Monday, June 8, 2020 THE REGIONS THE BONDS ISSUED TO BUILD CITI Field, the home of baseball’s New York Mets, received a downgrade to BB-plus from BBB from S&P Global Ratings, which cited operational disrup- tions from COVID-19. . . . . . 3 BOND INSURERS ARGUED WITH THE Puerto Rico Oversight Board in court about whether the pre-bankruptcy conditions of Puerto Rico revenue bonds shield them from bankruptcy impairment. . . . . . . . . . . . . 3 WASHINGTON THE MSRB IS FILING FOR APPROVAL to reduce the size of its gov- erning board to 15 members from the current 21 and to extend to five years the “cool- ing off” period for bankers and muni advisors seeking seats as members of the public. . . . . 3 WEB EXCLUSIVES STATES ARE ADOPTING THEIR 2021 budgets for the fiscal year that begins July 1 with the assump- tion there will be no new fed- eral aid because of uncertainty whether the U.S. Senate will act. THE PUERTO RICO OVERSIGHT BOARD directed Gov. Wanda Vázquez to cut 5.2% from her proposed expenditures for the coming fiscal year. THE YMCA OF TOPEKA, KANSAS, IS seeking to reorganize under Chapter 11 bankruptcy. It owes more than $5 million to bond- holders represented by trustee CoreFirst Bank & Trust, accord- ing to the bankruptcy filing. The 2011 industrial revenue bonds were issued through the city of Topeka. MONDAY www.bondbuyer.com Vol. 392 No. 35321 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Friday’s employment report, which showed jobs were added and the unemployment rate fell, offered optimism the economy will bounce sooner than original- ly thought. Nonfarm payrolls rose 2.509 million in May after falling 20.687 million a month earlier. The unemployment rate declined to 13.3% in May from 14.7% in April, the U.S. Bureau of Labor Statistics reported on Friday. Economists polled by IFR ex- pected a loss of 8.250 million jobs and an unemployment rate of 19.7%. Scott Colbert, executive vice president and chief economist at Commerce Trust Co., believes May’s Jobs Report Could Mean a Short Recession BY AARON WEITZMAN Turn to May page 2 -30M -20M -10M 0 10M May 2019 July Sept. Nov. Jan. 2020 March May Nonfarm payrolls rebound Source: U.S. Department of Labor COVID-19 Disclosure Is Advised Members of the Government Finance Officers Association are encouraging municipalities to disclose to investors financial woes caused by the coronavirus pandemic, noting it could help them when they go to market. During a Thursday GFOA webinar to discuss disclosure during the COVID-19 pandem- ic, David Erdman, Wisconsin’s public finance director, said the pandemic could be issuers’ mo- ment to demonstrate good dis- closure. GFOA’s annual confer- ence was planned to be in New Orleans this year, but was done virtually due to the pandemic. “The Securities and Exchange Commission has been pret- ty consistent over the last few years about talking about the quality of municipal disclosure, timely municipal disclosure,” Erdman said. “How issuers handle pro- viding some disclosure about COVID-19 will go a long way to show the SEC that the issuer BY SARAH WYNN Turn to GFOA page 6 trust, it will be much more difficult to get places like New York City up and running,” said Tom Koz- lik, head of municipal strategy and credit at Hilltop Securities. “It is not an overstatement to highlight that mass transportation provid- ers are the backbone to a normally functioning financial landscape.” Without those providers operat- ing near peak capacity, normalcy could be further off, Kozlik added. The MTA projects a loss of up to $8.5 billion this year, based on a report by consulting firm McK- insey & Co. It is one of the largest municipal bond issuers with nearly $46 billion in debt including special credits. Year over year, ridership has declined upwards of 90% on its subways and buses since the pan- demic hit, while revenue from ded- icated taxes has also plummeted. MTA Chairman Patrick Foye has asked Congress for an additional $3.9 billion in rescue ad to match what it received under the feder- al CARES Act that passed in late March. MTA officials received some en- couraging news on Thursday: New York State designated the authori- ty an eligible issuer in the Federal Reserve’s $500 billion Municipal Liquidity Facility lending program. Foye welcomed the news. “It’s always good to have more Monday’s planned Phase I re- opening of New York City will put the city and the transit system that serves it — the Metropolitan Trans- portation Authority — in a national spotlight. Their fortunes have long inter- woven. The state-run MTA, which in- tends to restore full service on Monday, has been operating with skeletal ridership since the COVID-19 pandemic surfaced in March. Concerns as riders return will range from virus spread to safety in the wake of the widespread pro- tests of the police killing of George Floyd in Minneapolis. Up to 400,000 people could be returning to work in the city. “Without earning passenger The subway turnstiles at Bowling Green should turn more often as New York City begins its emergence from coronavirus-driven lockdown. Reopening A Test For City, MTA Turn to Reopening page 7 BY PAUL BURTON Bloomberg News FRIDAY’S YIELDS Complete market coverage appears on page 2 1.3 2.1 2.9 3.7 4.5 5.3 06/05 06/02 05/28 05/22 The Bond Buyer 40 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 J M A M F J D N O S A J To Maturity 3.69 Down 0.01 To Par Call 2.84 Down 0.02
Transcript
Monday, June 8, 2020
THE REGIONS
THE BONDS ISSUED TO BUILD CITI Field, the home of baseball’s New York Mets, received a downgrade to BB-plus from BBB from S&P Global Ratings, which cited operational disrup-tions from COVID-19. . . . . . 3
BOND INSURERS ARGUED WITH THE Puerto Rico Oversight Board in court about whether the pre-bankruptcy conditions of Puerto Rico revenue bonds shield them from bankruptcy impairment. . . . . . . . . . . . . 3
WASHINGTON
THE MSRB IS FILING FOR APPROVAL to reduce the size of its gov-erning board to 15 members from the current 21 and to extend to five years the “cool-ing off” period for bankers and muni advisors seeking seats as members of the public. . . . . 3
WEB EXCLUSIVES
STATES ARE ADOPTING THEIR 2021 budgets for the fiscal year that begins July 1 with the assump-tion there will be no new fed-eral aid because of uncertainty whether the U.S. Senate will act.
THE PUERTO RICO OVERSIGHT BOARD directed Gov. Wanda Vázquez to cut 5.2% from her proposed expenditures for the coming fiscal year.
THE YMCA OF TOPEKA, KANSAS, IS seeking to reorganize under Chapter 11 bankruptcy. It owes more than $5 million to bond-holders represented by trustee CoreFirst Bank & Trust, accord-ing to the bankruptcy filing. The 2011 industrial revenue bonds were issued through the city of Topeka.
MONDAYwww.bondbuyer.com
Vol. 392 No. 35321 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE
Friday’s employment report, which showed jobs were added and the unemployment rate fell, offered optimism the economy will bounce sooner than original-ly thought.
Nonfarm payrolls rose 2.509 million in May after falling 20.687 million a month earlier. The unemployment rate declined to 13.3% in May from 14.7% in April, the U.S. Bureau of Labor Statistics reported on Friday.
Economists polled by IFR ex-pected a loss of 8.250 million jobs and an unemployment rate of 19.7%.
Scott Colbert, executive vice president and chief economist at Commerce Trust Co., believes
May’s Jobs Report Could Mean a Short RecessionBy AAron WeitzmAn
Turn to May page 2
-30M
-20M
-10M
0
10M
May 2019 July Sept. Nov. Jan. 2020 March May
Nonfarm payrolls rebound
Source: U.S. Department of Labor
COVID-19DisclosureIs Advised
Members of the Government Finance Officers Association are encouraging municipalities to disclose to investors financial woes caused by the coronavirus pandemic, noting it could help them when they go to market.
During a Thursday GFOA webinar to discuss disclosure during the COVID-19 pandem-ic, David Erdman, Wisconsin’s public finance director, said the pandemic could be issuers’ mo-ment to demonstrate good dis-closure. GFOA’s annual confer-ence was planned to be in New Orleans this year, but was done virtually due to the pandemic.
“The Securities and Exchange Commission has been pret-ty consistent over the last few years about talking about the quality of municipal disclosure, timely municipal disclosure,” Erdman said.
“How issuers handle pro-viding some disclosure about COVID-19 will go a long way to show the SEC that the issuer
By SArAh Wynn
Turn to GFOA page 6
trust, it will be much more difficult to get places like New York City up and running,” said Tom Koz-lik, head of municipal strategy and credit at Hilltop Securities. “It is not an overstatement to highlight that mass transportation provid-ers are the backbone to a normally functioning financial landscape.”
Without those providers operat-ing near peak capacity, normalcy could be further off, Kozlik added.
The MTA projects a loss of up to $8.5 billion this year, based on a report by consulting firm McK-insey & Co. It is one of the largest municipal bond issuers with nearly $46 billion in debt including special credits. Year over year, ridership
has declined upwards of 90% on its subways and buses since the pan-demic hit, while revenue from ded-icated taxes has also plummeted.
MTA Chairman Patrick Foye has asked Congress for an additional $3.9 billion in rescue ad to match what it received under the feder-al CARES Act that passed in late March.
MTA officials received some en-couraging news on Thursday: New York State designated the authori-ty an eligible issuer in the Federal Reserve’s $500 billion Municipal Liquidity Facility lending program. Foye welcomed the news.
“It’s always good to have more
Monday’s planned Phase I re-opening of New York City will put the city and the transit system that serves it — the Metropolitan Trans-portation Authority — in a national spotlight.
Their fortunes have long inter-woven.
The state-run MTA, which in-tends to restore full service on Monday, has been operating with skeletal ridership since the COVID-19 pandemic surfaced in March.
Concerns as riders return will range from virus spread to safety in the wake of the widespread pro-tests of the police killing of George Floyd in Minneapolis.
Up to 400,000 people could be returning to work in the city.
“Without earning passenger
The subway turnstiles at Bowling Green should turn more often as New York City begins its emergence from coronavirus-driven lockdown.
ReopeningA Test ForCity, MTA
Turn to Reopening page 7
By PAul Burton
Bloomberg News
FRIDAY’S YIELDS
Complete market coverage appears on page 2
1.3
2.1
2.9
3.7
4.5
5.3
06/0506/0205/2805/22
The Bond Buyer 40
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
JMAMFJDNOSAJ
To Maturity3.69 Down 0.01
To Par Call2.84 Down 0.02
001_BB060820 1 6/5/2020 4:56:02 PM
The Bond Buyer2 Monday, June 8, 2020
Government Securities Prices 10-year: 9711/32 to yield 0.90%, down 27/32
30-year: 8931/32 to yield 1.68%, down 113/32
Municipal Bond Index 13216/32, up 5/32
The Bond Buyer’s Total: $15.685 billion, up $603.8 million
30-Day Visible Supply Competitives: $3.571 billion, up $353.9 million
(as of 6/08) Negotiated: $12.114 billion, up $249.9 million
TheMuniCenter List Offering Total: $009.9 million, down $1.8 million
Friday’s Data
Major Deals This Week
Amount Lead Expected Preliminary (in millions) Issuer Underwriter Pricing Date Structure
$3,500 DASNY Citigroup Thursday RANs$850 University of Michigan BofA Tuesday Serials, terms$661 Dallas, Texas JPMorgan Tuesday Serials, terms
$500 Memorial Sloan Kettering Goldman Sachs Wednesday Serials, terms
$500 Princeton University JPMorgan Monday Serials, terms$415 Houston, Texas Wells Fargo Thursday Serials, terms$400 Connecticut Morgan Stanley Thursday Serials, terms$383 Tampa, Fla. BofA Thursday Serials, terms
Forecasts represent the median of estimates by economists polled by IFR Markets
Market News
Bouncing Back: Short-Term Rates Entice Issuers to PrimaryMunicipal bond issuers are lining up to
tap the recovering primary as the coming week is set to see almost $9 billion of new supply hit the market.
There are nearly 20 deals on the negoti-ated calendar over $100 million, with the largest a $3.5 billion revenue anticipation note offering from the Dormitory Author-ity of the State of New York.
Citigroup is set to price DASNY’s gen-eral purpose subordinate personal income tax RANs on Thursday.
Short-term rates have been near record lows and issuers and underwriters have been increasingly interested in tapping this sector for extra savings.
Ventura County, Calif., (MIG1/SP1+/NR/NR) will be competitively selling $125 million of tax and revenue anticipa-tion notes on Tuesday.
KNN Public Finance is the financial advisor on the TRANs while Norton Rose is the bond counsel.
Fresno County, Calif. , is selling $100 million of TRANs on Wednesday.
KNN Public Finance is the financial advisor; Hawkins Delafield is the bond counsel.
“This time of year we al-ways have a rush of seasonal borrowings,” according John Hallacy, president of John Hallacy Consulting LLC. “What is different this year is that the greatest projected monthly cash flow deficit is probably greater and that permits more borrowing under the guidelines. Low rates provide another positive.”
The taxable sector is well represented on this week’s calendar.
BofA Securities is set to price the Univer-sity of Michigan’s (Aaa/AAA//) $850 million of taxable general revenue bonds on Tuesday.
JPMorgan Securities is expected to
price Dallas’ (NR/AAA/AA+/NR) $660 million of taxable waterworks and sewer system revenue refunding bonds on Tuesday.
Goldman Sachs will price Memorial Sloan Kettering Cancer Center’s (Aa3/AA-/AA/NR) $500 million of tax-able corporate CUSIP bonds on Wednesday.
JPMorgan is expected to price Princeton University’s (Aaa/AAA//) $500 million of
taxable corporate CUSIP refunding bonds on Monday and the Smithsonian Institution’s (Aaa/AAA/NR/NR) $300 million of taxable corporate CUSIP GOs on Thursday.
“There is no fear about issuing taxable bonds now. Corporate issuance is on fire with more than $1 trillion year-to-date. It is easy to consider a high-grade taxable muni in a supply-hungry environment,” Hallacy said.
In the competitive bond arena, the Lone Star State dominates the calendar.
Fort Worth, Texas, is selling $152.515 million of general obligation bonds on Tuesday and hits the market again on Wednesday to sell $169.18 million of rev-enue bonds.
The state of Texas is selling $162.205 million of general obligation bonds in two offerings on Tuesday.
IHS Ipreo estimates volume to total $8.5 billion in the upcoming week, with $6.9 billion of negotiateds and $1.6 billion of competitives on tap.
In the secondary market, municipals closed out the week on the weaker side, as yields rose after a stronger-than-expected employment report.
Non-farm payrolls rose 2.5 million in May as the unemployment rate fell to 13.3%, the Labor Department reported.
“These improvements in the labor mar-ket reflected a limited resumption of eco-nomic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to con-tain it,” Labor said.
Economists had expected payrolls to have fallen by 8.25 million in the month, with the jobless rate rising to 19.7%.
On MMD’s AAA benchmark scale, the yields on the 2021-2023 maturities were flat at 0.16%, 0.19% and 0.23%, respec-tively. The yield on the 10-year GO rose five basis points to 0.89% while the 30-year moved five basis points higher to 1.70%. q
By Chip Barnett
that “this will be the quickest recession.” Although the downturn was larger than the 18-month long Great Recession, and maybe even “twice as bad” if you just look at the gross domestic product, he believes this crisis will end sooner.
“The average recession lasts 11 months but this one will last maybe four months,” Colbert said before the employment report was released.
And the recovery may be in progress. “A better than expected nonfarm payroll report suggests the economic recovery al-ready began in May,” said Edward Moya, senior market analyst at OANDA. “It is not often you get the headline number and all the components help paint a positive picture of the economy.”
EARNINGS FALL
Average hourly earnings dropped to $29.75 from $30.04, Moya noted, most likely a reflection of lower paying jobs coming back.
