Vol. 392 No. F563 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Friday, May 1, 2020

FRIDAY April Sees April municipal bond issuance www.bondbuyer.com Fight on as Light Muni $50B THE REGIONS Muni Board MAJOR FISCAL PRESSURES FACING $40B New Jersey from the COVID-19 Issuance pandemic prompted a nega- By Aaron Weitzman $30B Slims Down tive outlook from S&P Global Ratings to the state’s $33.6 April finished with $23.7 billion of municipal bond is- $20B By Sarah Wynn billion of outstanding debt. �4 suance, a 15% decline from the $27.9 billion that was issued in $10B The Municipal Securities THE METROPOLITAN TRANSPORTATION April of 2019 and the lowest Rulemaking Board’s proposal to Authority could tap the Federal muni volume total in the month reserve two seats for municipal ad- Reserve’s new liquidity pro- of April since 2011. $0 visors is drawing protest from the gram indirectly through New Volatility from the pandem- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 broker-dealer community as the ic has caused erratic swings in MSRB looks to how to reconfig- York State to help cope with benchmark yields and an envi- Source: Refinitiv ure a possibly shrinking board of its massive financial hit from ronment in which issuers and directors. COVID-19, its chief financial dealers alike have struggled to In a Wednesday comment letter, officer said. �������������������������4 bring new deals to market. decrease from the $27.93 bil- “With the building concern the Securities Industry and Finan- Municipal volume was lion in 711 transactions that got over credit, many issuers chose cial Markets Association said re- WEB EXCLUSIVES $23.76 billion spanning 703 done in March of 2019. to postpone or even cancel their serving two seats gives MAs too deals, a decrease from the “We were off this month by deals, especially if they were much representation under a pro- S&P GLOBAL RATINGS ON THURSDAY $27.96 billion in 842 trans- roughly a week and half of is- not of a critical nature,” he posal to reduce the MSRB’s board revised the rating outlook actions there were in April of suance and I think that is pret- said. “We also think that issuer size to 15 from 21 members. to negative from stable on 2019, although volume did ty good, considering what has capital plans were and will con- “This proposal not only gives increase from March’s pal- happened,” said Peter Block, tinue to be reviewed against the municipal advisors outsized repre- Detroit’s BB-minus issuer cred- try $16.99 billion of issuance managing director of credit and backdrop of heightened eco- sentation compared to other regu- it rating and 2018 unlimited spanning 522 deals, a 39.2% market strategy at Ramirez and nomic, budgetary, and credit lated categories, but it also favors tax-general obligation bonds. company. uncertainty.” certain types of municipal advisors The sharp drop in April Lipton added that the market over others,” wrote Leslie Nor- ILLINOIS PUBLISHED ITS FISCAL 2019 THURSDAY’S YIELDS volume can be ascribed to should prepare for a backlog wood, SIFMA’s managing director, in issuance should the econo- financial results Thursday as The Bond Buyer 40 the outsized concern over the associate general counsel. COVID-19 pandemic and the my begin to come back on line Currently, within the public rep- strains from the coronavirus 5.3 To Maturity related economic closure, ac- sooner than expected with cred- resentative category, at least one pandemic loom large over fis- 3.93 Unchanged 4.5 cording to Jeffrey Lipton, it not materially impacted. board member must be represen- cal 2020 and 2021. managing director of munici- “As the market dramatically tative of institutional or retail in- 3.7 pal research and strategy and sold off in March, mutual funds vestors, at least one be representa- municipal capital markets at were actively liquidating hold- tive of issuers and at least one be WITH SOME ECONOMISTS forecast- 2.9 ing the worst downturn since Oppenheimer & Co. Turn to April page 14 Turn to Dealers page 3 2.1 To Par Call the Great Depression, munici- 3.59 Up 0.02 pal bond investors might want 1.3 04/17 04/22 04/27 04/30 to know what happened to How Pandemic Impacted a Hospital Bankruptcy state and local debt securi- 5.5 By Keeley Webster ties during that event, writes 5.0 Marc Joffe of The Reason 4.5 The coronavirus pandemic Foundation. 4.0 changed the course of the bank- 3.5 ruptcy proceedings for a failing PODCAST: WILLIAM SIMS AND JIM 3.0 non-profit hospital chain. Bodine of Herbert J. Sims 2.5 In March, California Gov. 2.0 & Co. discuss the impact of Gavin Newsom was looking for 1.5 properties to create 50,000 new COVID-19 on the senior living AMFJDNOSAJJM hospital beds to cover anticipat- industry. Complete market coverage appears on page 2 ed shortfalls of treatment space for COVID-19 patients. Included on a list of 15 prop- erties he secured are two Verity Health System hospitals — one of which had closed — that the state is leasing for three months at a cost of $30 million. The agreement was approved by the U.S. Bankruptcy Court on March 20. Los Angeles County The six-hospital chain filed The California government is leasing Verity Health’s shuttered St. Vin- Turn to State’s page 5 cent Hospital in Los Angeles as a surge facility for COVID-19 patients.

001_BB050120 1 4/30/2020 5:15:20 PM Market News Friday, May 1, 2020 2 The Bond Buyer Dislocations in Trading, Pricing Remain in Municipal Market The municipal secondary was steady again, sources said. said. get deals done, or start at a concession to Thursday according to AAA benchmarks Meanwhile, the Municipal “It’s a day with scales un- the market to get the attention of the buy but several trades pointed to dislocations Securities Rulemaking Board changed, but certainly a wari- side,” Stare said, noting that is especially on several high-grade names. Thursday released trading ness in the muni markets,” true for relatively smaller deals under $50 Market participants indicated the dislo- statistics for the first quarter John R. Mousseau, president million. cations were likely attributable to month- of 2020 that “reflect signifi- and chief executive officer “The bellwether names are getting done end accounting issues. cant disruption.” and director of fixed income and not being heavily oversubscribed,” The primary saw two deals from Cali- “Trading volume reached at Cumberland Advisors, said he said, pointing to this week’s $1.1 bil- fornia, a San Diego water deal and a City highs not seen since 2008, Thursday afternoon. lion New York Power Authority deal. “It and County of San Francisco GO offer- with par amount traded to- “There’s clearly a hang- wasn’t a riot, but was a successful transac- ings, both priced with bumps in a repric- taling about $1 trillion,” the over from Mitch McConnell’s tion that was not terribly oversubscribed. ing. MSRB said. “Retail trade By Lynne Funk statement from last week,” he “Once you get north of $100 million The yields on the original pricing were activity, measured as trades added, pointing to the U.S. you can usually attract the buyers to look cheap, according to some traders, who of $100,000 or less, declined Senate Majority Leader’s at the deal but it depends on credit and said it was “unsurprising” because the while institutional trades of more than $1 comments on April 22 that cash-strapped price,” Stare said. deal was “priced to go.” million increased compared to the first states impacted by COVID-19 declare He said spreads have widened out be- Lipper reported $1.26 billion of out- quarter of 2019.” bankruptcy. cause the market doesn’t believe the tri- flows out of municipal bond mutual funds, There still was a relatively quiet tone in “The big question is do we ramp back ple-A curve is where it should be, and signaling this market is not fully stable yet the market Thursday spurred by a range of to 95% economic activity pre-crisis — many are being cautious and sitting on and retail is not yet ready to engage. technical issues, from month-end account- which is still a recession — or to 80% the sidelines. What it all points to is that the market ing and financing to spread widening, of pre-crisis, which is near Depression “Today you have month end, so that’s is seeing a steady upward yield trend and price volatility and the COVID-19 impact levels,” Mousseau said. one of the reasons the market is quiet — higher gross yields are attracting buyers on businesses and the economy, sources “It’s fairly quiet,” a day ahead of cities people are squaring away their books,” and counties re-opening restaurants and he said. stores to jump-start the economy in Texas, Overall, larger deals are got much of the according to Pete Stare, municipal under- primary market’s attention, even though it Powell Says Fed Will Stay Vigilant writer at Hilltop Securities in Dallas. lacks conviction and is on “soft ground,” “I think the market has a decent tone according to a New York trader. to it, but the problem is we have been “The market was pleased to see the Dealing with Coronavirus Effects through 10 days or so that the MMD curve Power Authority transaction go well on After the Federal Reserve conference that they would has been cut to higher yields,” he said. Wednesday … we needed that,” he said voted to keep interest rates be ‘forceful, proactive and “You either have to cut the price to Thursday afternoon. q steady at its latest meeting, aggressive’ in combating the market analysts on Thursday effects of the economic shut said the central bank was do- down. ing all it could do to keep the “When is the last time you Money market funds see outflows again U.S. from falling into a eco- heard a Fed Chair use the nomic depression. words forceful and aggressive $10B The Federal Open Market when it comes to monetary $8B Committee on Wednesday left policy? Usually those words $6B instill fear. But in this case, it the target range for the Fed $4B funds rate unchanged at zero might just be that the Fed is Chip Barnett to 0.25% and announced no instilling confidence,” Boyan $2B new policy initiatives. said. $0 At the press conference after the meet- Looking ahead, others said it could $-2B ing, Fed Chair Jerome Powell said the be a while before the Fed was confident Fed was doing everything in its power to enough about the situation to slow quan- $-4B help people and businesses deal with the titative easing. $-6B pandemic. “A scheduled FOMC meeting must feel $-8B “Fed Chairman Jay Powell went into like light relief at the Fed at the moment, $-10B great detail about the depths of the loss- with no less than 10 domestic credit facil- es already incurred. He underscored the ities newly announced (or reactivated) in 4/274/204/134/63/303/233/163/93/22/242/172/10 uncertainty about the duration of the cri- response to the crisis,” said Brian Coulton, sis,” said Diane Swonk, chief economist at chief economist at Fitch Ratings. “The Source: Informa Financial Intelligence GrantThornton. “The outcome is depen- statement reaffirms the open-ended QE dent upon how quickly the virus itself is commitment and signals interest rates are contained as well as the support provided going nowhere until the Fed is confident Thursday’s Economic Indicators by governments to blunt the blow.” that the U.S. economy has ‘weathered She said Powell made a rare plea for recent events.’ It could take a long time Indicator Last Report Forecast Actual The Bond Buyer Indexes more fiscal support in response to the cri- before the Fed feels confident about that Initial Jobless Claims 4/18: 4.442M 4/27: 3.500M 4/27: 3.389M sis. — we don’t see pre-virus GDP levels be- Personal Income Feb.: +0.6% March: -1.5% March: -2.0% “He was quite direct in his language ing reached until 2022.” Personal Spending Feb.: +0.1% March: -5.0% March: -7.3% BB 20-Bond Index BB 11-Bond Index BB Revenue Bond Index BB Municipal Bond Index 5.1 5.0 that we will be needing more support from Swonk said economists expected more Chi PMI Mar.: 47.8 Apr.: 37.9 Apr.: 35.4 4.1 4.1 Yield to Maturity Congress,” Swonk said. “The Fed is lim- support will be needed going forward. Figures are weekly averages for daily Forecasts represent the median of estimates by economists polled by IFR Markets yields from the BB40 ending Thursday ited in that it can lend but not spend. The “Powell has been one of the lone voices latter is the purview of Congress. Powell in Washington, D.C., to underscore that 3.5 3.4 4.4 4.5 2.56% 2.09% 2.98% 3.89% is clearly ready to do more to leverage the current crisis is wreaking havoc on Thursday’s Data Up 0.20 Up 0.20 Up 0.12 Up 0.12 spending by Congress if needed.” businesses and individuals through ‘no 5 6 Others said that the Fed was remaining fault of their own.’ He has made it the Government Securities Prices 10-year: 108 /32 to yield 0.64%, down /32 3.0 2.8 3.8 4.0 focused on how to keep the U.S. from Fed’s mission to keep firms and house- 29 29 30-year: 117 /32 to yield 1.28%, down /32 falling into a deep recession. holds solvent through the crisis but it can- 9 3 Municipal Bond Index 127 /32, down /32 “We are already heading for a recession not carry the economy alone,” Swonk said. 2.5 2.1 3.1 3.5 as shown in the recent GDP numbers, “More is needed. The consensus among The Bond Buyer’s Total: $12.505 billion, up $2.132 billion but just how severe it will be remains to economists is that we will need another 30-Day Visible Supply Competitives: $2.312 billion, up $643.9 million be seen,” said George Boyan, president $2 trillion in aid and stimulus added to the (as of 5/01) Negotiated: $10.193 billion, up $1.488 billion 2.0 1.5 2.5 3.0 of Leumi Investment Services. “Chair nearly $3 trillion Congress has already 02/06 02/20 03/05 03/19 04/02 04/16 04/30 02/06 02/20 03/05 03/19 04/02 04/16 04/30 02/06 02/20 03/05 03/19 04/02 04/16 04/20 02/06 02/20 03/05 03/19 04/02 04/16 04/30 TheMuniCenter List Offering Total: $015.5 million, down $0.2 million 02/13 02/27 03/12 03/26 04/09 04/23 02/13 02/27 03/12 03/26 04/09 04/23 02/13 02/27 03/12 03/26 04/09 04/23 02/13 02/27 03/12 03/26 04/09 04/23 Powell said numerous times in his press approved.” q

