Hope in Biden for Virus Relief

Vol. 392 No. F591 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Friday, November 20, 2020

FRIDAY Woes of Hope in www.bondbuyer.com NYC, MTA WEB EXCLUSIVES Biden For THE MICHIGAN STRATEGIC FUND Interlinked would borrow to fund a lump sum payment into a special By Paul Burton Virus Relief claims fund under a prelim- The financial crisis engulfing inary pact that resolves liti- New York City and the state-run By Sarah Wynn transit system that serves it has gation over the state’s role in generated buzz about the possible President-elect Joe Biden will the Flint water contamination demise of both. work to pass a coronavirus relief crisis. The updated preliminary Their COVID-19-driven woes bill in his early days in office, with interlock, for sure. negotiations among chief lawmak- pact now totaling $641.2 mil- Metropolitan Transportation ers already under way, followed lion was submitted to a federal Authority officials at Wednes- closely by a robust infrastructure judge this week. day’s board meeting revealed dark Bloomberg News bill with municipal bond provi- budget-and-service cut scenarios, sions. should federal funding fail to come A subway station in Queens. The New York City and the Metropolitan That was the message from for- THE NATIONAL LEAGUE OF CITIES AND through. The stark numbers in- Transportation Authority have been battered by the coronavirus. mer Pennsylvania Gov. Edward other state and local groups clude 9,300 job cuts — about 13% Rendell, also former chair of the say the surge in COVID-19 of its workforce — and service York as we know it,” said Nick spring. Democratic Party and an avid in- reductions of up to 50% on sub- Sifuentes, executive director of “Our sole focus now is on sur- frastructure funding proponent, cases should make imme- ways, buses and commuter trains. the Tri-State Transportation Cam- vival,” Chairman Patrick Foye during a Ballard Spahr webinar diate direct federal aid an Budget gaps through 2024 would paign. said. Wednesday afternoon. However, total nearly $16 billion. Separately on Wednesday, May- Coping strategies include defi- some stakeholders say it will take urgent priority of the lame- “It’s hard not to feel like these or Bill de Blasio announced the cit borrowing of up to $10 billion, longer and compromise with Re- duck Congress. “No state has cuts would be the beginning of closing of in-person public school which New York State authorized publicans will be key. enough money to deal with the end for the MTA, and for New learning, citing the 3% threshold in its fiscal 2021 budget bill. While “Just think if you did it on day for the coronavirus positivity rate, Foye said borrowing billions just one, on inauguration day you did a this meltdown, no one state, keeping 300,000 students at home. to pay off operations “violates the COVID relief bill, you put that be- no matter who we are,” New THURSDAY’S YIELDS This could presage other city re- fundamental principles of debt fore Congress,” Rendell said. “On management,” he called the move Jersey Gov. Phil Murphy said The Bond Buyer 40 strictions that could have ripple day two, you did a $15 minimum effects on transit and other compo- necessary. wage and day three an infrastruc- Thursday. 5.0 nents of the city’s economy. The MTA also intends to bor- ture bill.” 4.2 To Maturity The MTA board is expected to row up to $2.9 billion — its maxi- Rendell expects Biden will have PODCAST: SARAH MITCHELL, CFA, A 3.51 Down 0.02 vote on the cuts next month as part mum available — from the Federal already negotiated with Senate portfolio manager at Mondrian 3.4 of its $16.1 billion calendar 2021 Reserve’s Municipal Liquidity Fa- Majority Leader Mitch McCon- budget, specified in the November cility short-term borrowing pro- nell, R-Ky., and House Democrats 2.6 Investment Partners, talks with plan, and would take effect in the Turn to City page 3 Turn to Can page 3 Chip Barnett about one of the 1.8 To Par Call 2.27 Down 0.07 hottest sectors in the munici- 1.0 pal bond market today – green 11/05 11/10 11/16 11/19 New State Treasurer to Take Over in Washington bonds – and the possibility of 5.5 By Keeley Webster the U.S. government issuing a 5.0 sovereign green bond. 4.5 Washington State Rep. Mike 4.0 Pellicciotti, a two-term state law- 3.5 UNITED STATES VIRGIN ISLANDS GOV. maker, was ushered into the Wash- 3.0 ington treasurer’s office on a blue Albert Bryan Jr. is trying to 2.5 wave that further reduced the num- find ways to avoid a possible 2.0 ber of Republicans serving in state 1.5 42% cut to its pensions effec- positions on the west coast. NOSAJJMAMFJD Pellicciotti, a Democrat, defeat- tive January 1. Complete market coverage appears on page 2 ed incumbent Duane Davidson, a Republican, garnering more than 53% of the vote in the Nov. 3 election, according to the Washington Secretary of State’s office. In Washington, the treasurer is responsible for cash management of public funds, arranging short and long-term investments and selling bonds. The treasurer also is the sole elected official on the State In- Washington treasurer-elect Mike Pellicciotti said he doesn’t have im- Turn to Democrat page 4 mediate changes planned for the state’s bond program.

001_BB112020 1 11/19/2020 5:15:06 PM Market News Friday, November 20, 2020 2 The Bond Buyer New Jersey COVID-19 GOs Trade Up Amid a Broad Muni Rally New Jersey COVID-19 general obli- up in the sec- with leadership of inflows in the latest reporting week gation bonds broke free to trade in the ondary by 4 to from Treasur- after $1 billion-plus of inflows in the secondary market richer by as much as 5 basis points, ies and an insa- prior week. 45 basis points Thursday, swings that though nowhere tiable demand when compared to Monday’s price talk near the Garden that saw $4.6 PRIMARY MARKET equate to 75 basis points lower, as the State. billion of bonds broader market saw yields fall. Massachu- (New Jersey and BofA Securities priced the Port of In large blocks, New Jersey’s 10- setts’ long bond, Massachusetts) Oakland, California’s $527 million deal year with a 4% coupon traded as low as 5s of 2050, gobbled up like consisting of $343.77 million of Se- 1.64%, down from the 2.08% original traded at 1.64% a turkey din- ries 2020R (A1/A+/A+/NR) taxable yield while 4s of 2032 traded as low from 1.68% ner,” said Peter senior lien refunding revenue bonds as 1.80% from 2.25% original pricing originals. By Christine Albano & Chip Barnett Franks, senior and $183.185 million of Series 2021H levels. The munic- market ana- (A2/A/A/NR) forward delivery inter- GOs in 2032 with 3 handles traded ipal market lyst at Refinitiv mediate lien refunding revenue bonds, nearly as low to 1.84% from 2.25%. The strengthened, following U.S. Treasuries, MMD. subject to the alternative minimum tax. 5-year with a 5% coupon traded below on Thursday with yields on top-quality “The Jersey trades showed not only The Series 2020R taxables were 1% from the original 1.27% yield. bonds fell as much as five basis points the demand for yield in the muni space priced at par to yield from 0.669% in Spreads to triple-A benchmarks fell on the AAA scales as more news sur- but also the stark contrast of how the 2022 to 2.349% in 2033. below 100 basis points on the state’s rounding COVID’s surge pushed inves- market is handling the coronavirus ef- The port’s Series 2021H forward de- 10-year. tors to a flight to quality. fects this time,” compared to March, a livery bonds were priced as 5s to yield The state, at A3/BBB+/A-/A, is the “Treasury yields go lower once again, New York trader said. “COVID is just from 0.66% in 2022 to 1.43% in 2029. second lowest-rated below Illinois. stocks take a stand-by approach and not as large a shock to the system as it BofA also priced Hawaii’s (Aa3/NR/ Massachusetts GOs were also trading munis show a positive bias once again was when it first hit. Not to say it isn’t AA-/NR) $268.945 million of harbor real. I think participants are better pre- system revenue bonds. The $148.985 pared for the psychological effects. million of Series 2020A AMT bonds “It also shows that combined with were priced to yield 0.57% with a 5% Economy Reaches a ‘Great Plateau’ inflows, this market has money to put coupon in 2021 and to yield from 0.70% to work,” the trader said. with a 5% coupon in 2024 to 2.06% Investors continued to pour cash back with a 4% coupon in 2037. The $15.695 Amid the Highly Uneven Recovery into tax-exempt mutual funds, with Re- million of Series 2020B taxables were finitiv Lipper reporting Thursday that priced at par to yield from 0.60% in The economic recovery Group, said despite the increase muni bond funds saw over $1.3 billion 2021 to 1.15% in 2024. q is uneven as a third spike in in claims, he still sees it within COVID-19 cases ravages the line with the continued decline country and Americans await a in longer-term averages. vaccine and additional federal “Those averages are under- Muni money market funds see outflows support. scored by the significant de- The juxtaposition of initial cline in continuing claims,” he $1B jobless claims, which increased said. “We see the U.S. labor for the first time since the week recovery as continuing in its $500M of October 10 as existing home gradual improvement, but will sales set a record for the second be watching closely over the $0 Aaron Weitzman consecutive month, highlights next few weeks for early indi- the complexity of how the U.S. cators of impact from recent $-500M economy is handling the pandemic’s effects. COVID case flare up, and related business Jobless claims climbed to a seasonally restrictions.” $-1B adjusted 742,000 in the week ended Nov. Matthews added that the total number of 14 from the previous weeks upwardly re- benefits for all programs is 20.3 million. $-2B vised level of 711,000, originally reported as “There continues to be so much pressure on congress to deliver another stimulus pack- 709,000, the Labor Department said Thurs- $-2B day. age,” he said. “The situation is improving,” as Economists polled by IFR Markets pro- the state insured unemployment rate is down 8/17 8/24 8/31 9/7 9/14 9/21 9/28 10/5 10/12 10/19 10/26 11/2 11/9 11/16 jected 705,000 claims in the week. to 6.4 million from 6.8 million, “but a lot of Continuing claims dropped to 6.372 mil- the enhanced benefits expire at end of year.” Source: Informa Financial Intelligence lion in the week ended Nov. 7, from a down- wardly revised level of 6.801 million a week EXISTING HOME SALES earlier, first reported as 6.786 million. Thursday’s Economic Indicators According to KC Matthews, executive Existing-home sales surged 4.3% in Oc- Indicator Last Report Forecast Actual vice president and chief investment officer at tober to a seasonally adjusted 6.85 million UMB Bank, the economy is going through annual pace, the National Association of Initial Jobless Claims 11/07: 711,000 11/14: 705,000 11/14: 742,000 “the great plateau.” Realtors reported Thursday. Existing Home Sales Sept.: 6.57M Oct.: 6.45M Oct.: 6.85M “Going all the way back, we had the Great Economists expected a rate of 6.45 mil- Leading Economic Indicators Sept.: +0.7% Oct.: +0.7% Oct.: +0.7% Recession 2008 through 2009, then we went lion. Philadelphia Fed Mfgr Index Oct.: 32.6 Nov.: 24.0 Nov.: 26.3 through the great moderation for a decade, “After almost a year of exceptional market Forecasts represent the median of estimates by economists polled by IFR Markets then back in March when COVID started it performance despite the pandemic, it seems was the great adaption and the great plateau like nothing will deter buyers from finding commenced in the fourth quarter,” he said. themselves a home,” according to John Pa- Thursday’s Data “Yes, there is some light at end of tunnel but taky, executive vice president at TIAA Bank. 1 3 we are still in tunnel.” “So long as mortgage rates stay low, finding Government Securities Prices 10-year: 100 /32 to yield 0.86%, up /32 He highlighted the uneven recovery pro- homes that will accommodate work-from- 1 27 30-year: 101 /32 to yield 1.58%, up /32 cess with some sectors excelling, such as home capabilities remain the number one Municipal Bond Index 1361/ , up 15/ housing, while others including leisure and priority for buyers, who are gearing up for 32 32 hospitality are still struggling. a long winter with a potential resurgence of The Bond Buyer’s Total: $5.781 billion, down $6.084 billion “Yes, there are lights at end of tunnel, but shelter-in-place orders. This is evident with 30-Day Visible Supply Competitives: $915.7 million, down $140.1 million some of those lights are a freight train com- the continued suburban shift for home buyer (as of 11/20) Negotiated: $4.866 billion, down $5.944 billion ing at you,” Matthews said. preferences.” TheMuniCenter List Offering Total: $011.2 million, up $0.1 million Greg Staples, head of fixed income, DWS Year-over-year sales soared 26.6%. q