Wall Street had been optimistic recent-ly, as states started reopening. “This re-port resolves at least some of the disso-nance between economic indicators and recent activity on Wall Street, which has remained optimistic despite reports of tragically high unemployment,” said Beth Akers, Manhattan Institute Senior Fellow and former Council of Economic Advisors economist. “Economic activity remains far below pre-crisis levels, due in large part to continued restrictions aimed at preventing further spread of the coronavirus, but this news suggests the potential for activity to resume more quickly than many had anticipated.”
Brian Coulton, chief economist at Fitch Ratings, pointed to the increase in certain sectors as reinforcing his view that April
likely marked the trough in U.S. economic activity.
“The sharp pick-up in leisure and hos-pitality jobs and in construction and retail employment speaks to the impact of the easing in lockdowns in May and to the huge share of unemployed in April who were reported to be on ‘temporary’ lay-off,” he said. “But it’s also clear that the relationship between weekly initial un-employment claims and the labor force survey measure of unemployment is even weaker than we initially thought.”
Tony Bedikian, head of global markets at Citizens Bank, said, “Barring a sec-ond surge of COVID-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen ex-actly what the new normal will look like.”
INVESTORS OPTIMISTIC
Bryce Doty, senior VP and senior port-folio manager at Sit Fixed Income, added “investors are feeling better about the state of the economy and financial markets.”
The belief is the worst is past, “and I be-lieve that is true,” Doty said. “Right before economic activity is about to turn is when there appears to be the largest disconnect between the terrible daily economic reality and the almost euphoric optimism of the equity market. Especially when this natu-ral phenomenon is being fueled by trillions of dollars injected into the economy and financial markets.”
Lawrence Yun, chief economist for the National Association of Realtors, said while the housing sector may see a V-shaped recovery, the broader economy will not be.
“The double-digit unemployment rate may persist till the end of the year,” Yun said. “Still, the latest jobs data is showing much better recovery potential.” q
May Jobs Report Could Signal Recovery, Might Mean it Will be a Short RecessionContinued from page 1
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Mets Ballpark Bonds Downgraded to Junk Over CoronavirusThe Queens Ballpark Co. LLC bonds
issued to build Citi Field, the home of baseball’s New York Mets, received a downgrade to BB-plus from BBB Thurs-day from S&P Global Ratings, which cited operational disruptions from COVID-19.
Major League Baseball, which tradi-tionally opens in late March-early April, has yet to begin play this season. Base-ball executives and the players union are stalled over an agreement. Any agreement that does emerge to play amid the corona-virus would likely limit fans in the stands, and their associated ticket and concessions revenue.
Affected are New York City Industri-al Development Agency’s Series 2006 $547.4 million payment-in-lieu-of-taxes, or PILOT, bonds; $58.4 million install-ment purchase bonds; $7.1 million lease revenue bonds, and Series 2009 $82.28 million PILOT bonds issued for Queens Ballpark.
S&P also assigned a recovery rating of 1, reflecting its expectation for “very high” recovery in the event of a default, it said in a statement. It defines very high as 90% to 100%, with a rounded estimate of 95%.
The ratings remain on credit watch with negative implications, which S&P
assigned on March 23.“It is unclear when the baseball season
will resume or what level of social dis-tancing will be required when it does,” S&P said. “An agreement on whether 2020 games will be played between the MLB and players is still in process, and the 2021 season’s shape and form are also in ques-tion.”
FORECASTS DIFFICULT
“Until we have more clarity, it is diffi-cult to accurately forecast 2020 and 2021 debt service coverage ratios for bonds is-sued for Queens Ballpark Co. LLC, but we expect them to be substantially weaker.”
With the 2020 season delayed, Queens Ballpark may need to tap its debt service reserve to make a December bond pay-ment, S&P said, unless it receives team support. QBC has cash on hand to make its June 2020 payment of roughly $22 million.
“But absent favorable pre-payments from vendors and/or premium seat hold-ers, a capital call or other sponsor support, the debt service reserve of $66 million could be required to support the $22 mil-lion December payment,” S&P said.
The Major League Baseball Players Association and team owners have been
negotiating the past month over how to play the season. Owners on Wednesday rejected a union proposal for a 114-game schedule and a regular season that would have run through October. The league’s plan called for an 82-game season, with players taking large salary cuts.
“We don’t expect fans to return to the stands until at least September and sta-diums will almost certainly be subject to some form of social distancing require-ments,” S&P analysts wrote.
The pandemic highlights the risks of a tourism based economy, said munici-pal bond analyst Joseph Krist. “Until the economy is restored to support good levels of disposable incomes, economies which rely on those incomes will be hurt.”
PLAY MAY RESUME
While sports can resume some oper-ational levels through television-rights money, museums and other cultural insti-tutions by definition cannot, Krist added. “This puts them in a unique orbit in the universe of cultural facility debt,” he said. The Metropolitan Opera, for example, canceled the first few months of its 2020 season.
Citi Field, a 42,000-seat, open-air stadi-um in Flushing, Queens, opened in 2009
as did the latest iteration of Yankee Stadi-um in the Bronx, home to the New York Yankees. S&P also placed the Yankee Sta-dium LLC bonds on credit watch negative on March 23.
The financing for the two stadiums re-ceived The Bond Buyer’s national Deal of the Year award in 2006.
The Industrial Development Agency owns the ballpark and leases it under a long-term agreement to QBC. The ini-tial lease expires alongside the final debt maturity. QBC’s stadium-use agreement with the Mets requires the team to play “substantially all” its home games in the stadium.
Queens Ballpark is a wholly owned subsidiary of Sterling Mets LP, which owns the Mets. An agreement between the controlling Wilpon family, Fred and Jeff, and minority owner Steve Cohen fell apart in early February, but the Mets are still on the market.
“Sterling intends now to pursue a new transaction,” the Wilpons said at the time. They have hired boutique investment firm Allen & Co. to manage the sale.
The Mets finished 86-76 playing in the National League East, but missed the play-offs. It was their first winning season since 2015, when they went to the World Series and lost to the Kansas City Royals. q
By Paul Burton
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Bond insurers argued with the Puer-to Rico Oversight Board on Thursday as to whether Puerto Rico revenue bonds’ pre-bankruptcy conditions shield them from bankruptcy impairment.
The parties made their arguments in the second day of an omnibus hearing in the Title III bankruptcies for several Puerto Rico bond types. The hearing was held telephonically and presided over by Judge Laura Taylor Swain.
At stake are about $4.1 billion of Puerto Rico Highways and Transportation Au-thority bonds, $2.2 billion of Puerto Rico Infrastructure Finance Authority bonds, and $386 million of Puerto Rico Conven-tion Center District Authority bonds.
Bond insurers Assured Guaranty, Ambac, and Financial Guarantee Insurance Corp. were calling on the court to lift the bank-ruptcies’ automatic stay provisions on those entities to allow the insurers to sue for what they say is their rights to bond payments. The insurers wrap about $2.95 billion gross par of the HTA bonds and additional amounts of the other two bond types.
NO HINTS
Swain didn’t indicate that she was more sympathetic to one side or another.
She said Thursday’s hearing was a prelimi-nary one, to see if it made sense to have more hearings on the topic and, if so, what form they should take. She said she’d take the topic under advisement and later issue a ruling.
Speaking of the HTA bonds, Attorney Mark Ellenberger, representing bond insur-ers, said Puerto Rico government adopted
excise tax statutes gave ownership of the pledged taxes to the HTA for the benefit of the bondholders. The laws required that the money be kept separate from the common-wealth government’s General Fund.
The statutes say that the revenues “shall be used solely” for the payment of the bonds.
Swain asked if Ellenberger believed that the use of these words didn’t just indicate a “statutory direction” but also indicated a “statutory lien” had been created, even though the words “lien” and “pledge” were absent. Ellenberger said that he did.
PLEDGED TO HTA
Ellenberger also said that the money had been pledged to the HTA and not the commonwealth government and this also supported the bondholders’ claims to it.
Ellenberger said that the language cre-ating the lien could have been clearer but that it was fairly clear. He said that the bonds’ official statements say that the ex-cise taxes are pledged to bondholders.
Attorney Atara Miller spoke for the insurers against the Oversight Board’s arguments that their claims had been pre-empted in one of three ways.
According to Miller, the board said one legislature couldn’t bind another legislature with laws and contracts. Miller said the U.S. Supreme Court had repeatedly rejected this.
Miller said the board argued that Title II of the Puerto Rico Oversight, Manage-ment, and Economic Stability Act had pre-empted the claims by giving the board to-tal authority over fiscal plans and budgets.
Miller says there are sections of the act that clearly prevent the board from pre-empting all promised payments of funds.
SECURED CLAIMS RECOGNIZED?
Finally, Miller said the board said PROMESA Title III preempted bondhold-er rights. Miller said the act explicitly recognized secured claims.
Regarding the PRIFA bonds Miller said the board is claiming that bondholders have no interest in the revenues until they are deposited into bondholder accounts. Miller said this was nonsense as the bond documents uses the words “pledged” for the revenues 50 times.
Miller said that the CCDA money, un-like the money for the other two authori-ties, never enter commonwealth govern-ment accounts.
Instead it goes directly to the Tourism Company. She said the bondholders were beneficial owners from the time the reve-nues were collected.
In response, board Attorney Martin Bi-enenstock said that there had been contrac-tual promises to pay the bondholders but that the bankruptcy overruled these. He
said that in the acts Miller cited there was no language indicating a lien.
Bienenstock said that the HTA bond documents, broadly read, only grant secu-rity interests to money that the authority has received. The board’s position is that the authority, since the onset of the HTA bankruptcy, hasn’t received the excise taxes, since they’ve been diverted to the commonwealth.
Speaking on behalf of the Puerto Rico Fiscal Agency and Financial Advisory Au-thority, Attorney Elizabeth McKeen said that the bond insurers use contradictory arguments with the three different bond types. McKeen said their position is: “No matter what the facts are, we should win.”
Unsecured Creditors Committee Attor-ney Luc Despins said that lawyers have long known the words to create a lien in documents and these are absent in the relevant bond documents.
Ellenberger later said that one doesn’t necessarily have to have the word “lien” in a document for one to exist. q
Bond Insurers, Puerto Rico Argue in Court About Revenue Bonds’ StatusBy roBert Slavin
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The Bond Buyer6 Monday, June 8, 2020Washington
MSRB Requests SEC Approval of Board Governance ChangesThe Municipal Securities Rulemaking
Board is filing for approval to reduce the size of its governing board to 15 members from the current 21 and to extend to five years the “cooling off” period for bankers and muni advisors seeking seats as members of the public.
The MSRB announced Friday it would seek Securities and Exchange Commission approval for these changes, which would be accomplished through amendments to MSRB rules A-3 on membership and A-6 on committees. The MSRB requested com-ment on the proposal in January, and then extended the original 60-day comment period to 90 days in light of the emerging coronavi-rus pandemic. The MSRB is proposing the change be effective Oct. 1, the start of its fiscal year.
“At the start of this fiscal year, the board committed to improving governance and transparency in ways that will ensure the MSRB continues to fulfill its mission of mu-nicipal market regulation in the public inter-est,” said Bob Brown, MSRB board member and chair of the board’s Governance Review Special Committee.
“An efficient and fair municipal market, with well-managed, transparent regulation, is essential to state and local governments across America,” Brown said. “Effective gov-ernance at the MSRB ensures that municipal securities investors, issuers, regulated market participants, and members of the public can have confidence in that $4 trillion market.”
Most of the proposal is similar to the ver-sion sent out for comment. In addition to shrinking the board to its pre-Dodd-Frank size, the proposal aims to improve the per-ceived independence of board members rep-
resenting the public. The board’s current public membership requirements state that individuals may not be “associated” with a regulated firm for at least two years or “em-ployed by” a regulated firm for at least three years.
The five years in the proposal is consis-tent with some suggestions the board has received over the years, and is the length of time included in legislation introduced Sen. John Kennedy, R-La. Last year. Some market participants have expressed concern over the years that many so-called “public” members had close and recent ties to dealer firms, creating the perception that they were not sufficiently independent.
The proposal submitted to the SEC makes a few tweaks from the version submitted for comment early in the year.
Brown pointed to comments noting that immediately moving to a 15-member board it would mean there would be only one issuer member next year. To avoid that, the board is proposing an interim year where it will have 17 members before moving to the 15 member size the year after.
“The Dodd-Frank Act added protection
of municipal entities and obligated persons to the MSRB’s regulatory mission, and we need the valuable perspective of state and local officials on the board,” Brown said. “Particularly at a time when state and local governments are facing immense financial pressures due to COVID-19, it is important that the issuer perspective be vigorously rep-resented. Thus, we modified our originally proposed transition plan so that the board can include a second issuer representative next year.”
The board also decided to do away with a proposal that would have allowed municipal advisors associated with dealers to fill one of the two seats to be allotted to muni advisors, so long as that dealer was not an underwriter of municipal securities. Under the proposal sent to the SEC, muni advisors associated with dealers would remain ineligible to hold municipal advisor board seats.
The SEC must approve the changes before they can become effective. The SEC could choose to approve the proposal as is or could ask the MSRB to make further changes. The SEC typically opens its own comment period for significant rule changes. q
By Kyle Glazier
1 Two big Midwest hospital mergers are canceled
Two major Midwest not-for-profit hospital mergers have fallen apart amid turmoil roiling the healthcare industry and state governments.
2 Illinois is first to use Fed MLF program in $1.2 billion deal
Illinois will borrow $1.2 billion of one-year, general obligation backed notes through the Federal Re-serve’s Municipal Liquidity Facility, Gov. J.B. Pritzker’s administration announced Tuesday.
3 A sense of credit caution is being felt in the municipal market
The municipal bond market was steady Thursday amid the pricing of several new issues, including a low-rated Guam Waterworks $134 million deal.
4 Oppenheimer acquiring boutique San Francisco underwriting firm
Oppenheimer & Co. is acquiring San Francisco-based underwriting firm Brandis Tallman LLC with the aim of becoming a significant player as an underwriter and private placement agent in California.
5 Federal Reserve expands MLF program to allow more issuers to
participateThe Federal Reserve is expanding the number and types of local governments eligible to use its short-term muni note program.
6 COVID-19 pushes already struggling senior living facilities into default
The hard-hit senior living retirement sector contin-
ues to suffer from higher-than-anticipated expenses due to the novel coronavirus, pushing some facilities struggling before the pandemic into default.
7 Municipal market closes out May steady
The municipal market concluded the final trading session of May on steady footing, with secondary yields remaining flat Friday amid a pickup in issuance.
8 Municipal investors cautious amid national turmoil
While tax-exempt yields rose slightly Monday, some investors questioned the market’s reaction to ongoing national crises and the associated impact on state and local government finances.
9 Supreme Court’s Puerto Rico decision closes some doors, opens others
The U.S. Supreme Court’s decision striking down a constitutional challenge to the Puerto Rico Oversight Board appointment law opened other opportunities for change to the board.
10 Illinois Fed deal bodes well for future transactions
The Federal Reserve’s first short-term note deal with the state of Illinois is a good start to the federal program that could jump-start its use with more local governments.
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Ten Most-Viewed StoriesAs of Friday, June 5, 2020
The list of most-viewed stories is compiled each Friday and emailed to subscribers. To start your subscription visit www.bondbuyer.com or call 800 982-0633.
and the municipal finance community can provide good financial disclosure,” Erdman added.
The SEC has frequently called on issuers to provide more timely infor-mation, even if not strictly required to do so under their continuing disclosure agreements. The commission has no ex-plicit authority to mandate the content of disclosure by municipal issuers.
GFOA’s disclosure working group is set to release a two-page document soon to address good disclosure prac-tices during the pandemic. That group composed of industry professionals was created in July.