002_BB050120 2 4/30/2020 5:15:23 PM Friday, May 1, 2020 Washington www.bondbuyer.com 3 Dealers and Advisors Clash Over Dwindling Seats on MSRB Continued from page 1 of their overall business.” BDA recommends the MSRB wait until Gaffney said. Bond Dealers of America said reserving fiscal year 2022 to implement any changes. A group of former MSRB board members a member of the public. The board must be two spots for MAs out of seven regulated To transition to 15 members, the MSRB is also weighed in via joint comment letter. majority public, meaning that dealers and slots is bad policy. considering a three-year plan where all board Those MSRB alumni include Steve Apfel- muni advisors must not outnumber members “First, the vast majority of dealer MAs ac- members elected during the transition would bacher, board member from 2014-2017; not regulated by the MSRB. tive in the municipal market also underwrite be appointed to four-year terms. The board Renee Boicourt, board member from 2016- In the regulated category, at least one municipal securities,” wrote Mike Nicholas, would then resume electing new members in 2018; Marianne Edmonds, board member board member must be associated with a BDA CEO. “There are very few examples of fiscal year 2022. from 2012-2015; Robert Lamb, board mem- dealer that is a bank, at least one be associ- dealer MA firms who do not also underwrite “While we agree with the transition plan ber from 2010 to 2013 and vice chair from ated with a dealer that is not a bank, and at municipals — we are aware of only three — to reduce the board size, we would have 2011-2012; Nathaniel Singer, board mem- least one (and not less than 30%) of members so a rule change of this nature, which would preferred the MSRB to seek public comment ber from 2013-2016 and chair in 2015 and must be associated with an MA. exclude dealer MAs who also underwrite, before proposing planning the transition plan Noreen White, board member from 2010 In practice this means the board has three appears targeted. Second, dealers pay the vast that essentially is going to implement and to 2014. MAs, as the current board does. majority of the MSRB’s expenses. Around reduce the board members de facto by not The former board members do not think The board is now considering requiring 80% of the MSRB’s revenue is derived from soliciting a new class of board members,” that the number of MAs should be reduced that within the group of regulated represen- fees paid by dealers.” Norwood said. in a future board and said three are needed. tatives, there must be at least two MAs. The BDA also asked the MSRB to change The National Association of Municipal The former board members had expected board is also considering permitting one MA MSRB Rule A-3 on governance, which lays Advisors wants there to be three total MA the rigorous rulemaking involving MAs that to be associated with a dealer provided that out board composition and eligibility re- seats as the number of board members de- began with the 2010 Dodd Frank Act would the dealer does not engage in underwriting quirements, to specify a minimum number creases. be complete by now, but told the MSRB that municipal securities. of issuer seats on the board. There is diversity within the MA profes- recent events have shown that new MA reg- In comment letters sent to the MSRB this The MSRB also proposed changing the sion that should be represented on the board ulation has not been put to bed. week, dealers, analysts and issuers alike ar- amount of time to five years from two years as rulemaking continues to develop for MAs, They cited as an example the Securities gued for more representation on the board. that a public representative must not be asso- said Susan Gaffney, NAMA executive di- and Exchange Commission’s proposed ex- The MSRB published its request for com- ciated with a dealer or MA firm before being rector. emptive order released late last year that ment earlier this year and though comments eligible to serve as a public member. MAs also represent and have a fiduciary would allow MAs to participate in some pri- were originally due on March 30, the MSRB That proposal is in line with that of Sen. duty to issuers, and the combination of poten- vate placement activities without registering extended the deadline due to the coronavirus. John Kennedy, R-La. who introduced his tial reduced MA numbers and reduced issuer as broker-dealers. SIFMA said dealer firms employ thou- MSRB Reform Act of 2019 bill a year ago. representation could harm MSRB objectives, The former board members also supported sands of individuals who are licensed to The bill would also would whittle down the Gaffney suggested. a longer separation period for public repre- transact in municipal securities, while the board to 15 members and require a five-year Her concern arose from the fact that the sentatives. number of licensed MAs are a fraction of that cooling-off period for public members. proposal would likely mean dropping MA “Based on our experience as board mem- number. Dealers provide the MSRB with the BDA said five years is too long for a board representation on the board to two members bers involved in the identification of new bulk of its data and operational experience, member to be effective and wants the MSRB from three, even though proportionally the board members, we believe that a longer sep- Norwood said. to keep the two-year period. change would be small. aration period will reduce the pool of qual- “Where does the MSRB get all that infor- BDA supports changing the board size to “The issues that the MSRB will be ad- ified public representative applicants,” the mation?” Norwood said during an interview. 15 from 21. dressing in the future more than likely will former board members wrote. “Nonetheless, “It’s from the broker dealer reporting, not The MSRB has decided not to initiate its impact issuers, especially as it relates to dis- the perception of a conflict is serious enough municipal advisors — getting that type of new board member recruitment for 2020 to closure and the EMMA portal,” Gaffney to warrant a longer separation period.” functionality experience on the MSRB is facilitate the possible transition to a smaller wrote. “Having sufficient representation from The National Federation of Municipal critical and much of that comes from the board size. these parties and those who represent them Analysts told the board that mutual funds, dealer side.” In fiscal year 2020, six board members would be helpful in these endeavors.” a large part of the market, should be in the SIFMA also said placing qualifications on will be ending their four-year terms. The Also, if the MSRB accepts MA board public board member pool. MAs such as limiting a seat to MAs with a remaining 15 members will meet the board’s members from broker-dealer MA firms that Mutual funds are excluded currently be- non-underwriting dealer favors certain types requirements if the proposed changes go do not have an underwriting business, Gaff- cause most of them have a broker-dealer arm, of MAs over others. through. ney said it would be important to have those said Anne Ross, NFMA vice chair. Many “In practice, less than a handful of advisors “This strongly suggests that reducing the members in addition to more than one other credit analysts are also within those mutual fit that profile, in contrast to the multitude board size is a foregone conclusion even MA representative. funds and therefore can’t be on the board. of dual-registrant municipal advisors who before the comment period on the notice NAMA also wants the MSRB to broaden “This is a great opportunity for the MSRB are affiliated with full-service dealers,” Nor- closes, since the six directors whose terms its thinking on public board representation, to broaden up the definitional aspects of who wood wrote in a comment letter. “It limits will expire in September will leave the board while supporting the five-year separation can or cannot have a seat at the table,” Ross the perspectives of municipal advisors as with the target 15 members if they are not period. said. well as ignores the MSRB registrants that are replaced,” Nicholas wrote. “It doesn’t have to be a formerly regu- NFMA does not want a smaller board, dually-registered and for whom municipal Due to COVID-19 and the fact that the lated person, there are plenty of people in saying it could weaken the potential for more advisory services represent a significant part MSRB is well into its second quarter, the our world that may want to be considered,” balanced and broadened perspectives. q The Bond Buyer Indexes BB 20-Bond Index BB 11-Bond Index BB Revenue Bond Index BB Municipal Bond Index 4.1 4.1 5.1 5.0 Yield to Maturity Figures are weekly averages for daily yields from the BB40 ending Thursday

3.5 3.4 4.4 4.5 2.56% 2.09% 2.98% 3.89% Up 0.20 Up 0.20 Up 0.12 Up 0.12

3.0 2.8 3.8 4.0

2.5 2.1 3.1 3.5

2.0 1.5 2.5 3.0 02/06 02/20 03/05 03/19 04/02 04/16 04/30 02/06 02/20 03/05 03/19 04/02 04/16 04/30 02/06 02/20 03/05 03/19 04/02 04/16 04/20 02/06 02/20 03/05 03/19 04/02 04/16 04/30 02/13 02/27 03/12 03/26 04/09 04/23 02/13 02/27 03/12 03/26 04/09 04/23 02/13 02/27 03/12 03/26 04/09 04/23 02/13 02/27 03/12 03/26 04/09 04/23

003_BB050120 3 4/30/2020 5:15:24 PM Regions Friday, May 1, 2020 4 The Bond Buyer S&P Global Ratings Lowers New Jersey Outlook to Negative By Andrew Coen Jersey’s bond rating over the next year New Jersey reduced pension contribu- borrowing under the Federal Reserve’s depending on the magnitude of ongo- tions and slowed its annual ramp-up in new Municipal Lending Facility that will Major fiscal pressures facing New ing revenue losses and potential pension the percentage of ADC contributed. directly purchase up to $500 billion in Jersey from the COVID-19 pandemic funding shortfalls. S&P will evaluate ac- Gov. Phil Murphy and state lawmakers short-term debt issued by states and large prompted a negative outlook from S&P tual and forecasted revenue losses slated extended the fiscal year by three months municipalities. New Jersey is eligible to Global Ratings to the state’s $33.6 billion to be determined in May and the final to Sept. 30 to account for virus-related issue up to $9.2 billion under the Fed of outstanding bonded debt. 2021 budget scheduled for adoption by revenue losses and temporary liquidity program. S&P revised New Jersey bonds to late September as part of its review pro- challenges stemming from the Federal The 2020 budget projected reserves of negative from stable Wednesday citing cess. government postponing the tax-filing $1.2 billion, or 3.2% of appropriations expected budget deficits while the state Hitchcock noted in his report that deadline to July 15 from April 15. at the close of the fiscal year. Hitchcock combats a coronavirus-driven recession. while New Jersey had been making head- Hitchcock said the move would help said those reserves will now be depleted All non-essential New Jersey businesses way toward addressing past structural New Jersey address near-term challenges because of the current recession with ex- were closed on March 21. budget deficits prior to the COVID-19 but stressed that permanent lost tax reve- ternal liquidity required despite the Mur- “It will be much harder now in a re- outbreak, a steep pension burden persists nue because of reduced economic activity phy administration freezing $921 million cession for the state to achieve structural that will be further challenged while con- poses long-term risks that would likely of discretionary spending appropriations balance,” said S&P credit analyst David fronting an economic downturn. require difficult budget decisions. last month. Hitchcock in a phone interview. “We ex- Budgeted pension contributions in the The state’s ability to make budgetary The press office for Murphy did not pect that they will need to sustain a sig- current fiscal year were at 70% of the adjustments is hampered by soaring ben- immediately respond for comment on the nificant amount of short-term borrowing actuarially determined contribution level efit costs and a high debt load along with S&P outlook change. New Jersey has the to get through this.” with the state planning to increase this sizable public school aid, according to second-lowest bond ratings among U.S. S&P concurrently affirmed its A-minus amount by 10% each year before reach- Hitchcock. states with only Illinois rated lower. q rating on New Jersey general obligation ing full ADC funding in 2023. “New Jersey has very high fixed costs debt. A portion of New Jersey’s pension sys- so it is very hard to restructure the bud- The Garden State’s GO bonds are rat- tem is funded through lottery revenues, get,” Hitchcock said. “They already have ed A3 by Moody’s Investors Service, which declined 27% in March compared the highest debt levels in the country.” COMMENT A-minus by Fitch Ratings and A by Kroll to the year-earlier period. Hitchcock cau- New Jersey’s state tax-supported debt Let us know what you think Bond Rating Agency. Fitch lowered New tioned that New Jersey’s budgeted pen- levels were at $3,788 per capita at the end about this story at Jersey’s debt by one notch and Moody’s sion contributions in fiscal 2020 could of 2019 fiscal year and will likely rise in revised the state to negative from stable be a “tempting target for holdbacks” if 2020 if emergency GO bonds are issued BondBuyer.com earlier this month. the state experiences a steep decline in to offset pandemic-related revenue losses, Hitchcock said there is at least a one sales taxes. according to Hitchcock. Murphy pro- in three chances S&P could lower New During the Great Recession of 2008, posed legislation this month to authorize MTA May Tap Into Fed Liquidity Program Through the State Government

By Paul Burton with a surge in sanitizing expenses, has document, which is being filed right Ahead of the first state budget adjust- combined to pummel the MTA’s bottom now,” Foran said. The MTA, Foran add- ment expected in May, 11 transit and The Metropolitan Transportation line. ed, is also supplementing the prelimi- government watchdog groups called on Authority could tap the Federal Re- Moody’s Investors Service, S&P nary official statement document it is- Cuomo and top lawmakers to respect serve’s new liquidity program indi- Global Ratings and Fitch have down- sued last week. taxes dedicated to the MTA by not di- rectly through New York State to help graded the MTA’s transportation reve- An investor call is scheduled for Fri- verting them to the state general fund, cope with its massive financial hit from nue bonds, its main borrowing vehicle. day. effectively “raiding” them. COVID-19, its chief financial officer Kroll Bond Rating Agency placed the “We wanted to have this new disclo- Reinvent Albany, Permanent Citi- said. MTA’s credits on watch for a down- sure out in the public before we had that zens Advisory Committee to the MTA, “We’re having discussions with the grade. Moody’s rates the bonds A2 call, and that will be available for inves- Straphangers Campaign and Tri-State state,” Robert Foran told reporters on while Fitch and S&P rate them A-plus tors later Friday and over the weekend,” Transportation Campaign were among Wednesday. and A-minus, respectively. Kroll assigns Foran said. the groups. “Right now we cannot go to the pro- its AA-plus rating. According to the MTA’s April 17 dis- The state budget division will propose gram, that’s the Municipal Liquidity The state-run authority, which oper- closure, ridership on subways is down budget adjustments in May. Its director, Facility, directly,” he said. ates New York City’s subways and bus- by 93% since the crisis escalated in Robert Mujica, is also an MTA board “We’re having discussions with the es, two commuter rail lines and several March, and ridership on Long Island member. Federal Reserve but we can’t go direct- interborough bridges and tunnels, is one Rail Road and Metro-North Railroad According to data on the Municipal ly. But we could go indirectly through of the largest municipal issuers with have dropped 97% and 95%, respec- Securities Rulemaking Board’s EMMA either the state or the city or some other roughly $45 billion of debt, including tively. website, a block of Series 2012H trans- eligible borrower,” he said. “They would special credits. A report by consulting firm McK- portation refunding bonds maturing in then borrow, turn around and loan the Gov. Andrew Cuomo on Thursday insey & Co. said the MTA stands to lose 2030 that originally priced at 108.347 money back to us, and then we could ordered the MTA to craft a plan to disin- up to $8.5 billion this calendar year. The cents on the dollar and a 5% coupon take advantage of the facility that way.” fect all subway trains nightly. The extra MTA has requested another $3.9 billion sold to a customer Wednesday night at The Fed on April 9 announced the cost for this undertaking is unknown for from Congress to maintain operations a price of 103.875 cents and a 4.076% program, under which the facility will now, Chairman Patrick Foye said. for the rest of 2020. yield. q purchase up to $500 billion of short- At least 96 MTA employees, most- term notes, with the U.S. Treasury pro- ly subway and bus workers, have died CUSTOMER SERVICE viding $35 billion of credit protection to from the virus as of Wednesday. For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: [email protected] (212) 803-8500. Subscription Rate: $3,420 annually; $3,390 for all other countries. (International rate is for only online.) the Fed using funds appropriated in the Foran said the MTA had delayed a Licensing and Reuse of Content: Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at $2 trillion Coronavirus Aid, Relief, and $920 million issuance planned for this [email protected] or (877) 652-5295 for more information. Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. Single copies of current issues are available for $15. Back issue prices are based on publication date. Economic Security Act, or CARES Act week after the state issued a disclo- Cancellation Policy for Print & Electronic Subscriptions: signed on March 28. sure about pending aid cuts to localities. No refunds will be issued for any print or electronic subscription cancellations requested within 6 months of the subscription’s expiration date. All other print or electronic subscription cancellations will receive a pro-rata refund of any prepaid subscription fees based on the date of termination. Separately, the MTA intends to go “The aid-to-localities reductions that For information about Bond Buyer Worksheets, call (800) 367-8215. to market with a bond sale next week, will need to be taken in this Financial To order The Bond Buyer’s Municipal Marketplace® (the Red Book) contact Accuity at 800-321-3373, 1007 Church Street, Floor 6, Evanston, IL 60201. Those registered with the Copyright Clearance Center have permission to photocopy articles owned by The Bond Buyer for a flat fee of $10 per copy of each article. Foran said. Lead manager Jefferies LLC Plan may materially and adversely af- Send Payment to the Copyright clearance Center, 222 Rosewood Drive, Danvers, MA 01923. is lead manager for a $672 million sale fect the financial position of the MTA, The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, Saturday, Sunday and Federal Holidays, by Arizent, One State Street Plaza, 27th Floor, New York, NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices. of Series 2020C climate-bond certified the City of New York, and other local- POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery transportation revenue green bonds. ities,” the State Division of the Budget service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. COPYRIGHT RESPONSIBILITY The loss of farebox revenues because said in its financial plan update. ©2020 Arizent and The Bond Buyer, All rights reserved. Each subscriber has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has of stay-at-home orders and other so- “We wanted to make sure we got that access to the subscriber’s copy. No part of this publication may be reproduced, stored, or transmitted by any means, electronic, mechanical or otherwise without written cial-distancing measures, combined disclosure into our annual disclosure permission. Federal copyright law carries liability of up to $100,000 per issue for such infringement.