002_BB112020 2 11/19/2020 5:15:10 PM Friday, November 20, 2020 Regions www.bondbuyer.com 3 City, Transit Agency Stagger Under Pandemic’s Fiscal Weight Continued from page 1 billion and $1.52 billion in the following Like the MTA, city officials are also seek- “These sorts of studies supply good am- three years. ing rescue aid. munition in the argument over an additional gram. It already tapped the MLF in August According to data on the Municipal Secu- “Maintaining transit service doesn’t guar- federal stimulus.” to refinance about $450 million of maturing rities Rulemaking Board’s EMMA website, antee that New York City will come back. The MTA is not alone. Moody’s assigned bond anticipation notes. a block of Series 2015B transportation rev- Not maintaining transit service does guar- a negative outlook to the U.S. transportation According to Chief Financial Officer enue bonds maturing in 2023 that originally antee that it won’t,” said Nicole Gelinas, a sector, citing public health concerns and Robert Foran, the MTA expects to issue priced at 120.035 cents on the dollar and a senior fellow at the Manhattan Institute for shifting work patterns; the effect of tax rev- long-term bonds in 2023 to repay the MLF 5% coupon, sold to a customer Wednesday Policy Research. enue declines; and uncertainty about federal loan. at a price of 108.89 cents and a 2.243% A report by Manhattan Institute’s Donald funding. The state-run MTA, which operates New yield. Boyd and Michael Hendrix released Thurs- Transit systems nationwide are seeking York City’s subways and buses, two com- Though Congress is stalled for now, MTA day cited the consequences of high-income $35 billion from Washington. muter railroads and several interborough officials hope for a more receptive approach outmigration. Moody’s said it could revise its outlook bridges and tunnels, is seeking a further $12 to transit funding when Democrat Joe Biden They said a 1% percent net decline in should ridership increase more than 50% billion from the federal government. It is becomes president next month. people with more than $100,000 in aggre- next year or if a new federal aid package already one of the largest municipal issuers The city itself is wobbly, despite Comp- gate income could trigger a $220 million an- significantly offsets losses. with roughly $46 billion in debt including troller Scott Stringer’s announcement on nual loss in revenue from personal income, “We all agree, it doesn’t matter what part special credits. Wednesday that tax revenues are running sales and unincorporated business taxes. of New York you live in, and doesn’t matter Despite the city’s phased reopening — $834 million ahead of projections for the Declines of 3% and 5% could trigger who you are, New York doesn’t operate now at risk — ridership on Nov. 6 was down first quarter of 2021. drops of $576 million and $933 million, without the MTA,” Neal Zuckerman, an 69% on the subway, 49% combined on bus- While this may help Blasio balance the respectively. MTA board member and a principal at Bos- es, 73% on the Long Island Rail Road and November budget plan he will release short- “The reality is that the mass transit system ton Consulting Group, said on a Bond Buyer 77% on Metro-North Railroad. ly, other numbers are more stark. An es- in greater New York has been one of the best podcast. “It doesn’t run, it doesn’t work.” MTA is incorporating a worst-case rid- timated 300,000 people have left the city examples of infrastructure subsidizing busi- The MTA has felt the sting from the cap- ership scenario in its November plan that since March, when the pandemic escalated. ness,” municipal bond analyst Joseph Krist ital markets. The most recent in a rash of consulting firm McKinsey & Co. crafted. It Moody’s Investors Service in August said. “The concerns of business interests rating actions came from Fitch Ratings, would result in farebox revenue falling short warned that any potential revenue growth in regarding the MTA’s future are real even if which on Oct. 23 downgraded the authori- of July plan projections by $1.61 billion the school reopenings could be short-lived if those concerns are motivated by enlightened ty’s transportation revenue bond anticipation in 2021, followed by $1.9 billion, $2.01 the infection rates were to rise again. self-interest. notes to F2 from F1. q

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For subscriptions, renewals, address changes and legislation, more generous than anything Rendell also suggested raising the federal In the meantime, state and local fiscal aid delivery service issues contact our Customer Service department at the Senate Republicans have supported, but gas tax, which is 18.4 cents a gallon and has will function as an infrastructure stimulus, (212) 803-8500 or email: [email protected]. much less than what the House Democrats not been increased in decades. Tomer said. COPYRIGHT RESPONSIBILITY ©2020 Arizent and The Bond Buyer, All rights reserved. Each subscriber have proposed.” Rendell also predicted an increase to the If state and local governments can shore has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has access to the subscriber’s copy. No part of this publication The next Treasury Secretary has not been minimum wage to $15, phased in over two up their balance sheets with that aid, it al- may be reproduced, stored, or transmitted by any means, electronic, announced, though multiple reports have years. lows them more confidentially make capital mechanical or otherwise without written permission. Federal copyright law named top contenders such as Federal Re- Other infrastructure experts see a robust investments in infrastructure, he said. q carries liability of up to $100,000 per issue for such infringement. 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 2.19% 1.72% 2.61% 3.54% 4.0 Down 0.09 4.0 Down 0.09 4.0 Down 0.09 4.5 Down 0.04

3.0 3.0 3.0 4.0

2.0 2.0 2.0 3.5

1.0 1.0 1.0 3.0 08/27 09/10 09/24 10/08 10/22 11/05 11/19 08/27 09/10 09/24 10/08 10/22 11/05 11/19 08/27 09/10 09/14 10/08 10/22 11/05 11/19 08/27 09/10 09/14 10/08 10/22 11/05 11/19 09/03 09/17 10/01 10/15 10/29 11/12 09/03 09/17 10/01 10/15 10/29 11/12 09/03 09/17 10/01 10/15 10/29 11/12 09/03 09/17 10/01 10/15 10/29 11/12

003_BB112020 3 11/19/2020 5:15:12 PM 4 Far West Friday, November 20, 2020 TRENDS IN THE REGION The Bond Buyer

Democrat Mike Pellicciotti Unseats Incumbent Davidson in Washington

Continued from page 1 with a pandemic-induced revenue shortfall, been emailing. contract, that Pellicciotti signed. with no success. Davidson hopes that Pellicciotti will con- The first thing the outgoing treasurer vestment Board, which managed the state Both are also proponents of a judicious use tinue his efforts to encourage a formal policy ticked off as a priority was a smooth, effec- pension and other trust funds. He is also of the state’s rainy day fund. Both oppose a on what the minimum size of the state’s rainy tive transition. chairman of the State Finance Committee proposal for a state bank to provide banking day fund should be. “That is the most important thing an out- and Public Deposit Protection Commission services to the state’s robust marijuana in- “I think lawmakers should have a discus- going elected official should do,” Davidson and sits on other boards, including the com- dustry and offer savings on capital project sion about that,” Davidson said. said. mittee that oversees the state’s prepaid col- financings. With the state struggling like others amid “This is not a time to withdraw, or have lege tuition program, the Housing Finance “I knew it was going to be difficult with the pandemic-induced recession and shrunk- resentment,” he said. “It’s crucial to have a Commission and the Economic and Revenue an R behind my name,” Davidson said. “Kim en revenues, lawmakers are looking at draw- smooth transition so the new treasurer will Forecast Council. Wyman, who has a lot of name recognition, ing down reserves. have the opportunity to have a good start.” Incumbent Davidson and Pellicciotti cam- barely got by, but she did.” “The policy people say this is what it’s Pellicciotti said he has spoken with Da- paigned on very similar platforms, which Davidson was elected in 2016 in part intended for, which it is, so let’s spend it,” vidson to allow for an effective transition, historically would have given the incumbent because of the way the state’s “Top-Two” Davidson said. and because he wants to continue a lot of the treasurer an advantage. primary works. That system puts the top “I have to say, ‘No, no, no, because what work and initiatives he has put forward. But not this year. two finishers in the primary in the general if there is an earthquake or one of the major “We will be setting up a transition team, so “I think it’s always challenging to beat an election regardless of party. infrastructure bridges should collapse? What I am ready to take over in January,” he said. incumbent,” Pellicciotti said. “I think this In the 2016 primary, three Democrats split if something happens and we have already Pellicciotti has a short list of things he might be the first time a challenger has beat- 51% of the vote, putting two Republicans in down reserves, so we have a low balance?’” wants to work on in his first 90 days. en an incumbent state treasurer in the State the November general election that Davidson Davidson said. Though he believes the state of Washing- of Washington. But I have run against incum- won. This year, Davidson and Pellicciotti “We can’t overspend the rainy day fund, ton has been fiscally responsible, he wants to bents before and been successful.” were the only two candidates in the primary. even for its intended purpose, because you create more transparency through the use of Davidson, a CPA, who served one term “This is a blue state,” Davidson said. “I never know what is coming down the pike,” technology. Instead of just having transcripts as treasurer, was Benton County treasurer thought because we had bipartisan support Davidson said. of the minutes available, he wants residents and chief financial officer for that county’s and because of the accomplishments made Moody’s Investors Service rates Washing- to be able to watch meetings live. auditor office before his election as state by me and my staff, we would prevail, and ton Aaa after an August 2019 upgrade; Fitch “So much of the power of this office treasurer in 2016. voters could grant me a second term, but it Ratings and S&P Global ratings both rate the comes from its ability to influence and per- “I feel like we had a good message and was a very partisan election. state’s general obligation bonds AA-plus. But suade the Legislature,” Pellicciotti said. “One voters like my value system,” Pellicciotti Joe Biden carried the state easily in the the rating agencies also rank the state in the of the opportunities the treasurer has is to en- said. presidential race, with 58% of the vote com- top ten in terms of debt per capita. courage economic development. As [David- The only Republican to win statewide in pared to less than 39% for Donald Trump. “I think we should be concerned about it son] has, I want to work with the Economic Washington was two-term incumbent Secre- Incumbent Gov. Jay Inslee, a Democrat, was because the level of debt that Washington and Finance Development Authority.” tary of State Kim Wyman, who won a third re-elected with more than 56% of the vote. state has has been noted as a topic of concern As for the bond program, Pellicciotti said term. In Oregon, where the state treasurer’s “Turnout was high, and I think there was in our bond ratings,” he said. “If we were to he doesn’t have any changes planned at this office performs a similar role to Washing- a lot less ballot splitting, than in previous lose our triple-A status, we would be paying point. ton’s, incumbent Democrat Tobias Read was years,” Davidson said. “President Trump a lot more in interest rates for debt.” “Our state treasurer’s office has been well- re-elected. was very unpopular in the state. I think peo- Davidson said those are the kind of things run for many years,” Pellicciotti said. “I think there are many voters willing to ple were voting a straight Democratic ticket he anticipates speaking with Pellicciotti about “I think we can take pride in the way the vote for Republicans and Democrats in state- without analyzing too much. There were in phone calls the two have arranged to or- State of Washington has been managed fis- wide office,” Pellicciotti said. “I think our Republican losses in the state that tended to chestrate a smooth transition. cally,” he said. “That is something I look strong vote total was a result of people sup- surprise people, and I was one of them.” He also plans to advocate for Pellicciotti forward to continuing.” q porting the values I bring into the office and Davidson has conceded the win to Pel- retaining the treasurer office’s staff. the message I put forward as a candidate.” licciotti and is now focused on ensuring a “I feel very positive about the team I as- Pellicciotti’s stance on the issues wasn’t smooth transition that brings the incoming sembled,” Davidson said. “When I came in substantially different from Davidson’s. treasurer up to speed when he takes office 30% of the state were eligible to retire, so For more content about this Both candidates had asked the governor to on Jan. 13, two days after the Legislature there was a lot of turnover initially.” region, visit the Regional News call for a special session ahead of January’s reconvenes. Davidson developed a memorandum of tab on BondBuyer.com. regular session that convenes Jan. 11 to deal The outgoing and incoming treasurer have understanding, which he calls a transition

