Cornwall (Town) NY Bond Antic 2,100 11 am E Munistat Services Hawkins Delafield 21 ------BQ Today For complete listings go to www.bondbuyer.com

014_BB070620 14 7/2/2020 2:53:33 PM Monday, July 6, 2020 New Issues www.bondbuyer.com 15

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 July 6 Hanford Jt Union HSD CA Bond 21,995 Stifel Nicolaus ------2-Jul Hanford Jt Union HSD CA Certs of Part 17,760 Stifel Nicolaus --- AGM ------2-Jul Hesperia USD CA COPs 48,765 RBC Capital Mkts --- AGM ------2-Jul Jefferson Union HSD CA COPs 41,935 RBC Capital Mkts ------2-Jul Milpitas USD CA GO Ref (Tax) 46,655 Citigroup ------Today Milpitas USD CA Tax & Rev Antic 11,000 Citigroup ------Today Mountain View Union HSD CA GO 100,000 RBC Capital Mkts ------2-Jul Oceanside CA Wtr Rev 25,015 Stifel Nicolaus CSG Advisors ------1-Jul Roseville Jt Union High SD CA Certs of Part 61,105 Stifel Nicolaus --- BAM ------2-Jul San Anselmo CA GO Ref 1,275 Stifel Nicolaus ------26-Jun San Diego Co Wtr Auth CA Wtr Rev 120,600 BofA Securities ------AA+ --- 1-Jul San Diego Co Wtr Auth CA Wtr Rev (Tax) 262,750 BofA Securities ------AA+ --- 1-Jul Univ of California Regents CA Gen Rev 2,318,755 JPMorgan ------AA --- 29-Jun Vacaville USD CA GO Ref (Tax) 30,000 Raymond James ------2-Jul Westside Union SD CFD # 2018-1 CA Special Tax 2,725 Piper Sandler ------2-Jul Colorado Hsg & Fin Auth CO Singlefam Mtg Rev (AMT) 6,315 Barclays Capital ------1-Jul Colorado Hsg & Fin Auth CO Singlefam Mtg Rev 28,545 Barclays Capital ------1-Jul Colorado Hsg & Fin Auth CO Singlefam Mtg Rev 36,085 Barclays Capital ------1-Jul Lochbuie Station Res Metro Dt CO GO 4,068 D.A. Davidson ------2-Jul North Haven (Town) CT GO Ref 24,225 Piper Sandler ------2-Jul District of Columbia DC Rev 391,155 Citigroup PFM Fin Advisors ------Today District of Columbia DC Rev Ref (Tax) 215,485 Citigroup ------Today Middletown (Town) DE GO Ref 16,235 Stifel Nicolaus ------2-Jul JEA FL Elec Sys Rev 96,850 JPMorgan ------2-Jul JEA FL Elec Sys Rev 143,050 JPMorgan ------2-Jul JEA FL Wtr & Swr 26,430 Morgan Stanley ------2-Jul JEA FL Wtr & Swr 104,080 Morgan Stanley ------2-Jul Cobb Co Dev Auth GA Ref Rev 14,980 BofA Securities ------2-Jul Du Page County IL Rev Ref 51,960 BofA Securities Longhouse Cap Adv ------1-Jul Williamsville CUSD #15 IL GO Sch 40,000 Stifel Nicolaus ------2-Jul Hobart Bldg Corp IN Mtg 3,315 Stifel Nicolaus ------2-Jul Kokomo City IN Rev 9,000 Stifel Nicolaus ------2-Jul Louisiana Pub Facs Auth LA Rev & Ref 187,770 Goldman Sachs The Yuba Group ------1-Jul Massachusetts Dev Fin Agy MA Rev 163,975 BofA Securities Kaufman Hall AGM ------1-Jul Massachusetts Dev Fin Agy MA Rev (Tax) 53,315 BofA Securities Kaufman Hall AGM ------1-Jul South Hadley (Town) MA GO Ref (Tax) 5,655 Piper Sandler ------2-Jul Maryland Hlth & Hgr Ed Facs MD Rev 8,875 Stifel Nicolaus PFM Fin Advisors ------1-Jul Maryland Stadium Auth MD Sch 226,620 BofA Securities ------Today Maryland Stadium Auth MD Sch (Tax) 183,240 BofA Securities ------Today Howell Pub Schs MI GO Ref (Tax) 54,270 JPMorgan PFM Fin Advisors ------2-Jul St Clair County MI GO Ref (Tax) 52,735 Oppenheimer ------1-Jul Bi-State Dev Agy MO Sales Tax 12,955 RBC Capital Mkts Columbia Cap Mgmt ------30-Jun Bi-State Dev Agy MO Sales Tax Ref (Tax) 158,290 RBC Capital Mkts Columbia Cap Mgmt ------30-Jun Los Ranchos de Albuquerque NM Ed Facs Rev 34,515 Piper Sandler ------26-Jun Monroe Co Indl Dev Corp NY Sch Rev (Tax) 32,280 Stifel Nicolaus ------2-Jul NYS Dorm Auth NY Lease Rev 19,010 Roosevelt & Cross ------19-Jun Bellefontaine CSD OH Ref (Tax) 9,460 Stifel Nicolaus ------2-Jul Idabel Pub Wks Auth OK Ed Facs Rev 6,940 D.A. Davidson Stephen H. McDonald ------2-Jul Medford Hosp Facs Auth OR Rev & Ref 427,320 JPMorgan Melio & Co ------2-Jul Medford Hosp Facs Auth OR Rev & Ref (Tax) 20,000 JPMorgan ------2-Jul Adams Co Gen Auth PA Rev 32,095 BofA Securities The Yuba Group ------Today For complete listings go to www.bondbuyer.com Negotiated Note Offerings Compiled by IHS Markit

Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW. Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared Week Of July 6 Los Angeles CA Tax & Rev 1,780,000 JPMorgan Montague DeRose ------26-Jun

015_BB070620 15 7/2/2020 2:53:34 PM Market Statistics Monday, July 6, 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 7/2/20 6/25/20 High Date Low Date Municipal Bond Index ...... 133.27 unch 140.05 (3/9) 119.16 (3/20) 40 Average Dollar Price ...... 108.18 +0.01 108.19 (6/23) 96.78 (3/20) Bond Buyer Revenue Bond Index . . . . . 2.63% 2.63% 3.34% (4/2) 2.58% (5/28) Average Yield to Par Call ...... 2.63 unch 4.70 (3/20) 1.86 (3/9) Bond Buyer 20-Bond Index ...... 2.21% 2.21% 2.84% (4/2) 2.16% (5/28) Average Yield to Maturity ...... 3.63 unch 4.31 (3/20) 3.35 (3/9) Bond Buyer 11-Bond Index ...... 1.74% 1.74% 2.37% (4/2) 1.69% (5/28)

Wk of 7/10/2020 Wk of 7/3/2020 Wk of 6/26/2020 Wk of 7/5/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $7,376.6 $4,505.6 $8,997.6 $447.0 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 6,201.5 4,029.5 7,489.8 357.1 Total (Jul. 6)...... $15,999.5 +3,100.7 $17,255.5 (6/15) $7,051.7 (1/29) Competitive Bonds...... 1,175.1 436.3 1,308.2 44.6 Competitive ...... 4,229.8 +1,356.8 5,326.2 (1/3) 1,325.0 (3/24) Short-Term Notes...... 2,551.4 2,315.7 680.0 176.8 Negotiated ...... 11,769.7 +1,743.9 14,835.0 (4/3) 4,084.5 (2/19) Long-Term Bond Sales Thru 7/10/2020 Thru 7/3/2020 Thru 6/26/2020 Thru 7/5/2019 Month to Date...... $14,753.2 $1,597.5 $45,226.6 $447.0 Year to Date ...... 209,980.0 202,603.4 198,097.8 173,747.4 The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com. day”schedule.