004_BB050120 4 4/30/2020 5:15:24 PM Friday, May 1, 2020 Far West 5 www.bondbuyer.com TRENDS IN THE REGION

State’s Coronavirus Preparations Add $30 Million to Verity Health’s Budget

Continued from page 1 negotiating leverage with insurers. tia said. “As one of the nation’s largest exempt revenue bonds, Series 2005 A, They continued to struggle despite an health systems, Prime has the experience G and H issued by the California State- for Chapter 11 in 2018. It has nearly infusion of cash put into the system by and manpower to support St. Francis wide Community Development Authori- a half billion dollars in bond debt em- hedge fund BlueMountain, which began through this current global crisis and ty, which loaned the proceeds to certain broiled in the bankruptcy. managing the non-profit system after a help them emerge stronger than ever. debtors to provide funds for capital im- It sold its two Santa Clara County hos- 2016 deal that renamed the chain from Verity also received the bankruptcy provements and to refinance certain tax pitals to the county government in 2018. Daughters of Charity to Verity Health. court’s approval April 24 to sell Seton exempt bonds previously issued in 2001 Verity appeared to have a buyer for its Prime Healthcare, which in 2015 had Medical Center to AHMC, a for-profit by Daughters of Charity Health System, remaining hospitals in late 2019, but the been poised to buy all six hospitals from privately held hospital corporation based $202 million outstanding tax exempt rev- deal with KPC Group failed to close by Daughters of Charity before refusing to in Los Angeles County’s San Gabriel enue notes, Series 2015, A, B, C, and D the end of December. accept conditions then-California At- Valley. The deal represents a northern and Series 2017 issued by the California The state government’s coronavirus torney General Kamala Harris attached expansion for AHMC. Public Finance Authority, according to a response will add some cash to the bank- to the for-profit conversion, struck an AHMC, which operates seven acute March 29 bankruptcy court filing. rupt operation. agreement April 9 with Verity to pur- care facilities in southern California, was In May 2017, the California Statewide California is leasing Seton Medical chase St. Francis Medical Center in Lyn- founded by family practitioner Dr. Jon- Communities Development Authority Center in Daly City, which was on the wood for a net consideration of over athan Wu, who is chief executive officer issued $20 million of limited tax exempt verge of closing, and St. Vincent Medical $350 million, including a $200 million and chairman of the board. bonds, pursuant to the CaliforniaFIRST Center in Los Angeles, which had closed base price and $15 million in payroll and AHMC “looks forward to ensuring Clean Fund Program in five series, all in January. benefits for staff. that the community continues to be with the same maturity date of Sept. 2, The plan Newsom announced called Prime has committed to investing $47 well-served by the high-quality, acces- 2047, as the conduit issuer for the bene- for up to 120 COVID-19 patients at Se- million in St. Francis to fund capital sible medical care that Seton and Seton fit and obligation of Seton. ton and 366 at the former St. Vincent, improvements, including technology and Coastside provide,” said Eric Tuckman, The purpose of the bond funding was which has reopened as the Los Angeles system upgrades. It also agreed to make spokesperson for AHMC. “As the state to assist with clean energy and seismic Surge Hospital managed by two other employment offers to most of the hospi- healthcare system faces mounting chal- construction efforts of Seton and secured nonprofit hospital chains. tals’ employees. lenges in the battle against COVID-19, by Seton’s voluntary agreement to spe- The Seton Medical Center accounted “The totality of conditions imposed investing in community hospitals — and cial tax assessments by Daly City. for roughly 29% of the operating losses by the then attorney general were too the hospital’s physicians, nurses and em- No other debtor in the hospital system MTA May Tap Into Fed Liquidity Program Through the State Government of the entire Verity Health System, al- onerous to sustain a successful future ployees, is more important now than is liable for repayment of the Clean Fund though the hospital accounted for only for all six hospitals,” said Sunny Batia, ever.” Bonds, which have a 6.4% interest rate. 17% of the net patient revenue, accord- Prime’s region chief executive officer. Since the petition date, Seton Medical The special assessment runs for a period ing to court filings. “Our mission at Prime Healthcare is to Center’s share of the system operating of 30 years or the early full defeasement “The hospital has consistently lost save hospitals and save lives, and that losses has required the debtors’ estates of the Clean Fund Bonds. money for many years due to, among mission aligns with St. Francis Medical to fund roughly $5 million of working In September 2017, the CSDDA is- other things, unfavorable payor con- Center’s mission and we are honored to capital per month, including corporate sued an additional $20 million of limit- tracts, rising costs of providing health be chosen to continue its legacy.” overhead allocations. ed tax exempt bonds in a single series, care, high pension obligations and cer- Prime agreed to honor Attorney Gen- The debtors project continuing operat- also pursuant to the CaliforniaFIRST tain requirements imposed on the hospi- eral Xavier Becerra’s and the bankruptcy ing losses at the hospital. program, and also for the purpose of tal by the California Attorney General,” court’s conditions recently issued for the “Based on Seton’s performance, the assisting with clean energy and seismic wrote Verity’s attorneys, Samuel Maizel, sale and to preserve the hospital, trauma debtors concluded that a sale to a buyer improvement construction at Seton hos- Tania Moyron, and Nicholas Koffroth, care, service lines, charity commitments with experience revitalizing distressed pital, with similar terms and a 6.45% all of law firm Dentons U.S. LLP in a and community benefit programs, ac- hospitals offered the best alternative to interest rate. q March 29 court filing. cording to the hospital system. maintain the Seton Facilities as operating After the KPC Group deal fell apart, “St. Francis is a critical part of South- hospitals,” Verity’s attorneys said in a Verity closed the St. Vincent Hospital ern California’s healthcare safety net, March 29 filing. in January. with vital services such as trauma care The hospitals in the system are jointly For more content about this The chain has struggled for years in and a family life center that are indis- obligated with affiliates on $461.4 mil- region, visit the Regional News California markets dominated by opera- pensable to the community and, among lion in outstanding secured debt consist- tab on BondBuyer.com. tors with greater economies of scale and other services, must be preserved,” Ba- ing of: $259.4 million in outstanding tax

Visible Supply by State General Obligation Yield Curves for Apr. 29, 2020

April 30, 2020 April 23, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Alaska Aa3/AA–/AA– 0.99 1.37 1.91 2.78 Alaska 0 $0 0 $0 $0 California Aa2/AA–/AA 0.85 1.29 1.78 2.61 California 19 1,086,805 17 927,130 159,675 Hawaii Aa1/AA+/AA+ 0.89 1.31 1.73 2.56 Hawaii 0 0 0 0 0 Idaho Aa1/AA+/AA+ 0.83 1.18 1.63 2.48 Idaho 1 30,797 1 30,797 0 Montana Aa1/AA/AA+ 0.83 1.17 1.62 2.50 Montana 1 37,200 1 52,200 –15,000 Nevada Aa1/AA+/AA+ 0.85 1.19 1.63 2.53 Nevada 0 0 1 163,830 –163,830 Oregon 1 33,620 0 0 33,620 Oregon Aa1/AA+/AA+ 0.84 1.19 1.63 2.46 Washington 1 118,880 2 349,685 –230,805 Washington Aaa/AA+/AA+ 0.84 1.20 1.64 2.50 Wyoming 0 0 0 0 0 Wyoming NR/AA+/NR 0.83 1.15 1.56 2.40 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

005_BB050120 5 4/30/2020 5:15:25 PM Legal Notices Friday, May 1, 2020 6 The Bond Buyer SUMMARY NOTICE OF SALE ADDENDUM TO $365,300,000* OFFICIAL MIAMI-DADE COUNTY, FLORIDA NOTICE OF SALE General Obligation Bonds (Building Better Communities Program) TOWNSHIP OF ADA Series 2016A COUNTY OF KENT NOTICE IS HEREBY GIVEN that all-or-none bids will be received by Miami-Dade County, STATE OF MICHIGAN Florida (the “County”) for the purchase of $365,300,000* Miami-Dade County, Florida General Obligation Bonds (Building Better Communities Program), Series 2016A (the “Series 2016A $9,675,000 Bonds”). All bids must be submitted electronically via i-Deal LLC’s Parity/BiDCOMP Competitive CAPITAL IMPROVEMENT BONDS Bidding System (“Parity®”) between 10:00 A.M. and 10:15 A.M. (but not later than 10:15 A.M.) (GENERAL OBLIGATION LIMITED TAX), SERIES 2020 Eastern Daylight Time on Tuesday, May 12, 2020, in accordance with the Official Notice of Sale. To bid, a bidder must be a contracted customer of Parity®. Prospective bidders that do not have a This ADDENDUM revises the following sections of the Official Notice of Sale published in the contract with Parity® should call (212) 849-5021 to become a customer and to obtain a list of the April 23, 2020 edition of The Bond Buyer: bidding rules and procedures. The County reserves the right to cancel or postpone the date and ELECTRONIC BIDS for the purchase of the above Bonds will be received on Thursday, the time established for the receipt of bids and to change the principal amount or amortization of the 14th day of May 2020, until 1:00 p.m., Eastern Daylight Saving Time, in the following manner: Series 2016A Bonds upon no less than eighteen (18) hours prior notice communicated through By submittal to the Municipal Advisory Council of Michigan at [email protected]; provid- Thomson Municipal Market Monitor. ed that electronic bids must arrive before the time of sale and the bidder bears all risks of trans- The Series 2016A Bonds were originally issued as short-term, drawdown bonds on June 8, 2016, mission failure, or bearing a variable interest rate, and are being remarketed to convert all of the outstanding Series By Bidcomp/Parity as agent of the undersigned. Further information about Bidcomp/Parity, 2016A Bonds to long-term, fixed interest rate obligations. The Series 2016A Bonds were issued to including any fee charged, may be obtained from Bidcomp/Parity, CLIENT SERVICES, 1359 Broad- pay or provide reimbursement to the County for the costs of certain community projects approved way, Second Floor, New York, New York 10010, (212) 849-5021. IF ANY PROVISION OF THIS by the voters of the County in a special election held on November 2, 2004, as described in the NOTICE OF SALE SHALL CONFLICT WITH INFORMATION PROVIDED BY BIDCOMP/PARITY, Official Notice of Sale elatingr to the Series 2016A Bonds (the “Official Notice of Sale”). AS THE APPROVED PROVIDER OF ELECTRONIC BIDDING SERVICES, THIS NOTICE SHALL The Series 2016A Bonds will be remarketed in fully registered book-entry-only form through CONTROL. the facilities of The Depository Trust Company, New York, New York, as the securities depository. Bidders may choose either electronic bid option but not both. Beneficial interests in the Series 2016A Bonds may be sold in denominations of $5,000 or integral AWARD OF THE BONDS will be made to the successful bidder at a proceeding to be held at multiples of $5,000. Settlement for the Series 2016A Bonds is expected to occur on or about May the Ada Township Hall on or before 11 a.m. on May 15, 2020. 25, 2020. After publication, which is currently expected to occur on or about May 5, 2020, the Preliminary George Haga, Supervisor Remarketing Memorandum relating to the Series 2016A Bonds and the Official Notice of Sale may Township of Ada be obtained electronically from “www.munios.com.” After publication, copies of such Preliminary Remarketing Memorandum and Official Notice of Sale will also be available upon request from the Finance Department, Division of Bond Administration for the County, Stephen P. Clark Center, 111 N.W. First Street, Suite 2550, Miami, Florida 33128-1995, telephone: (305) 375- 5147, email: [email protected], or from the County’s Financial Advisor, PFM Financial Advisors Request for Proposal Advertisement LLC, 2222 Ponce De Leon Blvd., 3rd Floor, Coral Gables, Florida 33134, Attention: Sergio Masvidal, Managing Director, telephone: (786) 671-7480, email: [email protected]. STATE OF NEW JERSEY MIAMI-DADE COUNTY, FLORIDA DEPARTMENT OF THE TREASURY Edward Marquez Deputy Mayor/Finance Director REQUEST FOR PROPOSALS – DUE: MAY 8, 2020 Dated this 1st day of May, 2020 The New Jersey Department of the Treasury is soliciting proposals from investment banking firms on behalf of the New Jersey Economic Development Authority. A Request * Preliminary, subject to change. for Proposals may be obtained from: http://www.state.nj.us/treasury/public_finance/ Telephone inquiries will not be accepted.

THE DAILY NEWSPAPER OF PUBLIC FINANCE

To reach the widest audience GIVE within the marketplace, advertise your competitive bond sales in The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 NOTICE or send an email to [email protected]. buyers want to know For rates and additional information about advertising THE DAILY NEWSPAPER a notice of competitive sale, OF PUBLIC FINANCE please call Kerry-Ann C. Parkes Advertise your competitive sales in The Bond Buyer. at 212-803-8436 or For more information, contact or Kerry-Ann C. Parkes send an email to at 212-803-8436 or at [email protected] [email protected].

006_BB050120 6 4/30/2020 2:08:42 PM Friday, May 1, 2020 www.bondbuyer.com 7

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

I-Deal Prospectus 5/4 - City of Savage, MN Electronic Official Statements Competitive 5/4 - City of Savage, MN www.newissuehome.i-deal.com 5/4-Northeast Harris County MUD No. 1, TX Unltd Tax Bonds, Series 2020 5/4 - City of Cambridge (MN), MN 5/6-Nebo SD (BOE), UT GO LBA Lease Revenue Bonds, Srs 2020 BiDCOMP®/Parity® 5/4 - City of Ankeny, IA 5/6-Gilbert (Town of), AZ GO & GO Refunding Bonds, Series 2020 5/4 - City of Ankeny, IA 5/18-Sioux City, IA GO Bonds, Srs 2020A & Taxable GO Bonds, Srs 2020B 5/4- Northeast Harris County Municipal Utility District No. 1, TX 5/5-East Central ISD, TX Unlimited Tax Refunding Bonds, Series 2020 5/4 - City of Sheboygan, WI 5/5-Scarborough (Town of), ME 2020 General Obligation Bonds 5/4 - City of Gardner (KS), KS www.i-dealprospectus.com 5/4 - City of Fort Wayne (IN), IN 5/5-Mallory Valley UD, TN Waterworks System Revenue Bonds, Srs 2020 5/6-Fruitvale SD, CA GO Bonds, Election of 2016, Series B 5/4 - Ankeny Community School District, IA Full service electronic 5/6-*Gilbert (Town of), AZ GO & GO Refunding Bonds, Series 2020 *S&P RATING ADDED* 5/4 - City of Sheboygan, WI document delivery and 5/4 - Loudon County (TN), TN tracking system 5-7-American Fork City, UT GO Bonds, Series 2020 4/30-*Springville City, UT GO Bonds Refunding Bonds, Srs 2020 5/4 - City of Sapulpa, OK 5/4 - City of Sapulpa, OK *POS HAS BEEN UPDATED WITH COVID DISCLOSURES* 5/5 - City of Lake Oswego (OR), OR For more information, 5/5-*Scarborough (Town of), ME 2020 General Obligation Bonds 5/5 - City of Berkeley (CA), CA contact: *REDEMPTION DATES ON POS COVER HAVE BEEN UPDATED* 5/5 - The Mallory Valley Utility District, TN John Hester 5/6-*Gilbert (Town of), AZ GO & GO Refunding Bonds, Series 2020 5/5 - City of Wayzata, MN (212) 849-5125 *MOODY’S & S&P RATING REPORT HAS BEEN ADDED* 5/5 - City of Oconomowoc, WI 5/6-Denver (City&County of), CO Water Rev&Ref Bonds, Series 2020A&B James Kellum 5/5 - City of Oconomowoc, WI (212) 849-5156 5/6-Fredericksburg, (City of), VA GO Public Improvement Ref Bonds, Series 2020A 5/5 - Sevier County (TN), TN 5/13-Arlington (City of), TX Water&WW System Rev Ref Bonds, Series 2020A 5/5 - City of Windom, MN 5/13-Arlington (City of), TX Municipal Drainage Utility Sys Rev&Ref Bonds, Srs 2020A&Tax 2020B 5/5 - City of Windom, MN 5/5 - City of Port Washington, WI I-Deal Prospectus 5/5 - East Central Independent School District, TX Electronic Official Statements Negotiated 5/5 - Town of Salisbury (MA), MA Tennessee HDA, TN Residential Finance Program Agency, Issue 2020-2 (Fed Tax) 5/5 - City of Wilmington (NC), NC Mesquite (City of), TX GO Bonds&Combo Tax&Ltd Surplus Rev COO, Srs 2020 5/5 - The Board of Education of the Township of Oldmans, NJ Mesquite (City of), TX WW&SS Revenue Bonds, Srs 2020 5/5 - Breckinridge County School District Finance Corporation, KY San Angelo (City of), TX Combo Tax & Limited Surplus Revenue COOs, Series 2020 5/5 - Armorel School District No. 9 of Mississippi County, AR Lufkin (City of), TX GO Refunding Bonds & COO, Srs 2020 5/5 - Town of Wellesley, MA Friendswood (City of), TX GO Improvement & Refunding Bonds, Srs 2020 5/5 - West Lafayette School Building Corporation (IN), IN The Colony (City of), TX Go Ref Bonds & Combo Tax & Limited Surplus Rev COOs, Series 2020 5/5 - Town of Wellesley, MA El Paso County WC&ID No. 4, TX Unlimited Tax & Revenue Refunding Bonds, Srs 2020 5/5 - Town of Ridgefield, CT Harris County MUD No. 468, TX Unltd Tax Refunding Bonds, Series 2020 5/5 - Ballard County School District Finance Corporation, KY Sugar Land (City of), TX Waterworks & Sewer System Revenue Bonds, Srs 2020 5/5 - Town of Ridgefield, CT Royse City ISD, TX Unlimited Tax Refunding Bonds, Srs 2020 5/5 - Fountain Lake School District No. 18 of Garland County, AR Fort Bend County FWSD No.1, TX Unltd Tax Refunding Bonds, Series 2020 5/6 - Town of Gilbert (AZ), AZ Sonterra MUD, TX Unlimited Tax Refunding Bonds, Srs 2020 5/6 - Fruitvale School District, CA Alvarado (City of), TX GO Refunding Bonds, Series 2020 5/6 - Williamson County Municipal Utility District No.30 (TX), TX Brock ISD, TX Unltd Tax School Bldg & Ref Bonds, Series 2020 5/6 - Local Building Authority of Nebo School District (UT), UT Fort Bend ISD, TX Unltd Tax Refunding Bonds, Series 2020 5/6 - Trenton Special School District, TN Lubbock ISD, TX Unltd Tax School Bldg Bonds, Series 2020 5/6 - City of Willoughby, OH Katy ISD, TX Unlimited Tax School Building Bonds, Series 2020 5/6 - Greenland School District No. 95 of Washington County, AR Goodyear (City of), AZ Subordinate Lien Water & Sewer Revenue Obligations 5/6 - Independent School District No. 5 of Tulsa County (Jenks), OK Denton County, TX Permanent Improvement Ref Bonds & Tax Notes, Srs 2020 5/7 - American Fork City (UT), UT Crane ISD, TX Unltd Tax Refunding Bonds, Series 2020 5/7 - Northwest Harris County Municipal Utility District No. 10 (TX), TX Canyon ISD, TX Unlimited Tax School Building Bonds, Series 2020 5/7 - Village of Valley Stream, NY South Buda WC&ID No. 1, TX Unlimited Tax Refunding Bonds, Series 2020 5/7 - City of Perrysburg, OH Tomball ISD, TX Unlimited Tax School Building Bonds, Srs 2020 ***THE POS HAS BEEN REVISED*** 5/7 - City School District of The City of Niagara Falls, NY Grand Prairie (City of), TX Water & WW Sys Rev Ref Bonds, Series 2020 5/11 - Centreville Public Schools, MI Brushy Creek MUD, TX Unlimited Tax Refunding Bonds, Series 2020***THE POS HAS BEEN REVISED*** 5/11 - Independent School District No. 365 of Wagoner County (Porter Consolidated) (OK), OK Brushy Creek MUD, TX Sendero Springs & Cornerstone Defined Area Unltd Tax Ref Bonds Srs 2020 5/13 - City of Bowling Green (OH), OH ***THE POS HAS BEEN REVISED*** 5/14 - Iowa Western Community College (Merged Area XIII) (IA), IA Fate (City of), TX WW&SS Revenue Refunding Bonds, Srs 2020 5/14 - Township of Ada, MI Cypress Ranch WC&ID No. 1, TX Unltd Tax Refunding Bonds, Series 2020 Plainview (City of), TX GO Refunding Bonds, Srs 2020 Weimar ISD, TX Unltd Tax School Building Bonds, Series 2020 Northwest ISD, TX Unltd Tax School Building & Refunding Bonds, Series 2020 Trinity River Auth of Texas, TX (Mountain Creek Regional WWS) Rev Improv&Ref Bonds, Srs 2020 Goodyear (City of), AZ GO Refunding Bonds, Series 2020**PRELIMINARY OFFICIAL STATEMENT DATED APRIL 8, 2020, WHICH SUPERSEDES VERSION DATED MARCH 2, 2020** Find more legal notices at Cedar Hill (City of), TX GO Bonds & Combo Tax & Revenue COO, Series 2020 https://www.bondbuyer.com/other-legal-notices. Hays County MUD No. 5, TX Unltd Tax Ref Bonds, Series 2020 Travis County MUD No. 11, TX Unlimited Tax Refunding Bonds, Series 2020

