Democrats' Play for Resilience

Vol. 392 No. F578 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Friday, August 21, 2020

FRIDAY Another Democrats’ www.bondbuyer.com Pension THE REGIONS Play For NORTH CAROLINA’S PUBLIC PENSION funds saw a combined return Bond Twist of 6.38% on investments By Keeley Webster during the second quarter of Resilience this year, according to state Some California cities have Treasurer Dale Folwell. The shifted to issuing lease revenue By Sarah Wynn North Carolina Retirement bonds to pay down unfunded Systems contained assets pension liabilities instead of Democrats’ stated goal of valued at $103.9 billion on using the more familiar pension ramping up investment in resil- June 30, up $5.6 billion from obligation bond structure. ient, sustainable infrastructure the end of the first quarter of Two cities in Los Angeles would bode well for the munic- 2020. ��4 County, West Covina and Tor- ipal bond market if presidential rance, sold or are planning tax- hopeful Joe Biden takes office in THE ECONOMY able lease revenue bond deals Bloomberg News January. that use their city streets as The Democratic Party offi- AFTER A MODEST TWO-WEEK STREAK collateral. Torrance, California, streets will back up to $350 million of taxable cially released its 2020 platform of initial jobless claims fall- Ultimately, the cities’ gener- lease-revenue bonds to pay down unfunded pension liabilities. during its national convention ing, and one week below the al funds will pay the debt ser- this week, and unsurprisingly, 1 million level, the latest vice. ident with NHA Advisors, an nancing Authority priced $205 it’s broadly similar to its platform unemployment report took an “Similar to other lease-back advisor to the two cities. “It million in lease revenue bonds four years ago. A political plat- upward turn. Initial claims rose deals, the city leases property isn’t that common to pledge July 24 check the date to pay form is a set of goals and state- to a seasonally adjusted 1.106 to the financing authority, the streets, but several cities have off its nearly $200 million in ment of principles backed by a million in the week ended Aug. city makes rental payments, over the years to finance size- unfunded accrued California political party to gather public 15, the Labor Department said and the financing authority able projects.” Public Employees’ Retirement support and set the agenda for the Thursday. ��2 makes the bond payments,” The move prompted city res- System liabilities. The bond is- next four years. said Mike Meyer, a vice pres- idents to ask if the city defaults sue also provides $1 million in In the 2020 platform, Demo- WEB EXCLUSIVES on the bonds could bondholders working capital that would be crats vow to increase investment charge tolls on the streets to paid back in four years. in broadband, ports, freight, PODCAST: ANU RAMES OF BNP THURSDAY’S YIELDS pay off the bonds. The bonds, rated A-plus by clean water, wastewater, light Paribas Asset Management S&P Global Ratings and car- The Bond Buyer 40 “In our experience, the struc- rail, buses, and transit systems. talks with Chip Barnett about ture does not allow for inves- rying a 10-year par call, priced They also plan to install 500,000 “digital inequality” and the 5.0 tors to take control of the roads to yield between 1.747% for a public charging stations for elec- financing mechanisms avail- 4.2 To Maturity or turn them into toll roads,” 2021 maturity and 3.892% for tric vehicles and create a national able to investors to help close 3.53 Up 0.01 Meyer said. “The remedy 2044. infrastructure bank. this “have and have not” gap 3.4 would be the trustee suing the Hilltop Securities was under- Infrastructure is one of the in a post-pandemic world. city for lease payments.” writer; Norton Rose Fulbright Democrats’ top priorities, but for 2.6 The West Covina Public Fi- Turn to City page 5 Turn to How page 4 LEADERS: CALIFORNIA’S TREASURER, 1.8 To Par Call Fiona Ma, discusses the jour- 2.31 Up 0.04 1.0 ney to increase diversity and 08/07 08/12 08/17 08/20 equity in a time of uncertainty. Michgan Settles Over Flint Water Contamination

5.5 A GROUP OF FORMER FEDERAL By Yvette Shields 5.0 Reserve officials and staff- 4.5 ers, including former Vice Michigan will pay $600 mil- 4.0 Chairman Alan Blinder, pub- lion to settle lawsuits filed by 3.5 Flint residents whose water lished an open letter Thursday 3.0 calling on the U.S. Senate was contaminated because state 2.5 emergency managers sought to to reject President Donald 2.0 save money as part of the city’s Trump’s nomination of Judy 1.5 shift to a new, bond-financed Shelton to the central bank’s AJJMAMFJDNOS water pipeline in 2014. Board of Governors. Complete market coverage appears on page 2 The preliminary settlement that comes after 18 months of negotiations, with the help of court-appointed mediators, will be finalized in the next 45 days. It was announced Thursday by Gov. Gretchen Whitmer and At- torney General Dana Nessel. The crisis occurred after the city’s contract with Detroit to Bloomberg News receive Lake Huron water ended and the city shifted to Flint A pandemic scene from Flint, Michigan, where a water contamination Turn to $600 Million page 3 crisis led to a $600 million legal settlement with the state government.

001_BB082120 1 8/20/2020 5:10:49 PM Market News Friday, August 21, 2020 2 The Bond Buyer MacArthur Foundation Deal Prices; a 15th Week of Inflows Municipals were steady to weaker in some settled. Summer Catherine T. yield 2.05% with a 3% coupon and a 2045 spots, with yields on longer-dated maturities is winding down, MacArthur Foun- maturity was priced to yield 2.24% with a rising by as much as three basis points on the uncertainty in all dation’s (Aaa/NR/ 3% coupon. AAA GO scales. markets is evident NR/NR) $125 FHN Financial Capital Markets received Meanwhile, New York City will sell about in participant be- million of taxable the written award on the Denton Independent $1.4 billion of general obligation bonds the haviors and ev- corporate CUSIP School District, Texas’ (NR/AAA/AAA/NR) week of Aug. 24, the comptroller’s office eryone should be social bonds. $278.025 million of Series 2020 unlimited said Thursday. ready for what The bonds were tax school building bonds, backed by the The inflows continue in this market as Re- post-Labor Day priced at par to Permanent School Fund guarantee program. finitiv Lipper reported $1.8 billion of inflows will bring. Espe- yield 1.299% on Citigroup priced the Rockwall Indepen- into muni mutual funds in the week ended cially ahead of the Dec. 1, 2030, 65 dent School District, Rockwall, Collin and Aug. 12, the 15th week in a row of positive elections and the By Christine Albano & Chip Barnett basis points above Kaufman Counties, Texas’ (Aaa/AAA/NR/ results. The last time the muni funds saw an volatility that it the comparable NR) $163.79 million of taxable unlimited outflow was on May 6. could bring.” Treasury security. tax refunding bonds, is backed by the PSF. “There is a juxtaposition here in this mar- “August is typically such a quiet month Proceeds will fund grants that target not- JPMorgan Securities priced as a remarket- ket that is undeniable. You’ve got a retail in both the markets and in Washington and for-profits and communities battered by the ing the Georgia Development Authorities’ sector that is dipping its toes into the wa- clearly that is not the case for 2020,” she said. COVID-19 pandemic and social injustice. (Baa1/BBB+/BBB+/NR) $212.76 million ter but an institutional investor base that is “Investors and issuers should keep their ears Loop Capital Markets and Ramirez & Co. of pollution control revenue bonds for the wanting paper,” a Pennsylvania trader said. to the ground.” are co-managers. Oglethorpe Power Corp. “These flows show that demand is there from Action was brisk in the primary as a social Piper Sandler priced Wyandotte County, New York City will sell about $1.4 billion both investor fronts, but the spread widening bond from an Illinois issuer and Texas deals Kansas City, Kan.’s (A2/A/A/NR) $231.535 of general obligation bonds, the comptroller’s is inevitable because of how tight they got came to market. million Series 2020B taxable utility system office said Thursday. over the past three months once the market Morgan Stanley priced the John D. and refunding revenue bonds and $17.010 million The deals are composed of $1.1 billion of of Series 2020A tax-exempt utility system tax-exempt fixed-rate bonds and $304 million refunding and improvement revenue bonds. of taxables. Proceeds will be used to refund The taxable Series 2020B bonds were certain outstanding bonds for savings. ‘Disappointing’ Employment Data priced at par to yield from 0.689% in 2021 to Citigroup is expected to price the tax-ex- 2.551% in 2035 and 2.681% in 2037. empts on Wednesday, Aug. 26 after a one- The exempt Series 2020A were priced to day retail order period. BofA Securities and Suggest a Slowing Fiscal Recovery yield from 0.31% with a 3% coupon in 2021 Ramirez & Co. are co- senior managers. to 1.28% with a 3% coupon in 2030. A 2035 Also Aug. 26, the city expects to compet- After a modest two-week components remaining above maturity was priced to yield 1.80% with a itively sell around $304 million of taxable streak of initial jobless claims zero, according to the Feder- 3% coupon, a 2040 maturity was priced to fixed-rates. q falling, and one week below al Reserve Bank of Philadel- the 1 million level, the latest phia’s Manufacturing Busi- report took an upward turn. ness Outlook Survey, released Initial claims rose to a sea- Thursday. Muni money market funds see outflows again sonally adjusted 1.106 mil- The general activity index lion in the week ended Aug. dropped to 17.2 in August $1B 15 from the previous week’s from 24.1 in July. upwardly revised level of Economists expected a $0 971,000 million, originally 20.5 reading. Aaron Weitzman reported as 963,000, the La- The new orders index fell $-1B bor Department said Thurs- to 19.0 from July’s 23.0 level. day. Shipments decreased to 9.4 from 15.3, $-2B Economists polled by IFR Markets pro- while unfilled orders reversed to negative jected 893,000 claims in the week. 0.6 from positive 3.9. $-3B “New unemployment claims have Prices paid slipped to 15.3 from 15.7 remained remarkably elevated for 22 and prices received gained to 12.4 from $-4B consecutive weeks, coinciding with the 11.5. The number of full time employees COVID-19 pandemic,” said Mark Ham- fell to 9.0 from 20.1. $-5B rick, senior economic analyst at Bankrate. The six months from now indexes show “By way of comparison, in the first 11 respondents “remained optimistic” about 5/4 5/11 5/18 5/25 6/1 6/8 6/16 6/22 6/29 7/6 7/13 7/20 7/27 8/3 8/10 8/17 weeks of the year — before the pandemic future growth. and lockdown restrictions took hold — the The future general business activity in- Source: Informa Financial Intelligence average number of new weekly jobless dex for the region increased to 38.8 from claims was just 218,000. Also, the latest 36.0. number of new claims is five times that The Leading Economic Index gained Thursday’s Economic Indicators pre-pandemic weekly average.” 1.4% in July to 104.4, on the heels of a Continuing claims fell to 14.844 million 3.0% rise in June and a 3.1% jump in May, Indicator Last Report Forecast Actual on the week ended Aug. 8 from a down- the Conference Board reported Thursday. Initial Jobless Claims 8/8: 971,000 8/15: 893,000 8/15: 1.106M wardly revised level of 15.480 million Economists polled by IFR Markets ex- Philly Fed Manufacturing July: 24.1 Aug.: 20.5 Aug.: 17.2 a week earlier, first reported as 15.486 pected a gain of 1.1%. Leading Indicators June: +3.0% July: +1.1% July: +1.4% million. The coincident index rose 1.2% in July Forecasts represent the median of estimates by economists polled by IFR Markets “The only real mitigating key data point to 99.2, after gains in June and May of here is that continuing claims slipped to 2.9% and 2.4%, respectively. below 15 million,” he said. “It remains The lagging index fell 1% in July to Thursday’s Data noteworthy that there have been no re- 109.2, after a 2.3% dropping in both June 25 10 cent signs of any progress on negotiations and May. Government Securities Prices 10-year: 99 /32 to yield 0.65%, up /32 to extend relief legislation when the La- “Despite the recent gains in the LEI, 28 30 30-year: 99 /32 to yield 1.38%, up /32 bor Department says a total of 28 million which remain fairly broad-based, the initial Municipal Bond Index 13529/ , down 8/ Americans were receiving some kind of post-pandemic recovery appears to be losing 32 32 unemployment assistance for the week steam. The LEI suggests that the pace of The Bond Buyer’s Total: $13.449 billion, up $2.229 billion ending August 1.” economic growth will weaken substantially 30-Day Visible Supply Competitives: $1.539 billion, up $179.9 million Elsewhere, activity in the manufac- during the final months of 2020,” said Ata- (as of 8/21) Negotiated: $11.909 billion, up $2.049 billion turing sector in the Philadelphia region man Ozyildirim, senior director of economic TheMuniCenter List Offering Total: $009.1 million, up $0.1 million “continued to expand,” with “most” of the research at The Conference Board. q