Visible Supply by State General Obligation Yield Curves for Nov. 18, 2020

November 19, 2020 November 12, 2020 State Ratings One-Year Five-Year 10-Year 30-Year State Issues Amount Issues Amount Chg in Amt Alaska Aa3/AA–/A+ 0.20 0.36 1.00 1.76 Alaska 0 $0 0 $0 $0 California Aa2/AA–/AA 0.15 0.32 0.90 1.63 California 15 1,187,544 14 863,045 324,499 Hawaii Aa1/Aa2/AA 0.19 0.36 0.92 1.70 Hawaii 3 242,030 0 0 242,030 Idaho Aa1/AA+/AA+ 0.17 0.30 0.89 1.68 Idaho 1 30,797 1 30,797 0 Montana Aa1/AA/AA+ 0.17 0.32 0.93 1.70 Montana 0 0 0 0 0 Nevada Aa1/AA+/AA+ 0.18 0.35 0.95 1.73 Nevada 1 29,700 1 29,700 0 Oregon 1 2,300 0 0 2,300 Oregon Aa1/AA+/AA+ 0.16 0.29 0.86 1.60 Washington 4 191,875 2 53,390 138,485 Washington Aaa/AA+/AA+ 0.17 0.28 0.88 1.63 Wyoming 0 0 0 0 0 Wyoming NR/AA+/NR 0.17 0.30 0.88 1.63 Sources: Ipreo, The Bond Buyer Dollar amounts are in thousands Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

004_BB112020 4 11/19/2020 5:15:13 PM Competitive Sale Notice Friday, November 20, 2020 www.bondbuyer.com 5 CITY OF BORDENTOWN or decreased more than ten percent (10%). If the City elects to increase or decrease the aggregate principal amount of the Bonds and the proposal of the Successful Bidder contains original issue IN THE COUNTY OF BURLINGTON, NEW JERSEY premium for any maturity or maturities of the Bonds, the final purchase price of the Bonds will be SUMMARY NOTICE OF SALE adjusted to reflect the total dollar amount of original issue premium on the principal amount of each maturity or maturities of the Bonds. No increase or decrease in the aggregate principal amount $7,223,000 GENERAL OBLIGATION BONDS, SERIES 2020; of the Bonds as described in this paragraph will affect the basis upon which the City determines to CONSISTING OF $3,248,000 award the Bonds to the Successful Bidder as described below. GENERAL IMPROVEMENT BONDS AND Preliminary Official Statement, Notice of Sale and other details available at $3,975,000 WATER UTILITY BONDS www.Mcelweequinn.com (Book Entry Only) (Callable) Sale Date and Time: December 8, 2020 at 11:00 a.m. Auction Agent: BiDCOMP/PARITY Competitive Bidding System Security: Full faith and credit general obligation of City Dated Date: Date of delivery (which is expected to be December 22, 2020) Interest Payments: The Bonds will bear interest at the rate or rates per annum specified by the successful bidder therefor in accordance with the Notice of Sale, payable semi annually on June 1st and December 1st in each year commencing June 1, 2021, until maturity or earlier redemption. Bid Structure: Minimum Purchase Price: $7,223,000 Maximum Purchase Price: $7,584,150 (105%) Interest Rates: Not more than one rate may be named for the Bonds of the same maturity. The difference between the lowest and the highest rates named in the proposal for the Bonds shall not exceed three per centum (3.00%). Legal Opinion: Malamut & Associates, LLC. Bid Security: Good Faith Check or wire transfer must be received by the City by 11:00 a.m. prior to bidding in the amount of $144,460 for the Bonds. Maturities: December 1st in the years and in the principal amounts set forth below: GENERAL OBLIGATION BONDS

Year General Water Utility Total Amount The Bond Buyer Newspaper — Improvement Bonds* Bonds* The only newspaper committed to serving 2021 $93,000 $110,000 $203,000 the municipal bond market. No other 2022 95,000 110,000 205,000 publication covers and penetrates the 2023 100,000 110,000 210,000 municipal market and reaches the movers 2024 100,000 115,000 215,000 2025 100,000 115,000 215,000 and shakers who set the pace for record 2026 100,000 115,000 215,000 sales. Make sure this powerful audience 2027 100,000 120,000 220,000 sees your message every day. 2028 105,000 120,000 225,000 2029 105,000 125,000 230,000 2030 110,000 125,000 235,000 2031 110,000 130,000 240,000 The Bond Buyer Network 2032 115,000 130,000 245,000 is a powerful line of products and services 2033 115,000 135,000 250,000 targeted to bring your message directly 2034 120,000 140,000 260,000 2035 125,000 145,000 270,000 to the $3.7 trillion Municipal Market. 2036 130,000 150,000 280,000 2037 130,000 155,000 285,000 Put The Bond Buyer Network to work for you. 2038 135,000 160,000 295,000 2039 140,000 165,000 305,000 2040 145,000 170,000 315,000 2041 150,000 175,000 325,000 2042 155,000 180,000 335,000 2043 160,000 185,000 345,000 2044 165,000 190,000 355,000 For complete information on creating integrated 2045 170,000 195,000 365,000 advertising programs, contact 2046 175,000 200,000 375,000 Michael Ballinger 2047 205,000 205,000 212-803-8481 [email protected] $3,248,000 $3,975,000 $7,223,000

* The City reserves the right to increase or decrease the aggregate principal amount of the Bonds www.bondbuyer.com by an amount not to exceed ten percent (10%) as the City deems necessary or advisable in order to accomplish the purposes for which the Bonds were issued. No single maturity will be increased