007_BB050120 7 4/30/2020 2:08:43 PM New Issues Friday, May 1, 2020 8 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 Friday, May 1 Canadian Co ISD #34 OK Bldg 3,165 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 20-Apr Carter Co ISD #32 OK Bldg 1,260 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 21-Apr

Monday, May 4 Ankeny IA Wtr Rev *3,515 10 am C PFM Fin Advisors Ahlers & Cooney 21-35 --- Aa2 ------29-Apr Ankeny IA GO *19,900 10 am C PFM Fin Advisors Ahlers & Cooney 21-30 --- Aa1 ------29-Apr Ankeny Comm SD IA Sch Bldg *34,060 11 am C PFM Fin Advisors Ahlers & Cooney 21-29 ------A+ ------29-Apr Boone IA GO Ref *3,085 11 am C Speer Financial Ahlers & Cooney 21-30 --- A1 ------BQ 22-Apr Buffalo Grove Vlg IL GO *24,000 11 am C Speer Financial Chapman and Cutler 21-35 ------AAA ------16-Apr Fort Wayne IN Swr Works Rev *34,075 11 am E Baker Tilly MA Ice Miller 20-40 --- A1 ------22-Apr Gardner KS GO *29,150 11 am C Ehlers Kutak Rock 21-40 ------9-Apr Cambridge MN GO 5,900 10 am C Ehlers Dorsey & Whitney 21-40 ------BQ 14-Apr Savage MN GO Ref *1,990 10 am C Baker Tilly MA Taft Stettinius 21-26 ------BQ 14-Apr Savage MN GO *2,770 10 am C Baker Tilly MA Taft Stettinius 22-36 ------BQ 14-Apr Lauderdale County MS GO *10,000 11:30 am C Govt Consultants Butler Snow 21-35 ------23-Apr Beckham Co ISD #6 OK Bldg 1,445 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 22-Apr Oklahoma Co ISD #88 OK Bldg (Tax) 555 2 pm C Stephen H. McDonald State Atty General 22 ------21-Apr Sapulpa OK GO (Tax) 2,000 11:30 am C Municipal Fin Svcs Hilborne & Weidman 22-45 ------24-Apr Sapulpa OK GO 13,000 11:30 am C Municipal Fin Svcs Hilborne & Weidman 22-45 ------24-Apr Huntingdon Area SD PA GO *9,965 12:15 pm E PFM Fin Advisors Eckert Seamans 21-35 ------BQ 30-Apr Loudon County TN Sch Ref *26,400 11:15 am E Cumberland Secs Bass Berry 21-36 --- Aa2 ------21-Apr NE Harris Co MUD #1 TX Unltd Tax 3,500 10 am C Rathmann & Assoc Allen Boone 22-50 ------BQ 27-Apr Sheboygan WI Wtr Util Rev (Tax) 3,100 10:30 am C Wisconsin Pub Fin Quarles & Brady 24 --- MIG1 ------24-Apr Sheboygan WI GO Prom 4,985 11 am C Wisconsin Pub Fin Quarles & Brady 21-29 --- Aa2 ------BQ 24-Apr

Tuesday, May 5 Armorel SD #9 AR Ref 5,825 11 am C First Sec Beardsley Friday Eldredge 22-41 --- Aa2 ------BQ 30-Apr Fountain Lake SD #18 AR Ref *9,995 1 pm C First Sec Beardsley Friday Eldredge 21-36 --- Aa2 ------BQ 30-Apr Berkeley CA GO Ref *11,900 9 am P NHA Advisors Jones Hall 20-39 ------AA+ ------24-Apr P Ridgefield (Town) CT GO 4,465 11 am E Phoenix Advisors Robinson & Cole 21-40 --- Aaa ------29-Apr P Ridgefield (Town) CT GO Ref *8,185 11:30 am E Phoenix Advisors Robinson & Cole 21-30 --- Aaa ------29-Apr Iowa City IA GO *12,145 11 am C Speer Financial Ahlers & Cooney 21-30 --- Aaa ------23-Apr Cook Co Cons HSD #230 IL Ltd Tax GO *20,990 10 am C PMA Securities Chapman and Cutler 22-29 ------16-Apr West Lafayette Sch Bldg Corp IN First Mtg *7,500 11 am E Baker Tilly MA Ice Miller 22-40 ------AA+ ------17-Apr Ballard Co SD Fin Corp KY Sch Bldg Rev *1,090 11:30 am E Ross Sinclaire Steptoe & Johnson 21-40 ------BQ 29-Apr Breckinridge Co SD Fin Corp KY Energy *6,780 11 am E Baird Steptoe & Johnson 21-40 --- A1 ------28-Apr Wellesley (Town) MA GO Ref *18,840 11 am E Hilltop Securities Locke Lord 21-35 --- Aaa ------30-Apr Wayzata MN Tax Increment *3,710 10 am C Ehlers Dorsey & Whitney 22-40 ------BQ 8-Apr Windom MN GO Imp *345 10:30 am C Ehlers Fryberger Buchanan 22-41 ------15-Apr Windom MN GO Imp *4,415 10:30 am C Ehlers Fryberger Buchanan 22-41 ------15-Apr Wilmington NC GO (Tax) 16,165 11 am E Waters & Company Parker Poe 21-40 --- Aaa AAA AAA ------27-Apr Oldmans Twp BOE NJ Sch 2,254 11 am E Phoenix Advisors McManimon Scotland 21-40 ------BQ 29-Apr Chazy UFSD NY GO Sch Dist 1,043 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 21-40 ------BQ Today Payne Co ISD #103 OK Bldg 220 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 23-Apr Lake Oswego OR GO *33,620 8:30 am P PFM Fin Advisors Orrick Herrington 21-45 --- Aaa AAA ------27-Apr Mallory Vly Util Dt TN Wtrwks Sys Rev *21,000 9:45 am C Stephens Bass Berry 21-45 ------AA+ ------30-Apr Sevier County TN GO *20,885 10:15 am E Cumberland Secs Owings Wilson 21-40 ------24-Apr East Central ISD TX Unltd Tax *10,060 10:30 am C Specialized Pub Fin McCall Parkhurst 21-27 PSF --- AAA ------29-Apr Oconomowoc WI GO Ref *9,400 10 am C Huntington Cap Mkts Quarles & Brady 21-39 ------27-Apr

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.

008_BB050120 8 4/30/2020 4:13:01 PM Friday, May 1, 2020 New Issues www.bondbuyer.com 9

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Oconomowoc WI GO Prom 9,755 10 am C Huntington Secs Quarles & Brady 21-30 ------27-Apr Port Washington WI GO *2,920 10:30 am C Wisconsin Pub Fin Quarles & Brady 21-29 --- A1 ------BQ 27-Apr

Wednesday, May 6 Greenland SD #95 AR Ref & Construction *2,700 11 am C First Sec Beardsley Friday Eldredge 21-50 --- Aa2 ------BQ 30-Apr Pottsville SD #61 AR Ref 2,800 11 am C Stephens Friday Eldredge 21-30 ------BQ Today Pottsville SD #61 AR Ref 4,950 10 am C Stephens Friday Eldredge 21-38 ------BQ Today Gilbert (Town) AZ GO Ref *76,570 8:30 am P Wedbush Securities Gust Rosenfeld 20-39 --- Aaa AAA AAA ------29-Apr Fruitvale SD CA GO *12,500 9 am P Fieldman Rolapp Jones Hall 21-47 ------AA------30-Apr Denver Bd Wtr Comm CO Wtr Ref Rev *121,880 9:30 am M Stifel Nicolaus Butler Snow 20-40 ------Today Denver Bd Wtr Comm CO Wtr Rev *139,120 9 am M Stifel Nicolaus Butler Snow 29-49 ------Today Marion IA GO Corp Purp *8,455 10 am C Independent Pub Advs Dorsey & Whitney 24-38 ------Today Marion IA GO Ref *10,865 10 am C Independent Pub Advs Dorsey & Whitney 21-29 ------Today Dubois Co Pub Lib IN GO Ref *2,615 11 am E Baker Tilly MA Ice Miller 20-28 ------A ------BQ Today Huntington Co Bldg Corp IN Lease Rental *21,000 11 am E Baker Tilly MA Barnes & Thornburg 20-40 ------A+ ------Today Lunenburg (Town) MA GO Muni Purp Loan *1,730 11 am E UniBank Fiscal Adv Locke Lord 21-35 ------BQ Today Omaha Pub SD #001 NE GO Ref *52,890 11:15 am E Piper Sandler Baird Holm 20-24 ------Today Garfield Co ISD #42 OK Bldg 700 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 24-Apr Garfield Co ISD #42 OK Bldg 1,050 12 pm C Stephen L. Smith Phillips Murrah 22-24 ------BQ 24-Apr Okmulgee Co ISD #8 OK Comb Purp 325 3 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 23-Apr Tulsa Co ISD #5 OK Comb Purp (Tax) 27,605 11:30 am C Stephen H. McDonald Hilborne & Weidman 22-25 ------23-Apr Trenton Spec SD TN Sch *21,000 10:15 am E Cumberland Secs Bass Berry 21-45 ------21-Apr Fort Bend Co MUD #192 TX Unltd Tax Road 810 10:15 am C Masterson Advisors State Atty General 21-44 ------BQ 23-Apr Williamson Co MUD #19A TX Unltd Tax 4,110 9:30 am C Specialized Pub Fin McCall Parkhurst 22-50 ------BQ 23-Apr Williamson Co MUD #30 TX Unltd Tax 3,350 9 am C Public Fin Group McCall Parkhurst 22-44 ------BQ 24-Apr Nebo SD Local Bldg Auth UT Lease Rev *33,930 9:30 am M Lewis Young Gilmore & Bell 21-35 ------AA+ ------29-Apr Fredericksburg VA GO Pub Imp 22,790 10:45 am E PFM Fin Advisors ------17-Apr

Thursday, May 7 Clay Co SD Fin Corp KY Sch Bldg *13,345 11 am E Ross Sinclaire Steptoe & Johnson 21-40 ------30-Apr Holbrook (Town) MA GO Muni Purp Loan *4,545 11 am E UniBank Fiscal Adv Locke Lord 21-40 ------BQ 30-Apr Fenton MI GO Ref *2,390 1 pm E PFM Fin Advisors Miller Canfield 21-35 ------BQ 29-Apr Green Oak Twp MI Cap Imp *2,495 11 am E Muni Fin Consultants Clark Hill 21-40 --- Aa2 ------BQ 28-Apr Heuvelton Ctrl SD NY Sch Dist 990 11 am E Bernard P. Donegan Timothy R. McGill 21-24 ------BQ 28-Apr Ticonderoga Ctrl SD NY GO Sch Dist 1,582 10:30 am E Fiscal Adv & Mkt Squire Patton 21-35 ------BQ 30-Apr Payne Co ISD #56 OK Bldg 1,250 12 pm C Stephen L. Smith Phillips Murrah 22-25 ------BQ 24-Apr Rogers Co ISD #1 OK Comb Purp 3,500 12 pm C Stephen L. Smith Phillips Murrah 22-25 ------27-Apr Georgetown Co SD SC GO *120,000 11 am C Compass Muni Adv Burr Forman McNair 21-44 --- Aa2 AA ------Today NW Harris Co MUD #10 TX Unltd Tax 3,000 10 am C GMS Group State Atty General 22-44 ------BQ 23-Apr American Fork City UT GO *7,725 9:30 am M Stifel Nicolaus Farnsworth Johnson 21-38 --- Aa3 ------30-Apr

Friday, May 8 Seminole Co ISD #3 OK Bldg 400 12:45 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 27-Apr Tulsa Co ISD #7 OK Comb Purp 1,155 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 28-Apr Tulsa Co ISD #7 OK Bldg 3,140 12 pm C Stephen L. Smith Phillips Murrah 22-23 ------BQ 28-Apr