002_BB082120 2 8/20/2020 5:10:54 PM Friday, August 21, 2020 Regions www.bondbuyer.com 3 $600 Million Settlement for Flint Lead Fiasco THE AUTHORITY ON MUNICIPAL BONDS SINCE 1891 One State Street Plaza, 27th Floor, New York, N.Y. 10004 Continued from page 1 ing consultants, have not agreed to par- Ultimately, the county is on the hook Phone: 212-803-8200 ticipate in the settlement so the plain- for debt service. River water in April 2014 while awaiting tiffs’ lawsuit against them will continue Fifteen government officials were Editor in Chief – Michael Scarchilli (212) 803-8214 the completion of a $285 million pipe- unless they join the pact. criminally charged. Seven struck plea Managing Editor – Gary Siegel (212) 803-1560 line carrying Lake Huron water to Flint “Ultimately, by reaching this agree- agreements. and other Genesee County communities. ment, I hope we can begin the process of Nessel, who took office last year, National Editor – Rich Saskal (510) 227-5169 The city failed to properly treat the closing one of the most difficult chapters dismissed all pending criminal cases Innovation Editor – Lynne Funk (212) 803-8237 Flint River water, triggering lead con- in our state’s history and writing a new related to the crisis, two of which were Washington Bureau Chief – Kyle Glazier (571) 403-3857 tamination because of pipe corrosion, one that starts with a government that against former state-appointed city which was not abated when the city works on behalf of all of its people,” emergency managers. REGIONAL EDITORS in the fall of 2015 shifted back to De- Nessel said. Her office launched a new case cit- troit-supplied water. If finalized and approved, the agree- ing the development of new evidence Midwest – Yvette Shields (773) 282-9106 The settlement requires that the state ment would resolve more than 100 pend- and criticisms of the original investiga- Southeast – Shelly Sigo (941) 755-3527 deposit $600 million into a qualified ing cases filed the state, federal and ap- tion under then-Attorney General Bill Southwest – Richard Williamson (469) 705-1638 settlement fund for the benefit of those pellate courts against the state for its Schuette. role in the crisis. The pending criminal charges had Northeast – Paul Burton (212) 803-8723 individuals, property owners, and businesses who claimed they were injured by The crisis began on April 25, 2014 named former emergency managers Ger- Far West – Keeley Webster (818) 481-6168 the water distributed by the city of Flint. when the city switched to water supplied ald Ambrose and Darnell Earley. Nearly 80% will go to children who from the Flint River from Detroit-sup- Ambrose served as Flint’s EM from SENIOR MARKET REPORTER were under 18 at the time of the con- plied and treated Lake Huron water as it Jan. 13, 2015 through April 28, 2015. Chip Barnett – (212) 803-8221 tamination. waited for the new pipeline. Earley was named EM in September The remainder is divided among State agencies failed to ensure such 2013 and served until January 2015. REPORTERS adults and businesses and other expens- treatment was done and when confront- Both were appointed by Snyder. es such as property damage and those ed with concerns over the water quality Earley oversaw the decision to change Christine Albano – (347) 937-0408 impacted by a Legionnaires outbreak. denied any contamination. the city’s water source to the Flint River. Andrew Coen – (212) 803-8724 “What happened in Flint should have The seeds of the crisis had begun two A March 13, 2014, order signed by Am- Robert Slavin – (212) 803-8266 never happened, and financial compen- years earlier when the city — then under brose for a water main cut-in at the wa-

Brian Tumulty – (571) 403-3845 sation with this settlement is just one of state emergency management — agreed ter plant cleared the way for the switch the many ways we can continue to show to participate with Genesee County in fi- to the river. Aaron Weitzman – (212) 803-8223 our support for the city of Flint and its nancing the construction of a new water Early faced misconduct and willful Sarah Wynn – (571) 403-3843 families,” Whitmer said in a video ad- pipeline to trim water costs. neglect of duty charges for allegedly dress. Flint pledged to repay about 34% of making misleading statements that the STATISTICS DEPARTMENT The governor, who took office last the $220 million 2014 bond issue that Flint plant could adequately treat the E-mail: [email protected] year, inherited the Flint debacle from provided initial financing for the Kareg- water and that the water was safe to predecessor Rick Snyder, whose admin- nondi Water Authority’s 63-mile pipe- drink. Statistics Hotline: (212) 803-8244 istration came under attack for failing to line led by Genesee County. The deal Ambrose faced similar charges in part prevent or move quickly to correct the was recognized by The Bond Buyer as for allegedly obstructing a county probe Competitive Offerings: 212-849-3870 contamination. Midwest Deal of the Year. of ties to the Legionnaire’s disease out- Negotiated Offerings: 212-849-3871 Several members of the administra- In addition to the toxic lead poison- break. Misleading information was also Competitive/Negotiated Sales Results: 212-849-3873 tion and the city’s emergency managers ing of household water that is especial- allegedly provided over the city’s ability at the time faced criminal charges al- ly damaging to children’s developing to participate in the bond sale and Early though Nessel scrapped the charges in brains, a 2014-15 Legionnaires’ disease was later charged with involuntary man- Vice President, Capital Markets June 2019, saying she would start anew outbreak in the Flint region led to the slaughter. Harry Nikpour (212) 803-8638 with the case. deaths of at least 12 and sickened anoth- Flint exited from state financial re- Executive Director, Brand Studio Whitmer said the city the settlement er 79 individuals. ceivership on April 10, 2018, after seven Michael Chu (212) 803-8313 would bring the state’s funding for relief Flint reverted back to Detroit water in years under state oversight. and recovery efforts to $1 billion. October 2015 and it signed a long-term The Flint debacle cast a poor light on The state previously agreed to provide contract to continue receiving water the state’s emergency law and the state Publisher $97 million toward replacing all of the through the Great Lakes Water Authori- largely put further actions related to the Michael Ballinger (212) 803-8481 city’s lead service lines, which is 85% ty, a regional agency that is the succes- program on hold. q complete. To date, the state has spent sor agency to Detroit’s system. ADVERTISING / CONFERENCES more than $409 million in response to The long-term water supply arrange- Melissa Kroc – National Sales Manager, Conferences (212) 803-6089 the Flint water emergency, according to ment between GLWA and Flint does not state budget documents. alter the terms of the KWA financing RELATED ADVERTISING / LEGAL The appropriations have been includ- contract or the obligation of Flint to CONTENT ed in recent budgets. make contractual payments to the issuer Kerry-Ann C. Parkes – National Sales Manager, Legal Advertising Officials did not immediately say how at the times and in the amounts required. Other recent coverage of this (212) 803-8436 the state would cover the costs of the Under its GLWA contract, Flint re- topic is available with this article preliminary settlement, which comes as ceives credit for the portion of the debt at BondBuyer.com MARKETING Michigan faces billions in tax losses due service on the KWA system bonds that Jamie Billington – Senior Marketing Manager (212) 803-6099 to COVID-19. Flint pays to the issuer. “We are still finalizing the plans for

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003_BB082120 3 8/20/2020 5:10:55 PM Regions Friday, August 21, 2020 4 The Bond Buyer North Carolina’s Pension Funds Reported 6.38% Q2 Return By Shelly Sigo prior to the state’s COVID-19 shutdown. plans. reflects adjustments to improve compa- “A 6.38% return during one of the Collectively, the plans have 950,000 rability of liabilities. North Carolina’s public pension funds most volatile markets I’ve ever seen is members and include teachers, state em- Moody’s said the state “takes a very saw a combined return of 6.38% on in- a testament to the great work done here ployees, local governments, firefighters, proactive approach” to addressing its vestments during the second quarter of by our investment management team,” and police officers. pension and liabilities associated with this year, according to state Treasurer Folwell said in a statement. Moody’s Investors Service, which other post-employment benefits. Dale Folwell. rates the state’s general obligation Moody’s also noted that in 2018, Gov. The pension fund, formally the North CONSERVATIVE STRATEGIES bonds AAA with a stable outlook, said Roy Cooper signed the Unfunded Li- Carolina Retirement Systems, contained in an August 2019 credit report that ability Solvency Reserve Act into law, assets valued at $103.9 billion on June “We’ve maintained the conservative North Carolina’s “very strong credit which established a reserve to address 30, up $5.6 billion from the end of the investment strategies of previous state quality” includes a low pension burden. the state’s unfunded pension and OPEB first quarter of 2020. treasurers, allowing us to minimize loss- North Carolina’s adjusted net pension liabilities. The value is net of fees and expenses, es during the down market, and to also liability, or ANPL, “is the lowest of any North Carolina’s GOs are also rat- including paying $1.5 billion in gross see substantial gains when the market state when compared to own-source ed triple-A by Fitch Ratings and S&P benefits during the three-month period. rebounded,” he added. governmental revenue,” according to Global Ratings. As of Aug. 14, the fund was valued at As the ninth-largest public pension the report. Both have stable outlooks and lauded $107.3 billion. That exceeds a high of fund in the country, North Carolina’s The ANPL is Moody’s measure of the state for its well-funded pension $106.9 billion in February, which was system is comprised of five pension the government’s pension burden and system in rating reports last year. q How Democrats’ Infrastructure Agenda May Benefit Muni Bond Market