Short-Term Tax-Exempt Yields

Jul. 2, 2020 Jul. 1, 2020 Jul. 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 0.00 Competitive Negotiated Total Competitive Negotiated Total San Anto Tex Indpt sch Dist, Calif., 4.00s (Aug. 15) . . . 0.21 0.21 1.25 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif., 5.00s (Jun. 30) . . 0.00 0.00 0.00

Weekly Averages Monthly Averages 07/02 2,428,294 11,155,583 13,583,877 Jun_20 2,743,299 10,739,739 13,483,038 Municipal Market Data 06/26 2,245,308 9,253,134 11,498,443 May 2,573,712 8,924,640 11,498,352 One-Month Note (MIG-1) ...... 0.21 0.21 1.42 Two-Month ...... 0.22 0.22 1.41 06/19 2,278,607 8,042,774 10,321,381 Apr 1,896,160 11,831,347 13,727,507 Three-Month ...... 0.23 0.23 1.40 06/12 3,159,075 11,406,654 14,565,729 Mar 2,330,672 11,328,615 13,659,287 Four-Month...... 0.24 0.24 1.38 06/05 3,064,126 10,449,014 13,513,140 Feb 3,488,285 6,834,552 10,322,837 Five-Month ...... 0.25 0.25 1.36 05/29 2,863,199 8,426,091 11,289,290 Jan 3,686,529 6,255,930 9,942,460 Six-Month ...... 0.26 0.26 1.35 05/22 2,283,488 9,195,653 11,479,142 Dec 2,415,545 8,879,401 11,294,946 Nine-Month...... 0.27 0.27 1.32 One-Year ...... 0.30 0.30 1.30 05/15 2,475,729 9,126,759 11,602,488 Nov 3,001,881 12,458,477 15,460,358 05/08 2,782,593 8,596,700 11,379,293 Oct 3,948,065 10,035,436 13,983,501 Variable-Rate Demand (Non-AMT/AMT) 05/01 1,907,048 10,737,723 12,644,771 Sep 2,908,169 9,016,317 11,924,486 Daily General Market ...... 0.06/0.10 0.07/0.11 1.20/1.30

04/24 2,021,420 10,238,037 12,259,457 Aug 3,892,634 7,169,949 11,062,583 Jul. 2, 2020 Jun. 25, 2020 Jul. 3, 2019 04/17 1,830,019 11,230,360 13,060,378 Jul 2,829,215 5,502,430 8,331,645 Seven-Day General Markets ...... 0.18/0.24 0.23/0.29 1.59/1.62 04/09 1,920,245 14,246,466 16,166,711 Jun 4,232,721 4,461,583 8,694,304 Jul. 1, 2020 Jun. 24, 2020 Jul. 3, 2019 The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected Jefferies & Co. (as of 03/18) to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the negotiated supply has been reported since 1971. Jefferies Short-Term Index Rate (Jef STR) ...... 0.70 0.70 2.00 Jul. 1, 2020 Jun. 24, 2020 Jul. 3, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.09 0.13 1.49

Visible Supply Increases Municipal Market Data General Obligation Yields

18 Aaa Aa Insured A Baa May 21 – Jul. 6, 2020 15 2021 0.25 0.30 0.33 0.44 1.44 2022 0.27 0.33 0.38 0.53 1.52 12 2025 0.41 0.51 0.63 0.78 1.78 2030 0.90 1.05 1.17 1.31 2.36 9 2035 1.23 1.43 1.53 1.72 2.80 6 2040 1.43 1.64 1.73 1.92 3.00 2045 1.58 1.79 1.87 2.06 3.14 3 2050 1.63 1.84 1.93 2.12 3.20

0 Figures are as of 3 pm Eastern time Jul. 2, 2020. Yields represent the fair market offer side for most liquid and available credits in each 5/21 5/27 6/1 6/4 6/9 6/12 6/17 6/22 6/25 6/30 7/6 ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright Competitive Negotiated property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