Monday, May 11 Southeastern Comm Coll IA New Jobs Training (Tax) *200 11 am C Speer Financial Ahlers & Cooney 21-30 ------29-Apr Urbandale Comm SD IA GO Sch *9,995 12 pm C Piper Jaffray Ahlers & Cooney 21-40 --- Aa3 ------28-Apr Western Iowa Tech Comm Coll IA New Jobs Training (Tax) *1,030 10:30 am C Speer Financial Ahlers & Cooney 21-30 ------28-Apr Hesston Pub Bldg Comm KS Ref Rev *560 11 am C Ranson Fin Group Triplett Woolf 21-30 ------BQ 29-Apr Centreville Pub Schs MI Sch Bldg & Site *5,395 11 am E Baker Tilly MA Thrun Law Firm 22-34 ------BQ 27-Apr Norwood Young America Econ Dev MN Hsg Rev 4,925 10 am C Ehlers Kennedy & Graven 21-38 ------BQ 3-Apr Craig Co ISD #17 OK Bldg 230 6:30 pm C Stephen L. Smith Phillips Murrah 22-25 ------BQ 29-Apr Kay Co ISD #45 OK Bldg (Tax) 780 1 pm C Stephen H. McDonald State Atty General 22 ------28-Apr Mayes Co ISD #2 OK Bldg 590 6 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 29-Apr Sequoyah Co ISD #2 OK Bldg (Tax) 930 12 pm C Stephen H. McDonald State Atty General 22-23 ------28-Apr Tuttle OK GO 2,000 11 am C Municipal Fin Svcs Public Fin Law Grp 22-40 ------BQ Today Wagoner Co ISD #365 OK Bldg 540 3:50 pm C Stephen L. Smith Phillips Murrah 22-25 ------BQ 28-Apr

009_BB050120 9 4/30/2020 4:13:02 PM New Issues Friday, May 1, 2020 10 The Bond Buyer

Competitive Bond Offerings Compiled by IHS Markit *Preliminary and subject to change. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Harris Co MUD #109 TX Unltd Tax 3,110 1 pm C Masterson Advisors State Atty General 22-40 ------BQ 29-Apr

Tuesday, May 12 Miami-Dade County FL GO *365,300 10:15 am E PFM Fin Advisors ------Today Southwestern Comm Coll IA New Jobs Training (Tax) *1,180 10:30 am C Speer Financial Ahlers & Cooney 21-30 ------Today Mccordsville (Town) IN Swr Works Rev 5,745 11 am E Baker Tilly MA Ice Miller 21-40 ------A+ ------BQ 30-Apr Scarborough (Town) ME GO 7,480 11 am E Moors & Cabot Bernstein Shur 21-40 ------BQ 29-Apr Plainwell Comm Schs MI Sch Bldg & Site *14,600 11 am E Baker Tilly MA Thrun Law Firm 22-50 ------28-Apr Plainwell Comm Schs MI Ref (Tax) *18,445 11 am E Baker Tilly MA Thrun Law Firm 23-29 ------28-Apr Circle Pines MN GO 7,485 10:30 am C Ehlers Taft Stettinius 21-36 ------BQ 20-Apr Dayton MN GO Imp 2,075 10 am C Ehlers Taft Stettinius 21-30 ------BQ 16-Apr Le Center MN GO Imp 4,450 11 am E Ehlers Taft Stettinius 21-41 ------BQ 21-Apr Mechanicville CSD NY Sch Dist 10,000 11 am E Bernard P. Donegan Barclay Damon 21-35 ------BQ 29-Apr Medina Vlg NY Pub Imp 420 11:30 am E Bernard P. Donegan Hodgson Russ 21-30 ------BQ Today Atoka Co ISD #15 OK Bldg 850 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 30-Apr Creek Co ESD #35 OK Comb Purp 650 12 pm C Stephen H. McDonald State Atty General 22-25 ------BQ 30-Apr Hughes Co ISD #35 OK Comb Purp 2,500 12:45 pm C Stephen H. McDonald State Atty General 22-26 ------BQ 30-Apr Marshall Co ISD #3 OK Bldg 1,420 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 30-Apr Florence Co SD #1 SC GO *11,900 11 am E Compass Muni Adv Haynsworth Sinkler 21-24 ------Today Johnson Ranch MUD TX Unltd Tax *7,000 10 am C SAMCO Cap Mkts State Atty General ------BQ 30-Apr

Wednesday, May 13 Sea Cliff Vlg NY Pub Imp 975 11 am E Liberty Capital Svcs Norton Rose 21-30 ------BQ 30-Apr Beckham Co ISD #31 OK Bldg 5,480 11:45 am C Stephen H. McDonald State Atty General 22-30 ------BQ 30-Apr Canadian Co ESD #162 OK Bldg 245 7 pm C Stephen L. Smith Phillips Murrah 22 ------BQ Today Nowata Co ISD #3 OK Bldg 300 7 pm C Stephen L. Smith Phillips Murrah 22-25 ------BQ Today Arlington TX Wtr & Wstwtr Rev Ref *5,235 11 am C Estrada Hinojosa Bracewell LLP 21-30 ------Today Arlington TX Util Sys Rev *9,690 10 am C Estrada Hinojosa Bracewell LLP 21-40 ------Today Arlington TX Util Sys Rev (Tax) *13,575 10:30 am C Estrada Hinojosa Bracewell LLP 21-31 ------Today E Montgomery Co MUD #6 TX Unltd Tax 6,855 10:30 am C Baird State Atty General ------BQ 30-Apr Harris Co Fresh Wtr Dt #51 TX Unltd Tax 5,000 10 am C Post Oak Muni Advs State Atty General ------BQ 30-Apr

Thursday, May 14 Iowa Western Comm Coll IA New Jobs Training (Tax) *535 10 am C Piper Sandler Ahlers & Cooney 21-30 ------24-Apr Lebanon Comm Sch Corp IN GO 5,350 11 am E Baker Tilly MA Ice Miller ------BQ 24-Mar Ada Twp MI Cap Imp *9,675 1 pm E PFM Fin Advisors Mika Meyers 21-40 ------BQ 23-Apr Allendale Pub Schs MI Sch Bldg 7,645 11 am E Baker Tilly MA Thrun Law Firm 20-47 ------BQ 30-Apr Allendale Pub Schs MI Ref (Tax) 42,185 11 am E Baker Tilly MA Thrun Law Firm 23-33 ------30-Apr Elko New Market MN GO *4,965 10 am C Baker Tilly MA --- 21-40 ------BQ 14-Apr Norwood Young America Econ Dev MN GO Street 6,165 10 am C Ehlers Kennedy & Graven 21-32 ------BQ 3-Apr Brighton Ctrl SD NY GO Sch Dist *29,000 11:30 am E Bernard P. Donegan Harris Beach 21-39 ------Today Cherokee Co ISD #35 OK Bldg (Tax) 2,485 12 pm C Stephen H. McDonald State Atty General 22 ------Today Creek Co ISD #2 OK Bldg 3,750 11:45 am C Stephen H. McDonald State Atty General 22-24 ------BQ Today Williamson Co MUD #22 TX Unltd Tax Road 2,995 10 am C Public Fin Group State Atty General ------BQ Today Virginia Pub Sch Auth VA Sch *61,165 11 am E PFM Fin Advisors --- 21-25 ------17-Apr

Monday, May 18 Sioux City IA GO (Tax) *11,285 12 pm C Piper Sandler Ahlers & Cooney 21-30 ------28-Apr Sioux City IA GO *12,015 12 pm C Piper Sandler Ahlers & Cooney 21-30 ------28-Apr Cologne (City) MN GO *5,595 10 am C Baker Tilly MA --- 22-41 ------BQ 28-Apr International Falls ISD #361 MN GO Alt Facs 3,075 10 am C Ehlers Knutson Flynn 21-30 ------BQ 23-Apr

Tuesday, May 19 Culver Comm Schs Corp IN GO 3,200 11 am E Baker Tilly MA Ice Miller ------BQ 13-Apr Delano MN GO *3,430 10 am C Baker Tilly MA Taft Stettinius 22-41 ------BQ 28-Apr Fairmont ISD #2752 MN GO 1,900 10:30 am C Ehlers Dorsey & Whitney 22-31 ------BQ 27-Apr Hopkins MN GO 8,585 10 am C Ehlers Kennedy & Graven 23-36 ------BQ 7-Apr North St Paul MN GO Utl Rev *1,980 11 am C Baker Tilly MA Taft Stettinius 21-35 ------BQ 28-Apr North St Paul MN GO Tax Increment (Tax) *6,555 11 am C Baker Tilly MA Taft Stettinius 23-48 ------28-Apr

010_BB050120 10 4/30/2020 4:13:03 PM Friday, May 1, 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

Omro WI GO Corp Purp 2,020 10 am C Ehlers Quarles & Brady 21-39 ------BQ 1-Apr

Wednesday, May 20 Brazoria Co MUD #66 TX Unltd Tax 3,500 10:30 am C Rathmann & Assoc State Atty General ------BQ 30-Apr Moraine Park Tech Coll Dt WI GO Prom 1,365 9:30 am C Baird Quarles & Brady 21-30 ------24-Mar

Tuesday, May 26 Osseo MN GO 3,790 10 am C Ehlers Taft Stettinius 22-41 ------BQ 30-Apr

Monday, June 8 Cokato MN GO 4,355 11 am C Ehlers Kennedy & Graven 22-41 ------BQ 21-Apr

Monday, June 15 Sauk Rapids-Rice ISD #47 MN GO 5,565 10 am C Ehlers Dorsey & Whitney 22-36 ------28-Apr

Day to Day Florida BOE FL Cap Outlay Ref *112,335 --- Division of Bond Fin Squire Patton 21-23 --- Aaa AAA AAA ------19-Feb Fort Lauderdale FL Spec Oblg (Tax) *170,000 --- PFM Fin Advisors Greenberg Traurig ------13-Mar Woodstock IL GO *9,040 --- Baird Miller Canfield 22-39 ------AA ------BQ 28-Apr Sugar Land TX Wtrwks & Swr Sys *7,165 --- Hilltop Securities Hunton Andrews 20-39 ------AA AA --- BQ 4-Mar

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Tuesday, May 5 Millis (Town) MA GO Bond Antic 500 11 am E Hilltop Securities Locke Lord 21 ------BQ Today Salisbury (Town) MA GO Bond Antic 2,850 11 am E Hilltop Securities Locke Lord 20 ------22-Apr Wellesley (Town) MA GO Bond Antic 5,748 11 am E Hilltop Securities Locke Lord 21 --- MIG1 ------30-Apr Amenia (Town) NY Bond 500 11 am E Capital Markets Adv Orrick Herrington 20 ------BQ 28-Apr Attica Vlg NY Bond Antic 490 11 am E Bernard P. Donegan Timothy R. McGill 21 ------BQ 23-Apr

Wednesday, May 6 Illinois IL GO *350,000 10:30 am C Public Resources Chapman and Cutler 21 ------Today Illinois IL GO *350,000 11 am C Public Resources Chapman and Cutler 21 ------Today Illinois IL GO *500,000 10 am C Public Resources Chapman and Cutler 21 ------Today Westport (Town) MA GO Sch 50,000 11 am E UniBank Fiscal Adv Locke Lord 20 ------30-Apr Cranford Twp NJ Bond Antic 9,700 11 am E Municipal Official Rogut McCarthy 21 ------BQ 30-Apr Fairport Vlg NY Bond Antic 500 11 am E Bernard P. Donegan Timothy R. McGill 21 ------BQ 23-Apr McGraw Ctrl SD NY GO Bond Antic 5,500 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 20 ------BQ 30-Apr Windham (Town) NY Bond Antic 6,521 11 am E Municipal Solutions Mazzotta Siegel 21 ------BQ Today Willoughby OH Bond Antic 5,610 11 am E Sudsina & Assoc Squire Patton 21 ------BQ 28-Apr

Thursday, May 7 Bradley Beach Borough NJ Bond Antic 1,824 11 am E Municipal Official Archer & Greiner 21 ------BQ Today Lacey Twp NJ Bond Antic 8,051 11 am E Phoenix Advisors GluckWalrath 21 ------BQ Today Stanhope Borough NJ Bond Antic 4,115 11 am E Municipal Official Hawkins Delafield 21 ------BQ Today Tewksbury Twp NJ Gen Imp 4,722 11 am E Municipal Official Gibbons P.C. 21 ------BQ Today Milo (Town) NY Bond Antic 450 11 am E Municipal Solutions Orrick Herrington 21 ------BQ 30-Apr Niagara Falls CSD NY Bond Antic 8,000 11 am E Capital Markets Adv Orrick Herrington 20 ------29-Apr S Jefferson Ctrl SD NY Bond Antic 743 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 ------BQ 30-Apr Valley Stream Vlg NY Bond Antic 3,050 11 am E Liberty Capital Svcs Ruskin Moscou 21 ------BQ 28-Apr Perrysburg OH Fire Station 3,000 11 am E Sudsina & Assoc Squire Patton 21 ------BQ 28-Apr

Wednesday, May 13 Greene Ctrl SD NY Bond Antic 948 10:45 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 28-Apr Bowling Green OH Var Purp 1,515 11 am E Sudsina & Assoc Squire Patton 21 ------BQ 27-Apr

011_BB050120 11 4/30/2020 4:13:03 PM New Issues Friday, May 1, 2020 12 The Bond Buyer

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Thursday, May 14 East Rochester (Town/Vlg) NY Bond Antic 750 11 am E Bernard P. Donegan Harris Beach 21 ------BQ Today