Continued from page 1 It would be difficult for anything on in- would work to establish a permanent ver- makers have to make sure state and local frastructure to happen if Democrats don’t sion of Build America bonds. financing will work with the infrastructure now they have their eyes set on a coronavi- get all three, Kozlik added. Specific items Municipal bond stakeholders have con- bank, Samuels said. rus relief package, said Tom Kozlik, head such as adding charging stations for elec- tinuously pushed for direct-pay bonds “Then the question will be, do we have of municipal strategy and credit at Hilltop tric vehicles might also be unrealistic, he like Build America Bonds, increasing the a system of municipal bond financing that Securities. A section of the 2020 platform said. bank-qualified bond cap and the reinstate- maximizes the opportunities to be support- was dedicated to just coronavirus recovery A party platform is not a governance ment of tax-exempt advance refunding ive of infrastructure?” Samuels said. efforts. document or policy blueprint, said Marc — taken away in the 2017 Tax Cuts and Democrats’ wish list comes as state and But infrastructure’s involvement could Scribner, senior transportation policy an- Jobs Act. local governments are struggling to weath- be a part of future stimulus bills, Kozlik alyst at the right-leaning Reason Foun- In both 2016 and 2020, Democrats er the COVID-19 pandemic. said, mirroring the American Recovery dation. pledged the creation of an infrastructure Tax revenues have plummeted as mil- and Reinvestment Act passed to mitigate “The party platforms are messaging bank. lions of Americans have lost their jobs and the effects of the Great Recession. ARRA documents to policy activists, they’re not “Democrats support the creation of an thousands of retail businesses have closed. provided $48.1 billion to the U.S. Depart- serious policy proposals, so it will be in- infrastructure bank, a public bank that will “Between all the things that Trump ment of Transportation and billions for teresting to see as the campaign continues leverage public and private resources to and the Republicans didn’t handle, and highways. and as we expect Joe Biden to flesh out build infrastructure projects of national or COVID and the deep recession resulting “A lot of it has to do with pandemic tim- some of his infrastructure talking points,” regional significance, including in rail and from COVID — there is so much that ing and the poll of the landscape,” Kozlik Scribner said. transit, clean energy and water infrastruc- they can spend money on just to get back said. “Generally, at some point, it will be However, if Democrats are able to ture, broadband, and affordable housing,” to some sort of break-even before making considered to be part of stimulus mea- push infrastructure legislation, it would the DNC wrote this week in their platform. real progress,” said George Friedlander, a sures. I would put it (infrastructure) at the increase the potential for the use of mu- The idea of doing a central federal in- municipal market strategist. “It’s going to top of their (Democrats) list.” nicipal bonds. frastructure bank has been kicked around be a tough fight.” There are municipal bond-friendly ele- “Support for infrastructure creates huge for years, but has never become a reality Friedlander said a relief bill, which ments that could be part of a stimulus in- potential for the use of municipal bonds despite legislation having been introduced would potentially provide more direct aid frastructure package. However, Democrats under existing law and certainly under various times in the past decade. It could to state and local governments among oth- would have to take the House, Senate and how it might be revised,” said Chuck be used by municipalities to leverage fed- ers, is unlikely to happen when lawmakers the White House to make infrastructure Samuels, general counsel to the National eral dollars and then recycle those repay- come back to Washington in September. happen, Kozlik said. Association of Health and Educational ments into a revolving loan fund to finance “There is a lot of it that isn’t being taken “To me, that is definitely not a given,” Facilities Finance Authorities. future projects. care of this year that will have to be taken Kozlik said. “It’s a possibility for sure, but The Democrats’ 2020 proposal does not It’s not certain on whether the bank care of next year and we don’t know how we’re still a little less than 80 days from include the mention of municipal bonds, would be a freestanding financing mecha- long the pandemic is going to last and the election and there is a lot that can hap- though in 2016, they voiced support for nism or it would be supplemented by state how deep it is going to get in Phase 2,” pen from now to then.” the muni tax exemption and said they and local funding. If it’s the latter, policy- Friedlander said. q The Bond Buyer Indexes BB 20-Bond Index BB 11-Bond Index BB Revenue Bond Index BB Municipal Bond Index 5.0 5.0 5.0 5.0 Yield to Maturity Figures are weekly averages for daily yields from the BB40 ending Thursday

4.0 4.0 4.0 4.5 2.15% 1.68% 2.57% 3.51% Up 0.10 Up 0.10 Up 0.10 Up 0.02

3.0 3.0 3.0 4.0

2.0 2.0 2.0 3.5

1.0 1.0 1.0 3.0 05/28 06/11 06/25 07/09 07/23 08/06 08/20 05/28 06/11 06/25 07/09 07/23 08/06 08/20 05/28 06/11 06/25 07/09 07/23 08/06 08/20 05/28 06/11 06/26 07/09 07/23 08/06 08/20 06/04 06/18 07/02 07/16 07/30 08/13 06/04 06/18 07/02 07/16 07/30 08/13 06/04 06/18 07/02 07/16 07/30 08/13 06/04 06/18 07/02 07/16 07/30 08/13

004_BB082120 4 8/20/2020 5:10:57 PM Friday, August 21, 2020 Far West 5 www.bondbuyer.com TRENDS IN THE REGION

City Streets Back Lease-Rev Bonds California Cities Issue For Pensions

Continued from page 1 give cities “more control of the pro- verely affected investors everywhere, in- pension liabilities with the decline in cess and timing, since they aren’t at the cluding CalPERS,” said Yu (Ben) Meng, revenues resulting from the recession bond and disclosure counsel; and Wolf mercy of the court’s schedule for the CalPERS chief investment officer, said brought on by the cease of business & Company and NHA Advisors co-mu- validation.” July 15 in a news release announcing its amid the pandemic, but they also may nicipal advisors. The validation process typically takes 2019-2020 returns. be bracing themselves against the po- The Torrance City Council gave the three to four months, but during the “We’ve been doing the hard work tential for contribution increases from go-ahead to a similar lease revenue pandemic, it is sometimes taking longer, of preparing for a downturn for some CalPERS. pension deal of up to $350 million on Meyer said. time,” Meng said. “When it came, we West Covina’s revenue losses caused July 28. The Torrance Joint Powers Fi- “Depending on the legal structure, were in a strong position to reduce its by the coronavirus outbreak resulted in nancing Authority pricing is expected there may be added flexibility for use of impact on our portfolio and take advan- City Manager Dave Carmany declaring in October. proceeds to CalPERS or more strategic tage of new opportunities created by the a fiscal emergency in May. Morgan Stanley is lead underwriter timing of investing in the market,” Mey- changing economic climate. When council members approved the with BofA Securities and Siebert Wil- er said. “These things aren’t possible “We’ll continue to focus on the long budget in June, they also agreed to keep liams Shank co-managers; Jones Hall under a traditional POB structure.” term and execute on our strategy to the budget fluid and tentative, saying bond and disclosure counsel; and NHA The biggest change Brown said she achieve our 7% targeted return,” said the coronavirus has made their financial Advisors as municipal advisor. has seen in bond sales this year over Meng. situation unpredictable. One hitch that can crop up in the last year has been the increase in pen- Less than three weeks later, Meng Both the CalPERS and California more traditional pension obligation sion-related bonds. abruptly resigned, saying he wanted to State Teachers’ Retirement System had bond structure is that there is more time The Torrance staff report cited over a focus on his health and his family. a record loss in March, but they were involved in a validation, said Sara Ober- dozen governments in Southern Califor- The board held an emergency meet- able to turn it around. lies Brown, co-head of Stifel California. nia alone that have issued pension bonds ing Monday after Controller Betty Yee “I am happy to report that CalP- “If you can do it as a pension obliga- since 2018. wrote a letter to the pension board to ERS hit 4.7%, which is higher than the tion bond, it’s preferable, because you “I’m not aware of every entity who discuss whether an investigation should benchmark,” California Treasurer Fiona don’t have to commit an asset,” said has issued UAL restructuring bonds, be called after questions were raised Ma said during a webinar produced by Brown, whose firm is not involved in whether they are lease revenue bonds or about potential conflict of interest in California Debt and Investment Advi- the Torrance and West Covina deals. pension obligation bonds, but the chal- the investments recommended by Meng sory Commission and the California “And, S&P [Global Ratings] rates pen- lenge facing agencies is still the same: as CIO. Society of Municipal Finance Officers. sion obligation bonds higher than a How to tackle a CalPERS UAL repay- One element of the increased interest Ma, who is a voting member of both lease revenue bond.” ment shape that is rapidly escalating in pension bonds is the decline in rev- CalPERS and CalSTRS, reminded lis- If, however, an anti-tax group or tax- (peaking over the next 10 to 15 years enues cities have experienced amid the teners that the pension funds are long- payer answers the POB validation, it and crowding out other critical priori- pandemic. term investors. can cause delays, which can result in ties) then dropping,” Meyer said. “The Brown said she thinks the taboo that “They are there to make money, so additional legal costs for the city, Brown ability to re-shape and smooth payments once surrounded POBs has lifted. they can pay retirees when the time said. If that is the case, it might be fast- at low interest rates to enhance budget “Issuers that would have considered comes,” Ma said. er and more cost effective to do it as a predictability, long-term fiscal stability, it a couple of years ago, are seeing re- “I would say to local governments, lease revenue bond. and general expected cash flow savings, spected, neighboring communities con- don’t worry at this moment,” she said. Meyer said lease revenue bonds do remains the objective, no matter which sider or pursue pension bonds, and that “Before the pandemic, we were above structure is utilized.” gives them comfort, and cover, as to the 7% number; because of the pandem- CalPERS’ estimates that it is 70.8% whether that makes sense for their com- ic, we are below that number, but we are funded, which is based on an assump- munities,” Brown said. long-term players in CalPERS and Cal COMMENT tion of future investment earnings aver- Investors also appear to have moved STRS.” q Let us know what you think aging 7% a year. past the beating bondholders took in about this story at In the 2019-20 fiscal year that ended Stockton, California, and other Chap- June 30, CalPERS posted a 4.7% return. ter 9 cases in which pension recipients BondBuyer.com Over the last 20 years, it has averaged were largely unharmed but bondholders For more content about this 5.5% by its own calculation. took a haircut. region, visit the Regional News “What started out as a health crisis Cities may have more reason to look tab on BondBuyer.com. turned into an economic crisis and se- to pension bonds to ease the pressure of

Visible Supply by State General Obligation Yield Curves for Aug. 19, 2020

BB 20-Bond Index BB 11-Bond Index BB Revenue Bond Index BB Municipal Bond Index August 20, 2020 August 13, 2020 State Ratings One-Year Five-Year 10-Year 30-Year 5.0 5.0 5.0 5.0 Yield to Maturity State Issues Amount Issues Amount Chg in Amt Figures are weekly averages for daily Alaska Aa3/AA–/A+ 0.18 0.35 0.93 1.73 yields from the BB40 ending Thursday Alaska 0 $0 2 $277,215 -$277,215 California Aa2/AA–/AA 0.09 0.24 0.76 1.51 4.0 4.0 4.0 4.5 California 19 3,006,402 22 3,028,040 –21,638 2.15% 1.68% 2.57% 3.51% Hawaii Aa1/Aa2/AA+ 0.16 0.35 0.94 1.70 Up 0.10 Up 0.10 Up 0.10 Up 0.02 Hawaii 0 0 0 0 0 Idaho Aa1/AA+/AA+ 0.15 0.32 0.87 1.63 Idaho 1 30,797 1 30,797 0 3.0 3.0 3.0 4.0 Montana Aa1/AA/AA+ 0.15 0.31 0.86 1.65 Montana 0 0 1 18,838 –18,838 Nevada Aa1/AA+/AA+ 0.17 0.33 0.87 1.68 Nevada 1 9,170 1 9,170 0 2.0 2.0 2.0 3.5 Oregon 0 0 2 111,855 –111,855 Oregon Aa1/AA+/AA+ 0.14 0.28 0.79 1.55 Washington 1 36,900 1 36,900 0 Washington Aaa/AA+/AA+ 0.14 0.29 0.82 1.61 1.0 1.0 1.0 3.0 Wyoming NR/AA+/NR 0.15 0.29 0.80 1.55 05/28 06/11 06/25 07/09 07/23 08/06 08/20 05/28 06/11 06/25 07/09 07/23 08/06 08/20 05/28 06/11 06/25 07/09 07/23 08/06 08/20 05/28 06/11 06/26 07/09 07/23 08/06 08/20 Wyoming 0 0 0 0 0 06/04 06/18 07/02 07/16 07/30 08/13 06/04 06/18 07/02 07/16 07/30 08/13 06/04 06/18 07/02 07/16 07/30 08/13 06/04 06/18 07/02 07/16 07/30 08/13 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