016_BB070620 16 7/2/2020 4:35:31 PM Monday, July 6, 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 Aaa – AAA 1M — 07/28/2020 ...... 0 110/100. 0 115/110. 0 112 . 6/30 23.0 Fairfield (Town), Conn., ...... … 0.36 1.40 1.95 2.27 … … 6/24 30.0 Wilmette Vlg, Ill., ...... 0.23 0.68 1.38 2.05 2.30 2.50 2.55 3M — 10/01/2020 ...... 0 140/135. 0 140/135. 0 142 . 6/23 5.5 Middlesex County, N.J., ...... 0.30 0.51 1.45 1.90 … … … 6M — 12/31/2020 ...... 0 155/150. 0 160/155. 0 157 . 6/23 5.1 Redding (Town), Conn., ...... 0.25 0.50 1.10 1.50 … … … Treasury Notes and Bonds 6/17 33.2 Lwr Merion Twp, Pa., ...... 0.21 0.37 1.15 2.04 2.29 … … 6/16 105.9 Henrico County, Va., ...... … 0.41 0.91 1.86 2.11 … … Yesterday’s Prev. Day’s Yesterday’s 6/16 15.6 Watertown (Town), Mass., ...... 0.24 0.42 0.95 2.00 2.25 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 6/11 15.5 Windsor (Town), Conn., ...... 0.20 0.43 1.03 1.92 2.20 … … 2Y — 0 .13% due 06/2022 . . . . 99 296/310. 99 286/300. 0 161. 6/10 88.2 Suffolk Co Wtr Auth, N.Y., ...... 0.39 0.91 1.69 1.93 2.43 … … 5Y — 0 .25% due 06/2025 . . . . 99 240/25+. 99 206/222. 0 301. 6/10 18.0 Lexington (Town), Mass., ...... 0.20 0.43 1.00 2.00 … … … 10Y — 0 .62% due 05/2030 . . . . 99 166/186. 99 136/156. 0 675. 6/10 17.8 Southampton (Town), N.Y., ...... 0.15 0.35 1.05 2.00 2.22 … … 6/9 25.1 Needham (Town), Mass., ...... 0.20 0.40 1.00 1.95 2.12 … … 30Y — 1 .25% due 05/2050 . . . . 95 202/222. 95 17+/19+. 1 430. Aa1/Aa2/Aa3 – AA+/AA/AA– Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 7/1 67.4 Salt Lake Metro Wtr Dt, Utah., ...... 0.26 0.86 1.65 2.04 … … … 7/1 24.1 Syosset Ctrl SD, N.Y., ...... 0.47 0.71 1.40 2.00 … … … Barclays Capital Long Treasury Bond Index 6/30 27.5 Harnett County, N.C., ...... 0.27 0.47 0.96 1.93 2.16 … … Index Value Yield Index Total 6/30 8.1 River Vale Twp, N.J., ...... 0.40 0.60 1.50 2.04 2.30 … … 6/30 6.5 Connecticut Reg SD #5, Conn., ...... 0.30 0.48 1.10 1.50 … … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 6/29 2.2 Green Bay, Wis., ...... … 1.00 1.60 2.10 2.45 … … Close 4949 71. 4968 17. –18 46. 1 34. 1 32. +0 02. 4849 71. 6/29 3.4 Lake George Ctrl SD, N.Y., ...... 0.30 0.42 1.20 1.55 … … … The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 6/25 35.1 North Texas Municipal Wtr, Tex., ...... 0.30 0.54 1.10 1.43 2.30 2.43 2.48 (Jan. 1 1973 = 100). 6/25 17.1 Manchester, Tenn., ...... 0.37 0.60 1.25 1.70 … … … 6/25 6.6 Pequannock Twp, N.J., ...... 