Negotiated Bond Offerings Compiled by IHS Markit

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

Week Of May 4 West Stone Co Wtr Pub Wtr Auth AR Wtr Rev 2,650 Stephens ------16-Mar Goodyear AZ Wtr & Swr 25,700 Stifel Nicolaus Hilltop Securities AGM ------13-Apr Brisbane SD CA GO 9,000 D.A. Davidson ------Today Compton Comm Coll Dt CA GO Ref (Tax) 41,435 RBC Capital Mkts ------Today Desert Sands USD CA GO Ref (Tax) 62,855 RBC Capital Mkts ------30-Apr Fair Oaks Rec & Pk Dist CA GO 9,000 Brandis Tallman, LLC ------Today Poway USD CA Special Tax 36,680 Piper Sandler ------28-Apr San Joaquin Area Flood Cntr CA Rev 21,585 Hilltop Securities --- AGM ------Today Sebastopol Union SD CA GO 6,000 RBC Capital Mkts ------30-Apr West Contra Costa USD CA GO Ref (Tax) 94,625 JPMorgan KNN Public Finance ------27-Apr Colorado Educ & Cultural Facs CO Sch Rev (Tax) 25,150 D.A. Davidson PFM Fin Advisors ------Today Westminster CO Wtr & Wstwtr Rev Ref 17,295 Stifel Nicolaus Hilltop Securities ------29-Apr Broward Co Sch Bd FL COPs 194,885 JPMorgan ------Today Palm Beach Co Sch Bd FL COPs 105,275 BofA Securities ------Today Moline IL GO Ref (Tax) 6,275 Baird Speer Financial AGM ------25-Mar Signal Hill SD #181 IL GO Sch 2,725 Stifel Nicolaus --- BAM ------17-Apr GCS Sch Bldg Corp One IN First Mtg 35,000 Stifel Nicolaus ------27-Apr N Carolina Hsg Fin Agy NC Home Ownership Rev 120,000 RBC Capital Mkts Caine Mitter & Assoc ------27-Apr Bennington Pub SD #59 NE GO Ref 9,545 Piper Sandler ------Today Hastings Pub SD #0018 NE GO Ref 4,545 Piper Sandler ------Today Perth Amboy NJ GO Imp Ref 18,595 RBC Capital Mkts GB Associates AGM ------28-Apr Jordan-Elbridge Ctrl SD NY Sch Ref 7,870 Roosevelt & Cross ------Today Metro Transp Auth NY Trans Rev 672,005 Jefferies Public Resources ------27-Apr NYS Dorm Auth NY Rev 16,155 D.A. Davidson ------13-Mar York Ctrl SD NY Bond 2,085 Roosevelt & Cross ------Today Columbus-Franklin Co Fin Auth OH Tax Increment 31,190 KeyBanc Cap Mkts ------30-Apr Hamilton County OH Rev Ref 148,525 BofA Securities Ponder ------12-Mar Johnstown Vlg OH Var Purp 8,610 Hilltop Securities --- BAM ------17-Apr Oregon Cities Fin Pool OR Ref 2,170 D.A. Davidson ------Today Vale OR Ref 2,620 D.A. Davidson ------Today Erie Pkg Auth PA Parking Rev (Tax) 1,520 PNC Capital Markets ------14-Apr Erie Pkg Auth PA Parking Rev 16,700 PNC Capital Markets ------14-Apr Interboro SD PA GO 8,425 Piper Sandler --- AGM ------30-Apr Keystone Ctrl SD PA GO 25,085 Piper Sandler --- AGM ------Today Ontelaunee Twp PA GO 9,840 Janney Montgomery ------Today Palmerton Borough PA GO 9,600 PNC Capital Markets PFM Fin Advisors BAM ------30-Apr Pennsylvania St Univ PA Bond 61,100 Barclays Capital PFM Fin Advisors ------29-Apr Pennsylvania St Univ PA Bond (Tax) 1,065,265 Barclays Capital PFM Fin Advisors ------29-Apr Rhode Island Comm Corp RI Grant Antic 160,990 BofA Securities PFM Fin Advisors ------29-Apr Knox Co Hlth Educ & Hsg Facs Bd TN Rev 168,575 Morgan Stanley Ponder ------28-Apr Tennessee Hsg Dev Agy TN Bond (Tax) 108,500 Raymond James CSG Advisors ------Today Brazoria Co Indl Dev Corp TX Solid Wst Sys Rev 50,000 Hilltop Securities ------Today Chambers Co Imp Dt #1 TX Road 5,275 Raymond James Masterson Advisors ------29-Apr El Paso Co Wtr Cntr Imp Dt #4 TX Rev Ref 5,385 Hilltop Securities Tijerina Galvan AGM ------24-Apr Fort Bend Co MUD #50 TX Tax 5,795 RBC Capital Mkts ------Today Friendswood TX GO Imp Ref 9,620 FHN Fin Cap Mkts BOK Fin Secs ------30-Apr Harris Co MUD #106 TX Ref 9,010 Raymond James Masterson Advisors ------23-Apr Harris Montgomery Cos MUD #386 TX Ref 16,335 BOK Fin Secs Masterson Advisors ------30-Apr Lufkin TX GO Ref 5,265 Raymond James Hilltop Securities ------21-Apr Lufkin TX Certs of Oblig 5,200 Raymond James Hilltop Securities ------30-Apr Mesquite TX GO 14,955 Raymond James Hilltop Securities ------21-Apr

012_BB050120 12 4/30/2020 4:13:04 PM Friday, May 1, 2020 New Issues www.bondbuyer.com 13

Negotiated Bond Offerings Compiled by IHS Markit

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

Mesquite TX Combined Tax Rev 10,605 Raymond James Hilltop Securities ------30-Apr Mesquite TX Wtrwks & Swr Sys 19,925 Raymond James Hilltop Securities ------30-Apr San Angelo TX Combined Tax Rev 17,500 Raymond James Specialized Pub Fin ------22-Apr The Colony TX GO Ref 9,185 SAMCO Cap Mkts Hilltop Securities ------29-Apr The Colony TX Certs of Oblig 15,150 SAMCO Cap Mkts Hilltop Securities ------29-Apr Utah Hsg Corp UT Mtg 33,000 Stifel Nicolaus ------Today Arlington Co Indl Dev Auth VA Hosp Rev 269,790 JPMorgan BRG Fund Mgmt ------30-Apr Bethel SD #403 WA GO Ref 44,385 Piper Sandler --- WA St SD ------29-Apr Kittitas SD #403 WA GO 12,575 Piper Sandler ------Today Kenosha WI GO Prom 30,320 Piper Sandler ------24-Apr Berkeley Co Pub Svc Dt WV Wtr Ref Rev (Tax) 9,890 Piper Sandler --- BAM ------30-Apr

Monday, May 4 Chelmsford (Town) MA GO Ref 2,830 Baird ------Today

Tuesday, May 5 Thief River Falls ISD #564 MN GO Ref (Tax) 22,315 Baird ------13-Mar

Wednesday, May 6 Freedom (Town) WI Bond 3,900 Baird ------Today

Week Of May 11 California Statewide Comm CA Special Tax 8,510 RBC Capital Mkts ------Today Paola KS GO Ref 3,900 Raymond James ------30-Apr Carrollton TX GO 20,400 Raymond James ------30-Apr Lubbock ISD TX Sch Bldg 57,840 RBC Capital Mkts Hilltop Securities ------21-Apr Sunnyvale (Town) TX GO Ref 1,955 Raymond James ------28-Apr Sunnyvale (Town) TX COPs 10,000 Raymond James ------28-Apr

Thursday, May 14 Delaware Econ Dev Auth DE Sch Rev 20,000 Baird ------Today

Week Of May 18 Luling ISD TX Sch Bldg 24,935 Raymond James Specialized Pub Fin ------21-Apr

Day to Day Los Angeles Hsg Auth CA Mtg Rev Ref 28,795 Raymond James ------20-Apr Colorado Educ & Cultural Facs CO Sch Ref 46,665 D.A. Davidson PFM Fin Advisors ------27-Apr Purdue Univ Tr IN Stud Union 114,835 Morgan Stanley Blue Rose Capital ------17-Apr Montana Bd of Hsg MT Singlefam Mtg Rev 37,200 RBC Capital Mkts ------21-Apr Las Cruces SD #2 NM GO Ref 33,355 Stifel Nicolaus RBC Capital Mkts ------27-Apr Muhlenberg SD PA GO 19,070 RBC Capital Mkts ------30-Apr Fort Bend Co MUD #25 TX Ref 7,655 SAMCO Cap Mkts ------A2 ------30-Apr West Harris Co MUD #11 TX Ref 2,485 Raymond James Baird BAM ------21-Apr Batesville AR Hosp Rev Ref 32,110 Crews & Associates ------23-Mar La Paz Co Indl Dev Auth AZ Ed Facs Rev 12,665 BB&T Cap Mkts D.A. Davidson ------24-Jan California Hlth Facs Fin CA Rev 145,975 Morgan Stanley Ponder ------13-Mar Cloverdale USD CA GO (Tax) 11,790 RBC Capital Mkts ------13-Mar Exeter CA Swr Rev Ref 3,145 Brandis Tallman, LLC --- BAM ------13-Mar Grass Vly CA Pension (Tax) 18,495 Hilltop Securities ------16-Mar Sacramento County CA COPs 27,385 Siebert Williams PFM Fin Advisors AGM ------13-Apr San Joaquin Delta Comm Coll CA GO Ref (Tax) 95,290 RBC Capital Mkts ------21-Feb Colorado Sch of Mines BOT CO Rev Ref 10,430 Morgan Stanley North Slope Cap Adv ------13-Sep 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 Day to Day Long Beach CA Rev 145,000 Citigroup Public Resources ------6-Mar

013_BB050120 13 4/30/2020 4:13:05 PM Statistics Friday, May 1, 2020 14 The Bond Buyer

April Was Light on New Bonds Long-Term Bond Sales: January - April 2020 2019 Continued from page 1 ings so far this year. All issuers in the Volume in Number Volume in Number Change from Golden State have accounted for $17.41 millions of issues millions of issues prev period ings to raise cash and meet redemption billion. Texas is second with $14.99 TOTAL...... $116,612.8 3,023 $107,343.3 2,855 +8.6% needs, with higher quality credits being billion, New York is third with $10.65 the first to go,” Lipton said. “During billion, Ohio is fourth with $10.37 bil- January...... 32,352.2 820 25,063.4 603 +29.1 this time, price discovery was severely lion and Massachusetts rounds out the February...... 41,915.6 902 26,385.2 699 +58.9 challenged as panic selling ensued. By top five with $4.41 billion. March...... 18,587.4 598 27,933.3 711 –33.5 the end of March, the fear and panic Lipton added that although the pri- April...... 23,757.6 703 27,961.4 842 –15.0 dumping subsided and professional in- mary market came back to life and ex- First Quarter...... 92,855.2 2,320 79,381.9 2,013 +17.0 vestors focused more on the relative tended the better tone throughout April, Second Quarter...... 23,757.6 703 27,961.4 842 –15.0 value proposition as more reasonable retail was largely on the sidelines and Development...... 1,648.4 86 1,697.9 104 –2.9 clearing levels and better price discov- institutional accounts grew far more Education...... 38,089.2 1,288 30,502.2 1,139 +24.9 ery moved into sight, largely thanks to discerning over credit. Electric Power...... 2,494.5 35 1,961.7 29 +27.2 Fed and Congressional intervention.” “The supply/demand balance seemed Environmental Facilities...... 146.9 3 1,022.7 11 –85.6 Year-to-date, the market is still on to work in April, even though weekly Health Care...... 10,084.8 108 7,325.5 100 +37.7 a better pace than last year. So far in calendars were atypically low,” he said. Housing...... 5,877.9 114 7,512.9 183 –21.8 2020 munis have totaled $116.61 bil- “New–issue volume grew less predict- Public Facilities...... 1,776.2 106 1,661.4 94 +6.9 lion, slightly more than the $107.34 able and so market technicals became a Transportation...... 13,520.9 128 14,068.9 135 –3.9 billion of issuance that were issued at less reliable barometer of price move- Utilities...... 10,412.6 395 11,062.7 332 –5.9 General Purpose...... 32,561.4 760 30,527.5 728 +6.7 this point last year. ment. Still, certain issuers opted to ac- “YTD we are still up issuance wise, cess the capital market and take advan- Tax-Exempt...... 87,760.3 2,527 91,292.8 2,533 –3.9 all because of taxables that is continu- tage of low interest rates and there was Taxable...... 28,052.7 480 10,962.8 290 +155.9 ing to prop up issuance,” Block said. demand for well-known, high-quality Minimum Tax...... 799.9 16 5,087.8 32 –84.3 The pandemic effects caused mu- and resilient names.” New-Money...... 60,882.5 1,866 70,583.4 2,206 –13.7 nicipal benchmark yields to see-saw Lipton also said that adding to the Refunding...... 38,607.1 961 18,378.4 511 +110.1 this month, as the market is trying to challenges, munis became disengaged Combined...... 17,123.3 196 18,381.6 138 –6.8 stabilize. The other big impact the from Treasuries altogether. COVID-19 crisis has had on the market, “Treasuries became the haven choice Negotiated...... 87,577.7 1,760 74,430.2 1,524 +17.7 is on credit. du jour, while muni credit is no longer Competitive...... 23,835.0 1,052 27,786.5 1,059 –14.2 Private Placements...... 5,200.1 211 5,126.6 272 +1.4 “Right now, everyone is just being getting a free pass as COVID-19 and cautious,” Block said. “Munis don’t do the economic suspension upended the Revenue...... 67,469.4 1,060 58,046.6 1,037 +16.2 well with general credit uncertainty, un- public finance world,” he said. “Further- General Obligation...... 49,143.5 1,963 49,296.7 1,818 –0.3 like the corporate market. The concern more, there was a period of time where Fixed-Rate...... 110,467.7 2,915 97,691.9 2,735 +13.1 is necessarily about issuers defaulting the market saw outsized intraday MMD Variable-Rate (Short Put)...... 2,711.3 35 2,101.4 39 +29.0 but more about credit downgrades.” price adjustments in either direction.” Variable-Rate (Long/No Put).. 2,369.1 35 6,093.2 48 –61.1 Refunding volume for the month Going forward, Block suspects that Zero-Coupon...... 909.8 36 227.9 19 +299.2 was down 4.9% to $5.16 billion from the huge backlog of deals will start Linked-Rate...... 155.0 2 1,142.9 12 –86.4 $5.42 billion and new-money issuance coming, once the market stabilizes. Auction Rate...... 0.0 0 0.0 0 n.m. was down 15% to $13.23 billion from “We are in the process of stabilizing Convertible...... 0.0 0 86.0 3 –100.0 $15.57 billion. right now, and that is being helped by Bond Insurance...... 6,330.9 497 5,244.2 429 +20.7 Taxable bond volume was up expo- the next round of aid for state and local Letters of Credit...... 449.9 6 347.4 7 +29.5 nentially to $4.30 billion from $1.94 governments’ and how it relates to the Standby Purch Agreements... 508.7 7 1,103.3 17 –53.9 billion in 2019. Before the COVID19 psychology of the issuers,” Block said. Insured Mortgages...... 349.9 9 404.0 14 –13.4 pandemic, the majority of taxable deals “We just need to wait for the issuers’ Guaranties...... 10,556.4 436 9,559.9 337 +10.4 that have been coming are being used comfort to get better, particularly for Other Enhancements...... 0.0 0 54.5 1 –100.0 as a refunding or advance refunding of refundings.” State Governments...... 10,886.9 40 13,391.1 53 –18.7 tax-exempt debt. He added that he believes the issu- State Agencies...... 27,481.3 327 30,303.8 408 –9.3 Issuance of revenue bonds was 35.5% ance will get lumpy, though “we will Counties & Parishes...... 6,598.6 191 5,885.5 148 +12.1 lower to $11.05 billion, while general most likely see $40 billion to $50 bil- Cities & Towns...... 14,446.4 742 14,334.2 724 +0.8 obligation bond sales rose to $12.71 lion issuance months as we wind our Districts...... 27,468.5 1,341 22,312.6 1,214 +23.1 billion from $10.83 billion. way towards the end of the year,” Block Local Authorities...... 21,512.5 305 16,863.6 255 +27.6 Negotiated deal volume was down said. “We should end up with nor- Colleges & Universities...... 7,788.1 70 3,368.4 44 +131.2 Direct Issuers...... 430.6 7 339.2 7 +26.9 9.3% to $18.65 billion. Competitive mal-looking end year volume, around Tribal Governments...... 0.0 0 0.0 0 n.m. sales decreased 16.2% to $4.67 billion. $350 billion of so.” Cooperative Utilities...... 0.0 0 545.0 2 –100.0 Deals wrapped by bond insurance in Lipton believes that for now, credit March decreased 12.4% to $1.42 billion quality has supplanted market techni- Bank-Qualified...... 4,233.8 1,065 3,780.0 908 +12.0 in 135 deals from $1.62 billion in 139 cals as the leading decisive investment Build America Bonds...... 0.0 0 15.1 1 –100.0 transactions the same month last year. consideration with a selective eye pars- Qualified Sch Construction..... 0.0 0 150.0 1 –100.0 Only two sectors were in the green ing between those sectors expected to Other Stimulus...... 0.0 0 0.0 0 n.m. in April and that was electric power as demonstrate greater resiliency and those it increased 154% to $1.06 billion from that may be more susceptible to sharp NOTES: Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. - not meaningful. $417 million and education issuance credit erosion and more uncertain re- Source: Refinitiv (4/30/2020) was up 24% to $8.78 billion from $7.08 covery, especially now that the rating billion. All the other sectors saw a de- agencies are taking action. cline of at least 11%. “Throughout the remainder of the New-Issue Volume Notes Three types of issuers increased lev- year, we can expect volume to lag tradi- The new-issue volume tables are based on information compiled by The Bond Buyer from Refinitiv’s database on els from a year ago, while issuance by tional expectations, and again, this will Thursday, April 30, 2020. All figures are preliminary and subject to revision. the rest of the others declined at least be driven by public health policy status, Long-term bonds have final stated maturities of 13 months or longer, while short-term notes mature in less than 13 months. Private placements and 17.2%. the impact of Fed and congressional in- municipal forward sales are included in the figures, but remarketings of variable-rate bonds are excluded. Issuance from counties and parish- tervention, and the degree of credit ero- The purpose categories are defined as follows: Development: industrial development, economic development, nongovernment office buildings. es’ rose 114.8% to $2.47 billion from sion and uncertainty,” Lipton said. “We Education: primary and secondary education, higher education, student loans. expect volatility to remain in place, yet Electric power: public power utilities. $1.15 billion, districts rose to $7.99 Environmental facilities: solid waste disposal, resource recovery, pollution control, recycling. billion from $5.18 billion and colleges we do not necessarily envision the up- Health care: hospitals, nursing homes, continuing-care communities, assisted living, general medical. Housing: single-family housing, multifamily housing. and universities increased to $1 billion heaval seen in March. If all touchpoints Public facilities: government buildings, fire and police stations, jails and prisons, civic and convention centers, museums and libraries, stadiums from $799.4 million. move in a positive direction, we can see and sports complexes, theaters, parks, zoos and beaches, other recreation. Transportation: airports, seaports and marine terminals, toll roads, highways and streets, bridges, tunnels, parking facilities, mass transit. California was back atop the list of better supply in May and beyond, and so Utilities: water and sewer, gas, flood control, sanitation, combined utilities, miscellaneous utilities. state total muni bond issuance rank- we are cautiously optimistic.” q General Purpose: general purpose, veterans (other than housing), agriculture, churches, temples, and mosques, unknown.