005_BB082120 5 8/20/2020 5:10:57 PM Competitive Sales Notices Friday, August 21, 2020 6 The Bond Buyer $11,000,000* CENTRALIA ELEMENTARY SCHOOL DISTRICT (Orange County, California) Election of 2016 General Obligation Bonds, Series B NOTICE IS HEREBY GIVEN that the Centralia Elementary School District (the “District”), in Orange County, California, intends to offer for public sale on September 2, 2020, at the hour of 9:30 a.m. Pacific Daylight Time, at the office of Piper Sandler & Co., 2321 Rosecrans Avenue, Suite 3200, El Segundo, California 90245 not to exceed $11,000,000* principal amount of general obligation bonds of the District designated “Centralia Elementary School District (Orange County, California) Election of 2016 General Obligation Bonds, Series B (the “Bonds”). Within 26 hours, the Superintendent or the Assistant Superintendent, Business and Administrative Services of the District will consider the bids received and, if acceptable bids are received, award the sale of the Bonds on the basis of the true interest cost. In the event that no bids are awarded by the designated time, proposals will be received at a subsequent time and date to be determined by the District and publicized via PARITY, the Bond Buyer Wire or Thomson Municipal Market Monitor (www.tm3.com). NOTICE IS HEREBY FURTHER GIVEN that the Bonds will be offered for public sale subject to the terms and conditions of the Notice Inviting Proposals for Purchase of the Bonds, dated August 21, 2020. Copies of the Preliminary Official Statement and Notice Inviting Proposals for Purchase of Bonds will be furnished upon request made to Piper Sandler & Co., 2321 Rosecrans Avenue, Suite 3200, El Segundo, CA 90245, Attn: Timothy Carty, phone (310) 297-6011, timothy. [email protected], the Municipal Advisor to the District for the Bonds. Dated: August 21, 2020 CENTRALIA ELEMENTARY SCHOOL DISTRICT By: /s/ Scott Martin Assistant Superintendent, Business and Administrative Services * Preliminary, subject to change.

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006_BB082120 6 8/20/2020 1:37:28 PM Friday, August 21, 2020 www.bondbuyer.com 7

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

8/24 - Eastland Community Unit School District No. 308, IL I-Deal Prospectus 8/24 - Harris County Municipal Utility District No. 400, TX Electronic Official Statements Competitive 8/24 - Fort Bend County Levee Improvement District No. 6 (TX), TX 8/20-Robinson ISD, TX Maintenance Tax Notes, Series 2020 8/24 - Oak Point Water Control and Improvement District No. 3 of 8/25-Spirit Lake (City of), IA GO Refunding Capital Loan Notes, Series 2020 Denton County (TX), TX 8/26-Mount Pleasant (City of), IA GO Capital Loan Notes, Series 2020A 8/24 - Village of Hales Corners, WI www.newissuehome.i-deal.com 8/17-Denton County MUD No. 9, TX Unlimited Tax Bonds, Series 2020 *** The NOS has been revised to 8/24 - City of Peculiar, MO correct the dated date and first payment date as listed on pg 3. BiDCOMP®/Parity® 8/24 - City of Watauga, TX 8/24-Harris County MUD No. 400, TX Unlimited Tax Bonds, Series 2020A 8/24 - Town of Millbury, MA www.i-dealprospectus.com 8/24-Oak Point WC&ID No. 3, TX Unlimited Tax Bonds, Srs 2020A 8/24 - Town of Millbury, MA 8/25-Milwaukee Area TCD, WI GO Promissory Notes, Series 2020-21C 8/24 - Village of Hammond, WI Full service electronic 8/25-Brownsville Energy Auth, TN Water & Sewer Sys Rev & Electric Sys Rev Bonds, Srs 2020 8/24 - Jamestown Public School District No. 1, ND document delivery and 8/25-San Juan (City of), TX Combination Tax & Ltd Pledge Rev COO, Srs 2020 8/24 - Town of Sherborn, MA tracking system 8/25-Brazoria County MUD No. 40, TX Unlimited Tax Road Bonds, Series 2020A 8/24 - Clinton Community School District (IA), IA 8/25-Cook County Township HSD No. 225, IL GO Refunding School Bonds, Series 2020 8/25 - Brazoria County Municipal Utility District No. 40 (TX), TX 8/25 - Milwaukee Area Technical College District (WI), WI For more information, 8/25-Brazoria County MUD No. 39, TX Unlimited Tax Road Bonds, Srs 2020 contact: 8/25 - Brownsville Energy Authority (TN), TN 8/25-Kaufman County MUD No. 2, TX Unlimited Tax Road Bonds, Series 2020 8/25 - City of Coffeyville, KS John Hester 8/26-Washington County SD BOE, UT GO School Building Bonds, Srs 2020 8/25 - City of Coffeyville, KS (212) 849-5125 8/27-Spartanburg County SD No.6, SC General Obligation Bonds, Series 2020 8/25 - City of Spirit Lake, IA 9/1-Winthrop (Town of), ME General Obligation Bonds, 2020 James Kellum 8/25 - City of San Juan, TX (212) 849-5156 9/8-Cibolo (City of), TX Combination Tax & Revenue COOs, Series 2020 8/25 - City of Wausau, WI 8/25-Essex (County of), NJ General Improvement Bonds & BANs, Series 2020 8/25 - City of Wausau, WI 8/26-Northlake MMD No. 1, TX Unlimited Tax Utility & Road Bonds, Srs 2020 8/25 - City of Grimes, IA 8/25 - Township High School District Number 225, Cook County (Glenbrook) (IL), IL I-Deal Prospectus 8/25 - Kaufman County Municipal Utility District No. 2, TX Electronic Official Statements Negotiated 8/25 - Brownsville Energy Authority (TN), TN Levelland ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020 8/25 - Francesville-Salem Township Public Library, IN Lafayette (City of), LA Taxable Ltd Tax Refunding Bonds, Srs 2020 ***ADDENDUM TO PRELIMINARY OFFICIAL 8/25 - County of Merrimack, NH STATEMENT DATED AUGUST 13, 2020 HAS BEEN ADDED*** 8/25 - Board of Cooperative Educational Services of the Sole Supervisory District Temple (City of), TX GO Refunding Bonds, Taxable Series 2020 of Orange & Ulster Counties (NY), NY Travis County WC&ID No. 17, TX Steiner Ranch Defined Area Unltd Tax Ref Bonds, Srs 2020 8/25 - City of Riley, KS Princeton ISD, TX Unlimted Tax School Building Bonds, Series 2020 8/25 - County of Rockland, NY Rockwall ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020 8/25 - City of Gilbert, MN Lafayette (City of), LA Taxable Pub Improv Sales Tax Ref Bonds, Series 2020A&C 8/25 - School District of St. Lucie County, FL Lafayette (City of), LA Public Improvement Sales Tax Bonds & Refunding Bonds, Series 2020,B&D 8/25 - City of Ames, IA Lafayette (City of), LA Taxable Ltd Tax Refunding Bonds, Srs 2020 8/25 - Village of Patchogue, NY Denton ISD, TX Unlimited Tax School Building Bonds, Srs 2020 8/25 - Cutter-Morning Star School District No. 21 of Garland County, AR San Diego County & School Districts, CA Tax & RAN Program Note Participations, Srs 2020 8/25 - County of Essex (NJ), NJ ***SUPPLEMENT DATED AUGUST 12, 2020 TO THE PRELIMINARY OFFICIAL STATEMENT DATED 8/25 - County of Essex (NJ), NJ AUGUST 6, 2020 HAS BEEN ADDED.*** 8/25 - Montgomery Drain Drainage District (MI), MI El Paso (City of), TX Water & Sewer Revenue Refunding Bonds, Series 2020 *REVISED* 8/26 - Dakota County Community Development Agency, MN Brownwood (City of), TX GO Refunding Bonds, Srs 2020 8/26 - Dakota County Community Development Agency, MN Harris County Improvement District No. 18, TX Unlimited Tax Refunding Bonds, Series 2020 8/26 - South Metro Fire Protection District (MO), MO El Paso (City of), TX Water & Sewer Revenue Refunding Bonds, Taxable Series 2020A *Revised* 8/26 - City of Beaver Dam (WI), WI Viridian MMD, TX Assessment Revenue Bonds, Srs 2020 8/26 - Village of Lynbrook, NY Sienna Plantation Management District, TX Unltd Tax Road Ref Bonds, Series 2020 8/26 - Village of Lynbrook, NY Keller (City of), TX GO Refunding & Improvement Bonds, Series 2020 8/26 - Johnson County School District Finance Corporation, KY El Paso (City of), TX Water & Sewer Revenue Refunding Bonds, Series 2020 8/26 - Bartholomew Consolidated School Corporation, IN El Paso (City of), TX Water & Sewer Revenue Refunding Bonds, Taxable Series 2020A 8/26 - Ouachita School District No. 1 of Hot Spring County, AR San Diego County & School Districts, CA Tax & RAN Program Note Participations, Srs 2020 8/26 - Batesville Redevelopment Authority (IN), IN West Independent SD, TX Unlimited Tax School Bldg & Ref Bonds, Series 2020 8/26 - City of Mount Pleasant (IA), IA Tempe UHSD No. 213, AZ Taxable Refunding Bonds, Srs 2020 8/27 - The School District of Berkeley County (SC), SC Viridian MMD, TX Assessment Revenue Bonds, Srs 2020 8/27 - The School District of Berkeley County (SC), SC San Angelo ISD, TX Unlimited Tax Refunding Bonds, Taxable Srs 2020 8/27 - Otsego Public Schools, MI *Titus County, TX GO Refunding Bonds, Taxable Series 2020 *REVISED* NO NEGOTIATED DEALS FOR TOMORROWS CALENDAR Teague ISD, TX Unlimited Tax Refunding Bonds, Taxable Series 2020 For rates and additional Williamson County MUD No. 11, TX Unltd Tax Ref Bonds, Series 2020 *REVISED* information about advertising Titus County, TX GO Refunding Bonds, Taxable Series 2020 Harris County MUD No. 500, TX Contract Rev Ref Bonds (Wtr,Swr&Drainage Fac), Srs 2020 THE DAILY NEWSPAPER a notice of competitive sale, McKinney ISD, TX Unltd Tax School Bldg & Ref Bonds, Series 2020 OF PUBLIC FINANCE please call Kerry-Ann C. Parkes Longview (City of), TX GO Refunding Bonds, Series 2020A at 212-803-8436 or Fort Bend ISD, TX Unltd Tax School Bldg Bonds, Series 2020A send an email to Crandall ISD, TX Unlimited Tax School Building Bonds, Srs 2020 [email protected]. Fort Bend ISD, TX Variable Rate Unltd Tax School Bldg&Ref Bonds, Series 2020B

007_BB082120 7 8/20/2020 1:37:29 PM New Issues Friday, August 21, 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, August 21 Pottawatomie Co ISD #10 OK Bldg 1,675 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 10-Aug