005_BB112020 5 11/19/2020 12:45:14 PM Friday, November 20, 2020 6 The Bond Buyer

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

11/23 - City of Baxter, MN I-Deal Prospectus 11/23 - Independent School District No. 656 (Faribault), MN Electronic Official Statements Competitive 11/23 - Mustang Special Utility District (TX), TX 11/18-Galveston County FWSD No. 6, TX Unltd Tax Bonds, Series 2020 11/23 - City of West Saint Paul, MN 11/19-Harris County MUD No. 410, TX Unlimited Tax Bonds, Series 2020 11/23 - City of Inver Grove Heights, MN 12/3-Cedar Rapids CSD, IA School Infrastructure Sales, Services&Use Tax Rev&Ref Bonds, Srs 2020B 11/23 - Fort Bend County Municipal Utility District No. 143, TX www.newissuehome.i-deal.com 11/17-***Fall Creek Management District, TX Unltd Tax Road Bonds, Series 2020A 11/23 - St. Joseph School District, MO ***NOS HAS BEEN ADDED*** BiDCOMP®/Parity® 11/23 - Otter Tail County, MN 11/19-Carroll County, MD General Obligation Bonds, Series 2020 A&B 11/23 - Otter Tail County, MN www.i-dealprospectus.com 11/19-Kaufman County MUD No. 5, TX Unlimited Tax Contract Revenue Bonds, Series 2020 11/23 - City of Le Sueur, MN 11/23-Baxter (City of), MN GO Improvement Bonds, Series 2020 11/23 - Town of Red Hook, NY Full service electronic 11/18-***Spurger ISD, TX Unlimited Tax Ref Bonds, Series 2020 ***PLEASE NOTICE THAT THE CASH 11/23 - City of Alcoa (TN), TN document delivery and PREMIUM REQUIREMENT IN THE NOTICE OF SALE HAS CHANGED*** 11/23 - City of Alcoa (TN), TN tracking system 11/18-Harris County Utility District No. 16, TX Unlimited Tax Bonds, Series 2020 11/23 - Saydel Community School District, IA 11/19-Fort Bend County MUD No. 163, TX Unltd Tax&Road Bonds, Series 2020&A 11/23 - Genoa Charter Township (MI), MI 11/24 - City of Bismarck (ND), ND For more information, 11/19-Tomball (City of), TX GO Refunding Bonds, Series 2020 contact: 11/24 - Greenwood Utility District, TX 11/23-Mustang Special Utility District, TX Rev Ref & Improvement Bonds, Series 2020 11/24 - City of Bismarck (ND), ND John Hester 11/23-Saydel CSD, IA General Obligation School Bonds, Series 2020 11/24 - Village of West Haverstraw, NY (212) 849-5125 12/3-**Cedar Rapids CSD, IA School Infrastructure Sales, Services&Use Tax Rev&Ref Bonds, Srs 2020B 11/24 - Town of North Hempstead, NY **ADDENDUM HAS BEEN ADDED** James Kellum 11/24 - Town of North Hempstead, NY (212) 849-5156 11/19-***Tomball (City of), TX GO Refunding Bonds, Series 2020 *RATINGS ADDED TO THE POS/NOS* 11/24 - Town of Andover (MA), MA 11/23-Baxter (City of), MN GO Improvement Bonds, Series 2020 11/24 - Town of Andover (MA), MA 11/24-Milwaukee Area TCD, WI GO Promissory Notes, Series 2020-21F 11/24 - City of Henderson (KY), KY 11/24 - City of Milford (CT), CT I-Deal Prospectus 12/1 - Town of Perinton, NY Electronic Official Statements Negotiated 12/2 - City of Lawrenceburg (TN), TN Denton ISD, TX Unltd Tax Ref Bonds, Taxable Series 2020-A 12/2 - City of Crown Point, IN Ector County ISD, TX Unlimited Tax Refunding Bonds, Series 2020-A 12/2 - Greece Central School District, NY Hutto ISD, TX Unlimited Tax School Building Bonds, Series 2020 12/3 - City of Manchester (TN), TN Ector County ISD, TX Unltd Tax Refunding Bonds, Taxable Series 2020-B 12/3 - Town of Bluffton, SC East Haddam (Town of), CT General Obligation Bonds, Issue of 2020 Series A&B 12/3 - Cedar Rapids Community School District, IA Rapides Parish Recreation District Ward 9, LA GO Bonds, Series 2020 12/7 - Village of Shorewood (WI), WI Waller ISD, TX Unlimited Tax School Building Bonds, Series 2020A 12/7 - City of Elk River, MN Rapides Parish Waterworks District No. 3, LA Water Rev Ref Bonds, Series 2020 12/7 - City of Elk River, MN Wolfforth (City of), TX Tax & WW&SS Revenue COO, Srs 2021 12/7 - City of Elk River, MN Fall Creek Management District, TX Unltd Tax Road Bonds, Series 2020A Conroe (City of), TX Limited Tax Refunding Bonds, Series 2020 Conroe (City of), TX Certificates of Obligation, Series 2020B&C Deer Park (City of), TX COO & Limited Tax Refunding Bonds, Series 2020 Harris County MUD No. 165, TX Unltd Tax Refunding Bonds, Series 2020 Rockwall ISD, TX Unlimited Tax School Building Bonds, Series 2020 Loraine ISD, TX Unltd Tax Ref Bonds, Series 2020 Plano ISD, TX Unlimited Tax Refunding Bonds, Series 2020 NEWSFLASH! Jefferson County WC&ID No. 10, TX Unlimited Tax Refunding Bonds, Srs 2020 Wichita Falls (City of), TX Venue Tax Rev Bonds (Hotel Occupancy Tax), Srs 2020 Mesa (City of), AZ Utility Systems Revenue & Refunding Bonds, Series 2020 We will not be publishing on Mesa (City of), AZ General Obligation Bonds & Refunding Bonds, Series 2020 Mesa (City of), AZ Excise Tax Revenue Obligation, Series 2020 Thursday & Friday, St. Tammany Parish Law Enforcement, LA Ltd Tax Refunding Bonds, Srs 2020 North Fort Bend Water Authority, TX Water System Rev Ref Bonds, Srs 2020B ***Renville County, MN GO Refunding Bonds, Series 2020B ***Change in Bank Qualification*** November 26 & 27, 2020 Renville County, MN GO Refunding Bonds, Series 2020B Spring Branch ISD, TX Unlimited Tax Schoolhouse Bonds, Series 2020 in observance of Parker County, TX Unlimited Tax Refunding Bonds, Taxable Series 2020 Rockwall County, TX Limited Tax Refunding Bonds, Srs 2020***Rating Reports Have Been Added*** Thanksgiving Day Union Grove ISD, TX Unlimited Tax Refunding Bonds, Srs 2020 St. John The Baptist Parish STD, LA Public Improvement Ref Bonds, Srs ST-2020 Roanoke (City of), TX GO Ref Bonds & Combination Tax & Rev COO, Series 2020 For more information and/or to find out Rockwall County, TX Limited Tax Refunding Bonds, Srs 2020 Paseo Del Este MUD No. 10, TX Unltd Tax Improvement&Ref Bonds, Series 2020 our holiday deadlines, please send an ***The POS has been revised to reflect the 2012 Bonds being refunded.*** Hickory Creek (Town of), TX Combo Tax & Rev Certificates of Obligation, Series 2020 e-mail to: [email protected] Bryan (City of), TX GO Pension Bonds, Taxable Series 2020 Montgomery County, TX Limited Tax Refunding Bonds, Series 2020

006_BB112020 6 11/19/2020 12:45:16 PM Friday, November 20, 2020 New Issues www.bondbuyer.com 7

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, November 20 Canadian Co ISD #76 OK Bldg (Tax) 1,635 11:45 am C Stephen H. McDonald State Atty General 23-24 ------6-Nov Garvin Co ISD #9 OK Bldg (Tax) 1,390 12:45 pm C Stephen H. McDonald State Atty General 23-24 ------9-Nov

Monday, November 23 Saydel Comm SD IA GO Sch *10,000 1 pm C Piper Sandler Ahlers & Cooney 31-40 ------AA------BQ 17-Nov Genoa Chtr Twp MI Cap Imp Ref (Tax) *4,645 2:30 pm E PFM Fin Advisors Dykema Gossett 21-36 ------AA+ ------13-Nov Baxter MN GO Imp *6,120 10 am C PFM Fin Advisors Kennedy & Graven 22-36 --- Aa3 ------BQ 13-Nov Faribault ISD #656 MN Certs of Part *3,670 10 am C Ehlers Dorsey & Whitney 21-40 ------BQ 16-Nov Inver Grove Heights MN GO Imp Ref *1,675 10:30 am C Ehlers Kennedy & Graven 22-27 ------BQ 16-Nov Le Sueur MN GO Imp *5,590 11 am C David Drown Taft Stettinius 22-36 ------A+ ------BQ 17-Nov Otter Tail County MN GO Wst Disposal (AMT) *2,000 11 am C Ehlers Kutak Rock 22-31 ------13-Nov Otter Tail County MN GO Cap Imp *10,000 11 am C Ehlers Kutak Rock 22-36 ------BQ 13-Nov West St Paul MN GO Tax Abate 2,640 10:30 am C Ehlers Taft Stettinius 22-33 ------BQ 16-Nov St Joseph SD MO GO Ref *6,170 11 am C L.J. Hart Armstrong Teasdale 31-34 ------AA+ ------BQ 9-Nov Fremont NE GO Hwy *7,950 12:45 pm E Piper Sandler Baird Holm 21-27 ------BQ Today Red Hook (Town) NY Pub Imp Ref *985 11 am E Capital Markets Adv Rodenhausen Chale 21-31 ------BQ 18-Nov Alcoa TN GO (Tax) *4,870 11:45 am E Cumberland Secs Owings Wilson 21-34 ------AA------13-Nov Alcoa TN GO Ref *6,625 11:15 am E Cumberland Secs Owings Wilson 23-45 ------AA------BQ 13-Nov Fort Bend Co MUD #143 TX Unltd Tax 11,960 10:30 am C Masterson Advisors Allen Boone 22-45 --- Baa1 ------18-Nov Mustang Spec Util Dist TX Rev Ref *32,310 10 am C Specialized Pub Fin McCall Parkhurst 21-50 ------AA ------16-Nov

Tuesday, November 24 P Milford CT GO Ref *19,460 11:30 am E Phoenix Advisors Pullman & Comley 21-28 ------AA+ ------17-Nov Henderson KY GO *10,000 11 am E Baird Dinsmore Shohl 21-40 --- Aa3 ------BQ 19-Nov Morehead St Univ KY Gen Receipts (Tax) *4,965 12:30 pm E Baird Dinsmore & Shohl 29-32 --- A1 ------19-Nov Andover (Town) MA GO Muni Purp Loan *11,580 11 am E Hilltop Securities Locke Lord 21-50 ------18-Nov Bismarck ND Warrants *1,480 11 am C Colliers Secs, LLC Ohnstad Twichell 21-30 ------17-Nov Bismarck ND Ref Imp *21,525 10 am C Colliers Secs, LLC Ohnstad Twichell 21-35 ------17-Nov P North Hempstead (Town) NY Pub Imp Ref *4,015 11 am E Capital Markets Adv Hawkins Delafield 21-27 ------17-Nov P North Hempstead (Town) NY Pub Imp Ref (Tax) *26,715 11 am E Capital Markets Adv Hawkins Delafield 21-39 ------17-Nov Watkins Glen Vlg NY Pub Imp *717 11:30 am E Municipal Solutions Hodgson Russ 21-40 ------BQ 12-Nov West Haverstraw Vlg NY Pub Imp *3,900 11 am E Capital Markets Adv Harris Beach 21-38 ------BQ 16-Nov Caddo Co ISD #161 OK Comb Purp (Tax) 1,360 11:45 am C Stephen H. McDonald State Atty General 24 ------6-Nov Greenwood Util Dt TX Wtrwks & Swr Sys 8,140 11 am C Blitch Associates Radcliffe Bobbitt 22-50 ------9-Nov Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 22-25 --- Aa1 ------9-Nov

Tuesday, December 1 Arlington Hghts Twp HSD #214 IL GO Ltd Ref *16,780 10 am C PMA Securities Chapman and Cutler 21-29 ------12-Nov Oakland Borough NJ Gen Imp 15,770 11 am E Phoenix Advisors Rogut McCarthy 21-38 ------19-Nov Edmeston Ctrl SD NY Sch Dist 104 11:30 am E Fiscal Adv & Mkt ------BQ 13-Nov Norwood Norfolk Ctrl SD NY Sch Dist 275 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21-25 ------BQ 2-Nov Perinton (Town) NY GO Pub Imp 4,385 11 am E Bernard P. Donegan Timothy R. McGill 21-39 ------BQ 13-Nov Salina Cons Fire Dt #2 NY Fire District 710 10:30 am E Fiscal Adv & Mkt ------BQ 13-Nov

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.

007_BB112020 7 11/19/2020 3:47:08 PM New Issues Friday, November 20, 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 Thousand Islands Ctrl SD NY Sch Dist 490 11 am E Fiscal Adv & Mkt ------BQ 2-Nov Westhill Ctrl SD NY Sch Dist 450 11 am E Fiscal Adv & Mkt ------13-Nov Carter Co ISD #77 OK Comb Purp (Tax) 1,115 12:45 pm C Stephen H. McDonald State Atty General 23-24 ------18-Nov Pottawatomie Co ISD #1 OK Bldg (Tax) 1,600 12 pm C Stephen L. Smith Phillips Murrah 23 ------18-Nov Quakertown Comm SD PA GO 32,925 12:15 pm E PFM Fin Advisors Fox Rothschild 21-26 ------Today Harris Co MUD #213B TX Unltd Tax 3,440 10 am C Rathmann & Assoc State Atty General ------BQ 19-Nov Verandah MUD TX Unltd Tax 4,600 10 am C Hilltop Securities State Atty General 23-45 ------BQ 19-Nov Madison WI Swr Sys Rev Ref *17,580 10 am C Baker Tilly MA --- 21-35 ------10-Nov

Wednesday, December 2 Crown Point IN GO *2,000 11 am E Financial Solutions Ice Miller 21-29 ------18-Nov Princeton NJ Gen Imp *24,000 11 am E --- McManimon Scotland 21-32 ------19-Nov Greece Ctrl SD NY GO Sch Dist 1,585 11:30 am E Bernard P. Donegan Timothy R. McGill 21-25 ------18-Nov Hilton Ctrl SD NY GO Sch Dist 1,046 11 am E Bernard P. Donegan Timothy R. McGill 22-25 ------BQ 19-Nov Little Falls NY Pub Imp 224 11 am E Fiscal Adv & Mkt ------BQ 19-Nov Grady Co ISD #128 OK Comb Purp (Tax) 1,585 12:45 pm C Stephen H. McDonald State Atty General 23-24 ------18-Nov Tillman Co ISD #8 OK Bldg (Tax) 360 11:45 am C Stephen H. McDonald State Atty General 23-24 ------18-Nov Lawrenceburg TN GO *3,090 10:15 am E Cumberland Secs Glankler Brown 22-41 ------A+ ------BQ 18-Nov