Since the beginning of the pandem-ic, COVID-19-related disclosures have steadily increased week over week to a total of over 7,000 filings, though it is still a relatively small percentage overall of all issuers filing continuing disclosure documents.
Current disclosure practices just don’t keep pace with disclosures needed during the pandemic, Erdman said.
“The required disclosures that we’re required to make just don’t keep up with the materiality of what’s happening in today’s world — COVID-19 definitely shows that,” Erdman said. “Also volun-tary disclosure is a good way to look at disclosure as a new way of how dis-closure can be provided to the investor community. Historical information is good, but obviously what we’ve seen with COVID-19, historical information is not as important or relevant as current information that’s available.”
The Securities and Exchange Com-mission released a statement in early May detailing the kinds of COVID-19-re-lated disclosures municipalities should be making, which has encouraged more filings.
GFOA panelists also discussed a sep-arate document released by the SEC this past year. In February, SEC staff released
a bulletin that was meant to clarify the SEC’s stance on how anti-fraud laws apply to issuers’ public disclosure doc-uments.
Leslie Norwood, the Securities Indus-try and Financial Markets Association’s head of municipals said the bulletin drove home SEC’s thinking on voluntary disclosures.
The SEC was concerned that there would be a paralysis of disclosure, said Dan Deaton, partner at Nixon Peabody.
“I think that the SEC is very concerned that there will be a paralysis of disclo-sure,” Deaton said. “The uncertainty that is gripping the nation with respect to this unprecedented event may cause a paralysis of disclosure and will keep in-formation from investors making trading decisions and also will not allow the mar-ket as a whole to absorb the changes in valuations in bonds that are happening as a result of the impact of COVID-19.”
Voluntary disclosure during the pan-demic can be helpful to issuers overall, panelists said on Thursday. Investors would prefer communication with issuers rather than radio silence, panelists said.
“Communication with investors is a great way in order to promote lower cost of capital,” Erdman said. “It may take a little bit of effort in order to do some vol-untary disclosure right now, and you may say I don’t have time. But taking those extra steps now to have that communica-tion, do that voluntary disclosure, could mean a better interest rate with future borrowing.”
At the end of the day, it’s up to the is-suer to decide when and how to disclose. Disclosure counsel and municipal advi-sors can be conservative or flexible when it comes to disclosing information, said Giedre Ball, debt manager at the Metro-politan Washington Airports Authority.
“You as an issuer, in the end, after weighing their advice, decide what to disclose,” Ball said. “You are the ones managing investor relations, transparency levels and your reputation.” q
GFOA Members Urging DisclosureOf Coronavirus Impacts by IssuersContinued from page 1
006_BB060820 6 6/5/2020 4:56:07 PM
www.bondbuyer.com 7Monday, June 8, 2020
TRENDS IN THE REGIONNortheast
Reopening After COVID-19 CalamityPuts Spotlight on New York City, MTA
options,” said Howard Cure, director of mu-nicipal bond research for Evercore Wealth Management. “The MTA has already been able to tap into the capital markets to take out bond anticipation notes.”
The Fed launched the program as part of the federal CARES Act that passed in late April. Rates are steep. Wobbly Illinois, which pays the highest yield among the states and is one notch above junk, was the first to test the facility. It intends to sell $1.2 billion of one-year general obligation certificates directly to the MLF at a rate of 3.82%, based on the Fed’s formula.
“They’re not cheap,” Cure said of the li-quidity facility. “The Fed has designated it as a lender of last resort. It makes sense for a state like Illinois, which is struggling.”
The Fed’s adjustment of guidelines on Wednesday helped the MTA. States can now designate transit agencies, airports and utili-ties to borrow under the program. According to BofA Global Research, an additional 34 smaller local governments in 20 states are now eligible, as are 101 revenue bond issuers from the 50 states and District of Columbia.
“It speaks well of the Fed to fine-tune its rules and regulations, enabling those other than states and cities to qualify,” Cure said.
The program can provide a loan of up to 20% of “general revenue from own sourc-es” from fiscal 2017 for states, counties and cities, and fiscal 2019 for authorities. While the MTA’s fare and toll revenue is obviously own-source revenue, whether dedicated taxes count — which could mean greater borrow-ing capacity — is uncertain for now. “It may come up, because mass transit is the most severely affected as an enterprise system,” Cure added.
The MTA’s size and longstanding reputa-tion as a high-rated municipal issuer, despite rating downgrades and warnings during the pandemic, is a huge plus, Cure said.
“A big advantage for the MTA is their banking relationships. They’re able to draw
on a banking facility.”According to data on the Municipal Secu-
rities Rulemaking Board’s EMMA website, a block of Series 2015B transportation revenue bonds maturing in 2055 that originally priced at 112.117 cents on the dollar and a 5.25% coupon sold to a customer Friday at a price of 108.993 cents and a 3.546% yield.
COVID-19 has killed 18,194 people in New York City since March, according to state Department of Health data.
But the city reached a positive milestone Thursday, recording no confirmed deaths from the virus for the first time since March 13, according to the city health department.
In advance of Monday’s reopening, state, city and MTA officials have been hashing out details regarding additional policing, mask providing and enforcing of social-distancing protocols that involve seating and markings on platforms.
While the state and the city have promised 1 million face masks each, MTA officials
have asked Mayor Bill de Blasio to provide 3,000 volunteers to ease the transition.
The economic impact on New York reso-nates nationwide, according to Ali Chaudry, senior vice president and chief development officer at infrastructure firm Aecom and a former deputy secretary for transportation under Gov. Andrew Cuomo.
“We need all these systems to come back to life, so we people can return back to life. The housing market depends on it, manu-facturing depends on it,” Chaudry said on a Regional Plan Association webcast.
MTA New York City Transit interim pres-ident Sarah Feinberg on Thursday asked de Blasio for 60 additional miles of bus lanes, or up 42% from the existing 144.
More bus lanes are “long past time,” said Lisa Daglian, executive director of the watch-dog Permanent Citizens Advisory Committee to the MTA.
“Dedicated bus lanes can increase capacity and reduce crowding by allowing more buses
to run,” she said. “With increasing traffic it’s more important than ever that buses get riders to their destinations more quickly and efficiently.”
Transit systems are also looking to tech-nology to reinvent themselves and mollify skittish riders. “We’re trying a lot of things right now,” said Sarah Meyer, the MTA’s chief customer officer.
The MTA, collaborating with Columbia University’s Irving Medical Center, has be-gun a pilot program using ultraviolet light to kill the coronavirus.
Foye called the project “extraordinarily important.”
“We’re taking technology that’s decades and decades old, ultraviolet light, which is a proven technology and used extensively in hospital and emergency room, operating room environments, and applying it to tran-sit,” he told reporters recently. “Part of its effectiveness is killing viruses, that it will eradicate the COVID-19 virus.”
The crisis could not have come at a worse time for older transit systems that had been trying to balance modernization projects while catching up with deferred maintenance.
“There are so many opportunities to im-prove where we are now and yet, with the COVID crisis and the impact that has had on revenue lines, we’re in danger of going exactly the other way,” said Port Authority Executive Director Rick Cotton.
A federal, transit-centric infrastructure bill is essential, he added.
“You can look back at the New Deal, the depression of almost 100 years ago, and what came out of it, which was an extraordinary rebuilding of infrastructure, and have an am-bition and replicate that but in a 21st-century setting.” q
For more content about this region, visit the Regional News tab on BondBuyer.com.
Continued from page 1
Connecticut A1/A/A+ 0.61 1.01 1.67 2.53 Delaware Aaa/AAA/AAA 0.16 0.38 0.84 1.65 Maine Aa2/AA/AA 0.17 0.43 0.96 1.79 Maryland Aaa/AAA/AAA 0.16 0.38 0.87 1.69 Massachusetts Aa1/AA/AA+ 0.18 0.43 0.93 1.82 New Hampshire Aa1/AA/AA+ 0.16 0.41 0.89 1.77 New Jersey A3/A–/A– 0.64 1.10 1.70 2.58 New York Aa1/AA/AA 0.18 0.44 0.97 1.90 Pennsylvania Aa3/A+/AA– 0.36 0.65 1.34 2.20 Rhode Island Aa2/AA/AA 0.18 0.48 1.01 1.85 Vermont Aa1/AA+/AA+ 0.16 0.39 0.86 1.70 Dist. of Columbia Aaa/AA+/AA+ 0.17 0.42 0.94 1.79 Puerto Rico Caa3/CC/CC 44.56 13.98 10.14 7.75
State Ratings One-Year Five-Year 10-Year 30-Year
General ObliGatiOn Yield Curves fOr June 4, 2020
Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings
June 5, 2020 May 29, 2020State Issues Amount Issues Amount Chg in Amt
visible supplY bY state
Dollar amounts are in thousands
“Without earning passenger trust, it will be much more difficult to get places like New York City up and running,” said Tom Kozlik of Hilltop Securities.
007_BB060820 7 6/5/2020 4:56:09 PM
The Bond Buyer8 Monday, June 8, 2020Competitive Sales Notices
TOWN OF HAVERSTRAW,IN THE COUNTY OF ROCKLAND, NEW YORK
NOTICE OF $16,070,000* BOND SALE
SEALED PROPOSALS will be received by the Supervisor, Town of Haverstraw (the “Town”), Rockland County, New York, at the offices of Capital Markets Advisors, LLC (the “Municipal Advisor”), 11 Grace Avenue, Suite 308, Great Neck, New York (Telephone No. 516-570-0340, Fax No. 516-487-2575), on Tuesday, June 16, 2020, until 11:00 A.M. (Prevailing Time) via iPreo’s Parity Electronic Bid Submission System (“Parity”) or by facsimile transmission, at which time they will be publicly opened and announced, for the purchase of $16,070,000* REFUNDING SERIAL BONDS-2020 (the “Bonds”), maturing on September 1, 2020 and March 1 thereafter in each year until maturity, in annual principal installments as shown below which, together with interest thereon, are expected to effectuate and provide for substantially level or declining annual debt service.
Delivery and Payment Dates for the BondsThe Bonds will be dated the date of their delivery, which is expected to be July 2, 2020, and will
bear interest at the rate or rates per annum specified by the successful bidder therefor in accordance herewith, payable on September 1, 2020 and semi-annually thereafter on March 1 and September 1 in each year to maturity.
Post-sale Adjustment of Par Amount of the BondsThe amount of the issue, purchase price and amounts of the maturities of the Bonds
are subject to change depending upon the actual interest rates bid and the successful bidder’s initial reoffering yields in order to effectuate the Town’s plan of refunding certain outstanding bonds. Accordingly, the Town reserves the right, in its discretion, but only to the extent necessary, to increase or decrease the size of the issue and the maturities of the Bonds, in order that the Town can effectuate the most cost effective refunding of outstanding bonds. The annual maturities of the Bonds may also be adjusted for the purpose of attaining debt service that is substantially level or declining, as provided pursuant to Section 21.00(d) of the New York State Local Finance Law (the “Law”). Such adjustments will be made by 3:00 P.M. (Prevailing Time) on the day of the bid opening. The successful bidder may neither withdraw nor modify its bid as a result of any such post-bid adjustment. Any such adjustment shall be conclusive, and shall be binding upon the successful bidder.
The Bonds of each maturity, as adjusted, will bear interest at the same rate and must have the same initial reoffering yields as specified for that maturity by the successful bidder for the Bonds. It is the intent of this provision to hold constant, on a per bond basis, the successful bidder’s underwriting spread. However, the award will be made to the bidder whose bid produces the lowest true interest rate, calculated as specified below, solely on the basis of the Bonds offered, without taking into account any adjustment in the amount of Bonds pursuant to this paragraph.
Changes to the Time and/or Date of Bid OpeningThe Town reserves the right to change the time and/or date of the bid opening, and notice of
any change thereof shall be provided at least one (1) hour prior to the time set forth above for the opening of sealed proposals, by means of a supplemental notice of sale to be transmitted over the Thomson Municipal Newswire or TM3.
Optional Redemption for the BondsThe Bonds maturing on or before March 1, 2028 are not subject to redemption prior to maturity.
The Bonds maturing on or after March 1, 2029 will be subject to redemption prior to maturity, at the option of the Town, on any date on or after March 1, 2028, in whole or in part, and if in part in any order of their maturity and in any amount within a maturity (selected by lot within a maturity), at the redemption price equal to the principal amount of the Bonds to be redeemed, plus accrued interest to the date of redemption.
The Town may select the maturities of the Bonds to be redeemed and the amount to be redeemed of each maturity selected, as the Town shall determine to be in the best interest of the Town at the time of such redemption. If less than all of the Bonds of any maturity are to be redeemed prior to maturity, the particular Bonds of such maturity to be redeemed shall be selected by the Town by lot in any customary manner of selection as determined by the Town. Notice of such call for redemption shall be given by mailing such notice to the registered owner(s) of the Bonds to be redeemed not more than sixty (60) days nor less than thirty (30) days prior to the proposed redemption date. Notice of redemption having been given as aforesaid, the Bonds so called for redemption shall, on the date of redemption set forth in such call for redemption, become due and payable, together with accrued interest to such redemption date, and interest shall cease to be paid thereon after such redemption date.
Form of BondsThe Bonds will be issued in the form of fully registered bonds, in denominations corresponding
to the total principal amounts due in each year of maturity. As a condition to delivery of the Bonds, the successful bidder will be required to cause the Bond certificates to be (i) registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), and
(ii) deposited with DTC to be held in trust until maturity. DTC is an automated depository for securities and clearinghouse for securities transactions, and will be responsible for establishing and maintaining a book-entry system for recording the ownership interests of its participants, which include certain banks, trust companies and securities dealers, and the transfers of the interests among its participants. The DTC participants will be responsible for establishing and maintaining records with respect to the beneficial ownership interests of individual purchasers in the Bonds. Individual purchases of beneficial ownership interests in the Bonds may only be made through book entries (without certificates issued by the Town) made on the books and records of DTC (or a successor depository) and its participants, in denominations of $5,000 or integral multiples thereof. Principal of and interest on the Bonds will be payable by the Town or its agent by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.
Submission of BidsEach proposal must be a bid of not less than $16,070,000 for all of the Bonds. Each proposal
must state in a multiple of one-hundredth of 1% or a multiple of one-eighth of 1%, the rate or rates of interest per annum which the Bonds are to bear and may state different rates of interest for Bonds maturing in different calendar years, provided, however, that only one rate of interest may be bid for all Bonds maturing in any one calendar year. Variations in rates of interest so bid may be in any order.
Sealed proposals may be submitted electronically via Parity or via facsimile transmission at 516-487-2575, in accordance with this Notice of Sale, until the time specified herein. No other form of electronic bidding services nor telephone proposals will be accepted. No proposal will be accepted after the time for receiving proposals specified above. Bidders submitting proposals via facsimile must use the “Proposal for Bonds” form attached hereto. Once the proposals are communicated electronically via Parity or via facsimile to the Town, each bid will constitute an irrevocable offer to purchase the Bonds pursuant to the terms therein provided.
Bidding Using Parity Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers
of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to become a customer. By submitting an electronic bid for the Bonds, a bidder represents and warrants to the Town that such bidder’s bid for the purchase of the Bonds is submitted for and on behalf of such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, valid and enforceable contract for the purchase of the Bonds.