Monday, August 24 Clinton Comm SD IA GO Sch *30,000 1 pm C Piper Sandler Ahlers & Cooney 21-40 ------A ------13-Aug Marshalltown IA GO Airport (Tax) *2,030 11 am C Speer Financial Dorsey & Whitney 24-32 ------14-Aug Marshalltown IA GO Corp Purp Ref *9,590 10:30 am C Speer Financial Dorsey & Whitney 21-32 ------BQ 14-Aug Clarendon Hills Pk Dt IL GO Park *2,530 10:15 am C Speer Financial Chapman and Cutler 21-35 ------BQ 11-Aug Eastland Comm USD #308 IL GO Sch *5,345 10 am C PMA Securities Chapman and Cutler 21-29 ------AA------BQ 11-Aug Sherborn (Town) MA GO Muni Purp Loan *5,675 12 pm E UniBank Fiscal Adv Locke Lord 21-40 ------BQ 19-Aug Peculiar MO Comb Purp *9,090 10:30 am C McLiney & Co Gilmore & Bell 21-50 ------A ------BQ 11-Aug Jamestown Pub SD #1 ND Certs of Indebt *3,920 11:30 am C PFM Fin Advisors Arntson Stewart 21-40 ------AA ------BQ 18-Aug Fort Bend Co Levee Imp Dt #6 TX Unltd Tax 6,890 10 am C Masterson Advisors State Atty General 22-45 --- A3 ------BQ 12-Aug Harris Co MUD #400 TX Unltd Tax 4,950 10 am C Rathmann & Assoc State Atty General 43-50 ------7-Aug Oak Pt Wtr Cntr & Imp Dt #3 TX Unltd Tax 2,420 10 am C Baird Coats Rose 22-45 ------BQ 13-Aug Watauga TX Certs of Oblig *3,000 11 am C SAMCO Cap Mkts Norton Rose 21-40 ------BQ 18-Aug Hales Corners Vlg WI GO Prom *400 10:30 am C Wisconsin Pub Fin Quarles & Brady 22-30 ------BQ 14-Aug Hammond Vlg WI GO *2,695 11 am C Ehlers Fryberger Buchanan 21-40 ------BQ 31-Jul

Tuesday, August 25 Cutter Morning Star SD #21 AR Ref *1,715 1 pm C First Sec Beardsley Friday Eldredge 21-35 --- Aa2 ------BQ 20-Aug Cutter Morning Star SD #21 AR Ref *2,840 11 am C First Sec Beardsley Friday Eldredge 21-35 --- Aa2 ------BQ 20-Aug Ames IA GO Corp Purp Ref *20,105 11 am C PFM Fin Advisors Dorsey & Whitney 21-32 --- Aa1 ------19-Aug Grimes IA GO Ref *4,170 10 am C PFM Fin Advisors Dorsey & Whitney 21-32 --- Aa2 ------BQ 20-Aug Spirit Lake IA GO Ref *7,240 10 am C Piper Sandler Ahlers & Cooney 21-28 ------AA------BQ 18-Aug Glenbrook Twp HSD #225 IL GO Sch Ref *8,910 10 am C Raymond James Chapman and Cutler 20-27 ------AAA ------11-Aug Francesville-Salem Twp Pub IN GO *700 11 am E Baker Tilly MA Bose McKinney 21-40 ------BQ 14-Aug Coffeyville KS GO Ref *2,975 10 am C Baker Tilly MA Gilmore & Bell 21-31 ------BQ 28-Jul Coffeyville KS GO (Tax) *42,385 10 am C Baker Tilly MA Gilmore & Bell 26-42 ------28-Jul Riley KS GO Ref *1,045 11 am C Ranson Fin Group Gilmore & Bell 21-31 ------BQ 14-Aug Montgomery Drain Drainage Dist MI Drain *29,395 1:30 pm E PFM Fin Advisors Dickinson Wright 21-50 ------14-Aug Gilbert MN GO Temp *3,175 11 am C Ehlers Fryberger Buchanan 22 ------BQ 3-Aug Essex County NJ Gen Imp 96,220 11:15 am E Acacia Fin Group Gibbons P.C. 21-50 ------AA+ ------14-Aug Las Cruces NM GO Imp *17,600 10 am M RBC Capital Mkts Modrall Sperling 21-32 ------20-Aug Iroquois Ctrl SD NY Sch Dist 555 11:30 am E Bernard P. Donegan Hodgson Russ 21-25 ------BQ 12-Aug Patchogue Vlg NY Pub Imp 1,300 11 am E Munistat Services Orrick Herrington 21-50 ------BQ 20-Aug P Rockland County NY Var Purp *19,975 11 am E Capital Markets Adv Orrick Herrington 21-35 ------18-Aug Brownsville Energy Auth TN Elec Sys Rev *1,250 9:45 am C Stephens Bass Berry 21-31 --- A1 ------BQ 19-Aug Brownsville Energy Auth TN Wtr & Swr Rev *2,300 10:15 am C Stephens Bass Berry 21-37 --- A2 ------BQ 19-Aug Brazoria Co MUD #39 TX Unltd Tax Road 2,160 9:30 am C Baird Allen Boone 21-45 ------BQ 13-Aug Brazoria Co MUD #40 TX Unltd Tax Road 4,625 9 am C Baird Allen Boone 22-45 ------BQ 13-Aug Kaufman Co MUD #2 TX Unltd Tax Road 2,765 10 am C Baird Coats Rose 40-45 ------BQ 13-Aug San Juan TX Certs of Oblig *4,810 10 am C Hilltop Securities Norton Rose 21-40 ------A ------BQ 19-Aug Milwaukee Area Tech Coll WI GO Prom 22,500 9:30 am C Baird Michael Best 20-25 --- Aa1 ------11-Aug Platteville WI GO Street *1,190 10:30 am C Ehlers Quarles & Brady 24-35 ------BQ 20-Aug Wausau WI GO Prom *5,445 10 am C Ehlers Quarles & Brady 21-30 ------4-Aug Wausau WI GO Ref (Tax) *6,740 10 am C Ehlers Quarles & Brady 21-35 ------4-Aug

Wednesday, August 26 Ouachita SD #1 AR Ref *3,955 11 am C First Sec Beardsley Friday Eldredge 21-38 --- Aa2 ------BQ 20-Aug

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_BB082120 8 8/20/2020 3:51:37 PM Friday, August 21, 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 East Hampton (Town) CT GO Ref *1,295 12 pm E Phoenix Advisors Day Pitney 21-28 ------AAA ------BQ 20-Aug East Hampton (Town) CT GO *7,885 11:30 am E Phoenix Advisors Day Pitney 21-40 ------AAA ------BQ 20-Aug Mount Pleasant IA Capital Loan *4,145 12 pm C Piper Sandler Ahlers & Cooney 21-34 --- Aa3 ------BQ 18-Aug Bartholomew Cons Sch Corp IN GO *1,875 11 am E Stifel Nicolaus Ice Miller 21-22 ------20-Aug Batesville Redev Auth IN Lease Rental (Tax) *2,540 11 am E Baker Tilly MA Ice Miller 21-40 ------A------20-Aug Blue River Vly Sch Bldg IN First Mtg *3,600 11 am E Baker Tilly MA Ice Miller 22-27 ------AA+ ------BQ 20-Aug Johnson Co SD Fin Corp KY Sch Bldg Ref Rev *1,350 11 am E RSA Advisors, LLC Steptoe & Johnson 20-30 ------BQ 19-Aug Lenawee County MI GO *9,000 11:30 am E Bendzinski Dickinson Wright 22-40 ------BQ 19-Aug Dakota Co Comm Dev Agy MN GO *9,180 10 am C Baker Tilly MA Kutak Rock 23-46 ------20-Jul Dakota Co Comm Dev Agy MN Ref *23,990 10 am C Baker Tilly MA Kutak Rock 22-40 ------20-Jul South Metro Fire Prot Dt MO GO *9,000 10:30 am C Piper Sandler Gilmore & Bell 21-40 ------BQ 14-Aug Fayetteville-Manlius Ctrl SD NY Sch Dist *682 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 21-25 ------18-Aug Lynbrook Vlg NY Bond (Tax) 650 11 am E Liberty Capital Svcs Hawkins Delafield 22-28 ------13-Aug Lynbrook Vlg NY Pub Imp 4,201 11 am E Liberty Capital Svcs Hawkins Delafield 22-37 ------BQ 13-Aug New York City NY GO (Tax) *144,215 11:15 am E Acacia Fin Group Norton Rose 20-37 ------Today New York City NY GO (Tax) *159,935 10:45 am E Acacia Fin Group Norton Rose 21-23 ------Today Theresa Vlg NY Pub Imp *575 11:30 am E Municipal Solutions Conboy McKay 21-44 ------BQ 11-Aug Lincoln Co ISD #103 OK Bldg 780 12 pm C Stephen L. Smith Phillips Murrah 22 ------BQ 13-Aug Lenoir City TN GO Ref *23,665 10:15 am E Cumberland Secs Bass Berry 21-37 ------20-Aug Harris Co MUD #415 TX Unltd Tax 1,100 10 am C Post Oak Muni Advs Allen Boone 21-45 ------BQ 13-Aug Northlake Muni Mgmt Dist #1 TX Unltd Tax Road 5,845 10:30 am C Baird Coats Rose 22-45 ------13-Aug Northlake Muni Mgmt Dist #1 TX Unltd Tax 9,725 10 am C Baird Coats Rose 22-45 ------13-Aug Washington Co SD BOE UT GO Sch Bldg *50,000 9:30 am M Stifel Nicolaus Chapman and Cutler 21-35 --- Aaa --- AAA ------20-Aug Beaver Dam WI GO Ref *4,000 10:30 am C Wisconsin Pub Fin Quarles & Brady 21-30 ------BQ 14-Aug Caledonia Vlg WI GO Comm Dev *2,000 10 am C PMA Securities Quarles & Brady 36-40 ------BQ 11-Aug Caledonia Vlg WI Rev Ref *2,355 10:30 am C PMA Securities Quarles & Brady 22-40 ------BQ 11-Aug

Thursday, August 27 Smackover Norphlet SD AR Ref *3,125 11 am C First Sec Beardsley Friday Eldredge 21-38 --- Aa2 ------BQ 20-Aug Yellville-Summit SD #4 AR Ref *2,045 11 am C Stephens Friday Eldredge 21-36 ------BQ Today Yellville-Summit SD #4 AR Ref *2,760 10 am C Stephens Friday Eldredge 21-36 ------BQ Today Kern HSD CA GO 128,300 9 am P Dale Scott Jones Hall 21-35 --- Aa2 AA------19-Aug Hamilton East Pub Lib IN GO *24,270 11 am E Baker Tilly MA Ice Miller 23-40 ------AA ------Today Otsego Pub Schs MI GO Ref (Tax) *4,025 11 am E Baker Tilly MA Thrun Law Firm 25-31 ------14-Aug Otsego Pub Schs MI Sch Bldg & Site *15,215 11 am E Baker Tilly MA Thrun Law Firm 25-50 ------14-Aug Somerset County NJ GO *22,284 11 am E Phoenix Advisors Gibbons P.C. 21-30 ------19-Aug Lansing (Town) NY Pub Imp *2,644 11:30 am E Municipal Solutions Harris Beach 21-48 ------BQ 11-Aug Spartanburg Co SD #6 SC GO *15,500 11 am E First Tryon Advisors Parker Poe 21-23 ------20-Aug Brazos Co MUD #1 TX Unltd Tax Road 2,000 10 am C Post Oak Muni Advs State Atty General ------BQ 13-Aug Harris Co MUD #558 TX Unltd Tax 7,100 10:30 am C Masterson Advisors State Atty General 21-45 ------11-Aug Magnolia Pointe MUD #1 TX Unltd Tax Road 5,585 10 am C Baird State Atty General ------BQ 13-Aug

Monday, August 31 Harris Co MUD #287 TX Unltd Tax 13,590 10:30 am C Masterson Advisors State Atty General 21-44 ------20-Aug Northampton MUD TX Unltd Tax 2,550 1 pm C Baird State Atty General ------BQ 20-Aug Madison Metro SD WI Rev Antic *70,000 10 am C PMA Securities Quarles & Brady ------18-Aug