Thursday, December 3 Alma SD #30 AR Ref & Construction *22,785 1 pm C Stephens Friday Eldredge 21-55 --- Aa2 ------Today Alma SD #30 AR Ref & Construction (Tax) *35,645 1:30 pm C Stephens Friday Eldredge 21-55 --- Aa2 ------Today Cedar Rapids Comm SD IA Sales & Use Tax Rev *39,735 11 am C Piper Sandler Dorsey & Whitney 21-26 ------A+ ------13-Nov Metropolitan St Louis Swr Dt MO Wstwtr Sys Rev *120,000 10:15 am C PFM Fin Advisors Gilmore & Bell 21-50 ------AA+ ------Today Gates Chili Ctrl SD NY Sch Dist 1,580 11:30 am E Bernard P. Donegan Timothy R. McGill 22-25 ------19-Nov Hamburg Vlg NY Sch 365 11:30 am E Municipal Solutions --- 21-29 ------10-Nov New Hartford Vlg NY Pub Imp 2,660 11 am E Fiscal Adv & Mkt ------BQ 2-Nov Latimer Co ISD #1 OK Bldg (Tax) 600 12:45 pm C Stephen H. McDonald State Atty General 23-24 ------18-Nov McClain Co ISD #5 OK Bldg (Tax) 765 11:45 am C Stephen H. McDonald State Atty General 23 ------Today Bluffton (Town) SC GO *5,080 11 am E Compass Muni Adv Burr & Forman 21-40 --- Aa1 ------BQ 13-Nov Manchester TN GO *2,280 10:15 am E Cumberland Secs Glankler Brown 22-44 ------BQ 18-Nov Sienna Plantation MUD #10 TX Unltd Tax 3,195 2 pm C Baird State Atty General ------BQ 19-Nov

Friday, December 4 Pontotoc Co ISD #1 OK Bldg (Tax) 465 12:45 pm C Stephen H. McDonald State Atty General 23-24 ------18-Nov

Monday, December 7 Elk River MN GO Cap Imp *5,970 10:30 am C Baker Tilly MA Kennedy & Graven 22-33 ------BQ 10-Nov Elk River MN GO Swr Rev (Tax) *7,295 10:30 am C Baker Tilly MA Kennedy & Graven 23-35 ------10-Nov Elk River MN GO Cap Imp *9,895 10:30 am C Baker Tilly MA Kennedy & Graven 23-42 ------BQ 10-Nov Le Sueur-Henderson ISD #2397 MN GO Sch Bldg Ref *5,640 11:30 am C Baker Tilly MA --- 22-26 ------BQ 17-Nov Shorewood Vlg WI Swr Sys Rev *2,075 10 am C Baker Tilly MA Quarles & Brady 22-36 ------10-Nov

Tuesday, December 8 Geneseo KS GO Ref & Imp *500 11 am C Ranson Fin Group Gilmore & Bell 21-47 ------BQ Today Gardner MA GO Muni Purp Loan *7,525 11 am E Hilltop Securities Locke Lord 21-40 ------BQ Today Bordentown NJ GO 7,223 11 am E --- Malamut & Associates 21-47 ------BQ Today La Crosse SD WI GO Ref *9,740 10 am C PMA Securities Quarles & Brady 21-33 ------BQ 19-Nov

Thursday, December 10 Southport (Town) NY Pub Imp 675 11 am E Fiscal Adv & Mkt ------BQ 18-Nov

Wednesday, December 16 Siena MUD #2 TX Unltd Tax 5,385 10:30 am C Public Fin Group State Atty General ------BQ 5-Nov

008_BB112020 8 11/19/2020 3:47:09 PM Friday, November 20, 2020 New Issues www.bondbuyer.com 9

Monday, January 11 Hendersonville TN Cap Outlay 5,900 10 am C Municipal Official ------19-Nov

Day to Day Florida Dept of Transp FL Right-of-Way Acq (Tax) *189,400 --- Division of Bond Fin Greenberg Traurig 21-33 --- Aaa AAA AAA ------29-Oct Sugar Land TX Wtrwks & Swr Sys *7,165 --- Hilltop Securities Hunton Andrews 20-39 ------AA AA --- BQ 4-Mar Washington WA GO (Tax) *36,900 --- Montague DeRose Foster Garvey ------30-Jul

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, November 23 Franklin Park Pk Dt IL GO *1,069 10:15 am C Speer Financial Chapman and Cutler 21 ------BQ 12-Nov Sycamore Pk Dt IL GO *544 10:15 am C Speer Financial Chapman and Cutler 21 ------BQ 10-Nov Shrewsbury Boro NJ Bond Antic 1,200 11 am E Municipal Official Gibbons P.C. 21 ------BQ 19-Nov

Tuesday, November 24 Andover (Town) MA GO Bond Antic 955 11 am E Hilltop Securities Locke Lord 21 ------19-Nov Belfast Ctrl SD NY Bond Antic 4,838 10:30 am E Fiscal Adv & Mkt Hodgson Russ 21 ------BQ 13-Nov Croton-on-Hudson Vlg NY Bond Antic 334 11 am E Fiscal Adv & Mkt Orrick Herrington 21 ------BQ 9-Nov Irvington Vlg NY Bond Antic 4,251 11 am E Capital Markets Adv Jeffrey E Storch 21 ------BQ 19-Nov

Tuesday, December 1 Norwood (Town) MA GO Bond Antic (Tax) 12,350 11 am E Hilltop Securities Locke Lord 21 ------19-Nov Seaside Heights Borough NJ Bond Antic 2,000 11 am E Municipal Official GluckWalrath 21 ------BQ 18-Nov

Wednesday, December 2 Needham (Town) MA GO Sch 1,200 11 am E Hilltop Securities Locke Lord 21 ------Today Little Falls Twp NJ GO Bond Antic 8,946 11 am E Municipal Official Rogut McCarthy 21 ------BQ Today Alexander (Town) NY Bond Antic 995 11 am E Municipal Solutions --- 21 ------10-Nov East Aurora Vlg NY Bond Antic 3,000 11:30 am E Municipal Solutions --- 20 ------10-Nov Montgomery County NY Bond Antic 64 11 am E Fiscal Adv & Mkt Roemer Wallens 21 ------BQ 2-Nov W Genesee Ctrl SD NY Bond Antic 4,300 11 am E Fiscal Adv & Mkt ------13-Nov

Thursday, December 3 Urbana Pk Dt IL GO *852 10:15 am C Speer Financial Chapman and Cutler 21 ------BQ 17-Nov Beekman (Town) NY Bond Antic 1,500 11 am E Fiscal Adv & Mkt ------BQ 5-Nov Irondequoit (Town) NY Bond Antic 14,437 10:30 am E Fiscal Adv & Mkt Harris Beach 21 ------2-Nov Lowville Vlg NY Bond Antic 1,225 11 am E Municipal Solutions --- 21 ------10-Nov Pleasantville Vlg NY Bond Antic 350 11 am E Fiscal Adv & Mkt ------BQ 2-Nov

Tuesday, December 8 Clayton Vlg NY Bond Antic 2,000 11 am E Municipal Solutions --- 21 ------19-Nov

Wednesday, December 9 Cortland NY Tax Antic 1,000 11 am E Fiscal Adv & Mkt ------BQ 18-Nov Newfane (Town) NY Bond Antic 500 11 am E Municipal Solutions --- 21 ------19-Nov

Thursday, December 17 Oneonta NY Pub Imp 2,100 11 am E Fiscal Adv & Mkt ------BQ 6-Nov

009_BB112020 9 11/19/2020 3:47:10 PM New Issues Friday, November 20, 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 Thursday, January 28 Tompkins County NY Bond Antic 3,050 11:15 am E Fiscal Adv & Mkt ------6-Nov Tompkins County NY Pub Imp 3,200 11:15 am E Fiscal Adv & Mkt ------6-Nov Tompkins County NY Airport 13,000 11:15 am E Fiscal Adv & Mkt ------6-Nov

Day to Day Albany NY Rev Antic 15,000 --- Fiscal Adv & Mkt ------9-Sep

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 November 23 Paradise Vly USD #69 AZ Sch Imp 49,150 Piper Sandler Stifel Nicolaus ------19-Nov California Pub Fin Auth CA Ed Facs Rev 20,745 Ziegler Cap Mkts ------18-Nov California Sch Fin Auth CA Sch Rev (Tax) 5,015 Stifel Nicolaus ------Today California Sch Fin Auth CA Sch Rev 33,300 Stifel Nicolaus ------Today California Statewide Comm CA Rev 19,185 RBC Capital Mkts ------12-Nov Miami Co USD #416 KS GO 24,000 Piper Sandler ------19-Nov Clinton SD #124 MO GO Sch 8,915 Stifel Nicolaus ------19-Nov St Louis Co Indl Dev Auth MO Rev (Tax) 37,265 Stifel Nicolaus ------6-Nov Middlesex County NJ GO Ref (Tax) 21,860 Citigroup Phoenix Advisors ------28-Oct Pennsauken Twp NJ Rev 6,000 PNC Capital Markets ------18-Nov New York Transp Dev Corp NY Spec Facs (Tax) 46,585 JPMorgan ------Today New York Transp Dev Corp NY Spec Facs (AMT) 293,460 JPMorgan ------Today Bedford Area SD PA GO 7,940 PNC Capital Markets --- AGM ------17-Nov Cheltenham SD PA GO 9,400 RBC Capital Mkts PFM Fin Advisors ------Today Easttown Muni Auth PA Swr Rev 8,165 Boenning&Scattergood ------Today Exeter Twp PA GO 2,880 PNC Capital Markets PFM Fin Advisors ------18-Nov S Carolina Jobs-Econ Dev SC Ed Facs Rev (Tax) 4,730 Ziegler Cap Mkts Stephens ------18-Nov S Carolina Jobs-Econ Dev SC Ed Facs Rev 12,230 Ziegler Cap Mkts Stephens ------18-Nov Denton ISD TX Ref (Tax) 266,693 Citigroup BOK Fin Secs ------Today Floresville TX Elec Sys Rev 9,000 SAMCO Cap Mkts RBC Capital Mkts ------13-Nov Judson ISD TX Ref (Tax) 87,130 RBC Capital Mkts ------Today New Hope Cult Educ Facs Fin Corp TX Hsg Rev (Tax) 1,130 Raymond James ------28-Sep New Hope Cult Educ Facs Fin Corp TX Hsg Rev 35,415 Raymond James ------28-Sep West Virginia Econ Dev Auth WV Rev 26,000 Citigroup ------Today