Each prospective bidder who wishes to submit an electronic bid shall be solely responsible to register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and in compliance with the requirements of this Notice of Sale. Neither the Town nor Parity shall have any duty or obligation to undertake such registration to bid for any prospective bidder or to provide or assure such access to any qualified prospective bidder, and neither the Town nor Parity shall be responsible for a bidder’s failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by Parity. The Town is using Parity as a communications mechanism, and not as the Town’s agent, to conduct the electronic bidding for the Town’s Bonds. The Town is not bound by any advice or determination of Parity as to whether any bid complies with the terms of this Notice of Sale. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via Parity are the sole responsibility of the bidders, and the Town is not responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, or submitting or modifying a bid for the Bonds, it should telephone Parity and notify the Town’s Municipal Advisor, Capital Markets Advisors, LLC, at 516-570-0340 (provided that the Town shall have no obligation to take any action whatsoever upon receipt of such notice).
If any provisions of this Notice of Sale shall conflict with information provided by Parity, as approved provider of electronic bidding services, this Notice of Sale shall control. Further information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. The time maintained by Parity shall constitute the official time with respect to all bids submitted.
Bidders submitting bids via facsimile do not need to register to bid. Good Faith DepositAs a condition precedent to the consideration of the bidder’s proposal, a good faith deposit (the
“Deposit”) in the amount of $160,700 is required for each bid to be considered. Such Deposit may be in the form of: (i) a certified or cashier’s check payable to the order of “Town of Haverstraw, County of Rockland, New York,” or (ii) a wire transfer in accordance with instructions set forth herein. If a wire transfer is used, it must be sent to the account so designated by the Town for such purpose, not later than 10:00 A.M. on the date of the sale; however, the Town reserves the right to award the Bonds to a successful bidder whose wire transfer is initiated but not received by such time provided that such successful bidder’s fed wire reference number has been received. A wire reference number must be provided when the bid is submitted. Bidders must contact Capital Markets Advisors, LLC, 11 Grace Avenue, Suite 308, Great Neck, New York, telephone No. 516-570-0340, the Town’s Municipal Advisor, no later than 24 hours prior to the bid opening to obtain the Town’s wire instructions. The Town shall not incur any liability from delays of or interruptions in the receipt of the Deposit by fed wire or return of the Deposit to any unsuccessful bidder. Under no circumstances shall interest accrue on the Deposit occasioned by a delay in the return of the Deposit to any unsuccessful bidder. No interest on the Deposit will accrue to the Purchaser. The Deposit will be applied to the purchase price of the Bonds.
Award of BondsThe Bonds will be awarded and sold to the bidder complying with the terms of sale and offering
continued on next page
008_BB060820 8 6/5/2020 2:56:08 PM
www.bondbuyer.com 9Monday, June 8, 2020Competitive Sales Notices
(ii) deposited with DTC to be held in trust until maturity. DTC is an automated depository for securities and clearinghouse for securities transactions, and will be responsible for establishing and maintaining a book-entry system for recording the ownership interests of its participants, which include certain banks, trust companies and securities dealers, and the transfers of the interests among its participants. The DTC participants will be responsible for establishing and maintaining records with respect to the beneficial ownership interests of individual purchasers in the Bonds. Individual purchases of beneficial ownership interests in the Bonds may only be made through book entries (without certificates issued by the Town) made on the books and records of DTC (or a successor depository) and its participants, in denominations of $5,000 or integral multiples thereof. Principal of and interest on the Bonds will be payable by the Town or its agent by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.
Submission of BidsEach proposal must be a bid of not less than $16,070,000 for all of the Bonds. Each proposal
must state in a multiple of one-hundredth of 1% or a multiple of one-eighth of 1%, the rate or rates of interest per annum which the Bonds are to bear and may state different rates of interest for Bonds maturing in different calendar years, provided, however, that only one rate of interest may be bid for all Bonds maturing in any one calendar year. Variations in rates of interest so bid may be in any order.
Sealed proposals may be submitted electronically via Parity or via facsimile transmission at 516-487-2575, in accordance with this Notice of Sale, until the time specified herein. No other form of electronic bidding services nor telephone proposals will be accepted. No proposal will be accepted after the time for receiving proposals specified above. Bidders submitting proposals via facsimile must use the “Proposal for Bonds” form attached hereto. Once the proposals are communicated electronically via Parity or via facsimile to the Town, each bid will constitute an irrevocable offer to purchase the Bonds pursuant to the terms therein provided.
Bidding Using Parity Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers
of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to become a customer. By submitting an electronic bid for the Bonds, a bidder represents and warrants to the Town that such bidder’s bid for the purchase of the Bonds is submitted for and on behalf of such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, valid and enforceable contract for the purchase of the Bonds.
Each prospective bidder who wishes to submit an electronic bid shall be solely responsible to register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and in compliance with the requirements of this Notice of Sale. Neither the Town nor Parity shall have any duty or obligation to undertake such registration to bid for any prospective bidder or to provide or assure such access to any qualified prospective bidder, and neither the Town nor Parity shall be responsible for a bidder’s failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by Parity. The Town is using Parity as a communications mechanism, and not as the Town’s agent, to conduct the electronic bidding for the Town’s Bonds. The Town is not bound by any advice or determination of Parity as to whether any bid complies with the terms of this Notice of Sale. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via Parity are the sole responsibility of the bidders, and the Town is not responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, or submitting or modifying a bid for the Bonds, it should telephone Parity and notify the Town’s Municipal Advisor, Capital Markets Advisors, LLC, at 516-570-0340 (provided that the Town shall have no obligation to take any action whatsoever upon receipt of such notice).
If any provisions of this Notice of Sale shall conflict with information provided by Parity, as approved provider of electronic bidding services, this Notice of Sale shall control. Further information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. The time maintained by Parity shall constitute the official time with respect to all bids submitted.
Bidders submitting bids via facsimile do not need to register to bid. Good Faith DepositAs a condition precedent to the consideration of the bidder’s proposal, a good faith deposit (the
“Deposit”) in the amount of $160,700 is required for each bid to be considered. Such Deposit may be in the form of: (i) a certified or cashier’s check payable to the order of “Town of Haverstraw, County of Rockland, New York,” or (ii) a wire transfer in accordance with instructions set forth herein. If a wire transfer is used, it must be sent to the account so designated by the Town for such purpose, not later than 10:00 A.M. on the date of the sale; however, the Town reserves the right to award the Bonds to a successful bidder whose wire transfer is initiated but not received by such time provided that such successful bidder’s fed wire reference number has been received. A wire reference number must be provided when the bid is submitted. Bidders must contact Capital Markets Advisors, LLC, 11 Grace Avenue, Suite 308, Great Neck, New York, telephone No. 516-570-0340, the Town’s Municipal Advisor, no later than 24 hours prior to the bid opening to obtain the Town’s wire instructions. The Town shall not incur any liability from delays of or interruptions in the receipt of the Deposit by fed wire or return of the Deposit to any unsuccessful bidder. Under no circumstances shall interest accrue on the Deposit occasioned by a delay in the return of the Deposit to any unsuccessful bidder. No interest on the Deposit will accrue to the Purchaser. The Deposit will be applied to the purchase price of the Bonds.
Award of BondsThe Bonds will be awarded and sold to the bidder complying with the terms of sale and offering
to purchase the Bonds at such rate or rates of interest per annum as will produce the lowest true interest cost over the life of the issue, and if two or more such bidders offer the same lowest true interest cost, then to one of said bidders selected by the Sale Officer by lot from among all said bidders. True interest cost shall be determined for each bid by doubling the semi-annual interest rate, compounded semiannually, necessary to discount all interest and principal payments from the payment dates thereof to the dated date of the Bonds, so that the sum of the present value of said payments equals the price bid, such price bid excluding interest accrued to the date of delivery. The true interest cost shall be calculated from the dated date of the bonds. The successful bidder must also pay an amount equal to the interest on the Bonds, if any, accrued to the date of payment of the purchase price.
Award of the Bonds will be made without taking into consideration any adjustment to be made to the principal amount of the Bonds described herein.
The Town reserves the right to reject any and all bids (regardless of the interest rate bid), to reject any bid not complying with this official Notice of Sale and, so far as permitted by law, to waive any irregularity or informality with respect to any bid or the bidding process.
When the successful bidder has been ascertained, the Sale Officer will promptly return all Deposits made to the persons making the same, except the deposit made by such bidder. Award of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly after opening of the bids, but the successful bidder may not withdraw his proposal until after 3:00 o’clock P.M. (Prevailing Time) on the day of such bid-opening and then only if such award has not been made prior to the withdrawal. The successful bidder will be promptly notified of the award to him, and if he refuses or neglects to pay the agreed price of the Bonds less the amount deposited by him, the amount deposited by him shall be forfeited to and retained by the Town as liquidated damages for such neglect or refusal.
Bond InsuranceIf the Bonds qualify for issuance of any policy of municipal bond insurance or commitment
therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any such commitment therefor shall be at the sole option and expense of such bidder and any increased costs of issuance of the Bonds resulting by reason of the same, unless otherwise paid, shall be paid by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be issued, shall not constitute cause for a failure or refusal by the purchaser of the Bonds to accept delivery of and pay for said Bonds in accordance with the terms hereof.
Use of ProceedsThe proceeds of the Bonds will be used to refund certain outstanding serial bonds of the Town
issued in 2012. Payment and Security for the BondsThe Bonds are general obligations of the Town and shall contain a pledge of the faith and credit
of the Town for the payment of the principal thereof and interest thereon. The State Constitution requires the Town to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the Bonds. The State Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the Bonds and certain other obligations of the Town, a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes, and also that the fiscal officer of the Town may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations.
For the payment of such principal of and interest on the Bonds, the Town has the power and statutory authorization to levy ad valorem taxes on all taxable real property in the Town, subject to certain statutory limitations imposed by Chapter 97 of the New York Laws of 2011, as amended (the “Tax Levy Limit Law”). See “Tax Levy Limit Law” in the Preliminary Official Statement of the Town, dated June 4, 2020 (“Preliminary Official Statement”), circulated in connection with the sale of the Bonds, which shall be supplemented by the final official statement to be dated June 16, 2020 (the “Official Statement”).
Debt Statement The population of the Town is estimated to be 21,888. The debt statement to be filed pursuant
to Section 109.00 of the Law in connection with the sale of the Bonds, prepared as of June 4, 2020 shows the five-year average full valuation of real property subject to taxation by the Town to be $16,702,298,245, its debt limit to be $3,340,459,649, and its total net indebtedness (exclusive of the Bonds) to be $27,130,000. The issuance of the Bonds will increase the total net indebtedness of the Town.
Delivery of the Bonds and Assignment of CUSIP NumbersThe Bonds will be delivered to DTC and shall be paid for in Federal Funds on or about July
2, 2020 at such place in New York City, and on such business day and at such hour, as the Sale Officer shall fix on three business days’ notice to the successful bidder, or at such other place and time as may be agreed upon with the successful bidder. The deposit of the Bonds with DTC under a book-entry system requires the assignment of CUSIP numbers prior to delivery. It shall be the responsibility of the Town’s financial advisor to obtain CUSIP numbers for the Bonds within one day after distribution of the Notice of Sale of the Bonds. The Town will not be responsible for any delay occasioned by the inability to deposit the Bonds with DTC due to the failure to obtain such numbers and to supply them to the Town in a timely manner. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid for by the Town; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the successful bidder.
Legal OpinionThe successful bidder will be furnished without cost with the approving opinion of the law firm
of Hawkins Delafield & Wood LLP (“Bond Counsel”) substantially as set forth in Appendix D to the Preliminary Official Statement.
Tax Exemption The successful bidder may at its option refuse to accept the Bonds if prior to their delivery the
opinion of Bond Counsel is not delivered or if any income tax law of the United States of America is hereafter enacted which shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal income tax purposes, and in such case the deposit made by it will be returned and it will be relieved of its contractual obligations arising from the acceptance of its proposal.
The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain ongoing requirements that must be met subsequent to the issuance and delivery of the Bonds in order that interest on the Bonds be and remain excludable from gross income under Section 103 of the Code. Concurrently with the delivery of the Bonds, the Town will execute a Tax Certificate, which will contain provisions and procedures relating to compliance with the requirements of the Code and a certification to the effect that the Town will comply with the provisions and procedures set forth therein and that it will do and perform all acts and things necessary or desirable to assure that interest paid on the Bonds is excludable from gross income under Section 103 of the Code.
Upon delivery of the Bonds, Bond Counsel will deliver an opinion that states that, under existing statutes and court decisions and assuming continuing compliance with the provisions and procedures set forth in the Tax Certificate, (i) interest on the Bonds is excluded from gross income for federal income tax purposes pursuant to Section 103 of the Code; and (ii) interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. In addition, the opinion of Bond Counsel will state that, under existing statutes, interest on the Bonds is exempt from personal income taxes of New York State and its political subdivisions, including The City of New York.
The Town will NOT designate the Bonds as “qualified tax-exempt obligations” pursuant to the provisions of Section 265 of the Code.
Obligation of Winning Bidder to Deliver an Issue Price Certificate at ClosingBy submitting a bid, each bidder is certifying that its bid is a firm offer to purchase the Bonds, is a
good faith offer which the bidder believes reflects current market conditions, and is not a “courtesy bid” being submitted for the purpose of assisting in meeting the competitive sale requirements relating to the establishment of the “issue price” of the Bonds pursuant to Section 148 of the Code, including the requirement that bids be received from at least three (3) underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds (the “Competitive Sale Requirements”). The Municipal Advisor will advise the winning bidder if the Competitive Sale Requirements were met at the same time it notifies the winning bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not satisfied.
The winning bidder shall, within one (1) hour after being notified of the award of the Bonds, advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected initial public offering price or yield of each maturity of the Bonds (the “Initial Reoffering Prices”) as of the date of the award.
By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Bonds for its own account and not with a view to distribution or resale to the public) that if the Competitive Sale Requirements are not met, it will elect and satisfy either option (1) or option (2) described below. Such election must be made on the bid form submitted by each bidder. In the event a bidder submits a bid via Parity, such bidder must notify the Municipal Advisor by email ([email protected]) as to such election at the time such bid is submitted.
(1) Hold the Price. The winning bidder:(a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices
and provide Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,
(b) will neither offer nor sell to any person any Bonds within a maturity at a price that is higher, or a yield that is lower, than the Initial Reoffering Price of such maturity until the earlier of (i) the date on which the winning bidder has sold to the public at least 10 percent of the Bonds of such maturity at a price that is no higher, or a yield that is no lower, than the Initial Reoffering Price of such maturity or (ii) the close of business on the 5th business day after the date of the award of the Bonds, and
(c) has or will include within any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the limitations on the sale of the Bonds as set forth above.
(2) Follow the Price. The winning bidder:(a) will make a bona fide offering to the public of all of the Bonds at the Initial Reoffering Prices
and provide the Issuer with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel,
(b) will report to the Issuer information regarding the first price that at least 10 percent of the Bonds within each maturity of the Bonds have been sold to the public,
(c) will provide the Issuer with reasonable supporting documentation or certifications of such sale prices the form of which is acceptable to Bond Counsel. This reporting requirement, which may extend beyond the closing date of the Bonds, will continue until such date that the requirement set forth in paragraph (b) above for each maturity of the Bonds is satisfied, and
(d) has or will include within any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the reporting requirement described above.
For purposes of the “hold the price” or “follow the price” requirement, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms.
Regardless of whether or not the Competitive Sale Requirements were met, the winning bidder shall submit to the Issuer a certificate (the “Reoffering Price Certificate”), satisfactory to Bond Counsel, prior to the delivery of the Bonds stating the applicable facts as described above. The form of Reoffering Price Certificate is available by contacting Bond Counsel or the Municipal Advisor.
If the winning bidder has purchased the Bonds for its own account and not with a view to
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The Bond Buyer10 Monday, June 8, 2020Competitive Sales Notices
distribution or resale to the public, then, whether or not the Competitive Sale Requirements were met, the Reoffering Price Certificate will recite such facts and identify the price or prices at which the purchase of the Bonds was made.