0.40 0.60 1.50 2.05 2.30 2.48 … 6/24 99.0 Neenah Jt SD, Wis., ...... 0.27 0.60 1.38 2.00 2.25 … … 6/24 48.6 Meriden, Conn., ...... 0.30 0.49 1.33 2.03 2.28 … … A1/A2/A3 – A+/A/A– State and Local Government Series Rates 7/1 5.2 Spencer County SD Fin Corp, Ky., ...... 0.70 1.05 1.60 2.05 2.30 … … 6/17 5.1 Whitewater, Wis., ...... 0.40 0.70 1.30 1.65 2.10 … … Friday Monday Tuesday Wednesday Thursday 6/16 4.5 Wonewoc-Union Center SD, Wis., ...... 0.50 0.75 1.30 1.65 … … … Jun. 26 Jun. 29 Jun. 30 Jul. 1 Jul. 2 6/15 4.7 Lynnville-Sully Comm SD, Iowa., ...... 0.35 0.65 1.25 1.60 2.00 … … Overnight*...... 0 11 . 0 11 . 0 11 . 0 11 . 0 11 . 6/2 9.4 Dike-New Hartford, Iowa ...... 0.45 0.75 1.30 1.70 2.05 … … Three Months...... 0 13 . 0 13 . 0 14 . 0 14 . 0 14 . 5/28 7.3 Ligonier Redev Auth, Ind., ...... 0.95 1.45 2.10 2.55 2.80 … … Six Months...... 0 16 . 0 16 . 0 16 . 0 16 . 0 16 . 5/12 5.7 Mccordsville (Town), Ind., ...... 0.85 1.20 1.70 2.15 2.35 … … Nine Months...... 0 16 . 0 16 . 0 16 . 0 16 . 0 16 . 5/7 1.5 Moriah Ctrl SD, N.Y., ...... 1.20 1.55 1.95 2.35 … … … One Year...... 0 16 . 0 15 . 0 15 . 0 15 . 0 15 . 5/5 1.0 Chazy UFSD, N.Y., ...... 1.20 1.55 2.05 2.60 2.80 … … Two Years ...... 0 16 . 0 16 . 0 13 . 0 15 . 0 15 . 5/4 2.0 Sapulpa, Okla., ...... … 1.85 2.35 2.85 3.35 3.70 … Three Years...... 0 19 . 0 18 . 0 16 . 0 17 . 0 19 . 4/22 9.9 Kentucky Rural Wtr Fin, Ky., ...... 1.45 1.65 2.15 2.70 3.00 3.05 3.10 Four Years...... 0 24 . 0 22 . 0 20 . 0 22 . 0 24 . Five Years...... 0 30 . 0 29 . 0 26 . 0 29 . 0 31 . 4/20 11.2 Dallas Co R-I SD, Mo., ...... 1.20 1.40 1.80 … 2.50 2.75 … Six Years...... 0 40 . 0 39 . 0 36 . 0 40 . 0 41 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 49 . 0 48 . 0 45 . 0 50 . 0 51 . Eight Years...... 0 55 . 0 54 . 0 51 . 0 56 . 0 58 . Nine Years...... 0 60 . 0 59 . 0 56 . 0 62 . 0 64 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 66 . 0 65 . 0 62 . 0 68 . 0 69 . 15 Years...... 0 92 . 0 91 . 0 88 . 0 96 . 0 96 . Performance Comparisons for Jun. 29, 2020 20 Years...... 1 17 . 1 15 . 1 13 . 1 21 . 1 21 . Aaa–Baa Rated Corporates 25 Years...... 1 33 . 1 30 . 1 29 . 1 36 . 1 36 . Index Avg. Pct.of Total Return% 30 Years...... 1 39 . 1 37 . 1 36 . 1 44 . 