Week Of November 30 Arkansas Dev Fin Auth AR Ref Rev 13,805 Stephens ------18-Nov Regional Transp Dt CO Bond (Tax) 7,000 BofA Securities ------Today Regional Transp Dt CO Bond 335,510 BofA Securities ------Today Delaware Econ Dev Auth DE Ref Rev 57,182 BofA Securities ------Today Delaware Econ Dev Auth DE Ref Rev 190,000 BofA Securities ------Today Maryland Econ Dev Corp MD Student Hsg Facs Rev 82,105 RBC Capital Mkts RSI Group LLC ------18-Nov Rockaway Beach OR Limited Tax 2,300 D.A. Davidson ------13-Nov Midland Co Pub Facs Corp TX Multifam Hsg 25,000 RBC Capital Mkts ------18-Nov Franklin County WA Limited Tax (Tax) 15,575 D.A. Davidson ------13-Nov

Day to Day Morton Grove Pk Dist IL GO Park 11,910 Mesirow Financial ------23-Oct

010_BB112020 10 11/19/2020 3:47:11 PM Friday, November 20, 2020 New Issues www.bondbuyer.com 11

Negotiated Bond Offerings Compiled by IHS Markit

Dauphin Co Gen Auth PA Rev 100,000 RBC Capital Mkts ------2-Oct Penn Hills SD PA GO (Tax) 25,240 Boenning&Scattergood PFM Fin Advisors BAM ------31-Aug Rhode Island Hlth & Educ Bldg RI Higher Ed Facs Rev (Tax) 53,225 RBC Capital Mkts PFM Fin Advisors ------15-Oct Gladewater ISD TX Ref (Tax) 31,445 Frost Bank Hilltop Securities ------19-Oct La Paz Co Indl Dev Auth AZ Ed Facs Rev 12,665 BB&T Cap Mkts D.A. Davidson ------24-Jan Tucson AZ COPs (Tax) 15,630 Wells Fargo Secs --- AGM ------4-Nov California Comm Hsg Agy CA Hsg Rev 184,565 Jefferies ------9-Oct California Hlth Facs Fin CA Rev 145,975 Morgan Stanley Ponder ------13-Mar California Muni Fin Auth CA Rev (Tax) 32,245 Westhoff Cone ------13-Oct California Muni Fin Auth CA Rev (Tax) 23,755 Westhoff Cone ------13-Oct La Puente City CA COPs (Tax) 8,525 Hilltop Securities Willdan Fin Svcs ------19-Oct Sacramento County CA COPs 27,385 Siebert Williams PFM Fin Advisors AGM ------13-Apr Colorado Sch of Mines BOT CO Rev Ref 10,430 Morgan Stanley North Slope Cap Adv ------13-Sep Colorado Sch of Mines BOT CO Rev Ref (Tax) 40,175 Morgan Stanley North Slope Cap Adv ------13-Sep Capital Trust Agy FL Rev (Tax) 2,085 Stifel Nicolaus ------7-Feb Capital Trust Agy FL Rev 32,800 Stifel Nicolaus ------7-Feb Spirit Lake Comm SD IA Sales & Srvc Tax Rev 12,195 Piper Sandler ------6-Mar Idaho Hsg & Fin ID Mtg 30,797 Stifel Nicolaus ------8-Nov Schaumburg Vlg IL GO Ref (Tax) 258,120 Morgan Stanley Speer Financial ------2-Oct Indiana Fin Auth IN Ed Facs Rev (Tax) 22,115 Wells Fargo Secs ------8-May Indiana Fin Auth IN Util Rev (Tax) 11,845 Baird ------13-Nov Terre Haute IN Rev 19,195 Baird ------13-Nov Reno Co USD #313 KS GO Ref (Tax) 42,280 Raymond James ------19-Sep Shawnee Co USD #501 KS GO Ref (Tax) 101,410 Raymond James ------20-Sep Kentucky Pub Energy Auth KY Gas Supply Rev 536,040 JPMorgan Municipal Cap Mkts ------A --- 28-Aug St Johns Pub Schs MI GO Energy 5,820 Stifel Nicolaus Baker Tilly MA ------6-Mar Duluth ISD #709 MN COPs (Tax) 18,435 Baird ------24-Oct Duluth ISD #709 MN COPs 5,095 Baird ------22-Oct Hawley ISD #150 MN GO Ref (Tax) 7,080 Baird ------16-Oct Northwest R-1 SD MO GO Ref 7,780 Stifel Nicolaus ------13-Mar Raytown MO Sales Tax Ref 28,875 Stifel Nicolaus Columbia Cap Mgmt ------7-Dec Cumberland Co Imp Auth NJ Sch Rev 8,555 RBC Capital Mkts Phoenix Advisors ------23-Sep Madison Boro BOE NJ Ref (Tax) 24,160 RBC Capital Mkts ------8-Sep Nevada Hsg Division NV Hsg Rev 29,700 RBC Capital Mkts ------6-Nov Franklin Co Conv Facs Auth OH Tax & Rev Antic (Tax) 136,265 BofA Securities Baker Tilly MA ------13-Mar Hamilton OH Spec Oblg (Tax) 29,000 KeyBanc Cap Mkts --- BAM ------17-Jan Butler Area Swr Auth PA Swr Rev 9,965 Janney Montgomery ------A ------8-Nov Gtr Nanticoke Area SD PA GO 10,170 PNC Capital Markets ------25-Feb West Shore SD PA GO 66,075 Janney Montgomery ------21-Apr Burnet County TX GO Ref (Tax) 11,480 RBC Capital Mkts ------30-Oct Cinco Southwest MUD #1 TX Rev Ref 9,785 UBS Financial Svcs Masterson Advisors AGM ------11-Mar Eagle Mountain-Saginaw ISD TX Ref (Tax) 59,935 Hilltop Securities BOK Fin Secs ------AAA --- 16-Oct Elsa Med Fac Fin Corp TX First Mtg Rev (Tax) 3,685 Dougherty ------4-Mar Elsa Med Fac Fin Corp TX First Mtg Rev 57,385 Dougherty ------4-Mar New Hope Cult Educ Facs Fin Corp TX Rev (Tax) 36,620 BB&T Cap Mkts ------28-Feb New Hope Cult Educ Facs Fin Corp TX Rev 632,330 BB&T Cap Mkts ------28-Feb Rockport TX Combined Tax Rev 20,750 Raymond James Blaylock Robert Van ------12-Aug Temple TX Util Sys Rev 72,000 Raymond James ------4-Mar Travis Co MUD #8 TX Unltd Tax 1,405 Hutchinson Shockey ------4-Oct Energy Northwest WA Bond 16,490 JPMorgan ------16-Oct

011_BB112020 11 11/19/2020 3:47:11 PM Market Statistics Friday, November 20, 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 11/19/20 11/12/20 High Date Low Date Municipal Bond Index ...... 136.01 +83/32 140.05 (3/9) 119.16 (3/20) 40 Average Dollar Price ...... 109.64 +0.37 110.82 (8/10) 96.78 (3/20) Bond Buyer Revenue Bond Index . . . . . 2.61% 2.70% 3.34% (4/2) 2.44% (8/6) Average Yield to Par Call ...... 2.27 –0.07 4.70 (3/20) 1.86 (3/9) Bond Buyer 20-Bond Index ...... 2.19% 2.28% 2.84% (4/2) 2.02% (8/6) Average Yield to Maturity ...... 3.51 –0.02 4.31 (3/20) 3.35 (3/9) Bond Buyer 11-Bond Index ...... 1.72% 1.81% 2.37% (4/2) 1.55% (8/6)

Wk of 11/20/2020 Wk of 11/13/2020 Wk of 11/6/2020 Wk of 11/15/2019 Current Day’s 2020 2020 New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED Total Change High Date Low Date Long-Term Bonds ...... $11,389.9 $1,986.5 $898.5 $14,183.4 30-Day Visible Supply ($mills) ...... Negotiated Bonds...... 9,603.4 1,086.6 672.6 10,567.1 Total (Nov. 20) ...... $5,781.2 –6,083.9 $24,255.6 (10/19) $4,749.3 (10/29) Competitive Bonds...... 1,786.5 899.9 224.1 3,060.9 Competitive ...... 915.7 –140.1 8,391.2 (10/19) 915.7 (11/19) Short-Term Notes...... 293.9 260.4 110.2 156.6 Negotiated ...... 4,865.6 –5,943.8 16,841.0 (10/13) 3,619.5 (11/02)

Long-Term Bond Sales Thru 11/20/2020 Thru 11/13/2020 Thru 11/6/2020 Thru 11/15/2019 Month to Date...... $14,274.8 $2,884.9 $898.5 $30,163.8 The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over Year to Date ...... 435,598.3 424,208.4 422,221.9 366,673.1 the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com. This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to

Short-Term Tax-Exempt Yields

Nov. 19, 2020 Nov. 18, 2020 Nov. 21, 2019 Visible Supply Selected MIG-1/SP-1 Notes Los Angeles, Calif., 4.00s (Jun. 24) ...... 0.18 0.18 0.89 Competitive Negotiated Total Competitive Negotiated Total Metropolitan Transn Auth N Y R, N.Y. 5.00s (Sep. 1) . . 2.49 2.76 1.15 ($000s) ($000s) ($000s) ($000s) ($000s) ($000s) Texas St, Tex., 4.00s (Aug. 26) ...... 0.19 0.19 1.01 Weekly Averages Monthly Averages

11/13 2,048,918 7,347,487 9,396,405 Oct_20 5,378,836 13,046,808 18,425,644 Municipal Market Data 11/06 1,737,148 4,153,556 5,890,704 Sep 4,298,532 10,376,432 14,674,964 One-Month Note (MIG-1) ...... 0.12 0.13 1.10 10/30 2,601,345 11,361,781 13,963,125 Aug 3,028,801 11,643,281 14,672,083 Two-Month ...... 0.13 0.14 1.11 10/23 6,223,157 14,548,109 20,771,266 Jul 3,105,291 10,327,625 13,432,916 Three-Month ...... 0.15 0.16 1.12 10/16 6,593,527 15,479,388 22,072,914 Jun 2,743,299 10,739,739 13,483,038 Four-Month...... 0.16 0.17 1.13 10/09 6,623,447 12,417,597 19,041,044 May 2,573,712 8,924,640 11,498,352 Five-Month ...... 0.17 0.18 1.14 10/02 4,833,269 10,413,038 15,246,307 Apr 1,896,160 11,831,347 13,727,507 Six-Month ...... 0.18 0.19 1.14 09/25 4,018,092 11,668,416 15,686,508 Mar 2,330,672 11,328,615 13,659,287 Nine-Month...... 0.21 0.22 1.16 09/18 5,170,531 9,495,869 14,666,400 Feb 3,488,285 6,834,552 10,322,837 One-Year ...... 0.28 0.28 1.20 09/11 4,699,956 9,605,407 14,305,363 Jan 3,686,529 6,255,930 9,942,460 09/04 2,549,129 11,257,801 13,806,929 Dec 2,415,545 8,879,401 11,294,946 Variable-Rate Demand (Non-AMT/AMT) 08/28 1,603,164 12,513,841 14,117,005 Nov 3,001,881 12,458,477 15,460,358 Daily General Market ...... 0.07/0.10 0.07/0.11 1.06/1.13 08/21 2,664,302 12,951,809 15,616,111 Oct 3,948,065 10,035,436 13,983,501 Nov. 19, 2020 Nov. 12, 2020 Nov. 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 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 Seven-Day General Markets ...... 0.20/026 0.19/0.25 1.20/1.22 negotiated supply has been reported since 1971. Nov. 12, 2020 Nov. 4, 2020 Nov. 13, 2019 Municipal Market Data The SIFMA™ Municipal Swap Index ...... 0.11 0.11 1.09