For purposes of this Notice, the “public” does not include the winning bidder or any person that agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the Bonds to the public (such as a retail distribution agreement between a national lead underwriter and a regional firm under which the regional firm participates in the initial sale of the Bonds to the public). In making the representations described above, the winning bidder must reflect the effect on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in connection with the initial sale of any of the Bonds.
Official Statement, Continuing Disclosure and Compliance HistoryThe Town will provide a reasonable number of Official Statements to the successful bidder within
seven (7) business days following receipt of a written request therefor made to the Town and its Municipal Advisor. Such request may specify the applicable (a) offering price(s), (b) selling compensation, (c) rating(s), (d) credit enhancement and (e) identity and complete name of such bidder and any participating underwriters, and if so, the Preliminary Official Statement will be modified or supplemented by the information so specified. Neither the Town nor its Municipal Advisor shall be liable in any manner for any delay, inaccuracy, or omission on the part of the successful bidder with respect to such request, nor shall the Town’s failure, as a result thereof, to provide the Official Statement within the above time period, constitute cause for a failure or refusal by such bidder to accept delivery of and pay for the Bonds in accordance with the terms hereof.
The Preliminary Official Statement is in a form “deemed final” by the Town for the purpose of Securities and Exchange Commission Rule 15c2-12 (“Rule 15c2-12”) but may be modified or supplemented as noted above. In order to assist bidders in complying with Rule 15c2-12 and as part of the Town’s contractual obligation arising from its acceptance of each successful bidder’s proposal, at the time of the delivery of the Bonds the Town will provide an executed copy of its “Undertaking to Provide Continuing Disclosure” (the “Undertaking”). The form of said Undertaking is set forth in Appendix E in the Preliminary Official Statement.
Except as otherwise set forth in the Preliminary Official Statement (see the caption entitled “DISCLOSURE UNDERTAKINGS”), the Town is in compliance in all material respects with all previous undertakings made pursuant to Rule 15c2-12 during each of the past five years.
Documents Accompanying the Delivery of the BondsThe obligation hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on
the delivery to the successful bidder at the time of delivery of the Bonds of: (i) the opinion of Bond Counsel; (ii) a certificate of the Town Attorney, dated the date of delivery of the Bonds, to the effect that there is no controversy or litigation of any nature pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any of the proceedings taken with respect to the issuance and sale thereof or the application of moneys to the payment of the Bonds, and further stating that there is no controversy or litigation of any nature now pending or threatened by or against the Town wherein an adverse judgment or ruling could have a material adverse impact on the financial condition of the Town or adversely affect the power of the Town to levy, collect and enforce the collection of taxes or other revenues for the payment of its Bonds, which has not been disclosed in the Official Statement; (iii) a certificate of the Supervisor to the effect that as of the date of the Official Statement and at all times subsequent thereto, up to and including the time of the delivery of the Bonds, the Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements herein, in the light of the circumstances under which they were made, not misleading, and further stating that there has been no adverse material change in the financial condition of the Town since the date of the Official Statement to the date of issuance of the Bonds (and having attached thereto a copy of the Official Statement); (iv) certificates signed by the Supervisor evidencing payment for the Bonds; (v) a signature certificate evidencing the due execution of the Bonds, including statements that (a) no litigation of any nature is pending or, to the knowledge of the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning the proceedings and authority under which the Bonds were authorized or affecting the validity of the Bonds thereunder, (b) neither the corporate existence or boundaries of the Town nor the title of the signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of the Bonds have been repealed, revoked or rescinded, and (vi) Tax Certificate executed by the Supervisor, as described under “TAX MATTERS” in the Preliminary Official Statement.
Additional InformationCopies of this Notice of Sale and the Preliminary Official Statement are available in electronic
format on the website of the Town’s Municipal Advisor, Capital Markets Advisors, LLC (“www.capmark.org”) or may be obtained upon request from the offices of Capital Markets Advisors, LLC, 11 Grace Avenue, Suite 308, Great Neck, New York 11776, telephone No. 516-570-0340.
Dated: June 4, 2020HOWARD T. PHILLIPS, JR.
Supervisor and Chief Fiscal Officer
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$2,240,000BENTLEY COMMUNITY SCHOOLS
COUNTY OF GENESEESTATE OF MICHIGAN
2020 SCHOOL BUILDING AND SITE BONDS(UNLIMITED TAX – GENERAL OBLIGATION)
BIDS for the purchase of the above 2020 School Building and Site Bonds (Unlimited Tax – General Obligation) (the “Bond” or “Bonds”) will be received by an agent of Bentley Community Schools, County of Genesee, State of Michigan (the “Issuer”) at the offices of the Municipal Advisory Council of Michigan, 26211 Central Park Boulevard, Suite 508, Southfield, Michigan 48076, until 1:00 p.m., Eastern Time, on June 16, 2020. BIDS All bids will be publicly opened and read at said time and place and the award of the Bonds will be made by the Superintendent or her designee.
EMAILED BIDS: Bidders may submit signed bids via electronic mail to the Municipal Advisory Council at [email protected] provided that emailed bids are received prior to the time and date fixed for receipt of bids. Bidders submitting emailed bids bear the full risk of failed or untimely transmission of their bids. Bidders are encouraged to confirm the timely receipt of their full and complete bids by telephoning the Municipal Advisory Council at (313) 963-0420.
ELECTRONIC BIDS may be presented via PARITY® on the dates and times shown above. To the extent any instructions or directions set forth in PARITY® conflict with this Notice of Bond Sale, the terms of the Notice shall control. For further information about the electronic bidding services of PARITY® potential bidders may contact PFM Financial Advisors LLC at (734) 994-9700 or PARITY® at (212) 849-5021.
DTC BOOK-ENTRY-ONLY: If requested by the original purchaser of the Bonds (the “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”) under DTC’s Book-Entry-Only system of registration. Purchasers of interests in the Bonds (the “Beneficial Owners”) will not receive physical delivery of bond certificates and ownership by the Beneficial Owners of the Bonds will be evidenced by book-entry-only. As long as Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the DTC participants for subsequent disbursement to the Beneficial Owners.
BOND DETAILS: Said Bonds will be fully registered Bonds up to the amount of a single maturity, dated the date of delivery, numbered in order of issue from 1 upwards and will bear interest from their dated date payable on November 1, 2020, and semiannually thereafter. There shall be no capitalized interest on the Bonds. The Bonds will mature on May 1 in the years and amounts as follows:
MATURITY ADJUSTMENT: The aggregate principal amount of this issue is believed to be the amount necessary to provide adequate funds to fund projects and to pay transactional costs. The Issuer reserves the right to decrease the aggregate principal amount of the Bonds after receipt of the bids and prior to final award. Such adjustment if necessary, will be made in increments of $5,000 and may be made in one or more maturities.
TERM BOND OPTION: Bidders shall have the option of designating the bonds as serial bonds or term bonds, or both. The bid must designate whether each of the principal amounts shown above represents a serial maturity or a mandatory redemption requirement for a term bond maturity. There may be more than one term bond maturity. In any event, the above principal amount schedule shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. Any such designation must be made within one (1) hour of the Bond sale.
PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified to act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer may hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior to any change in Paying Agent. In the event the Bonds cease to be held in book entry form only, the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check mailed to the owner as shown by the registration books of the Issuer as of the close of business on the 15th day of the month preceding any interest payment date and the Bonds will be transferable only upon the registration books of the Issuer kept by the Paying Agent. See “DTC Book-Entry-Only” above.
PRIOR REDEMPTION:A. Mandatory Redemption.The amounts of the maturities which are aggregated in a designated term bond shall be subject
to mandatory redemption on the dates and in the amounts set forth in the maturity schedule at par, plus accrued interest to the date of mandatory redemption. When term Bonds are purchased by the Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other than
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THE DAILY NEWSPAPER OF PUBLIC FINANCE
For rates and additional information about advertising a Notice of Competitive Sale, please call Kerry-Ann C. Parkes at 212.803.8436 or send an email to [email protected].
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www.bondbuyer.com 11Monday, June 8, 2020Competitive Sales Notices
by mandatory redemption, the principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer.
B. Optional Redemption.The Bonds maturing through May 1, 2030, shall not be subject to optional redemption prior to
maturity. Bonds due thereafter shall be made callable, at the option of the Issuer, in such order as the Issuer shall determine on any date on or after May 1, 2030 at par and accrued interest with no premium.
Notice of redemption of any Bond shall be given not less than thirty (30) days and not more than sixty (60) days prior to the date fixes for redemption by mail to the Registered Owner at the registered address shown on the registration books kept by the Paying Agent. Bonds shall be call for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part shall state that, upon surrender of the Bond to be redeemed, a new Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of the Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for redemption, provided funds are on hand with the Paying Agent to redeem same.
If less than all of the Bonds shall be called for redemption prior to maturity unless otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate trust office of the Paying Agent, such Bonds shall be paid and redeemed.
INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not exceeding four percent (4%) per annum, to be fixed by the bids therefor. The interest on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest rate. Interest on the Bonds shall be calculated based upon a 360-day year comprised of twelve 30-day months. The difference between the highest and lowest interest rates bid shall not exceed three percent (3%) per annum. INTEREST RATES SHALL NOT BE IN DESCENDING ORDER. No proposal for the purchase of less than all of the Bonds, or at a price less than 99.50% of their par value, or at a price more than 105% of their par value, or at a price which will cause the true interest cost on the Bonds to exceed four percent (4%) per annum, will be considered. Interest rates shall be expressed in multiples of 1/8th or 1/100th of 1%, or both.
PURPOSE AND SECURITY: The Bonds are being issued pursuant to a resolution of the Board of Education of the Issuer dated May 11, 2020, for the purposes of remodeling, or equipping or reequipping school buildings, including structures, athletic fields, playgrounds, or other facilities, or parts of or additions to those facilities, including security upgrades; furnishing or refurnishing remodeled school buildings; preparing, developing, or improving sites, or parts of or additions to sites, for school buildings, including structures, athletic fields, playgrounds, or other facilities, including track upgrades; acquiring, installing, or equipping or reequipping school buildings for technology. The Bonds are issued under the provisions of Act 451, Public Acts of Michigan, 1976, as amended. The Bonds will pledge the full faith, credit and resources of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, and Article IX, Section 16, of the Michigan Constitution of 1963.
STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to enable the Issuer to make the payment.
GOOD FAITH: No good faith deposit will be required from the successful bidder. AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest
true interest cost to the Issuer calculated as of June 30, 2020 (the estimated delivery date). The true interest cost shall not exceed four percent (4%).
ISSUE PRICE DETERMINATION: The winning bidder shall submit to the Issuer and Bond Counsel a certificate (the “Issue Price Certificate”), satisfactory to Bond Counsel, prior to the delivery of the Bonds stating the applicable facts necessary for the Issuer to comply with Treasury Regulation Section 1.148-1(f). The Issuer anticipates, but cannot guarantee, that it will receive three competitive bids, enabling it to comply with the competitive sale requirements of Treasury Regulation Section 1.148-1(f)(3)(i). If the competitive sale requirements are not met with respect to the initial sale of the Bonds, the winning bidder shall have the option of (a) treating the first price at which 10% of a maturity of the Bonds is sold to the public as the issue price of that maturity, applied on a maturity-by-maturity basis; or (b) applying the hold-the-offering-price rule to determine the issue price of each maturity. Bids will not be subject to cancellation in the event that the competitive sale requirements are not satisfied.
LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Collins & Blaha, P.C., Farmington Hills, Michigan, bond counsel, the original of which will be furnished without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Collins & Blaha, P.C. for services rendered in connection with such approving opinion are expected to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of the above Bonds, Collins & Blaha, P.C. has not been requested to examine or review, and has not examined or reviewed, any financial documents, statements or other materials that have been or may be furnished in connection with the authorization, marketing or issuance of the Bonds and, therefore, has not expressed and will not express an opinion with respect to the accuracy or completeness of any such financial documents, statements or materials. The opinions of bond counsel will contain the following provision:
The advice contained herein cannot be used by any taxpayer, including holders or owners of the Bonds, for the purpose of avoiding penalties related to
federal income tax matters that may be imposed on such taxpayer. Taxpayers, including holders or owners of the Bonds, should seek advice based upon such taxpayers’ particular circumstances from an independent tax advisor.
TAX MATTERS: In the opinion of bond counsel the Bonds and interest thereon are exempt from all taxation in the State of Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment, or other disposition thereof. In the opinion of bond counsel, the interest on the Bonds is excluded from gross income for federal income tax purposes. The Issuer has designated the Bonds as “Qualified Tax-Exempt Obligations” within the meaning of the Internal Revenue Code of 1986 (the “Code”), as amended, and has covenanted to comply with those requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross income for federal income tax purposes.
OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sale date, but in no event later than seven (7) business days after such date, the Issuer, will furnish to the successful bidder, at no cost, the final Official Statement in electronic format. Additional copies will be supplied upon the bidder’s agreement to pay the costs of such copies. Request for additional copies should be made to the Issuer within 24 hours of the date of sale. A copy of the Preliminary Official Statement may be obtained by contacting the Financial Consultant. The Preliminary Official Statement is in a form deemed final as of its date by the Issuer for purposes of SEC Rule 15c2-12(b)(1), but is subject to revision, amendment, and completion of a final Official Statement. The successful bidder shall supply to the Issuer within twenty-four hours after the award of the Bonds any pricing information and any underwriter identification which may be determined by the Issuer to be necessary to complete the Official Statement. The Issuer shall deliver, at closing, an executed certificate to the effect that as of the date of delivery, the information contained in the Official Statement, including revisions, amendments and completions as necessary, relating to the Issuer and the Bonds is true and correct in all material respects, and that such Official Statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day is not a business day, the successful bidder may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations and names in which it wishes to have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity registered in the name of the Purchaser.
CONTINUING DISCLOSURE: Prior to delivery of the Bonds, the Issuer will provide an undertaking, in accordance with the requirements of Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Act of 1934, to send certain information annually and to provide notice of certain events to certain information repositories for the benefit of the holders of the Bonds.
CUSIP NUMBERS: It is anticipated that CUSIP numbers will be printed on the Bonds at the option of the purchaser, but neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ADDITIONAL INFORMATION regarding the Bonds may be obtained from the Issuer’s
Financial Advisor, PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan, 48018; (734) 994-9700.
Dated: June 8, 2020
BENTLEY COMMUNITY SCHOOLSCOUNTY OF GENESEESTATE OF MICHIGAN
By: Kristy Spann, Superintendent
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The Bond Buyer12 Monday, June 8, 2020Competitive Sales Notices
OPTIONAL DTC BOOK-ENTRY-ONLY
OFFICIAL NOTICE OF SALE$3,500,000
GLADWIN COMMUNITY SCHOOLSCOUNTIES OF GLADWIN AND CLARE
STATE OF MICHIGAN2020 SCHOOL BUILDING AND EQUIPMENT BONDS
(GENERAL OBLIGATION - UNLIMITED TAX)
BIDS for the purchase of the above 2020 School Building and Equipment Bonds (the “Bond” or “Bonds”) will be received by Gladwin Community Schools, Gladwin and Clare Counties, Michigan (the “Issuer”), at the administrative offices of the Issuer, 401 N. Bowery Avenue Fl 2, Gladwin, Michigan 48624-1409, on Monday, the 15th day of June, 2020, until 2:00 o’clock in the p.m., prevailing Eastern Time, at which time and place said bids will be publicly opened and read. BIDS also will be received by the Municipal Advisory Council of Michigan via email at [email protected] on the same date and the same hour by an agent of the undersigned. The bids will simultaneously be opened and read at the temporary offices of the Municipal Advisory Council of Michigan. Bidders may choose either location to present bids but not both locations. Award of the bids will be made on behalf of the Issuer by an authorized officer of the Issuer by 5:00 o’clock in the p.m., prevailing Eastern Time, on that date.