1 44 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3404.11 2.26 100.00 +0.01 +4.77 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2201.08 1.73 64.90 +0.07 +4.13 Industrials 794.14 1.75 35.00 +0.04 +3.81 Utilities 781.04 1.66 6.00 +0.15 +5.37 Finance 765.57 2.44 4.42 +0.26 +2.65 Banks 820.91 1.54 18.26 +0.06 +4.79 Canadians/Yankees 728.12 1.56 34.20 +0.14 +3.85 Long-term (10 years and over) 3644.00 3.25 35.10 –0.11 +6.01 MARKET Industrials 1393.74 3.30 21.53 –0.19 +5.04 Utilities 1411.72 3.12 7.17 +0.11 +8.28 STATISTICS Finance 1399.14 3.32 2.23 0.00 +6.07 For additional market data, please visit Banks 1548.07 3.08 2.89 –0.06 +6.71 bondbuyer.com/marketstatistics. Canadians/Yankees 1936.15 3.45 10.52 +0.10 +4.05 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_BB070620 17 7/2/2020 3:56:03 PM Market Statistics Monday, July 6, 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 December 13, 2019 pricings. GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2020 Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after JUL 2 ...... 2 21 . 1 74 . 2 63 . 0 68 . 1 43 . the June 30 pricings. The list will be revised at the next regularly scheduled revision on July 15. JUN 25 ...... 2 21 . 1 74 . 2 63 . 0 68 . 1 43 . 18 ...... 2 21 . 1 74 . 2 63 . 0 70 . 1 47 . 11 ...... 2 19 . 1 72 . 2 61 . 0 66 . 1 41 . As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 4 ...... 2 16 . 1 69 . 2 58 . 0 82 . 1 61 . average par call date is July 3, 2026 and the average maturity date is May 18, 2046. MAY 28 ...... 2 16 . 1 69 . 2 58 . 0 70 . 1 47 . 21 ...... 2 37 . 1 90 . 2 79 . 0 68 . 1 40 . 14 ...... 2 48 . 2 01 . 2 90 . 0 63 . 1 30 . 7 ...... 2 60 . 2 13 . 3 02 . 0 63 . 1 31 . APR 30 ...... 2 56. 2 09. 2 98. 0 64. 1 28. 23 ...... 2 36 . 1 89 . 2 86 . 0 60 . 1 19 . 16 ...... 2 25 . 1 78 . 2 75 . 0 62 . 1 21 . 9 ...... 2 49 . 1 99 . 2 99 . 0 73 . 1 35 . 2 ...... 2 84 . 2 37 . 3 34 . 0 63 . 1 26 . MAR 26 ...... 2 27 . 1 80 . 2 77 . 0 84 . 1 42 . 19 ...... 2 72 . 2 25 . 3 22 . 1 12 . 1 78 . 12 ...... 2 57 . 2 10 . 3 07 . 0 88 . 1 47 . 5 ...... 2 31 . 1 84 . 2 81 . 0 92 . 1 56 . FEB 27 ...... 2 27 . 1 80 . 2 77 . 1 30 . 1 80 . 20 ...... 2 46 . 1 99 . 2 96 . 1 52 . 1 97 . 13 ...... 2 51 . 2 04 . 3 01 . 1 62 . 2 07 . 6 ...... 2 53 . 2 06 . 3 03 . 1 64 . 2 11 . JAN 30 ...... 2 47 . 2 00 . 2 97 . 1 57 . 2 04 . 23 ...... 2 54 . 2 07 . 3 04 . 1 73 . 2 18 . 16 ...... 2 56 . 2 09 . 3 06 . 1 81 . 2 26 . 9 ...... 2 63 . 2 16 . 3 10 . 1 85 . 2 32 . 2 ...... 2 73 . 2 26 . 3 20 . 1 88 . 2 34 . DEC 26 ...... 2 74 . 2 27 . 3 21 . 1 90 . 2 33 . 19 ...... 2 74 . 2 27 . 3 21 . 1 91 . 2 35 . 12 ...... 2 74 . 2 27 . 3 21 . 1 90 . 2 32 .