Visible Supply Declines Municipal Market Data General Obligation Yields

27 Aaa Aa Insured A Baa Oct. 7 – Nov. 20, 2020 24 2021 0.14 0.19 0.18 0.25 1.02 21 2022 0.15 0.21 0.22 0.28 1.09 18 2025 0.73 0.88 0.96 1.07 1.89 15 2030 0.77 0.92 1.00 1.11 1.93

12 2035 1.01 1.21 1.27 1.44 2.29

9 2040 1.21 1.42 1.47 1.64 2.49

6 2045 1.38 1.59 1.63 1.80 2.65

3 2050 1.43 1.64 1.69 1.86 2.71

0 Figures are as of 3 pm Eastern time Nov. 19, 2020. Yields represent the fair market offer side for most liquid and available credits in each 10/7 10/13 10/16 10/21 10/26 10/29 11/3 11/6 11/12 11/17 11/20 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_BB112020 12 11/19/2020 5:12:50 PM Friday, November 20, 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 ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 11/19 29.6 Cnty Comm of Carroll Cnty, My., (Aaa/AAA/AAA) 0.12 0.20 0.75 1.68 1.90 … … (in percent of discount) Bid/Offer Bid/Offer Bid Yield 11/19 15.5 Lake County, Ill., (Aa1/AAA) ...... 0.40 0.60 1.20 1.75 … … … 1M — 12/15/2020 ...... 0 055/45. 0 060/55. 0 056 . 11/19 11.3 Danville, Va., (Aa1/AA-/AA-) ...... 0.20 0.31 0.85 1.75 2.00 … … 3M — 02/18/2020 ...... 0 065/60. 0 075/75. 0 066 . 11/19 9.6 Kentucky Assn of Cos Fin Corp, Ky., (AA-) . . . 0.45 0.70 1.40 2.10 2.26 … … 11/19 18.9 Sikeston Bd of Muni Utilities, Mo., (A) . . . . 0.30 0.60 1.30 2.00 2.45 2.60 2.35 6M — 05/20/2020 ...... 0 090/85. 0 090/85. 0 091 . Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Treasury Notes and Bonds Aaa – AAA Yesterday’s Prev. Day’s Yesterday’s 11/17 140.7 Orange County, Fla., ...... … 0.28 0.85 1.19 1.39 … … (in points and 32ds) Bid/Offer Bid/Offer Bid Yield 11/17 22.1 Coral Springs, Fla., ...... … 0.33 0.92 1.52 2.03 … … 11/10 187.5 Florida Dept of Transp, Fla., ...... 0.20 0.34 0.94 1.68 1.89 … 2.24 2Y — 0 .13% due 10/2022 . . . . 99 286/300. 99 28+/296. 0 177. 11/10 29.5 Richland County, S.C., ...... 0.20 0.30 0.87 1.79 2.00 … … 5Y — 0 .25% due 10/2025 . . . . 99 102/116. 99 08+/100. 0 389. 10/29 36.4 Naperville, Ill., ...... 0.35 0.62 1.85 2.30 2.55 … … 10/29 36.3 Bergen County, N.J., ...... 0.30 0.65 1.60 2.05 … … … 10Y — 0 .62% due 08/2030 . . . . 100 05+/07+. 99 296/316. 0 857. 10/29 12.0 Winnetka Vlg, Ill., ...... 0.65 1.20 2.00 … 2.80 … … 30Y — 1 .25% due 08/2050 . . . . 101 026/046. 100 056/076. 1 579. 10/28 8.0 Wakefield (Town), Mass., ...... 0.23 0.40 1.15 1.65 1.95 2.30 … Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.– 10/27 54.0 Pelham UFSD, N.Y., ...... 0.18 0.33 1.24 1.95 2.20 2.41 … 10/26 15.5 St Louis Park, Minn., ...... … 0.45 1.20 1.85 2.08 … … 10/26 8.6 Wauwatosa, Wis., ...... 0.30 0.55 1.59 1.99 2.33 … … Barclays Capital Long Treasury Bond Index 10/23 22.1 Calvert Co Comm, Md., ...... 0.21 0.36 1.05 1.95 2.12 2.30 … Aa1/Aa2/Aa3 – AA+/AA/AA– Index Value Yield Index Total 11/17 9.6 West Allis, Wis., ...... 0.25 0.40 1.00 1.45 … … … Yesterday Prev. Day Change Yesterday Prev. Day Change Return 11/17 8.2 Bettendorf, Ind., ...... 0.25 0.45 1.05 1.80 … … … 11/16 30.1 Pasadena, Calif., ...... 0.16 0.24 0.77 1.15 1.39 … 1.65 Close 44841 .11 4840 .75 +0 .36 1 .48 1 .48 unch 4741 .11 11/16 9.3 Nobles County, Minn., ...... … 0.35 1.00 1.50 1.75 2.15 2.30 The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity 11/16 8.9 Smith County, Tenn., ...... 0.27 0.45 1.05 … 1.85 … … (Jan. 1 1973 = 100). 11/10 239.5 Portland, Ore., ...... … 0.34 0.95 1.63 2.16 2.35 … 11/10 14.3 Phoenixville Borough, Pa., ...... 0.28 0.40 1.10 2.00 2.37 2.50 2.50 11/10 3.7 Rothschild Vlg, Wis., ...... 0.20 0.40 1.00 1.50 2.00 … … 11/9 21.9 San Diego County, Calif., ...... 0.20 0.32 0.95 1.60 2.20 … … 11/9 8.2 Whitehall Twp, Pa., ...... 0.45 0.65 1.20 1.70 2.15 … … 11/3 13.3 Carpinteria USD, Calif., ...... 0.40 1.10 1.85 … 2.80 … … State and Local Government Series Rates 11/3 9.4 Greene County, Tenn., ...... 0.40 0.60 1.42 1.98 2.20 … … A1/A2/A3 – A+/A/A– 11/9 1.2 Lake Lemon Conserv Dt, Ind., ...... 0.80 1.10 1.75 2.00 2.30 … … Friday Monday Tuesday Wednesday Thursday 11/5 5.2 Salem City, Utah., ...... … 0.55 1.30 1.80 2.20 … … Nov. 13 Nov. 16 Nov. 17 Nov. 18 Nov. 19 10/29 17.7 Bowling Green ISD Fin Corp, Ky., ...... 0.50 0.90 1.75 … 2.55 … … Overnight*...... 0 07 . 0 07 . 0 07 . 0 06 . 0 06 . 10/28 8.7 Little Tobacco Riv Interco Drain, Mich., . . . . 0.65 0.90 1.70 2.20 2.45 … … Three Months...... 0 08 . 0 08 . 0 08 . 0 08 . 0 08 . 10/27 9.3 Roselle Borough, N.J., ...... 1.00 1.30 2.00 2.55 2.90 … … Six Months...... 0 09 . 0 09 . 0 09 . 0 09 . 0 09 . 10/22 60.0 S Orange-Maplewood BOE, N.J., ...... … 0.69 1.65 2.20 2.45 2.70 … Nine Months...... 0 10 . 0 10 . 0 10 . 0 10 . 0 10 . 10/22 8.0 W Lafayette Pub Lib Lsg, Ind., ...... 0.70 0.10 1.70 1.90 … … … One Year...... 0 11 . 0 11 . 0 11 . 0 10 . 0 10 . 9/30 8.0 Kentucky Rural Wtr Fin, Ky., ...... 0.30 0.65 1.30 2.10 2.30 2.40 … Two Years ...... 0 16 . 0 16 . 0 17 . 0 17 . 0 17 . 9/24 21.8 Arkansas City, Ks., ...... 0.35 0.55 1.25 1.65 … … … Three Years...... 0 23 . 0 22 . 0 22 . 0 22 . 0 21 . 9/16 5.6 Wallkill Fire Dt, N.Y., ...... 0.40 0.60 1.10 1.60 1.87 2.05 2.16 Four Years...... 0 31 . 0 29 . 0 30 . 0 29 . 0 28 . 9/16 4.0 Concordia, Kan., ...... 0.30 0.60 1.00 1.20 1.60 … … Five Years...... 0 41 . 0 38 . 0 40 . 0 38 . 0 37 . 9/1 6.2 Marshfield, Wis., ...... 0.25 0.45 1.00 1.59 … … … Six Years...... 0 54 . 0 50 . 0 53 . 0 51 . 0 49 . For additional market data, please visit bondbuyer.com/marketstatistics Seven Years...... 0 66 . 0 62 . 0 65 . 0 63 . 0 61 . Eight Years...... 0 76 . 0 71 . 0 74 . 0 72 . 0 70 . Nine Years...... 0 84 . 0 79 . 0 82 . 0 79 . 0 77 . Merrill Lynch Corporate Bond Indexes 10 Years...... 0 92 . 0 86 . 0 89 . 0 86 . 0 84 . 15 Years...... 1 23 . 1 17 . 1 20 . 1 16 . 1 14 . Performance Comparisons for Nov. 16, 2020 20 Years...... 1 47 . 1 40 . 1 43 . 1 39 . 1 37 . Aaa–Baa Rated Corporates 25 Years...... 1 61 . 1 54 . 1 57 . 1 54 . 1 51 . Index Avg. Pct.of Total Return% 30 Years...... 1 69 . 1 62 . 1 65 . 1 61 . 1 58 . Close Yield Market Prior Wk. Y-T-D Source: U.S. Department of the Treasury, Bureau of the Public Debts ML Corporate Master 3502.21 2.02 100.00 +0.56 +7.79 *Overnight rate represents an annualized effective rate. Intermediate (1-10 years) 2249.31 1.45 63.92 +0.23 +6.42 Industrials 811.48 1.45 34.45 +0.22 +6.08 Utilities 795.35 1.53 5.70 +0.22 +7.30 Finance 791.67 1.56 8.34 +0.33 +6.15 Banks 836.56 1.29 16.92 +0.21 +6.79 Canadians/Yankees 742.97 1.28 34.41 +0.25 +5.97 Long-term (10 years and over) 3794.92 3.03 36.08 +1.13 +10.40 MARKET Industrials 1454.89 3.05 22.30 +0.97 +9.64 Utilities 1452.51 3.04 7.25 +1.26 +11.41 STATISTICS Finance 1478.83 2.96 3.02 +1.76 +12.11 For additional market data, please visit Banks 1608.67 2.85 2.86 +1.19 +10.89 bondbuyer.com/marketstatistics. Canadians/Yankees 2045.34 3.16 10.84 +0.97 +9.92 Index values reflect the compounded total return growth of each respective market, with values set at 100 at inception dates. Total return equals the sum of price change, interest income, and reinvestment income.Source: Merrill Lynch & Co.