ELECTRONIC BIDS: Bidders submitting signed bids electronically to the Issuer via facsimile transmission to (989) 426-5981 or the Municipal Advisory Council of Michigan via email at [email protected] must ensure their bids are received prior to the time and date fixed for receipt of bids. Bidders submitting bids electronically bear the full risk of failed or untimely transmission of their bids. Bidders are encouraged to confirm the timely receipt of their full and complete bids by telephoning the Issuer at (989) 426-9255 or the Municipal Advisory Council at (313) 963-0420.
PARITY: Bids may be presented via PARITY on the date and at the time shown above provided that such bidders must also comply with the good faith deposit requirements described herein. To the extent any instructions or directions set forth in PARITY conflict with this Notice, the terms of this Notice shall control. For further information about PARITY, potential bidders may contact PFM Financial Advisors LLC, at (734) 994-9700 or PARITY at (212) 849-5021.
OPTIONAL DTC BOOK-ENTRY-ONLY: Unless otherwise requested by the winning bidder (the “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”) under DTC’s Book-Entry-Only system of registration. If DTC Book-Entry-Only is used, purchasers of interests in the Bonds (the “Beneficial Owners”) will not receive physical delivery of bond certificates, and ownership by the Beneficial Owners of the Bonds will be evidenced by book-entry-only. As long as Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the DTC participants for subsequent disbursement to the Beneficial Owners.
BOND DETAILS: Said Bonds will be fully registered Bonds, of the denomination of $5,000 each or multiples thereof up to the amount of a single maturity, shall be dated the date of delivery, numbered in order of issue from 1 upwards and will bear interest from their dated date payable on November 1, 2020, and semiannually thereafter.
MATURITY ADJUSTMENT: The Issuer reserves the right to decrease the aggregate principal amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if necessary, will be made in increments of $5,000 and may be made in any maturity.
ADJUSTMENT TO PURCHASE PRICE: In the event of a maturity adjustment, the purchase price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the winning bid.
TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in any year as serial bonds or term bonds, or both. The bidder must designate whether each of the principal amounts shown above represent a serial maturity or a mandatory redemption requirement for a term bond maturity. There may be more than one term bond maturity. In any event, the above principal amount schedule shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. Any such designation must be made within one (1) hour of the Bond sale.
PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified to act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer may hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior to any change in Paying Agent. In the event the Bonds cease to be held in book entry form only, the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check mailed to the owner as shown by the registration books of the Issuer as of the close of business on the 15th day of the month preceding any interest payment date and the Bonds will be transferable only upon the registration books of the Issuer kept by the Paying Agent. See “Optional DTC Book-Entry-Only” above.
PRIOR REDEMPTION:A. Mandatory Redemption - Term Bonds.Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption,
in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer.
B. Optional Redemption.Bonds of this issue maturing in the years 2021 through 2030, inclusive, shall not be subject
to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue maturing in the year 2031 and 2032 shall be subject to redemption prior to maturity, at the option of the Issuer, in such order as the Issuer may determine and by lot within any maturity, on any date occurring on or after May 1, 2030, at par and accrued interest to the date fixed for redemption.
Notice of redemption of any Bond shall be given not less than thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the registered address shown on the registration books kept by the Paying Agent. Bonds shall be called for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for redemption, provided funds are on hand with the Paying Agent to redeem the same.
If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate trust office of the Paying Agent, such Bonds shall be paid and redeemed.
INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not exceeding five percent (5%) per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest rate. The difference between the highest and lowest interest rates bid shall not exceed three percent (3%) per annum. No proposal for the purchase of less than all of the Bonds or at a price less than 99% or greater than 110% of the par value, or at a price which will cause the net interest cost on the Bonds to exceed five percent (5%) per annum, will be considered. The interest rate borne by bonds maturing in any year shall not be less than the interest rate borne by Bonds maturing in the preceding year.
PURPOSE AND SECURITY: The Bonds were authorized at an election on March 10, 2020, for the purpose of remodeling, equipping and re-equipping school buildings. The Bonds will pledge the full faith, credit and resources of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, and Article IX, Section 16, of the Michigan Constitution of 1963.
STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to enable the Issuer to make the payment.
AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest true interest cost which is the rate that will discount all future cash payments so that the sum of the present value of all cash flows will equal the Bond proceeds computed from June 30, 2020 (the anticipated date of delivery).
LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, P.C. for services rendered in connection with such approving opinion are expected to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has not examined or reviewed, any financial documents, statements or other materials that have been or may be furnished in connection with the authorization, marketing or issuance of the Bonds and, therefore, has not expressed and will not express an opinion with respect to the accuracy or completeness of any such financial documents, statements or materials.
TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes, as described in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross income for federal income tax purposes.
OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sales date, but in no event later than seven (7) business days after such date, the Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a
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012_BB060820 12 6/5/2020 2:56:12 PM
www.bondbuyer.com 13Monday, June 8, 2020Competitive Sales Notices
PRIOR REDEMPTION:A. Mandatory Redemption - Term Bonds.Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption,
in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer.
B. Optional Redemption.Bonds of this issue maturing in the years 2021 through 2030, inclusive, shall not be subject
to redemption prior to maturity. Bonds or portions of Bonds in multiples of $5,000 of this issue maturing in the year 2031 and 2032 shall be subject to redemption prior to maturity, at the option of the Issuer, in such order as the Issuer may determine and by lot within any maturity, on any date occurring on or after May 1, 2030, at par and accrued interest to the date fixed for redemption.
Notice of redemption of any Bond shall be given not less than thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the registered address shown on the registration books kept by the Paying Agent. Bonds shall be called for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for redemption, provided funds are on hand with the Paying Agent to redeem the same.
If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate trust office of the Paying Agent, such Bonds shall be paid and redeemed.
INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not exceeding five percent (5%) per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest rate. The difference between the highest and lowest interest rates bid shall not exceed three percent (3%) per annum. No proposal for the purchase of less than all of the Bonds or at a price less than 99% or greater than 110% of the par value, or at a price which will cause the net interest cost on the Bonds to exceed five percent (5%) per annum, will be considered. The interest rate borne by bonds maturing in any year shall not be less than the interest rate borne by Bonds maturing in the preceding year.
PURPOSE AND SECURITY: The Bonds were authorized at an election on March 10, 2020, for the purpose of remodeling, equipping and re-equipping school buildings. The Bonds will pledge the full faith, credit and resources of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, and Article IX, Section 16, of the Michigan Constitution of 1963.
STATE QUALIFICATION: The Bonds are expected to be fully qualified pursuant to Act 92, Public Acts of Michigan, 2005, as amended, enacted pursuant to Article IX, Section 16, of the Michigan Constitution of 1963. Under the terms of said constitutional and statutory provisions, if for any reason the Issuer will be or is unable to pay the principal and interest on the Bonds when due, then the Issuer shall borrow, and the State of Michigan shall lend to it, an amount sufficient to enable the Issuer to make the payment.
AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest true interest cost which is the rate that will discount all future cash payments so that the sum of the present value of all cash flows will equal the Bond proceeds computed from June 30, 2020 (the anticipated date of delivery).
LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, P.C. for services rendered in connection with such approving opinion are expected to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has not examined or reviewed, any financial documents, statements or other materials that have been or may be furnished in connection with the authorization, marketing or issuance of the Bonds and, therefore, has not expressed and will not express an opinion with respect to the accuracy or completeness of any such financial documents, statements or materials.
TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes, as described in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross income for federal income tax purposes.
OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sales date, but in no event later than seven (7) business days after such date, the Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a
reasonably available electronic version of the same. The Issuer will determine which format will be provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any underwriter identification necessary to complete the Official Statement within twenty-four (24) hours after the award of Bonds. Additional copies of the final Official Statement may be obtained up to three months following the sale of the Bonds by a request and payment of costs to the financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the date of delivery the information contained in the Official Statement, and any supplement to the Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, and that the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal year of the Issuer, commencing with the fiscal year ended June 30, 2020, certain annual financial information and operating data, including audited financial statements for the preceding fiscal year, generally consistent with the information contained or cross-referenced in the Official Statement relating to the Bonds, (ii) timely notice of the occurrence of certain significant events with respect to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial information on or before the date specified in (i) above.
CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix G to the Preliminary Official Statement for the Bonds, dated June 8, 2020, for information and requirements concerning establishing the issue price for the Bonds.
CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents will be in substantially the same form as the drafts provided. Closing documents will not be modified at the request of a bidder, regardless of whether the bidder’s proposal is accepted.
DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day is not a business day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations and names in which it wishes to have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity registered in the name of the Purchaser, subject to the election under the “Optional DTC Book-Entry-Only” provisions herein.
CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.
BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq.
FURTHER INFORMATION may be obtained from PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone: (734) 994-9700.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ENVELOPES containing the bids should be plainly marked “Proposal for Gladwin Community
Schools 2020 School Building and Equipment Bonds.”
Bradley R WithrowSecretary, Board of Education
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OFFICIAL NOTICE OF SALE$2,500,000
CHARLEVOIX PUBLIC SCHOOLSCOUNTIES OF CHARLEVOIX AND ANTRIM
STATE OF MICHIGAN2020 SCHOOL BUILDING AND SITE BONDS, SERIES I
(GENERAL OBLIGATION - UNLIMITED TAX)
BIDS for the purchase of the above 2020 School Building and Site Bonds, Series I (the “Bond” or “Bonds”) will be received by Charlevoix Public Schools, Charlevoix and Antrim Counties, Michigan (the “Issuer”), at the administrative offices of the Issuer, 104 E. St. Mary’s Drive, Charlevoix, Michigan 49720-1749, on Monday, the 15th day of June, 2020, until 1:00 o’clock in the p.m., prevailing Eastern Time, at which time and place said bids will be publicly opened and read. BIDS also will be received by the Municipal Advisory Council of Michigan via email at [email protected] on the same date and the same hour by an agent of the undersigned. The bids will simultaneously be opened and read at the temporary offices of the Municipal Advisory Council of Michigan. Bidders may choose either location to present bids but not both locations. Award of the bids will be made on behalf of the Issuer by the Board of Education of the Issuer at a meeting to be called an held at 7:00 o’clock in the p.m., prevailing Eastern Time, on that date.
ELECTRONIC BIDS: Bidders submitting signed bids electronically to the Issuer via facsimile transmission to (231) 547-0556 or the Municipal Advisory Council of Michigan via email at [email protected] must ensure their bids are received prior to the time and date fixed for receipt of bids. Bidders submitting bids electronically bear the full risk of failed or untimely transmission of their bids. Bidders are encouraged to confirm the timely receipt of their full and complete bids by telephoning the Issuer at (231) 547-3200 or the Municipal Advisory Council at (313) 963-0420. Bidders submitting bids electronically must satisfy the requirements of the good faith deposit obligations described herein.
PARITY: Bids may be presented via PARITY on the date and at the time shown above provided that such bidders must also comply with the good faith deposit requirements described herein. To the extent any instructions or directions set forth in PARITY conflict with this Notice, the terms of this Notice shall control. For further information about PARITY, potential bidders may contact PFM Financial Advisors LLC, at (734) 994-9700 or PARITY at (212) 849-5021.
OPTIONAL DTC BOOK-ENTRY-ONLY: Unless otherwise requested by the winning bidder (the “Purchaser”), the Bonds will be initially offered as registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”) under DTC’s Book-Entry-Only system of registration. If DTC Book-Entry-Only is used, purchasers of interests in the Bonds (the “Beneficial Owners”) will not receive physical delivery of bond certificates, and ownership by the Beneficial Owners of the Bonds will be evidenced by book-entry-only. As long as Cede & Co. is the registered owner of the Bonds as nominee of DTC, payments of principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the DTC participants for subsequent disbursement to the Beneficial Owners.
BOND DETAILS: Said Bonds will be fully registered Bonds, of the denomination of $5,000 each or multiples thereof up to the amount of a single maturity, shall be dated the date of delivery, numbered in order of issue from 1 upwards and will bear interest from their dated date payable on November 1, 2020, and semiannually thereafter.
The Bonds will mature on May 1 as follows:
Year Amount Year Amount2021 $330,000 2026 $210,0002022 335,000 2027 215,0002023 325,000 2028 220,0002024 200,000 2029 225,0002025 205,000 2030 235,000
MATURITY ADJUSTMENT: The Issuer reserves the right to decrease the aggregate principal amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if necessary, will be made in increments of $5,000 and may be made in any maturity.
ADJUSTMENT TO PURCHASE PRICE: In the event of a maturity adjustment, the purchase price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the winning bid.
TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in any year as serial bonds or term bonds, or both. The bidder must designate whether each of the principal amounts shown above represent a serial maturity or a mandatory redemption requirement for a term bond maturity. There may be more than one term bond maturity. In any event, the above principal amount schedule shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. Any such designation must be made within one (1) hour of the Bond sale.
PAYING AGENT: Principal and interest shall be payable at a bank or trust company qualified to act as a paying agent in Michigan (the “Paying Agent”), or such other Paying Agent as the Issuer may hereafter designate by notice mailed to the registered owner not less than sixty (60) days prior to any change in Paying Agent. In the event the Bonds cease to be held in book entry form only, the Paying Agent will serve as bond registrar and transfer agent, interest shall be paid by check mailed to the owner as shown by the registration books of the Issuer as of the close of business on the 15th day of the month preceding any interest payment date and the Bonds will be transferable
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To reach the widest audiencewithin the marketplace, advertise your competitive bond sales in The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected].
THE DAILY NEWSPAPER OF PUBLIC FINANCE
013_BB060820 13 6/5/2020 2:56:12 PM
The Bond Buyer14 Monday, June 8, 2020Competitive Sales Notices
only upon the registration books of the Issuer kept by the Paying Agent. See “Optional DTC Book-Entry-Only” above.
PRIOR REDEMPTION:A. Mandatory Redemption - Term Bonds.Principal designated by the Purchaser as a term maturity shall be subject to mandatory redemption,
in part, by lot, at par and accrued interest on the redemption dates corresponding to the maturities hereinbefore scheduled. When term Bonds are purchased by the Issuer and delivered to the Paying Agent for cancellation or are redeemed in a manner other than by mandatory redemption, the principal amount of the term Bonds affected shall be reduced by the principal amount of the Bonds so redeemed or purchased in the order determined by the Issuer.
B. No Optional Redemption.Bonds of this issue are not subject to redemption at the option of the Issuer prior to maturity.Notice of redemption of any Bond shall be given not less than thirty (30) days and not more
than sixty (60) days prior to the date fixed for redemption by mail to the Registered Owner at the registered address shown on the registration books kept by the Paying Agent. Bonds shall be called for redemption in multiples of $5,000 and Bonds of denominations of more than $5,000 shall be treated as representing the number of Bonds obtained by dividing the denomination of the Bond by $5,000 and such Bonds may be redeemed in part. The notice of redemption for Bonds redeemed in part shall state that upon surrender of the Bond to be redeemed a new Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered shall be issued to the Registered Owner thereof. No further interest payment on the Bonds or portions of Bonds called for redemption shall accrue after the date fixed for redemption, whether presented for redemption, provided funds are on hand with the Paying Agent to redeem the same.
If less than all of the Bonds of any maturity shall be called for redemption prior to maturity unless otherwise provided, the particular Bonds or portions of Bonds to be redeemed shall be selected by the Paying Agent, in such manner as the Paying Agent in its discretion may deem proper, in the principal amounts designated by the Issuer. Upon presentation and surrender of such Bonds at the corporate trust office of the Paying Agent, such Bonds shall be paid and redeemed.