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

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

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

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

Weekly Yields of 20-Bond GO Index and Treasury Securities

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2 .21 2 .21 3 .49 3 .49 2 .16 10-Year Treasury Note 0 .68 0 .68 1 .96 2 .13 0 .60 STATISTICS 30-Year Treasury Bond 1 .43 1 .43 2 .47 2 .64 1 .19 Basis Pt Spread to Note –153 .00 –153 .00 –153 .00 –75 .00 –221 .00 For additional market data, please visit BBI as % of Note 325 .00 325 .00 178 .06 450 .79 141 .44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –78 .00 –78 .00 –102 .00 –30 .00 –158 .00 BBI as % of Bond 154 .55 154 .55 141 .30 225 .40 113 .27

018_BB070620 18 7/2/2020 4:28:10 PM Monday, July 6, 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 133.27 133.27 133.25 132.11 132.08 Standard & Poor’s Securities Evaluations Inc. Thursday, July 2, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 114.8670 0.9256 124.1000 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 110.0220 0.9628 114.2730 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 108.6090 0.9256 117.3390 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 111.9450 0.9269 120.7735 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 105.7000 0.9269 114.0360 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 106.1710 0.9269 114.5442 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 105.125 unch 3.12 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 111.3550 0.9269 120.1370 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 115.375 unch 2.12 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 107.8080 0.8539 126.2537 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 105.125 unch 2.85 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 106.2430 0.8539 124.4209 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 101.500 unch 3.82 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 101.9170 0.8771 116.1977 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 110.375 unch 2.41 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 105.7750 0.8595 123.0657 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 105.1130 0.8595 122.2955 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 107.7870 0.8539 126.2291 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 112.000 unch 1.33 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 107.8840 0.8568 125.9150 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 111.375 unch 1.50 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 108.5850 0.8539 127.1636 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 110.250 unch 2.52 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 102.7870 0.7809 131.6263 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 106.250 unch 2.49 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 103.9570 0.7768 133.8272 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 107.875 unch 2.42 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 103.1640 0.7768 132.8064 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 113.875 unch 2.19 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 106.8800 0.8512 125.5639 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 108.625 unch 2.34 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 111.3980 0.8568 130.0163 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 107.750 unch 1.80 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 105.1710 0.8512 123.5562 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 107.750 unch 2.43 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 108.7280 0.8568 126.9001 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 112.3610 0.8512 132.0031 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 110.4150 0.8568 128.8690 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 104.000 unch 2.32 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 108.3790 0.8174 132.5899 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 103.125 unch 2.45 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 111.2860 0.8568 129.8856 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 111.375 unch 2.02 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 110.2220 0.8512 129.4901 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 108.750 unch 2.66 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 108.1270 0.8484 127.4481 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 105.750 unch 2.59 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 107.0360 0.8484 126.1622 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 109.125 unch 2.70 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 108.7100 0.8568 126.8791 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 111.250 unch 2.25 31 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 112.6510 0.8484 132.7805 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 112.625 unch 2.33 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 107.8870 0.8539 126.3462 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 102.750 unch 2.49 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 113.9000 0.8512 133.8111 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 111.625 unch 2.48 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 109.1900 0.8595 127.0390 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 106.875 unch 2.82 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 113.9080 0.8625 132.0672 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 107.625 unch 3.00 36 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 115.3630 0.8484 135.9771 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 108.125 unch 2.84 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 107.6730 0.8539 126.0956 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 107.000 unch 2.99 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 111.6430 0.8568 130.3023 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 107.875 unch 2.88 39 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 101.4640 0.8539 118.8242 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 94.9780 0.995 95.4553 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 108.750 unch 2.56 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 108.1765 108.1689 108.1143 106.9467 107.1615 POWER Yield To Par Call ...... 2.63 2.63 2.65 2.86 2.99 Yield To Maturity ...... 3.63 3.63 3.63 3.70 3.69 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 110.000 unch 2.43 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 108.625 unch 2.37

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 114.875 unch 0.39 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 ...... 105.750 unch 3.21 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 ...... 106.125 unch 3.07 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . . 95.000 + 0.125 4.30 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 101.875 unch 3.73 The Municipal Bond Index presented today employs the coefficient derived from the June 30, 2020 pricing, A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 112.375 unch 2.21 when it was set at 1.068. The average price represents the simple average price of the 40 bonds. The yield to par call is computed from the average price, the average coupon (4.11%), and the average first par call WATER date ( July 03, 2026). Noncallable bonds are included in the par call yield calculations, with their maturity dates serving as their par call dates in the calculations. The yield to maturity is computed from the average Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 108.375 unch 2.25 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 . . 113.875 unch 2.10

019_BB070620 19 7/2/2020 4:27:54 PM Monday, July 6, 2020 20 The Bond Buyer

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