Tuesday, September 1 New Buffalo Twp MI GO *4,500 11 am E Baird Foster Swift 21-40 ------BQ Today Mineola Vlg NY Pub Imp *8,000 11 am E Capital Markets Adv Hawkins Delafield 21-50 ------Today Galveston Co MUD #56 TX Unltd Tax 16,400 12:30 pm C Masterson Advisors State Atty General 22-45 ------Today Spotsylvania County VA GO Pub Imp & Ref 19,010 11 am E PFM Fin Advisors ------AAA ------29-Jul

Wednesday, September 2 Centralia ESD CA GO *11,000 9:30 am P Piper Sandler ------Today Fairfax ESD CA GO Ref (Tax) *4,250 9 am P Fieldman Rolapp ------17-Aug Hopewell Borough NJ GO *4,218 11 am E --- McManimon Scotland 21-30 ------BQ 19-Aug For complete listings go to www.bondbuyer.com

009_BB082120 9 8/20/2020 3:51:38 PM New Issues Friday, August 21, 2020 10 The Bond Buyer

Competitive Note Offerings Compiled by IHS Markit Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW. Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details Monday, August 24 Millbury (Town) MA GO Bond Antic *4,500 11 am E UniBank Fiscal Adv Locke Lord 21 ------BQ 19-Aug Millbury (Town) MA GO Bond Antic *4,705 11 am E UniBank Fiscal Adv Locke Lord 21 ------BQ 19-Aug

Tuesday, August 25 P St Lucie Co SD FL Tax Antic *18,000 11 am E Ford & Associates Nabors Giblin 21 ------14-Aug Merrimack County NH Tax Antic 16,500 11 am E Northeast Muni Advs Devine Millimet 20 ------17-Aug Boonton (Town) NJ Bond Antic 3,090 11 am E Phoenix Advisors Hawkins Delafield 21 ------BQ 19-Aug Boonton Twp NJ Bond Antic 1,930 11 am E Municipal Official Hawkins Delafield 21 ------BQ 19-Aug Demarest Borough NJ Bond Antic 2,475 11:45 am E Municipal Official McManimon Scotland 21 ------BQ 20-Aug Essex County NJ Bond Antic 43,980 11:30 am E Acacia Fin Group Gibbons P.C. 21 ------20-Aug Mendham Borough NJ Bond Antic 371 11 am E Municipal Official Hawkins Delafield 21 ------BQ 19-Aug Vernon Twp NJ Bond Antic 8,211 11 am E Phoenix Advisors Hawkins Delafield 21 ------BQ 19-Aug Deposit Ctrl SD NY Bond Antic 814 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 18-Aug Dix (Town) NY Bond Antic 763 11 am E Municipal Solutions --- 21 ------11-Aug Greater Southern Tier BOCES NY Rev Antic 33,000 11 am E Bernard P. Donegan Timothy R. McGill 21 ------12-Aug Oneonta NY Bond Antic 2,100 10:30 am E Fiscal Adv & Mkt --- 21 ------BQ 18-Aug Orange-Ulster Cos BOCES NY Rev Antic 17,000 11 am E Munistat Services Orrick Herrington 21 ------17-Aug

Wednesday, August 26 Lopatcong Twp NJ Bond Antic 943 11 am E Municipal Official Gibbons P.C. 21 ------BQ 20-Aug Ocean Twp (Ocean Co) NJ Bond Antic 2,710 11 am E Municipal Official Fleishman Daniels 21 ------BQ 20-Aug Wood-Ridge Borough NJ GO Bond Antic 9,800 11 am E Municipal Official Rogut McCarthy 21 ------BQ 19-Aug Bay Shore UFSD NY Tax Antic *40,000 10:30 am E Capital Markets Adv Hawkins Delafield 21 ------Today Carrollton (Town) NY Bond Antic 430 11 am E Municipal Solutions Hodgson Russ 21 ------BQ 11-Aug

Thursday, August 27 Fair Lawn Borough NJ Bond Antic 19,100 11 am E Municipal Official DeCotiis FitzPatrick 21 ------Today Stockton Borough NJ Bond Antic 790 11 am E Municipal Official GluckWalrath 21 ------BQ Today Alden Vlg NY Bond Antic 3,300 11 am E Municipal Solutions Hawkins Delafield 21 ------BQ 11-Aug Canton Ctrl SD NY Bond Antic 1,142 11 am E Fiscal Adv & Mkt ------BQ 18-Aug Harborfields Ctrl SD NY Tax Antic *23,000 10:30 am E Capital Markets Adv Hawkins Delafield 21 ------Today Hoosick Falls Ctrl SD NY Bond Antic 2,500 11 am E Fiscal Adv & Mkt ------BQ 18-Aug Massena Ctrl SD NY Bond Antic 12,000 10:30 am E Fiscal Adv & Mkt ------18-Aug Tuckahoe UFSD NY Tax Antic *2,000 11 am E Capital Markets Adv Hawkins Delafield 21 ------Today Berkeley Co SD SC GO (Tax) *9,445 10:30 am E First Tryon Advisors Haynsworth Sinkler 21 ------20-Aug Berkeley Co SD SC GO *49,340 10 am E First Tryon Advisors Haynsworth Sinkler 21 ------20-Aug S Carolina Assoc of Govt Org SC Certs of Part (Tax) *9,795 11 am E Compass Muni Adv Burr & Forman 21 --- Aa1 ------20-Aug S Carolina Assoc of Govt Org SC Certs of Part *126,633 11:30 am E Compass Muni Adv Burr & Forman 21 --- Aa1 ------20-Aug

Friday, August 28 Portville Ctrl SD NY Bond Antic 718 11 am E Fiscal Adv & Mkt ------BQ 18-Aug

For complete listings go to www.bondbuyer.com 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 August 24 Harrison AK Cap Imp 4,140 Crews & Associates ------Today Opelika Utils Bd AL Rev 10,955 Raymond James --- BAM ------Today Opelika Utils Bd AL Util Rev (Tax) 14,870 Raymond James --- BAM ------Today Arkansas Dev Fin Auth AR Indl Dev Rev 265,000 BofA Securities ------Today Arkansas Dev Fin Auth AR Indl Dev Rev (Tax) 235,000 BofA Securities ------Today Arizona Indl Dev Auth AZ Econ Dev Rev 28,555 KeyBanc Cap Mkts ------Today Arizona Indl Dev Auth AZ Lease Rev 51,900 Wells Fargo Secs ------Today Arizona Indl Dev Auth AZ Lease Rev (Tax) 1,405 Wells Fargo Secs ------Today Alvord USD CA GO (Tax) 87,545 RBC Capital Mkts --- AGM ------Today

010_BB082120 10 8/20/2020 3:51:39 PM Friday, August 21, 2020 New Issues www.bondbuyer.com 11

Negotiated Bond Offerings Compiled by IHS Markit

California Sch Fin Auth CA Sch Rev 16,550 RBC Capital Mkts ------14-Aug Hastings College CA Hsg Rev 361,477 Raymond James PFM Fin Advisors ------8-Aug Hayward USD CA GO (Tax) 173,635 RBC Capital Mkts --- AGM ------Today Imperial Comm Coll Dt CA GO 18,000 Piper Sandler ------Today Jurupa Vly Comm Facs Dt # 53 CA Special Tax 4,145 Stifel Nicolaus ------Today La Habra CA COPs 12,085 Piper Sandler ------Today Lake Tahoe USD CA GO Ref 2,000 D.A. Davidson ------Today Lake Tahoe USD CA GO Ref (Tax) 14,400 D.A. Davidson ------Today Lindsay USD CA GO Ref 5,575 Raymond James ------Today Lwr Tule River Irrigation Dt CA Ref Rev 14,245 Wells Fargo Secs ------Today N Humboldt Union HSD CA GO Ref (Tax) 8,500 RBC Capital Mkts ------Today River Islands Pub Fin Auth CA Elec Rev 26,130 Hilltop Securities --- AGM ------Today Roseville CA Special Tax 10,960 Piper Sandler ------Today Selma USD CA GO 1,483 Stifel Nicolaus ------Today Sierra View Local Hlth Care CA Ref Rev 24,165 Piper Sandler ------Today Stockton Imp Area 1 CFD #2018-2 CA Special Tax 9,630 Oppenheimer ------Today Washington Union SD CA Academic Bldg Rev (Tax) 7,560 Raymond James ------Today Weld Co SD #RE-7 CO GO Ref 6,665 Stifel Nicolaus ------20-Aug Connecticut Hlth & Educ Facs CT Rev 25,000 JPMorgan ------Today Sprague (Town) CT GO 3,920 Piper Sandler --- BAM ------Today Delaware Transp Auth DE Trans Rev 215,405 JPMorgan ------Today St Johns Co Indl Dev Auth FL Rev (Tax) 165,875 Barclays Capital Ponder AGM ------20-Aug Tampa-Hillsborough Co Expway FL Rev 20,160 JPMorgan ------Today Tampa-Hillsborough Co Expway FL Ref Rev (Tax) 202,240 JPMorgan ------Today Grinnell IA GO Cap Loan 8,190 D.A. Davidson ------14-Aug Iowa IA Spec Oblg 90,365 BofA Securities ------Today Chicago Trans Auth IL Sales Tax 345,070 Siebert Williams Columbia Cap Mgmt ------19-Aug Decatur SD #61 IL GO Ref 62,150 Stifel Nicolaus --- AGM ------Today Gibson-Melvin-Sibley CUSD #5 IL GO Sch 7,450 D.A. Davidson --- BAM ------Today Manteno CUSD #5 IL GO Ref 3,750 Mesirow Financial ------Today Maroa-Forsyth CUSD #2 IL GO Sch 5,585 Stifel Nicolaus ------19-Aug Peoria County IL GO 18,215 Mesirow Financial ------Today West Chicago Pk Dt IL GO Ref Park 8,665 Stifel Nicolaus --- BAM ------Today Regional Trans Auth, New Orleans LA Sales Tax Rev (Tax) 19,920 Wells Fargo Secs Frasca & Associates AGM ------Today Regional Trans Auth, New Orleans LA Sales Tax Rev 65,060 Wells Fargo Secs Frasca & Associates AGM ------Today Terrebonne Levee & Consv Dt LA Pub Imp Ref 17,940 Raymond James ------19-Aug Terrebonne Levee & Consv Dt LA Pub Imp (Tax) 85,910 Raymond James ------19-Aug Chippewa Vly Schs MI GO Ref (Tax) 115,900 Huntington Secs PFM Fin Advisors ------Today Michigan MI Bond 800,000 JPMorgan PFM Fin Advisors ------Today Minnesota Hsg Fin Agy MN Hsg 4,610 RBC Capital Mkts ------Today Clinton SD #124 MO GO Sch Bldg 4,000 Stifel Nicolaus ------Today Crawford Co Re SD #1 MO GO Sch Bldg 2,300 Stifel Nicolaus ------Today Maryland Heights MO Tax Increment 20,640 Stifel Nicolaus ------Today Ozark RE SD #6 MO GO Sch Bldg 8,000 Stifel Nicolaus ------Today Pattonville Fire Prot Dt MO GO Ref 2,605 Stifel Nicolaus ------Today Mississippi Dev Bank MS Spec Oblg 5,000 Raymond James ------20-Aug N Carolina Med Care Comm NC Mtg 48,980 Ziegler Cap Mkts ------Today Nebraska NE COPs 8,515 Piper Sandler ------Today Papillion NE GO Ref 5,280 Piper Sandler ------Today New Hampshire Bus Fin Auth NH Ref Rev (Tax) 75,000 Ziegler Cap Mkts ------Today Tinton Falls Borough NJ GO Ref 3,315 RBC Capital Mkts ------Today