INTEREST RATE AND BIDDING DETAILS: The Bonds shall bear interest at a rate or rates not exceeding five percent (5%) per annum, to be fixed by the bids therefor, expressed in multiples of 1/8 or 1/100 of 1%, or both. The interest on any one Bond shall be at one rate only. All Bonds maturing in any one year must carry the same interest rate. The difference between the highest and lowest interest rates bid shall not exceed three percent (3%) per annum. No proposal for the purchase of less than all of the Bonds or at a price less than 100% or greater than 110% of the par value, or at a price which will cause the net interest cost on the Bonds to exceed five percent (5%) per annum, will be considered. The interest rate borne by bonds maturing in any year shall not be less than the interest rate borne by Bonds maturing in the preceding year.
PURPOSE AND SECURITY: The Bonds are the first of two or more series of bonds that were authorized at an election on May 5, 2020, for the purpose of remodeling, equipping and re-equipping, and furnishing and refurnishing school buildings; acquiring and installing instructional technology and instructional technology equipment for school buildings; purchasing school buses; and equipping, developing and improving athletic fields, athletic facilities, and sites. The Bonds will pledge the full faith, credit and resources of the Issuer for payment of the principal and interest thereon, and will be payable from ad valorem taxes, which may be levied without limitation as to rate or amount as provided by Article IX, Section 6, of the Michigan Constitution of 1963.
AWARD OF BONDS: The Bonds will be awarded to the bidder whose bid produces the lowest true interest cost which is the rate that will discount all future cash payments so that the sum of the present value of all cash flows will equal the Bond proceeds computed from June 30, 2020 (the anticipated date of delivery).
LEGAL OPINION: Bids shall be conditioned upon the unqualified approving opinion of Thrun Law Firm, P.C., East Lansing, Michigan, bond counsel, the original of which will be furnished without expense to the Purchaser of the Bonds at the delivery thereof. The fees of Thrun Law Firm, P.C. for services rendered in connection with such approving opinion are expected to be paid from Bond proceeds. Except to the extent necessary to issue its approving opinion as to the validity of the above Bonds, Thrun Law Firm, P.C. has not been requested to examine or review, and has not examined or reviewed, any financial documents, statements or other materials that have been or may be furnished in connection with the authorization, marketing or issuance of the Bonds and, therefore, has not expressed and will not express an opinion with respect to the accuracy or completeness of any such financial documents, statements or materials.
TAX MATTERS: In the opinion of bond counsel, assuming continued compliance by the Issuer with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes, as described in the opinion, and the Bonds and interest thereon are exempt from all taxation in the State of Michigan, except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. The Issuer has designated the Bonds as “QUALIFIED TAX-EXEMPT OBLIGATIONS” within the meaning of the Code, and has covenanted to comply with those requirements of the Code necessary to continue the exclusion of interest on the Bonds from gross income for federal income tax purposes.
OFFICIAL STATEMENT: Upon the sale of the Bonds, the Issuer will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. Promptly after the sales date, but in no event later than seven (7) business days after such date, the Issuer will provide the Purchaser with either a reasonable number of final Official Statements or a reasonably available electronic version of the same. The Issuer will determine which format will be provided. The Purchaser agrees to supply to the Issuer all necessary pricing information and any underwriter identification necessary to complete the Official Statement within twenty-four (24) hours after the award of Bonds. Additional copies of the final Official Statement may be obtained up to three months following the sale of the Bonds by a request and payment of costs to the financial consultant. The Issuer agrees to provide to the Purchaser at closing a certificate executed
by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the date of delivery the information contained in the Official Statement, and any supplement to the Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, and that the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal year of the Issuer, commencing with the fiscal year ended June 30, 2020, certain annual financial information and operating data, including audited financial statements for the preceding fiscal year, generally consistent with the information contained or cross-referenced in the Official Statement relating to the Bonds, (ii) timely notice of the occurrence of certain significant events with respect to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial information on or before the date specified in (i) above.
CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix F to the Preliminary Official Statement for the Bonds, dated June 4, 2020, for information and requirements concerning establishing the issue price for the Bonds.
CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents will be in substantially the same form as the drafts provided. Closing documents will not be modified at the request of a bidder, regardless of whether the bidder’s proposal is accepted.
DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day is not a business day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations and names in which it wishes to have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity registered in the name of the Purchaser, subject to the election under the “Optional DTC Book-Entry-Only” provisions herein.
CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.
BOND INSURANCE: In the event that the Purchaser elects to obtain bond insurance for the Bonds, the cost of such bond insurance shall be the responsibility of the Purchaser. The failure of such bond insurance to be issued at or before delivery of the Bonds shall not be a basis for the Purchaser to refuse delivery of the Bonds. In the event of Purchaser-obtained bond insurance, the bond insurer shall not be entitled to be an addressee of any bond counsel opinion related to the Bonds, nor shall the bond insurer be entitled to a reliance letter associated with the same.
BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq.
FURTHER INFORMATION may be obtained from PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone: (734) 994-9700.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ENVELOPES containing the bids should be plainly marked “Proposal for Charlevoix Public
Schools 2020 School Building and Site Bonds, Series I.”
Matt PetersonSecretary, Board of Education
continued from previous page
Advertise your competitive sales in The Bond Buyer.For more information, contact or Kerry-Ann C. Parkesat 212-803-8436 or at [email protected]
GIVENOTICEbuyers want to know
014_BB060820 14 6/5/2020 2:56:13 PM
www.bondbuyer.com 15Monday, June 8, 2020Competitive Sales Notices
by appropriate officers of the Issuer acting in their official capacities, to the effect that as of the date of delivery the information contained in the Official Statement, and any supplement to the Official Statement, relating to the Issuer and the Bonds are true and correct in all material respects, and that the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
CONTINUING DISCLOSURE: As more particularly described in the Official Statement, the Issuer will agree in the bond resolution or sales resolution to provide or cause to be provided, in accordance with the requirements of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Exchange Commission, (i) on or prior to the end of the sixth month after the end of the fiscal year of the Issuer, commencing with the fiscal year ended June 30, 2020, certain annual financial information and operating data, including audited financial statements for the preceding fiscal year, generally consistent with the information contained or cross-referenced in the Official Statement relating to the Bonds, (ii) timely notice of the occurrence of certain significant events with respect to the Bonds and (iii) timely notice of a failure by the Issuer to provide the required annual financial information on or before the date specified in (i) above.
CERTIFICATION REGARDING “ISSUE PRICE”: Please see Appendix F to the Preliminary Official Statement for the Bonds, dated June 4, 2020, for information and requirements concerning establishing the issue price for the Bonds.
CLOSING DOCUMENTS: Drafts of all closing documents, including the form of Bond and bond counsel’s legal opinion, may be requested from Thrun Law Firm, P.C. Final closing documents will be in substantially the same form as the drafts provided. Closing documents will not be modified at the request of a bidder, regardless of whether the bidder’s proposal is accepted.
DELIVERY OF BONDS: The Issuer will furnish Bonds ready for execution at its expense. Bonds will be delivered without expense to the Purchaser at a place to be mutually agreed upon with the Purchaser. The usual closing documents, including a certificate that no litigation is pending affecting the issuance of the Bonds, will be delivered at the time of the delivery of the Bonds. If the Bonds are not tendered for delivery by twelve o’clock, noon, prevailing Eastern Time, on the 45th day following the date of sale, or the first business day thereafter if the 45th day is not a business day, the Purchaser may on that day, or any time thereafter until delivery of the Bonds, withdraw the proposal by serving notice of cancellation in writing, on the undersigned. Accrued interest to the date of delivery of the Bonds shall be paid by the Purchaser at the time of delivery. Payment for the Bonds shall be made in federal reserve funds. Unless the Purchaser furnishes the Paying Agent with a list giving the denominations and names in which it wishes to have the certificates issued at least five (5) business days prior to delivery of the Bonds, the Bonds will be delivered in the form of a single certificate for each maturity registered in the name of the Purchaser, subject to the election under the “Optional DTC Book-Entry-Only” provisions herein.
CUSIP NUMBERS: CUSIP numbers will be printed on the Bonds at the option of the Purchaser; however, neither the failure to print CUSIP numbers nor any improperly printed CUSIP numbers shall be cause for the Purchaser to refuse to take delivery of and pay the purchase price for the Bonds. Application for CUSIP numbers will be made by PFM Financial Advisors LLC, municipal advisor to the Issuer. The CUSIP Service Bureau’s charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.
BOND INSURANCE: In the event that the Purchaser elects to obtain bond insurance for the Bonds, the cost of such bond insurance shall be the responsibility of the Purchaser. The failure of such bond insurance to be issued at or before delivery of the Bonds shall not be a basis for the Purchaser to refuse delivery of the Bonds. In the event of Purchaser-obtained bond insurance, the bond insurer shall not be entitled to be an addressee of any bond counsel opinion related to the Bonds, nor shall the bond insurer be entitled to a reliance letter associated with the same.
BIDDER CERTIFICATION - NOT “IRAN-LINKED BUSINESS”: By submitting a bid, the bidder shall be deemed to have certified that it is not an “Iran-Linked Business” as defined in Act 517, Public Acts of Michigan, 2012; MCL 129.311, et seq.
FURTHER INFORMATION may be obtained from PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108, telephone: (734) 994-9700.
THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ENVELOPES containing the bids should be plainly marked “Proposal for Charlevoix Public
Schools 2020 School Building and Site Bonds, Series I.”
Matt PetersonSecretary, Board of Education
SUMMARY NOTICE OF SALE$18,000,000*
LAGUNA BEACH UNIFIED SCHOOL DISTRICT(ORANGE COUNTY, CALIFORNIA)
2020 GENERAL OBLIGATION REFUNDING BONDS
Bids will be received up to 9:00 A.M. Pacific Standard Time, on June 23, 2020 in electronic form via PARITY®, for the purchase of the Laguna Beach Unified School District (Orange County, California) 2020 General Obligation Refunding Bonds (the “Bonds”). The Bonds are being issued by the Laguna Beach Unified School District (the “District”). The Bonds are more particularly described in the Preliminary Official Statement prepared in connection with the offer and sale of the Bonds and copies of the Preliminary Official Statement and the Official Notice of Terms of Sale containing other terms and conditions relating to the requirements for bidding on the Bonds will be available to Bidders via Ipreo’s website or on request by contacting the District’s Municipal Advisor, Fieldman, Rolapp & Associates, Inc., Attention: Adam Bauer, telephone (949) 660-7303 (email: [email protected]) or Rachel Chang-Kwei, telephone (949) 660-7316 (email: [email protected]).
Both principal of and interest on the Bonds are payable from an unlimited ad valorem tax levied against all of the taxable property in the District.
The Bonds will mature or be payable by sinking fund payment on August 1 of each year and pay interest on February 1 and August 1 of each year as set forth in the Official Notice of Terms of Sale.
The legal opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California will be furnished to the successful bidder substantially in the form attached to the Preliminary Official Statement.
The date and time for the sale of the Bonds may be changed at the sole discretion of the District by providing notice thereof through Thomson Municipal Market Monitor (www.tm3.com), Bloomberg Financial Markets or The Bond Buyer not less than 24 hours before the time for receipt of bids.
LAGUNA BEACH UNIFIED SCHOOL DISTRICT,
Dated: June 8, 2020 By: Jason Viloria, Ed.D., Superintendent
* Preliminary, subject to change.
NOTICE OF INTENTION TO SELL$8,140,000*
HEMET UNIFIED SCHOOL DISTRICT(Riverside County, California)
General Obligation Refunding Bonds, Series 2020
NOTICE IS HEREBY GIVEN that the above Bonds will be offered for public sale by the Governing Board of the Hemet Unified School District, County of Riverside, California (the “District”), on Wednesday, June 24, 2020, at 9:00 a.m., California time (or on such other date and times as may be determined by the District as provided in the paragraph below), at the offices of the Municipal Advisor to the District, Fieldman, Rolapp & Associates, Inc., 19900 MacArthur Boulevard, Suite 1100, Irvine, CA 92612, subject to all of the terms and conditions of the Official Notice of Sale describing the Bonds, copies of which (along with a Preliminary Official Statement relating to the Bonds) will be furnished upon request to the Municipal Advisor to the District, Fieldman, Rolapp & Associates, Inc., 19900 MacArthur Boulevard, Suite 1100, Irvine, CA 92612 (telephone (949) 660-7314), or can be obtained at no cost in an electronic version from Thomson Municipal News (the “News Service”) on its website at http://www.tm3.com.
The District reserves the right to postpone or cancel the sale of the Bonds or change the terms thereof upon notice given through the News Service. In the event that no bid is awarded for the Bonds, the District will reschedule the sale of the Bonds to another date or time by providing notification through the News Service.
The District reserves the right to modify or amend the Official Notice of Sale in any respect, as more fully described in the Official Notice of Sale, provided, that any such modification or amendment will be communicated to potential bidders through the PARITY® System (“Parity”), not later than 5:00 p.m., California time, on the business day preceding the date for receiving bids for the Bonds. Failure of any potential bidder to receive notice of any modification or amendment will not affect the sufficiency of any such notice or the legality of the sale.
Dated: June 8, 2020 /s/ Christi Barrett
Clerk of the Governing Board of theHemet Unified School District
*Preliminary; subject to change.
SUMMARY NOTICE OF SALE
$6,700,000*WATER UTILITY BONDS, SERIES 2020
OF THETOWNSHIP OF PEQUANNOCK, IN THE
COUNTY OF MORRIS, NEW JERSEY(Book-Entry-Only Bonds) (Callable)
SUMMARY
Dated: Date of Delivery – On or about July 15, 2020Bid Date and Time: June 25, 2020 at 11:00 a.m. and award by 3:00 p.m.Type of Sale: PARITYInterest: Multiple Interest Rates – multiples of 1/8 or 1/20 of 1% Legal Opinion: McManimon, Scotland & Baumann, LLC, Roseland, NJBid Security: Good faith check, wire transfer or Financial Surety Bond must be
received by the Township by 10:30 a.m. prior to bidding in the amount of $134,000
Limitation on Premium: $7,102,000 (par plus 6% original issue premium)Maturity Schedule: July 15 as set forth in the following table:
Preliminary Official Statement, Notice of Sale and other details available atwww.i-dealprospectus.com
Find more legal notices at https://www.bondbuyer.com/other-legal-notices.
Price matters—get the best yield
Advertise your competitive sales in The Bond Buyer.For more information, contact or Kerry-Ann C. Parkes at 212-803-8436 or at [email protected]
It’s more than a bond deal— you’re improving a community
015_BB060820 15 6/5/2020 2:56:15 PM
The Bond Buyer16 Monday, June 8, 2020
NOTICE OF REDEMPTION
Illinois Housing Development Authority Multi-Family Housing Bonds
1981 Series A(Maturing on July 1, 2023)
NOTICE IS HEREBY GIVEN, that pursuant to Article IV of the Bond Resolution adopted February 26, 1975, and Article II of the 1981 Series A Resolution adopted January 16, 1981, as amended, $3,675,000 principal amount of the above mentioned Bonds, bearing interest at 7% and due July 1, 2023, are called for redemption as of July 1, 2020, without premium and with accrued interest to July 1, 2020, such payment to be made from funds deposited with The Bank of New York Mellon Trust Company, N.A., as Trustee. Payment for Bonds called for redemption will be made on July 1, 2020, upon presentation of the Bonds at The Bank of New York Mellon Trust Company, N.A. per the addresses noted below.