013_BB112020 13 11/19/2020 4:22:30 PM Market Statistics Friday, November 20, 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 September 15, 2020 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 NOV 19 ...... 2.19 1.72 2.61 0.86 1.58 the November 13 pricings. The list will be revised at the next regularly scheduled revision 12 ...... 2.28 1.81 2.70 0.88 1.65 on November 30. 5 ...... 2.24 1.77 2.60 0.78 1.54 OCT 29 ...... 2.34 1.87 2.76 0.84 1.62 As a result, the coefficient remains at 1.0685, the average coupon rate at 4.11%, the 22 ...... 2.37 1.90 2.79 0.86 1.67 average par call date is August 7, 2026 and the average maturity date is August 25, 2046. 15 ...... 2.35 1.88 2.77 0.74 1.52 8 ...... 2.35 1.88 2.77 0.77 1.57 1 ...... 2.25 1.78 2.67 0.68 1.46 SEP 24 ...... 2.21 1.74 2.71 0.67 1.40 17 ...... 2.22 1.75 2.72 0.69 1.43 10 ...... 2.22 1.75 2.64 0.68 1.42 3 ...... 2.22 1.75 2.64 0.63 1.34 AUG 27 ...... 2.20 1.73 2.62 0.74 1.50 20 ...... 2.15 1.68 2.57 0.65 1.38 13 ...... 2.05 1.58 2.47 0.71 1.42 6 ...... 2.02 1.55 2.44 0.54 1.20 JUL 30 ...... 2.09 1.62 2.51 0.54 1.20 23 ...... 2.10 1.63 2.52 0.59 1.24 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

(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 11/21/2019 2/20/2020 5/21/2020 8/20/2020 11/19/2020

Latest Previous Year 12-Month Week Week Ago High Low MARKET 20-Bond Index 2.19 2.28 2.79 2.84 2.02 10-Year Treasury Note 0.86 0.88 1.78 1.91 0.54 STATISTICS 30-Year Treasury Bond 1.58 1.65 2.24 2.35 1.19 Basis Pt Spread to Note –133.30 –140.00 –101.00 –75.00 –221.00 For additional market data, please visit BBI as % of Note 255.54 259.09 156.74 450.79 141.44 bondbuyer.com/marketstatistics. Basis Pt Spread to Bond –61.10 –63.00 –55.00 –30.00 –158.00 BBI as % of Bond 138.70 138.18 124.55 225.40 113.27

014_BB112020 14 11/19/2020 4:12:08 PM Friday, November 20, 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 136.01 135.18 134.24 133.16 133.23 Standard & Poor’s Securities Evaluations Inc. Thursday, November 19, 2020 Maturity Par Call Dollar Conversion Converted All figures are rounded to the nearest eighth when reported in this table. Date Date Price Factor Price 1 Grand Parkway Transp Corp TX. 5.00 . . . .04/01/2053 10/01/2023 113.5990 0.9256 122.7301 “Change in Bid” is rounded after calculation. 2 South Carolina Pub Svce Auth. 5.50 . . . . 12/01/2053 12/01/2023 112.3090 0.9628 116.6483 Dollar Change Yield to 3 South Carolina Pub Svce Auth. 5.00 . . . . 12/01/2048 12/01/2023 110.7190 0.9256 119.6186 Rating Bid in Bid Worst Case 4 California (State) GOs. 5.00 ...... 11/01/2043 11/01/2023 112.5620 0.9269 121.4392 EDUCATION 5 Metro Transp Auth NY. 5.00 ...... 11/15/2043 11/15/2023 105.4220 0.9269 113.7361 6 Metro Transp Auth NY. 5.00 ...... 11/15/2038 11/15/2023 105.5390 0.9269 113.8623 A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . 106.875 + 0.625 2.78 7 California St Pub Wks. 5.00 ...... 11/01/2038 11/01/2023 112.3440 0.9269 121.2040 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045 . 116.125 + 0.500 1.96 8 The City Of New York. 4.00 ...... 03/01/2039 03/01/2024 108.0140 0.8539 126.4949 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . 105.750 + 0.250 2.59 9 Health & Educational Facilities Auth. 4.00 . .11/15/2045 11/15/2024 107.1250 0.8539 125.4538 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . 106.500 +1.625 3.17 10 New Jersey Transp Trust Fund Auth. 4.25 . . 06/15/2044 06/15/2024 103.8560 0.8771 118.4084 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . 111.875 + 0.375 2.11 11 County of Allen, Ohio. 4.00 ...... 11/01/2044 11/01/2024 106.9850 0.8595 124.4735 12 Miami-Dade County Edu Facs Auth. 4.00 . . 04/01/2045 04/01/2025 105.7950 0.8595 123.0890 G.O. ET AL. 13 The Port Auth of N.Y and N.J. 4.00 . . . . .10/15/2045 10/15/2025 109.6700 0.8539 128.4342 A1/A/A California (State) GOs.5.00 11/01/2043 ...... 112.500 unch 0.70 14 Indiana Finance Authority. 4.00 ...... 11/01/2051 11/01/2025 108.5740 0.8568 126.7204 A2/A-/A- California St Pub Wks.5.00 11/01/2038 ...... 112.375 unch 0.77 15 New York City Transitional Fin Auth. 4.00 . . 07/15/2045 01/15/2026 110.0750 0.8539 128.9085 A2/-/- Calif Infra & Eco Dev Bnk Ref Rev Bds.3.00 07/01/2050 . 103.250 + 0.500 2.62 16 Hospital Auth No. 2 of Douglas Cnty. 3.00 . .05/15/2046 05/15/2026 103.7980 0.7809 132.9210 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . 111.875 + 0.375 2.22 17 California Health Facs Fin Auth. 3.00 . . . .10/01/2041 10/01/2026 105.5840 0.7768 135.9217 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . 107.125 + 0.250 2.13 18 California Health Facs Fin Auth. 3.00 . . . .10/01/2047 10/01/2026 104.6600 0.7768 134.7322 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 ...... 108.625 + 0.250 2.17 19 Michigan Finance Authority. 4.00 . . . . . 11/15/2046 11/15/2026 110.4150 0.8512 129.7169 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . 113.625 + 0.375 2.16 20 Dormitory Auth of The State of N.Y.. 4.00 . . 07/01/2043 01/01/2027 106.8400 0.8512 125.5169 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . 110.125 + 0.250 1.94 21 Hudson Yards Infrastructure Corp. 4.00 . . .02/15/2044 02/15/2027 111.1960 0.8568 129.7806 Aa2/AA/AA The City Of New York.4.00 03/01/2039 ...... 108.000 + 0.125 1.50 22 North Texas Tollway Auth. 4.00 ...... 01/01/2043 01/01/2028 114.7510 0.8512 134.8109 Aa3/AA-/AA- The Port Auth of N.York and N.J.4.00 10/15/2045 . . . 109.625 + 0.250 1.93 23 Wisconsin Hth and Edu Facs Auth. 4.00 . . .08/15/2047 08/15/2027 111.8840 0.8568 130.5836 24 Miami-Dade County,Florida. 3.50 . . . . . 10/01/2047 10/01/2027 109.9210 0.8174 134.4764 HOSPITAL 25 Dormitory Auth St of The N.Y.. 4.00 . . . . 07/01/2047 07/01/2027 113.0130 0.8568 131.9013 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041 . . . . 105.625 + 0.250 1.99 26 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . .08/15/2048 02/15/2028 111.8760 0.8512 131.4333 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047 . . . . 104.625 + 0.250 2.15 27 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2043 04/15/2028 109.8660 0.8484 129.4979 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047 . . 110.875 + 0.375 2.26 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . .04/15/2048 04/15/2028 108.6790 0.8484 128.0988 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 ...... 107.000 + 0.125 2.15 29 City of South Miami Hth Facs Auth. 4.00 . . 08/15/2047 08/15/2027 110.8900 0.8568 129.4234 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047 ...... 112.375 + 0.375 2.20 30 Eco Develop Auth of the City of Norfolk. 4.00 . 11/01/2048 11/01/2028 113.8580 0.8484 134.2032 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . 113.000 + 0.375 1.90 31 West Virginia Finance Authority. 4.00 . . . .06/01/2051 06/01/2028 112.0040 0.8539 131.1676 Aa2/AA/- Eco Develop Auth of the City of Norfolk.4.00 11/01/2048 . 113.875 + 0.375 2.11 32 Los Angeles County Facilities Inc. 4.00 . . .12/01/2048 12/01/2028 113.5860 0.8512 133.4422 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046 . 103.750 + 0.250 2.26 33 County of Franklin, Ohio. 4.00 ...... 05/15/2047 05/15/2028 112.4030 0.8595 130.7772 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046 . . 115.000 + 0.375 1.99 34 N.Y. City Municipal Water Fin Auth. 4.00 . . 06/15/2049 06/15/2028 114.9800 0.8625 133.3101 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . 110.375 + 0.250 2.14 35 Dormitory Authority of the State of N.Y.. 4.00 .07/01/2045 07/01/2029 116.1540 0.8484 136.9095 A2/-/A+ Public Finance Authority.4.00 10/01/2049 ...... 110.625 + 0.375 2.59 36 Public Finance Authority. 4.00 ...... 10/01/2049 04/01/2029 110.6000 0.8539 129.5234 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . 109.875 + 0.375 2.54 37 Martin County Health Facilities Auth. 4.00 . .01/01/2046 01/01/2029 115.0210 0.8568 134.2449 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . 108.625 + 0.375 2.71 38 N.J. Economic Development Authority. 4.00 . 06/15/2049 12/15/2029 106.5170 0.8539 124.7418 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . 112.000 + 0.375 2.27 39 Metropolitan Pier and Exposition Auth. 4.00 . 06/15/2050 06/15/2020 101.7330 0.995 102.2442 40 Calif Infra and Eco Dev Bnk Ref Rev Bds. 3.00 07/01/2050 07/01/2030 103.2580 0.7809 132.2295 HOUSING Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044 . . . 111.125 + 0.375 2.08 Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago Average Dollar Price ...... 109.6519 109.2772 108.6019 107.6223 108.2927 POWER Yield To Par Call ...... 2.27 2.34 2.47 2.65 2.77 Yield To Maturity ...... 3.51 3.53 3.57 3.63 3.62 A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . 112.250 + 0.750 1.35 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . 110.750 + 0.750 1.39

This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These TRANSPORTATION 40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438- 4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053 . . . . 113.625 unch 0.24 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 + 0.375 3.10 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 ...... 105.500 + 0.375 3.06 accuracy or completeness of this data. -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . 101.750 + 0.375 7.97 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . 103.875 + 0.500 3.11 The Municipal Bond Index presented today employs the coefficient derived from the November 13, 2020 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 ...... 114.750 + 0.375 1.79 pricing, when it was set at 1.0685. 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 (4.08%), and the average first WATER par call date ( August 07, 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 Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . 109.875 + 0.375 1.95 from the average price, the average coupon, and the average maturity date (August 25, 2046). Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . 115.000 + 0.375 1.88

015_BB112020 15 11/19/2020 4:56:01 PM Friday, November 20, 2020 16 The Bond Buyer

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