For complete listings go to www.bondbuyer.com

Negotiated Note Offerings Compiled by IHS Markit

011_BB082120 11 8/20/2020 3:51:40 PM Market Statistics Friday, August 21, 2020 12 The Bon d Buyer

Market Indicators Dollar amounts are in millions

Day’s 2020 2020 Current Previous 2020 2020 Daily Yesterday Change High Date Low Date Weekly 8/20/20 8/13/20 High Date Low Date Municipal Bond Index ...... 135.29 –8/32 140.05 (3/9) 119.16 (3/20) 40 Average Dollar Price ...... 109.85 –0.21 110.82 (8/10) 96.78 (3/20) Bond Buyer Revenue Bond Index . . . . . 2.57% 2.47% 3.34% (4/2) 2.44% (8/6) Average Yield to Par Call ...... 2.31 +0.04 4.70 (3/20) 1.86 (3/9) Bond Buyer 20-Bond Index ...... 2.15% 2.05% 2.84% (4/2) 2.02% (8/6) Average Yield to Maturity ...... 3.53 +0.01 4.31 (3/20) 3.35 (3/9) Bond Buyer 11-Bond Index ...... 1.68% 1.58% 2.37% (4/2) 1.55% (8/6)

Wk of 8/21/2020 Wk of 8/14/2020 Wk of 8/7/2020 Wk of 8/16/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $11,455.3 $7,587.9 $8,130.1 $9,180.1 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 8,379.5 4,585.1 7,095.4 6,585.9 Total (Aug. 21) ...... $13,448.8 +2,229.1 $19,229.8 (7/10) $7,051.7 (1/29) Competitive Bonds...... 3,075.8 3,002.7 966.0 2,076.7 Competitive ...... 1,539.4 +179.9 5,326.2 (1/3) 1,325.0 (3/24) Short-Term Notes...... 7,450.1 290.1 221.1 594.9 Negotiated ...... 11,909.4 +2,049.2 15,488.2 (8/18) 4,084.5 (2/19) Long-Term Bond Sales Thru 8/21/2020 Thru 8/14/2020 Thru 8/7/2020 Thru 8/16/2019 Month to Date...... $27,173.2 $15,717.9 $8,130.1 $24,335.8 Year to Date ...... 279,268.2 267,812.9 260,225.0 228,110.9 The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com. day”schedule.

Short-Term Tax-Exempt Yields

Aug. 20, 2020 Aug. 19, 2020 Aug. 22, 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 0.73 Competitive Negotiated Total Competitive Negotiated Total San Anto Tex Indpt sch Dist, Calif., 4.00s (Aug. 15) . . . 0.00 0.00 1.02 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) San Diego Calif Uni Sch Dist, Calif., 5.00s (Jun. 30) . . 0.00 0.00 1.15

Weekly Averages Monthly Averages Municipal Market Data 08/14 4,340,046 10,208,796 14,548,842 Jul_20 3,105,291 10,327,625 13,432,916 One-Month Note (MIG-1) ...... 0.12 0.12 1.22 08/07 3,704,647 10,374,496 14,079,142 Jun 2,743,299 10,739,739 13,483,038 Two-Month ...... 0.13 0.13 1.23 07/31 1,693,472 10,075,327 11,768,799 May 2,573,712 8,924,640 11,498,352 Three-Month ...... 0.14 0.14 1.24 07/24 2,560,298 8,953,749 11,514,046 Apr 1,896,160 11,831,347 13,727,507 Four-Month...... 0.15 0.15 1.22 Five-Month ...... 0.16 0.16 1.20 07/17 4,098,580 12,060,276 16,158,856 Mar 2,330,672 11,328,615 13,659,287 Six-Month ...... 0.17 0.17 1.20 07/10 4,234,203 10,562,003 14,796,206 Feb 3,488,285 6,834,552 10,322,837 Nine-Month...... 0.20 0.20 1.20 07/02 2,428,294 11,155,583 13,583,877 Jan 3,686,529 6,255,930 9,942,460 One-Year ...... 0.20 0.23 1.20 06/26 2,245,308 9,253,134 11,498,443 Dec 2,415,545 8,879,401 11,294,946 06/19 2,278,607 8,042,774 10,321,381 Nov 3,001,881 12,458,477 15,460,358 Variable-Rate Demand (Non-AMT/AMT) 06/12 3,159,075 11,406,654 14,565,729 Oct 3,948,065 10,035,436 13,983,501 Daily General Market ...... 0.06/0.11 0.06/0.11 1.39/1.44 06/05 3,064,126 10,449,014 13,513,140 Sep 2,908,169 9,016,317 11,924,486 Aug. 20, 2020 Aug. 13, 2020 Aug. 22, 2019 05/29 2,863,199 8,426,091 11,289,290 Aug 3,892,634 7,169,949 11,062,583 Seven-Day General Markets ...... 0.18/0.25 0.19/0.26 1.48/1.50

05/22 2,283,488 9,195,653 11,479,142 Jul 2,829,215 5,502,430 8,331,645 Aug. 19, 2020 Aug. 12, 2020 Aug. 21, 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 Jefferies Short-Term Index Rate (Jef STR) ...... 0.70 0.70 1.36 negotiated supply has been reported since 1971. Aug. 12, 2020 Aug. 5, 2020 Aug. 14, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.11 0.11 1.35

Visible Supply Increases Municipal Market Data General Obligation Yields

21 Aaa Aa Insured A Baa Jul. 10 – Aug. 21, 2020 18 2021 0.13 0.18 0.17 0.24 1.21 2022 0.14 0.20 0.21 0.27 1.28 15 2025 0.23 0.33 0.41 0.52 1.49 12 2030 0.73 0.88 0.96 1.07 2.09

9 2035 1.07 1.27 1.33 1.50 2.55 2040 1.27 1.48 1.53 1.70 2.75 6 2045 1.41 1.62 1.66 1.83 2.88 3 2050 1.46 1.67 1.72 1.89 2.94

0 Figures are as of 3 pm Eastern time Aug. 20, 2020. Yields represent the fair market offer side for most liquid and available credits in each 7/10 7/15 7/20 7/23 7/28 7/31 8/5 8/10 8/13 8/18 8/21 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.

012_BB082120 12 8/20/2020 4:30:00 PM Friday, August 21, 2020 Market Statistics www.bondbuyer.com 13

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 8/20 51.4 Worcester, Mass., (Aa3) ...... 0.15 0.28 0.80 1.75 … … … 8/20 28.0 Valley Stream UFSD #13, N.Y., (Aa2) . . . . . 0.13 0.24 0.81 1.60 1.82 … … 1M — 09/15/2020 ...... 0 070/60. 0 070/55. 0 071 . 8/20 20.9 Temple, Tex., (AA) ...... 0.25 0.55 1.05 1.55 2.00 … … 3M — 11/19/2020 ...... 0 090/90. 0 100/95. 0 091 . 8/20 8.0 McKinney, Tex., (Aaa/AAA) ...... 0.20 0.55 1.35 1.80 2.15 … …

6M — 02/18/2020 ...... 0 115/110. 0 120/115. 0 117 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Treasury Notes and Bonds Aaa – AAA 8/19 42.0 Norwalk, Conn., ...... … 0.22 0.69 1.50 1.85 … 2.03 Yesterday’s Prev. Day’s Yesterday’s 8/19 5.0 Franklin Lakes Borough, N.J., ...... 0.20 0.50 1.05 1.62 … … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 8/13 3.3 Mamaroneck (Town), N.Y., ...... 0.08 0.17 1.00 1.50 … … … 2Y — 0 .13% due 07/2022 . . . . 99 300/312. 99 30+/316. 0 157. 8/11 26.3 Coppell, Tex., ...... 0.10 0.20 0.70 1.50 1.88 … … 8/11 20.0 Nebo SD BOE, Utah., ...... 0.09 0.20 0.54 1.44 … … … 5Y — 0 .25% due 07/2025 . . . . 99 282/296. 99 26+/280. 0 274. 8/11 7.9 South Portland, Maine., ...... 0.10 0.16 0.60 1.40 1.70 … … 10Y — 0 .62% due 08/2030 . . . . 99 246/266. 99 150/170. 0 648. 8/7 46.6 Clackamas County, Ore., ...... 0.10 0.20 0.62 1.45 1.87 … … 8/6 46.8 Clackamas County, Ore., ...... 0.10 0.20 0.62 1.45 1.87 … … 30Y — 1 .25% due 05/2050 . . . . 99 276/296. 98 30+/00+. 1 380. 8/5 40.2 McKinney, Tex., ...... 0.11 0.30 0.70 1.13 1.78 … … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 8/5 21.7 Lincoln, Neb., ...... 0.20 0.60 1.20 1.60 … … … 8/3 13.5 West Des Moines, Iowa., ...... 0.31 0.62 1.36 1.61 2.05 … … 7/30 35.3 Brookfield (Town), Conn., ...... … 0.29 1.00 1.50 1.92 … … Barclays Capital Long Treasury Bond Index Aa1/Aa2/Aa3 – AA+/AA/AA– Index Value Yield Index Total 8/19 22.4 Des Moines, Iowa., ...... 0.18 0.31 0.92 1.50 1.75 … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 8/19 3.2 Huntsville, Tex., ...... 0.20 0.40 0.91 1.65 2.00 2.18 … 8/18 20.0 Columbia SD, Mo., ...... … 0.26 1.00 1.60 1.80 … … Close 4982 40. 4999 23. –16 83. 1 31. 1 29. +0 02. 4882 40. 8/18 19.1 Huntsville, Tex., ...... 0.26 0.43 0.96 1.62 1.87 2.06 2.16 The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 8/18 16.9 Springs UFSD, N.Y., ...... … 0.45 0.97 1.39 1.90 … … 8/17 16.7 Minot, N.D., ...... 0.27 0.57 1.25 1.70 … … … (Jan. 1 1973 = 100). 8/17 4.3 Stevens County, Minn., ...... 0.19 0.28 0.85 … 1.70 … … 8/17 3.0 Oneonta, N.Y., ...... 0.30 0.50 0.95 1.45 1.80 … … 8/14 160.0 Massachusetts Wtr Res Auth, Mass., . . . . . 0.11 0.21 0.64 0.97 1.17 1.31 … 8/14 7.6 Bullitt Co Pub Lib Dt, Ky., ...... 0.25 0.50 1.00 1.50 1.70 … … 8/13 160.0 Massachusetts Water Res Auth, Mass., . . . . 0.11 0.21 0.64 0.97 1.17 1.31 … State and Local Government Series Rates 8/13 50.1 Weymouth (Town), Mass., ...... 0.18 0.25 0.71 1.57 1.92 2.05 … A1/A2/A3 – A+/A/A– 8/14 19.4 LaPorte County, Ind., ...... 0.25 0.50 1.05 1.50 1.80 … … Friday Monday Tuesday Wednesday Thursday 8/13 4.6 City of Waterville, Maine., ...... 0.28 0.40 1.00 1.55 1.80 … … Aug. 14 Aug. 17 Aug. 18 Aug. 19 Aug. 20 8/11 4.6 City of Van Alstyne, Tex., ...... 0.30 0.50 1.00 … 1.85 2.05 … Overnight*...... 0 07 . 0 07 . 0 07 . 0 07 . 0 07 . 8/3 31.1 St Joseph, Mo., ...... … 0.55 1.20 1.80 2.05 … … Three Months...... 0 09 . 0 08 . 0 09 . 0 10 . 0 08 . 7/22 5.0 Junction City, Kan., ...... 0.40 0.80 1.30 2.00 … … … Six Months...... 0 11 . 0 11 . 0 11 . 0 11 . 0 11 . 7/21 4.2 Dodge City, Kan., ...... 0.28 0.45 1.00 1.35 1.65 … … Nine Months...... 0 13 . 0 12 . 0 12 . 0 11 . 0 11 . 7/14 1.8 Ellsworth, Kan., ...... 0.35 0.60 1.10 … 1.75 … … One Year...... 0 14 . 0 12 . 0 12 . 0 11 . 0 11 . 7/1 5.2 Spencer County SD Fin Corp, Ky., ...... 0.70 1.05 1.60 2.05 2.30 … … Two Years ...... 0 15 . 0 13 . 0 15 . 0 13 . 0 13 . 6/17 5.1 Whitewater, Wis., ...... 0.40 0.70 1.30 1.65 2.10 … … Three Years...... 0 18 . 0 17 . 0 17 . 0 16 . 0 15 . 6/16 4.5 Wonewoc-Union Center SD, Wis., ...... 0.50 0.75 1.30 1.65 … … … Four Years...... 0 23 . 0 21 . 0 21 . 0 20 . 0 18 . 6/15 4.7 Lynnville-Sully Comm SD, Iowa., ...... 0.35 0.65 1.25 1.60 2.00 … … Five Years...... 0 31 . 0 28 . 0 28 . 0 26 . 0 25 . 6/2 9.4 Dike-New Hartford, Iowa ...... 0.45 0.75 1.30 1.70 2.05 … … Six Years...... 0 41 . 0 37 . 0 37 . 0 36 . 0 35 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 51 . 0 47 . 0 47 . 0 45 . 0 44 . Eight Years...... 0 58 . 0 54 . 0 54 . 0 52 . 0 51 . Nine Years...... 0 64 . 0 61 . 0 60 . 0 58 . 0 57 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 70 . 0 67 . 0 66 . 0 64 . 0 63 . 15 Years...... 0 97 . 0 94 . 0 94 . 0 90 . 0 90 . Performance Comparisons for Aug. 17, 2020 20 Years...... 1 19 . 1 17 . 1 16 . 1 12 . 1 14 . Aaa–Baa Rated Corporates 25 Years...... 1 34 . 1 32 . 1 32 . 1 27 . 1 29 . Index Avg. Pct.of Total Return% 30 Years...... 1 42 . 1 40 . 1 40 . 1 36 . 1 36 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3480.91 2.03 100.00 –1.22 +7.14 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2234.96 1.48 64.48 –0.34 +5.74 Industrials 806.46 1.48 34.56 –0.36 +5.42 Utilities 792.92 1.48 6.10 –0.42 +6.97 Finance 782.41 2.08 4.55 –0.10 +4.91 Banks 831.84 1.31 18.02 –0.34 +6.18 Canadians/Yankees 738.20 1.33 34.00 –0.19 +5.29 Long-term (10 years and over) 3774.54 3.03 35.52 –2.79 +9.81 MARKET Industrials 1444.47 3.07 21.84 –2.86 +8.86 Utilities 1458.42 2.95 7.25 –2.70 +11.86 STATISTICS Finance 1456.95 3.08 2.22 –2.18 +10.45 For additional market data, please visit Banks 1596.15 2.86 2.90 –2.94 +10.02 bondbuyer.com/marketstatistics. Canadians/Yankees 2031.56 3.16 10.72 –2.49 +9.18 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.