014_BB050120 14 4/30/2020 5:15:26 PM Friday, May 1, 2020 Market Statistics www.bondbuyer.com 15

Bond Sales by State: January-April Long-Term Bond Sales: April 2020 2019 2020 2019 Volume in Volume in Change from Volume in Number Volume in Number Change from State Rank millions Rank millions prev period millions of issues millions of issues prev period Alabama ...... 16 1,855.4 24 1,563.9 +18.6 TOTAL...... $23,757.6 703 $27,961.4 842 –15.0% Alaska ...... 51 0.0 46 92.2 –100.0 Arizona ...... 12 2,461.4 14 2,041.2 +20.6 Development...... 87.7 8 424.3 28 –79.3 Arkansas ...... 35 595.4 40 341.7 +74.2 California ...... 1 17,407.3 1 19,345.3 –10.0 Education...... 8,776.7 291 7,077.2 327 +24.0 Electric Power...... 1,059.3 8 417.0 11 +154.0 Colorado ...... 19 1,759.8 12 2,469.9 –28.8 Environmental Facilities...... 0.0 0 0.8 1 –100.0 Connecticut ...... 31 969.5 17 1,937.6 –50.0 Health Care...... 2,897.7 21 2,673.6 31 +8.4 Delaware ...... 36 586.1 41 281.3 +108.4 Housing...... 1,143.2 22 1,914.1 49 –40.3 Florida ...... 8 3,511.4 4 5,953.3 –41.0 Georgia ...... 27 1,123.5 13 2,336.9 –51.9 Public Facilities...... 141.6 18 441.6 23 –67.9 Transportation...... 902.6 22 3,771.0 38 –76.1 Hawaii ...... 40 411.4 31 825.0 –50.1 Utilities...... 2,480.6 107 4,202.4 110 –41.0 Idaho ...... 46 146.4 47 89.8 +63.0 General Purpose...... 6,268.2 206 7,039.6 224 –11.0 Illinois ...... 7 3,855.8 6 3,622.6 +6.4 Indiana ...... 26 1,176.8 18 1,841.4 –36.1 Iowa ...... 24 1,300.1 26 1,080.1 +20.4 Tax-Exempt...... 19,388.7 612 23,826.1 745 –18.6 Taxable...... 4,302.7 88 1,941.8 87 +121.6 Kansas ...... 28 1,097.1 35 633.7 +73.1 Minimum Tax...... 66.2 3 2,193.5 10 –97.0 Kentucky ...... 22 1,371.4 32 819.2 +67.4 Louisiana ...... 39 487.2 33 754.3 –35.4 New-Money...... 13,235.7 444 15,566.7 622 –15.0 Maine ...... 45 244.7 42 225.7 +8.4 Refunding...... 5,157.1 204 5,421.9 172 –4.9 Maryland ...... 10 2,665.2 15 1,992.5 +33.8 Combined...... 5,364.8 55 6,972.8 48 –23.1 Massachusetts . . . . . 5 4,404.9 5 4,022.0 +9.5 Michigan ...... 23 1,341.1 7 3,333.0 –59.8 Negotiated...... 18,650.4 402 20,569.0 458 –9.3 Minnesota ...... 13 2,317.0 22 1,681.0 +37.8 Competitive...... 4,868.9 289 5,809.2 316 –16.2 Mississippi ...... 42 391.8 29 957.5 –59.1 Private Placements...... 238.2 12 1,583.3 68 –85.0 Missouri ...... 15 2,142.7 20 1,761.3 +21.7 Revenue...... 11,052.5 204 17,132.4 320 –35.5 Montana ...... 50 51.8 43 215.9 –76.0 Nebraska ...... 33 873.7 36 473.7 +84.4 General Obligation...... 12,705.1 499 10,829.1 522 +17.3 Nevada ...... 37 560.2 37 412.1 +35.9 New Hampshire . . . . . 34 775.3 50 39.7 +1852.9 Fixed-Rate...... 22,975.2 688 22,808.9 803 +0.7 New Jersey ...... 20 1,752.3 11 2,606.0 –32.8 Variable-Rate (Short Put)...... 399.8 4 1,127.1 15 –34.1 Variable-Rate (Long/No Put).. 158.9 4 3,759.9 17 –95.8 New Mexico ...... 41 392.7 39 365.0 +7.6 Zero-Coupon...... 223.8 7 54.9 3 +307.7 New York ...... 3 10,651.8 3 10,601.1 +0.5 North Carolina ...... 17 1,789.4 25 1,340.0 +33.5 Linked-Rate...... 0.0 0 139.3 2 –100.0 North Dakota ...... 44 288.9 45 145.6 +98.4 Auction-Rate...... 0.0 0 0.0 0 n.m. Ohio ...... 4 10,371.1 9 2,666.4 +289.0 Convertible...... 0.0 0 71.3 2 –100.0

Oklahoma ...... 21 1,411.9 28 978.0 +44.4 Bond Insurance...... 1,420.1 135 1,620.3 139 –12.4 Oregon ...... 18 1,775.7 16 1,973.8 –10.0 Pennsylvania ...... 6 4,033.5 8 3,274.1 +23.2 Letters of Credit...... 374.4 3 255.4 3 +46.6 Rhode Island ...... 43 306.4 38 374.7 –18.2 Standby Purch Agreements... 136.7 1 547.2 7 –75.0 South Carolina . . . . . 32 950.4 34 711.2 +33.6 Insured Mortgages...... 75.5 1 28.7 1 +163.1 Guaranties...... 1,877.4 84 2,176.0 97 –13.7 South Dakota ...... 47 125.7 44 164.8 –23.7 Other Enhancements...... 0.0 0 0.0 0 n.m. Tennessee ...... 30 1,028.5 21 1,702.7 –39.6 Texas ...... 2 14,996.1 2 11,070.8 +35.5 Utah ...... 29 1,083.7 30 943.8 +14.8 State Governments...... 2,138.2 8 2,581.6 10 –17.2 Vermont ...... 49 71.1 51 24.9 +185.5 State Agencies...... 5,738.2 67 7,626.6 102 –24.8 Counties & Parishes...... 2,475.5 50 1,152.5 49 +114.8 Virginia ...... 9 2,947.0 19 1,807.8 +63.0 Cities & Towns...... 2,408.0 185 4,914.0 241 –51.0 Washington ...... 11 2,631.8 23 1,595.7 +64.9 Districts...... 7,995.9 335 5,176.5 335 +54.5 West Virginia ...... 38 507.9 49 77.2 +557.9 Wisconsin ...... 14 2,256.9 10 2,661.2 –15.2 Local Authorities...... 1,994.3 46 5,694.1 88 –65.0 Wyoming ...... 48 95.4 48 88.2 +8.2 Colleges & Universities...... 1,007.5 12 799.4 15 +26.0 Direct Issuers...... 0.0 0 16.7 2 –100.0 American Samoa . . . . . 0 0.0 0 0.0 n.m. Tribal Governments...... 0.0 0 0.0 0 n.m. D. of Columbia . . . . . 25 1,260.3 27 1,026.7 +22.8 Guam ...... 0 0.0 0 0.0 n.m. Electric Cooperative Utilities... 0.0 0 0.0 0 n.m. Puerto Rico ...... 0 0.0 0 0.0 n.m. Trust Territories . . . . . 0 0.0 0 0.0 n.m. Bank-Qualified...... 1,046.8 269 1,223.2 291 –14.4 Virgin Islands ...... 0 0.0 0 0.0 n.m. Other Territories . . . . . 0 0.0 0 0.0 n.m. Build America Bonds...... 0.0 0 15.1 1 –100.0 Qualified Sch Construction..... 0.0 0 150.0 1 –100.0 TOTAL ...... $116,612.8 $107,343.3 +8.6 Other Stimulus...... 0.0 0 0.0 0 n.m.

NOTES: Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. – not meaningful. NOTES: Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. - not meaningful. Source: Refinitiv (4/30/2020) Source: Refinitiv (4/30/2020)

Largest Issues: April 2020

Amount Issuer Date Amount Issuer Date $1,439.1 California (State), GOs (nm/ref)...... 16-Apr $380.4 Illinois Finance Authority ...... 16-Apr 942.9 Los Angeles USD, GOS (nm/ref)...... 23-Apr 346.7 Massachusetts Dev Finance Agcy ...... 14-Apr 720.0 Riverside Co-California, GOs (tax)...... 22-Apr 338.5 Los Angeles Dept Wtr & Pwr (LADWP) (ref)...... 13-Apr 509.2 Virginia Public Building Auth, (tax/te) (nm/ref)...... 9-Apr 318.0 New York Transportation Dev Corp, (tax) (ref)...... 8-Apr 472.5 Texas Public Finance Auth (TPFA), GOs (tax) (nm/ref)...... 7-Apr 315.4 Richmond City-Virginia, (tax/te) (ref) ...... 7-Apr 450.0 Ohio Water Development Authority...... 22-Apr 302.7 Collin Co Comm College Dt, GOs...... 7-Apr 441.3 Multnomah Co (Portland) PSD #1J, GOs (cpt)...... 7-Apr 279.8 San Bernardino (Chino Valley) USD, GOs (tax/te) (ref)...... 7-Apr 410.7 Washington, (State) GOs (ref)...... 22-Apr 258.6 Pennsylvania Econ Dev Fin Auth, (ref) ...... 21-Apr 400.0 Sacramento MUD (SMUD), (tax/te)...... 28-Apr 242.6 Allen Co-Ohio, (ref)...... 8-Apr 400.0 University of Missouri Curators, (tax)...... 28-Apr 234.9 South Carolina Jobs Econ Dev Au, (ref)...... 8-Apr

NOTES: Dollar amounts are in millions. (cpt) – competitive; GOs – general obligation bonds; (neg) – negotiated; (nm) – new money; (pvt) - private placement ; (ref)– refunding; (tax)– taxable; (te)– tax-exempt. Source: Refinitiv (4/30/2020)

015_BB050120 15 4/30/2020 4:53:05 PM Market Statistics Friday, May 1, 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 4/30/20 4/23/20 High Date Low Date Municipal Bond Index ...... 127.09 –3/32 140.05 (3/9) 119.16 (3/20) 40 Average Dollar Price ...... 102.88 –0.09 104.17 (4/27) 96.78 (3/20) Bond Buyer Revenue Bond Index . . . . . 2.98% 2.86% 3.34% (4/2) 2.75% (4/16) Average Yield to Par Call ...... 3.59 +0.02 4.70 (3/20) 1.86 (3/9) Bond Buyer 20-Bond Index ...... 2.56% 2.36% 2.84% (4/2) 2.25% (4/16) Average Yield to Maturity ...... 3.93 unch 4.31 (3/20) 3.35 (3/9) Bond Buyer 11-Bond Index ...... 2.09% 1.89% 2.37% (4/2) 1.78% (4/16)

Wk of 5/1/2020 Wk of 4/24/2020 Wk of 4/17/2020 Wk of 4/26/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $5,892.2 $5,441.2 $6,773.0 $5,229.4 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 4,781.9 4,124.4 5,533.9 3,715.6 Total (May 1) ...... $12,505.3 +2,132.0 $17,009.2 (4/6) $7,051.7 (1/29) Competitive Bonds...... 1,110.3 1,307.6 1,177.4 1,188.9 Competitive ...... 2,312.4 +643.8 5,326.2 (1/3) 1,325.0 (3/24) Short-Term Notes...... 387.0 355.4 392.5 2,367.6 Negotiated ...... 10,192.9 +1,488.2 14,835.0 (4/3) 4,084.5 (2/19) Long-Term Bond Sales Thru 5/1/2020 Thru 4/24/2020 Thru 4/17/2020 Thru 4/26/2019 Month to Date...... $24,585.6 $18,693.4 $13,252.2 $24,569.1 Year to Date ...... 117,369.5 111,477.3 106,036.1 103,951.0 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

Apr. 30, 2020 Apr. 29, 2020 May 2, 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) . . . 0.70 0.70 1.61 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif., 5.00s (Jun. 30) . . 0.56 0.56 1.32

Weekly Averages Monthly Averages 04/24 2,021,420 10,238,037 12,259,457 Apr_20 1,896,160 11,831,347 13,727,507 Municipal Market Data 04/17 1,830,019 11,230,360 13,060,378 Mar 2,330,672 11,328,615 13,659,287 One-Month Note (MIG-1) ...... 0.55 0.60 1.74 Two-Month ...... 0.56 0.61 1.72 04/09 1,920,245 14,246,466 16,166,711 Feb 3,488,285 6,834,552 10,322,837 Three-Month ...... 0.57 0.62 1.70 04/03 1,984,784 13,481,021 15,465,805 Jan 3,686,529 6,255,930 9,942,460 Four-Month...... 0.58 0.63 1.70 03/27 1,726,921 13,350,653 15,077,574 Dec 2,415,545 8,879,401 11,294,946 Five-Month ...... 0.61 0.66 1.68 03/20 2,015,528 13,200,118 15,215,645 Nov 3,001,881 12,458,477 15,460,358 Six-Month ...... 0.65 0.69 1.68 03/13 2,309,489 9,866,675 12,176,164 Oct 3,948,065 10,035,436 13,983,501 Nine-Month...... 0.75 0.76 1.65 One-Year ...... 0.80 0.80 1.68 03/06 3,349,906 8,074,378 11,424,284 Sep 2,908,169 9,016,317 11,924,486 02/28 3,830,174 7,493,429 11,323,603 Aug 3,892,634 7,169,949 11,062,583 Variable-Rate Demand (Non-AMT/AMT) 02/21 3,269,762 5,847,452 9,117,214 Jul 2,829,215 5,502,430 8,331,645 Daily General Market ...... 0.20/0.24 0.17/0.26 1.91/2.00

02/14 3,471,055 6,469,054 9,940,109 Jun 4,232,721 4,461,583 8,694,304 Apr. 30, 2020 Apr. 23, 2020 May 2, 2019 02/07 3,338,446 7,330,854 10,669,300 May 4,075,907 4,156,333 8,232,240 Seven-Day General Markets ...... 0.35/0.40 0.34/0.38 2.23/2.24 01/31 3,075,623 6,088,922 9,164,546 Apr 2,653,924 4,487,284 7,141,208 Apr. 29, 2020 Apr. 22, 2020 May 1, 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 2.18 Apr. 22, 2020 Apr. 15, 2020 Apr. 24, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.21 0.36 2.30

Visible Supply Increases Municipal Market Data General Obligation Yields 18 Mar. 19 – May 1, 2020 Aaa Aa Insured A Baa 15 2021 0.81 0.86 0.89 0.95 1.74 2022 0.91 0.97 1.02 1.12 1.91 12 2025 1.09 1.19 1.31 1.41 2.21