013_BB082120 13 8/20/2020 4:04:16 PM Market Statistics Friday, August 21, 2020 14 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 AUG 20 ...... 2.15 1.68 2.57 0.65 1.38 the August 14 pricings. The list will be revised at the next regularly scheduled revision on 13 ...... 2.05 1.58 2.47 0.71 1.42 August 31. 6 ...... 2.02 1.55 2.44 0.54 1.20 JUL 30 ...... 2.09 1.62 2.51 0.54 1.20 As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the 23 ...... 2.10 1.63 2.52 0.59 1.24 average par call date is July 3, 2026 and the average maturity date is May 18, 2046. 16 ...... 2.12 1.65 2.54 0.62 1.31 9 ...... 2.19 1.72 2.61 0.61 1.31 2 ...... 2.21 1.74 2.63 0.68 1.43 JUN 25 ...... 2.21 1.74 2.63 0.68 1.43 18 ...... 2.21 1.74 2.63 0.70 1.47 11 ...... 2.19 1.72 2.61 0.66 1.41 4 ...... 2.16 1.69 2.58 0.82 1.61 MAY 28 ...... 2.16 1.69 2.58 0.70 1.47 21 ...... 2.37 1.90 2.79 0.68 1.40 14 ...... 2.48 2.01 2.90 0.63 1.30 7 ...... 2.60 2.13 3.02 0.63 1.31 APR 30 ...... 2.56 2.09 2.98 0.64 1.28 23 ...... 2.36 1.89 2.86 0.60 1.19 16 ...... 2.25 1.78 2.75 0.62 1.21 9 ...... 2.49 1.99 2.99 0.73 1.35 2 ...... 2.84 2.37 3.34 0.63 1.26 MAR 26 ...... 2.27 1.80 2.77 0.84 1.42 19 ...... 2.72 2.25 3.22 1.12 1.78 12 ...... 2.57 2.10 3.07 0.88 1.47 5 ...... 2.31 1.84 2.81 0.92 1.56 FEB 27 ...... 2.27 1.80 2.77 1.30 1.80 20 ...... 2.46 1.99 2.96 1.52 1.97 13 ...... 2.51 2.04 3.01 1.62 2.07 6 ...... 2.53 2.06 3.03 1.64 2.11 JAN 30 ...... 2.47 2.00 2.97 1.57 2.04

(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: Refinitiv)

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 8/22/2019 11/21/2019 2/20/2020 5/21/2020 8/20/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.15 2.05 3.07 3.07 2.02 10-Year Treasury Note 0.65 0.71 1.62 1.92 0.54 STATISTICS 30-Year Treasury Bond 1.38 1.42 2.11 2.40 1.19 Basis Pt Spread to Note –150.00 –134.00 –145.48 –75.00 –221.00 For additional market data, please visit BBI as % of Note 330.77 288.73 189.97 450.79 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –77.00 –63.00 –96.28 –30.00 –158.00 BBI as % of Bond 155.80 144.37 145.65 225.40 113.27

014_BB082120 14 8/20/2020 4:57:51 PM Friday, August 21, 2020 Market Statistics www.bondbuyer.com 15

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 135.29 136.05 136.25 135.21 135.11 Standard & Poor’s Securities Evaluations Inc. Thursday, August 20, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 114.5380 0.9256 123.7446 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 111.4570 0.9628 115.7634 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 110.0720 0.9256 118.9196 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 113.3830 0.9269 122.3250 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 105.4040 0.9269 113.7167 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 105.4070 0.9269 113.7199 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 106.625 - 0.250 2.87 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 113.0110 0.9269 121.9236 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 116.125 -1.500 2.01 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 108.1740 0.8539 126.6823 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 106.000 - 0.125 2.62 9 Health and Educational Facilities Auth. 4.00 . 11/15/2045 11/15/2024 107.1270 0.8539 125.4561 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 107.250 unch 3.11 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 104.6150 0.8771 119.2737 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 111.375 - 0.250 2.24 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 107.1730 0.8595 124.6923 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 105.9990 0.8595 123.3264 G.O. ET AL. 13 The Port Auth of N.Y. and N.J.. 4.00 . . . . 10/15/2045 10/15/2025 109.5650 0.8539 128.3113 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 113.375 unch 0.76 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 108.6250 0.8568 126.7799 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 113.000 unch 0.87 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 110.0870 0.8539 128.9226 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 111.875 - 0.250 2.27 16 Hospital Auth No. 2 of Douglas County. 3.00 .05/15/2046 05/15/2026 103.6730 0.7809 132.7609 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 107.125 - 0.125 2.23 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 104.9080 0.7768 135.0515 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 108.625 - 0.125 2.24 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 104.0950 0.7768 134.0049 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 114.625 - 0.250 2.08 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 110.0610 0.8512 129.3010 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 110.125 - 0.250 2.03 20 California Health Facs Fin Auth. 4.00 . . . .08/15/2039 08/15/2026 112.8420 0.8568 131.7017 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 108.125 - 0.125 1.62 21 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 106.5810 0.8512 125.2126 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045 . . . . 109.625 - 0.125 2.04 22 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 111.2100 0.8568 129.7969 23 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 114.3100 0.8512 134.2928 HOSPITAL 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 111.4020 0.8568 130.0210 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 104.875 - 0.250 2.14 25 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 109.7050 0.8174 134.2121 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 104.125 - 0.250 2.28 26 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 112.8510 0.8568 131.7122 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039 . . . . 112.875 - 0.250 1.74 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 111.9310 0.8512 131.4979 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 110.875 - 0.250 2.31 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 109.6920 0.8484 129.2928 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 107.125 - 0.125 2.21 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 108.6110 0.8484 128.0186 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 112.375 - 0.250 2.25 30 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 110.9250 0.8568 129.4643 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 112.875 - 0.250 1.99 31 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 113.8920 0.8484 134.2433 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 113.875 - 0.250 2.15 32 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 110.9390 0.8539 129.9204 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 103.625 - 0.125 2.32 33 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 114.5780 0.8512 134.6076 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 114.625 - 0.250 2.08 34 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 112.3940 0.8595 130.7667 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 110.000 - 0.250 2.27 35 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 114.9080 0.8625 133.2267 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 110.500 - 0.250 2.64 36 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 116.1090 0.8484 136.8564 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 109.625 - 0.250 2.60 37 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 110.4980 0.8539 129.4039 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 108.625 - 0.250 2.75 38 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 114.6940 0.8568 133.8632 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 111.000 - 0.250 2.45 39 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 107.2330 0.8539 125.5803 40 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 101.1470 0.995 101.6553 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 111.250 - 0.250 2.15 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 109.8457 110.0575 110.5476 109.6265 109.6394 POWER Yield To Par Call ...... 2.31 2.27 2.19 2.37 2.60 Yield To Maturity ...... 3.53 3.52 3.49 3.54 3.55 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 111.500 - 0.125 1.89 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 110.125 - 0.125 1.83

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 114.500 unch 0.31 McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission A2/A/A Metro Transp Auth NY.5.00 11/15/2043 ...... 105.375 unch 3.24 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 ...... 105.375 unch 3.24 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 101.125 + 0.125 10.30 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 104.625 unch 2.97 The Municipal Bond Index presented today employs the coefficient derived from the August 14, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 114.250 - 0.250 1.91 pricing, when it was set at 1.068. The average price represents the simple average price of the 40 bonds. The yield to par call is computed from the average price, the average coupon (4.11%), and the average first WATER par call date ( July 03, 2026). Noncallable bonds are included in the par call yield calculations, with their maturity dates serving as their par call dates in the calculations. The yield to maturity is computed from the Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 109.750 - 0.250 2.03 average price, the average coupon, and the average maturity date (May 18, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 114.875 - 0.250 1.94

015_BB082120 15 8/20/2020 4:56:53 PM Friday, August 21, 2020 16 The Bond Buyer

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016_BB082120 16 8/20/2020 5:10:59 PM