9 2030 1.46 1.61 1.73 1.82 2.67 2035 1.86 2.06 2.16 2.28 3.16 6 2040 2.07 2.28 2.37 2.49 3.37 2045 2.23 2.44 2.52 2.64 3.52 3 2050 2.28 2.49 2.58 2.70 3.58

0 Figures are as of 3 pm Eastern time Apr. 30, 2020. Yields represent the fair market offer side for most liquid and available credits in each 3/19 3/24 3/27 4/1 4/6 4/9 4/15 4/20 4/23 4/28 5/1 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_BB050120_001 16 4/30/2020 5:11:24 PM Friday, May 1, 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 ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 (in percent of discount) Bid/Offer Bid/Offer Bid Yield 4/30 27.3 Gatlinburg, Tenn., (AA) ...... 1.05 1.40 1.90 2.50 … … … 4/30 9.7 Torrington, Conn., (AA–) ...... … 1.40 1.80 2.20 2.55 … … 1M — 05/26/2020 ...... 0 080/75. 0 080/75. 0 081 . 3M — 07/30/2020 ...... 0 100/95. 0 100/95. 0 101 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa – AAA 6M — 10/29/2020 ...... 0 110/105. 0 120/115. 0 112 . 4/28 40.0 Harford County, Md., ...... 0.98 1.14 1.50 2.15 … … … Treasury Notes and Bonds 4/27 70.4 Polk County, Iowa., ...... 0.98 1.19 1.81 2.28 2.57 … … Yesterday’s Prev. Day’s Yesterday’s 4/23 34.3 New Jersey Infra Bk, N.J ...... 0.90 1.05 1.32 2.47 2.73 2.75 … 4/22 80.0 Wisconsin, Wis., ...... 0.90 1.01 1.28 1.70 … … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 4/16 55.1 Davis SD BOE, Utah., ...... 0.86 0.95 1.20 2.10 2.63 … … 2Y — 0 .13% due 04/2022 . . . . 99 266/280. 99 266/280. 0 207. 4/9 5.6 Wilton (Town), Conn., ...... 0.93 1.00 1.50 2.20 2.60 … … 5Y — 0 .37% due 04/2025 . . . . 100 022/036. 100 026/042. 0 361. 4/8 75.2 City of Plano, Tex., ...... 1.10 1.17 1.52 2.38 2.60 … … 4/7 20.5 Millburn Twp BOE, N.J., ...... 1.40 1.60 2.32 2.98 … … … 10Y — 1 .50% due 02/2030 . . . . 108 050/070. 108 106/126. 0 639. 4/7 8.0 New Fairfield (Town), Conn., ...... 1.25 1.43 1.90 2.15 2.40 … … 30Y — 2 .00% due 02/2050 . . . . 117 292/312. 118 262/282. 1 275. 4/2 11.5 Newtown (Town), Conn., ...... 1.35 1.44 2.40 2.85 3.30 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 3/31 60.2 Oklahoma City, Okla., ...... … 1.55 2.25 2.75 3.05 … … 3/11 153.3 Brookline (Town), Mass., ...... 0.85 0.90 1.27 1.95 2.25 2.39 … Aa1/Aa2/Aa3 – AA+/AA/AA– Barclays Capital Long Treasury Bond Index 4/29 28.2 Knoxville, Tenn., ...... 0.98 1.26 1.57 2.43 2.71 2.90 … Index Value Yield Index Total 4/29 5.1 Richfield, Minn., ...... 1.10 1.25 1.50 1.90 2.30 … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 4/28 30.0 St Mary’s County Comm, Md., ...... 098 1.16 1.55 2.20 2.55 … … 4/28 4.4 Melissa, Tex., ...... 1.20 1.30 1.80 … 2.40 2.50 … Close 5076 01. 5105 20. –29 18. 1 19. 1 16. +0 03. 4976 01. 4/28 2.4 Dalhart, Tex., ...... 1.30 1.45 1.70 2.00 2.37 2.62 2.87 The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 4/27 2.9 Sand Springs, Okla., ...... … 1.35 1.60 2.10 2.40 … … (Jan. 1 1973 = 100). 4/23 123.0 Dublin USD, Calif., ...... 0.95 1.04 1.31 2.11 2.45 … … 4/23 24.1 Tulsa Public Facilities Auth, Okla., ...... 1.44 1.63 1.89 2.53 … … … 4/23 9.2 Wood Dale, Ill., ...... 1.35 1.55 2.30 2.60 … … … 4/22 74.0 Anne Arundel County, Md., ...... 0.81 0.98 1.33 1.71 1.95 … … 4/22 15.5 Dumont Borough, N.J., ...... 1.10 1.40 1.90 2.40 2.90 3.00 … 4/22 13.8 Anderson County, Tenn., ...... 1.02 1.14 1.40 2.25 2.50 … … State and Local Government Series Rates A1/A2/A3 – A+/A/A– 4/22 9.9 Kentucky Rural Wtr Fin, Ky., ...... 1.45 1.65 2.15 2.70 3.00 3.05 3.10 Friday Monday Tuesday Wednesday Thursday 4/20 11.2 Dallas Co R-I SD, Mo., ...... 1.20 1.40 1.80 … 2.50 2.75 … Apr. 24 Apr. 27 Apr. 28 Apr. 29 Apr. 30 4/16 9.4 Lexington, Tenn., ...... 1.00 1.20 1.60 2.10 2.35 … … Overnight*...... 0 09 . 0 09 . 0 08 . 0 08 . 0 08 . 4/7 10.0 North Mahaska Comm SD, Iowa., ...... 1.35 1.55 1.90 2.30 2.55 … … Three Months...... 0 10 . 0 11 . 0 10 . 0 10 . 0 10 . 4/6 5.9 City of Buffalo, Minn., ...... 1.30 1.50 2.00 2.25 2.50 … … Six Months...... 0 13 . 0 14 . 0 13 . 0 12 . 0 10 . 3/31 4.4 Elizabethton, Tenn., ...... 1.55 1.63 2.00 … 2.45 … … Nine Months...... 0 15 . 0 15 . 0 14 . 0 14 . 0 12 . 3/5 1.4 Camillus (Town), N.Y., ...... 0.75 1.00 1.50 2.00 2.16 … … 3/3 12.1 Kentucky Rural Wtr Fin, Ky., ...... 0.95 1.06 1.60 2.10 2.35 2.45 … One Year...... 0 16 . 0 16 . 0 15 . 0 15 . 0 14 . Two Years ...... 0 21 . 0 22 . 0 19 . 0 19 . 0 18 . 2/19 27.7 Verona Twp BOE, N.J., ...... … 1.15 1.75 2.20 2.41 … … Three Years...... 0 26 . 0 27 . 0 26 . 0 24 . 0 23 . 2/19 22.6 Fulton Co Bldg Corp, Ind., ...... … 1.23 1.66 2.25 2.47 … … Four Years...... 0 32 . 0 33 . 0 32 . 0 29 . 0 28 . 2/11 25.0 Natchez Adams SD, Miss., ...... 1.03 1.15 1.60 2.35 2.60 … … Five Years...... 0 37 . 0 39 . 0 38 . 0 34 . 0 33 . 2/3 7.6 Peculiar, Mo., ...... 1.00 1.10 1.45 2.00 … … … Six Years...... 0 45 . 0 46 . 0 47 . 0 42 . 0 42 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 52 . 0 53 . 0 54 . 0 49 . 0 49 . Eight Years...... 0 55 . 0 56 . 0 58 . 0 53 . 0 53 . Nine Years...... 0 58 . 0 59 . 0 61 . 0 56 . 0 57 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 61 . 0 62 . 0 64 . 0 60 . 0 61 . 15 Years...... 0 80 . 0 82 . 0 84 . 0 79 . 0 81 . Performance Comparisons for Apr. 27, 2020 20 Years...... 0 99 . 1 01 . 1 03 . 0 98 . 1 01 . Aaa–Baa Rated Corporates 25 Years...... 1 15 . 1 16 . 1 20 . 1 15 . 1 19 . Index Avg. Pct.of Total Return% 30 Years...... 1 19 . 1 19 . 1 22 . 1 18 . 1 24 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3267.06 3.00 100.00 –0.19 +0.56 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2114.41 2.66 65.98 –0.01 +0.03 Industrials 760.58 2.80 35.04 –0.01 –0.58 Utilities 756.24 2.29 5.90 +0.13 +2.02 Finance 734.47 3.41 4.45 +0.06 –1.52 Banks 791.10 2.34 19.39 –0.06 +0.98 Canadians/Yankees 704.23 2.34 36.41 –0.02 +0.45 Long-term (10 years and over) 3491.65 3.64 34.02 –0.53 +1.58 MARKET Industrials 1327.40 3.80 20.72 –0.67 +0.04 Utilities 1378.86 3.29 7.15 –0.23 +5.76 STATISTICS Finance 1352.32 3.56 2.22 –0.08 +2.52 For additional market data, please visit Banks 1465.01 3.47 2.68 –0.81 +0.98 bondbuyer.com/marketstatistics. Canadians/Yankees 1782.96 4.21 10.47 –0.82 –4.18 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_BB050120 17 4/30/2020 3:58:34 PM Market Statistics Friday, May 1, 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 APR 30 ...... 2.56 2.09 2.98 0.64 1.28 the April 30 pricings. The list will be revised at the next regularly scheduled revision on 23 ...... 2.36 1.89 2.86 0.60 1.19 May 15. 16 ...... 2.25 1.78 2.75 0.62 1.21 9 ...... 2.49 1.99 2.99 0.73 1.35 As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 2 ...... 2.84 2.37 3.34 0.63 1.26 average par call date is July 3, 2026 and the average maturity date is May 18, 2046. MAR 26 ...... 2.27 1.80 2.77 0.84 1.42 19 ...... 2.72 2.25 3.22 1.12 1.78 12 ...... 2.57 2.10 3.07 0.88 1.47 5 ...... 2.31 1.84 2.81 0.92 1.56 FEB 27 ...... 2.27 1.80 2.77 1.30 1.80 20 ...... 2.46 1.99 2.96 1.52 1.97 13 ...... 2.51 2.04 3.01 1.62 2.07 6 ...... 2.53 2.06 3.03 1.64 2.11 JAN 30 ...... 2.47 2.00 2.97 1.57 2.04 23 ...... 2.54 2.07 3.04 1.73 2.18 16 ...... 2.56 2.09 3.06 1.81 2.26 9 ...... 2.63 2.16 3.10 1.85 2.32 2 ...... 2.73 2.26 3.20 1.88 2.34 DEC 26 ...... 2.74 2.27 3.21 1.90 2.33 19 ...... 2.74 2.27 3.21 1.91 2.35 12 ...... 2.74 2.27 3.21 1.90 2.32 5 ...... 2.77 2.30 3.24 1.80 2.24 NOV 27 ...... 2.77 2.30 3.24 1.77 2.19 21 ...... 2.79 2.33 3.27 1.78 2.24 14 ...... 2.85 2.39 3.33 1.82 2.31 7 ...... 2.86 2.40 3.34 1.92 2.40 OCT 31 ...... 2.79 2.33 3.27 1.69 2.18 24 ...... 2.75 2.29 3.23 1.77 2.26 17 ...... 2.70 2.24 3.18 1.76 2.24

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

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

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

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

Weekly Yields of 20-Bond GO Index and Treasury Securities

20-Bond Index 5.00 Treasury Bond

4.00 Treasury Note

3.00

2.00

1.00

0.00 5/2/2019 8/1/2019 10/31/2019 1/30/2020 4/30/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.56 2.36 3.73 3.73 2.25 10-Year Treasury Note 0.64 0.60 2.55 2.55 0.60 STATISTICS 30-Year Treasury Bond 1.28 1.19 2.94 2.94 1.19 Basis Pt Spread to Note –192.00 –176.00 –118.00 –75.00 –221.00 For additional market data, please visit BBI as % of Note 400.00 393.33 146.27 450.79 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –128.00 –117.00 –79.00 –30.00 –158.00 BBI as % of Bond 200.00 198.32 126.87 225.40 113.27

018_BB050120 18 4/30/2020 4:54:56 PM Friday, May 1, 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 127.09 127.12 129.15 126.25 129.23 Standard & Poor’s Securities Evaluations Inc. Thursday, April 30, 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 113.9120 0.9256 123.0683 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 105.7090 0.9628 109.7933 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 103.3600 0.9256 111.6681 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 109.5190 0.9269 118.1562 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 100.0940 0.9269 107.9879 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 100.0940 0.9269 107.9879 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 102.750 unch 3.53 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 109.2730 0.9269 117.8908 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 107.875 unch 3.01 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 105.7070 0.8539 123.7932 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 100.875 - 0.500 3.80 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 103.8270 0.8539 121.5915 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . .88 .750 unch 4.70 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 93.4120 0.8771 106.5010 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 105.750 unch 3.12 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 102.4010 0.8595 119.1402 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 100.8890 0.8595 117.3810 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 103.4270 0.8539 121.1231 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 109.500 unch 2.17 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 104.2250 0.8568 121.6445 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 109.250 unch 2.24 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 105.7150 0.8539 123.8026 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 107.375 unch 2.94 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 95.7140 0.7809 122.5688 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 103.875 unch 3.10 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 98.8270 0.7768 127.2232 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 104.250 unch 3.16 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 96.0520 0.7768 123.6509 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 108.375 unch 2.89 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 100.8200 0.8512 118.4445 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 105.750 unch 2.91 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 105.3780 0.8568 122.9902 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 105.750 unch 2.44 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 102.7840 0.8512 120.7519 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 103.375 - 0.375 3.31 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 105.8440 0.8568 123.5341 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 106.0110 0.8512 124.5430 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 105.7050 0.8568 123.3718 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 98 .875 unch 3.07 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 103.9720 0.8174 127.1984 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 96 .000 unch 3.22 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 106.2810 0.8568 124.0441 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 105.375 - 0.625 3.06 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 107.3550 0.8512 126.1219 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . .98 .875 unch 4.07 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 102.2590 0.8484 120.5316 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 102.375 unch 3.42 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 100.2080 0.8484 118.1141 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 106.625 unch 3.07 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 98.8890 0.8568 115.4167 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 106.250 unch 3.02 31 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 106.8300 0.8484 125.9194 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 106.875 unch 3.09 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 102.0630 0.8539 119.5257 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 95 .750 unch 3.24 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 108.4430 0.8512 127.4001 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 105.250 unch 3.30 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 106.5960 0.8595 124.0209 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 100.875 unch 3.86 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 107.1490 0.8625 124.2307 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 100.625 unch 3.91 36 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 107.9260 0.8484 127.2112 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 102.250 unch 3.67 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 100.6640 0.8539 117.8873 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 100.250 unch 3.97 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 105.3100 0.8568 122.9108 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 102.125 unch 3.70 39 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 88.8020 0.8539 103.9958 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 83.5890 0.995 84.0090 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 105.875 unch 3.05 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 102.8759 102.9636 104.6098 102.4730 105.1311 POWER Yield To Par Call ...... 3.59 3.57 3.28 3.67 3.32 Yield To Maturity ...... 3.93 3.93 3.83 3.96 3.81 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 105.750 unch 3.79 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 103.375 unch 3.99

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 . . . . 113.875 unch 0.87 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A2/A/A Metro Transp Auth NY.5.00 11/15/2043 ...... 100.125 - 0.625 4.97 from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the A2/A/A Metro Transp Auth NY.5.00 11/15/2038 ...... 100.125 - 0.625 4.97 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . .83 .625 unch 5.06 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . .93 .375 unch 4.70 The Municipal Bond Index presented today employs the coefficient derived from the April 15, 2020 pricing, A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 106.000 unch 3.12 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 . . . . . 104.000 unch 2.90 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 . . 107.125 unch 3.01

019_BB050120 19 4/30/2020 4:57:37 PM Friday, May 1, 2020 20 The Bond Buyer

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