Maturity Date Redemption Price Principal Interest Rate CUSIP Number 07/01/2023 100% $3,675,000 7.00% 452010QH7
Holders of the Bonds are requested to present their Bonds at the following address. The Bonds should be presented as follows:First Class/Registered/Certified Express Delivery Only By Hand OnlyThe Bank of New York Mellon The Bank of New York Mellon The Bank of New York MellonGlobal Corporate Trust Global Corporate Trust Global Corporate TrustP.O. Box 2320 2001 Bryan Street, 9th Floor Corporate Trust WindowDallas, Texas 75221-2320 Dallas, Texas 75201 101 Barclay Street, 1st Floor, East New York, New York 10286 Attn: Fiscal Agency Department Registered or certified insured mail is suggested when submitting Bonds for payment.
Dated: June 8, 2020
ILLINOIS HOUSING DEVELOPMENT AUTHORITY
By: The Bank of New York Mellon Trust Company, N.A. as Trustee or Agent Bondholder Communications: 800-254-2826
IMPORTANT TAX NOTICE
Withholding of 24% of gross redemption proceeds of any payment made within the United States may be required by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), unless the Paying Agent has the correct taxpayer identification number (social security or employer identification number) or exemption certificate of the payee. Please furnish a properly completed Form W-9 or exemption certificate or equivalent when presenting your securities.
*NOTE: The Issuer and Trustee/Agent shall not be responsible for the selection or use of the CUSIP numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Bond. They are included solely for the convenience of the holders.
Fiduciary Communications Company, One State Street Plaza, 25th Floor, New York, NY 10004Phone Nos.: 212-803-8620/8628, Fax: 212-803-8667
Legal NoticesBankruptcy NoticeBond Redemption AdvertisementNOTICE OF COMMENCEMENT OF A CASE
UNDER CHAPTER 9 OF THE BANKRUPTCY CODE
COMES NOW the City of Fairfield, Alabama (the "City") and hereby gives notice of commencement of a case under Chapter 9 of the Bankruptcy Code. This notice is to inform the public that the City has sought the protections afforded by the United States Bankruptcy Code. The City's bankruptcy case is currently pending in the United States Bankruptcy Court for the Northern District of Alabama in case number 20-01800-9. The publication of this notice in three successive weeks in this newspaper satisfies the publication requirements of Section 923 of the Bankruptcy Code.
APPROVAL FOR FINAL PUBLICATION
Publication(s) Date(s)
By signing this approval block client approves final publication and all costs related.
Signature:
Bond Buyer 06/01/2020 06/08/2020 06/15/2020
Fiduciary Communications CompanyOne State Street Plaza, 25th FloorNew York, NY 10004Phone Nos.: 212-803-8620/8628Fax: 212-803-8667
The Bond Buyer Newspaper —The only newspaper committed to serving the municipal bond market. No other publication covers and penetrates the municipal market and reaches the movers and shakers who set the pace for record sales. Make sure this powerful audience sees your message every day.
The Bond Buyer Networkis a powerful line of products and services targeted to bring your message directly to the $3.7 trillion Municipal Market.
Put The Bond Buyer Network to work for you.
For complete information on creating integrated advertising programs, contact
For rates and additionalinformation about advertisinga notice of competitive sale,please call Kerry-Ann C. Parkesat 212-803-8436 orsend an email [email protected].
THE DAILY NEWSPAPER OF PUBLIC FINANCE THE DAILY NEWSPAPER OF PUBLIC FINANCE
BiDCOMP®/Parity®
www.newissuehome.i-deal.com
6/8 - Independent School District No. 777 (Benson), MN
6/8 - Moc-Floyd Valley Community School District (IA), IA
6/8 - City of Maplewood (MN), MN
6/8 - City of Forada (MN), MN
6/8 - City of Lino Lakes, MN
6/8 - City of Minnetonka Beach (MN), MN
6/8 - Village of McFarland, WI
6/8 - Cass City Public Schools, MI
6/8 - Grand Forks Public School District No. 1, ND
6/8 - City of Perham, MN
6/8 - Grand Forks Public School District No. 1, ND
6/8 - Town of Dedham (MA), MA
6/8 - Knoxville Community School District, IA
6/9 - Ventura County (CA), CA
6/9 - City of Gilbert, MN
6/9 - City of Fort Worth (TX), TX
6/9 - South Prairie Public School District no. 70, ND
6/9 - City of Marshall (MN), MN
6/9 - City of Bastrop (TX), TX
6/9 - Travis County Municipal Utility District No. 17 (TX), TX
6/9 - City of Leavenworth (KS), KS
6/9 - City of Leavenworth (KS), KS
6/9 - Lakeside School District No. 9 of Garland County, AR
6/9 - City of Grimes, IA
6/9 - City of Fort Worth (TX), TX
6/9 - City of Winston-Salem (NC), NC
6/9 - City of Winston-Salem (NC), NC
6/9 - County Commissioners of Washington County, MD
6/9 - City of Springfield (MA), MA
6/9 - City of Winston-Salem (NC), NC
6/9 - Township of Brick (NJ), NJ
6/9 - East Meadow Union Free School District, NY
6/9 - Township of Wayne (NJ), NJ
6/9 - Hicksville Union Free School District, NY
6/9 - County Commissioners of Washington County, MD
6/9 - Lynbrook Union Free School District, NY
6/9 - City of Framingham (MA), MA
6/9 - City of Lawrence (MA), MA
6/9 - East Meadow Union Free School District, NY
6/9 - Cloverport Independent School District Finance Corporation, KY
6/9 - City of Lawrence (MA), MA
6/9 - City of Lawrence (MA), MA
6/9 - Frankton-Lapel Community Schools (IN), IN
6/9 - Township of Brick (NJ), NJ
6/10 - Suffolk County Water Authority (NY), NY
6/10 - Town of Essex (MA), MA
6/10 - Kansas Rural Water Finance Authority, KS
6/11 - City of Fremont (OH), OH
6/11 - Town of Windsor (CT), CT
To reach the widest audiencewithin the marketplace, advertise your competitive bond sales in The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected].
THE DAILY NEWSPAPER OF PUBLIC FINANCE
017_BB060820 17 6/5/2020 2:56:19 PM
18 The Bond BuyerMonday, June 8, 2020New Issues
Monday, June 8 Knoxville Comm SD IA GO Sch *26,250 1:30 pm C Piper Sandler Ahlers & Cooney 21-40 --- A1 --- --- --- --- 2-Jun
Manchester IA GO Urban Renewal (Tax) *300 11 am C Speer Financial Dorsey & Whitney 22-31 --- --- --- --- --- --- 27-May
Manchester IA GO Corp Purp *1,750 10:30 am C Speer Financial Dorsey & Whitney 21-31 --- --- --- --- --- BQ 27-May
Moc-Floyd Vly Comm SD IA GO Sch *9,440 10 am C Piper Sandler Ahlers & Cooney 21-40 --- A1 --- --- --- BQ 28-May
Dedham (Town) MA GO Muni Purp Loan *7,665 12 pm E UniBank Fiscal Adv Locke Lord 21-50 --- --- --- --- --- BQ 2-Jun
Cass City Pub Schs MI Sch Bldg & Site *2,335 11 am E Baker Tilly MA Thrun Law Firm 21-35 --- --- --- --- --- BQ 27-May
Barnesville MN GO Imp *2,560 9:30 am C Ehlers Ohnstad Twichell 22-41 --- --- --- --- --- BQ 18-May
Benson ISD #777 MN GO Sch Bldg *1,475 9:30 am C Ehlers Knutson Flynn 22-36 --- --- --- --- --- BQ 8-May
Cokato MN GO *4,355 11 am C Ehlers Kennedy & Graven 22-41 --- --- --- --- --- BQ 21-Apr
Forada (City) MN GO Wst Wtr Rev Ref *1,475 10 am C AMKO Advisors Arntson Stewart 21-43 --- --- --- --- --- BQ 2-Jun
Leflore Co ISD #20 OK Bldg (Tax) 520 1 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 28-May
Rogers Co ESD #9 OK Bldg (Tax) 730 2 pm C Stephen H. McDonald State Atty General 22-24 --- --- --- --- --- --- 28-May
Cameron Vlg WI GO Prom *1,645 10:30 am C Ehlers Quarles & Brady 21-29 --- --- --- --- --- BQ 13-May
McFarland Vlg WI GO Prom *4,545 10:30 am C Wisconsin Pub Fin Griggs Law Office 21-29 --- Aa2 --- --- --- BQ 29-May
Northcentral Tech Coll Dt WI GO Prom 10,000 10:30 am C Baird Griggs Law Office 21-30 --- Aa1 --- --- --- --- 21-May
Oostburg Vlg WI Wtr Sys Rev *1,060 10 am C Ehlers Quarles & Brady 21-32 --- --- --- --- --- BQ 2-Jun
Oostburg Vlg WI GO Prom *1,105 10 am C Ehlers Quarles & Brady 21-30 --- --- --- --- --- BQ 2-Jun
Tuesday, June 9 Hampton SD #1 of Calhoun Co AR Ref *5,395 1 pm C First Sec Beardsley Friday Eldredge 21-39 --- Aa2 --- --- --- BQ 5-Jun
Lakeside SD #9 AR Ref *2,555 10 am C Stephens Friday Eldredge 21-35 --- --- --- --- --- BQ 3-Jun
Mena SD #23 AR Ref *5,650 11 am C First Sec Beardsley Friday Eldredge 21-38 --- Aa2 --- --- --- BQ 5-Jun
Los Angeles Co MTA CA Rev Ref *28,770 8:45 am P Hilltop Securities Hawkins Delafield 23 --- --- --- --- --- --- 22-May
Center Point IA GO Corp Purp *2,700 11 am C Speer Financial Dorsey & Whitney 21-36 --- A1 --- --- --- BQ 29-May
Grimes IA GO Corp Purp *8,385 10 am C PFM Fin Advisors Dorsey & Whitney 21-35 --- Aa2 --- --- --- BQ 3-Jun
Frankton-Lapel Comm Schs IN GO *2,500 11 am E Therber & Brock Ice Miller 22-26 --- --- AA+ --- --- BQ 29-May
Leavenworth KS Temp *1,400 10 am C Raymond James Nichols & Wolfe 21 --- MIG1 --- --- --- BQ 1-Jun
Leavenworth KS GO Ref & Imp *8,130 10 am C Raymond James Nichols & Wolfe 21-32 --- Aa2 --- --- --- BQ 1-Jun
Cloverport ISD Fin Corp KY Sch Bldg Ref Rev *575 11 am E Baird Steptoe & Johnson 20-30 --- A1 --- --- --- BQ 3-Jun
P Union County NJ Gen Imp 59,700 11 am E Municipal Official Rogut McCarthy 21-31 --- --- --- --- --- --- 29-May
Genesee Vly Ctrl SD NY Sch Dist *10,220 11:30 am E Municipal Solutions Hodgson Russ 21-34 --- --- --- --- --- --- 1-Jun
P Hicksville UFSD NY Sch Dist *14,700 11 am E Capital Markets Adv Hawkins Delafield 21-39 --- --- --- --- --- --- 1-Jun
P Lynbrook UFSD NY Sch Dist *28,926 11 am E Capital Markets Adv Hawkins Delafield 21-40 --- --- --- --- --- --- 2-Jun
Garvin Co ISD #18 OK Comb Purp (Tax) 1,280 1 pm C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 28-May
Rogers Co ISD #8 OK Comb Purp (Tax) 4,130 11:45 am C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 28-May
Oshkosh WI GO Prom *7,360 10:30 am C Ehlers Chapman and Cutler 21-30 --- --- --- --- --- --- 15-May
Oshkosh WI GO Corp Purp *10,870 10:30 am C Ehlers Chapman and Cutler 21-40 --- --- --- --- --- --- 15-May
River Falls WI GO Corp Purp *6,250 10 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- BQ 2-Jun
Sussex Vlg WI GO Street *8,000 10 am C PFM Fin Advisors Quarles & Brady 22-39 --- Aa2 --- --- --- --- 4-Jun
Wednesday, June 10 Ashdown SD #31 AR Ref *8,280 11 am C First Sec Beardsley Friday Eldredge 21-38 --- Aa2 --- --- --- BQ 5-Jun
Elkins SD #10 AR Ref *3,020 1 pm C First Sec Beardsley Friday Eldredge 22-41 --- Aa2 --- --- --- BQ 5-Jun
Dysart IA GO Corp Purp *500 11 am C Speer Financial Dorsey & Whitney 21-32 --- --- --- --- --- BQ 29-May
Franklin IN Swr Works Rev *5,250 11 am E Peters Muni Consul Barnes & Thornburg 21-40 BAM --- --- --- --- --- Today
Kansas Rural Wtr Fin KS Ref Rev *1,315 11 am C Ranson Fin Group Gilmore & Bell 21-31 --- --- --- --- --- BQ 1-Jun
Essex (Town) MA GO Pub Safety *12,500 11 am E UniBank Fiscal Adv Locke Lord 21-50 --- --- --- --- --- --- 2-Jun
Lexington (Town) MA GO Muni Purp Loan *20,815 11 am E Hilltop Securities Locke Lord 21-35 --- --- --- --- --- --- 5-Jun
Winchester (Town) MA GO Muni Purp Loan *16,080 11 am E Hilltop Securities Hinckley Allen 21-45 --- --- --- --- --- --- 5-Jun
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
A letter “P” signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar.
This monitor signifies the Notice of Sale is available on www.bondbuyer.comTo Report or Obtain Information
Competitive / Negotiated Offerings
Joycelyn Gumbs 212-849-3870
Priya Khandai 646-679-3128
Competitive / Negotiated Sales Results
Ruth-Ann Medina 212-849-3873
Anthony Andino 212-849-3868A “+” under Insurer in the Negotiated Bond Offerings and Negotiated Note Offerings signifies that insurance is available.
19www.bondbuyer.comMonday, June 8, 2020 New Issues
Sullivan SD MO GO Ref 6,585 10:30 am C Sentry Fin Svcs Gilmore & Bell 21-26 --- --- --- --- --- BQ Today
Chateaugay Ctrl SD NY Sch Dist *825 11 am E R.G. Timbs Timothy R. McGill 21-34 --- --- --- --- --- BQ 3-Jun
P Great Neck UFSD NY Sch Dist *9,775 11 am E Capital Markets Adv Hawkins Delafield 21-40 --- --- --- --- --- --- 3-Jun
Southampton (Town) NY Pub Imp 18,360 11 am E Munistat Services Norton Rose 21-40 --- --- --- --- --- --- 4-Jun
P Suffolk Co Wtr Auth NY Wtr Sys Rev (Tax) *88,280 10:30 am E Goldman Sachs Harris Beach 21-40 --- --- --- --- --- --- 29-May
Kay Co ISD #87 OK Bldg (Tax) 540 12:45 pm C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 28-May
Mayes Co ISD # 16 OK GO 370 12 pm C Stephen L. Smith Phillips Murrah 22 --- --- --- --- --- BQ 29-May
Sequoyah Co ISD #1 OK Bldg (Tax) 990 11:45 am C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 28-May
Northwestern SD PA GO *6,960 11:15 am E PFM Fin Advisors Knox McLaughlin 21-39 --- --- --- --- --- BQ 5-Jun
Fort Worth TX Wtr & Swr Rev *169,180 10 am C Hilltop Securities McCall Parkhurst 21-50 --- --- --- --- --- --- 4-Jun
Thursday, June 11 Blytheville SD #5 AR Ref *8,195 11 am C First Sec Beardsley Friday Eldredge 21-30 --- Aa2 --- --- --- BQ 5-Jun
Santa Clara Co Fin Auth CA Lease Rev *28,280 8:30 am P KNN Public Finance Orrick Herrington 21-50 --- --- AA+ --- --- --- 28-May
P Windsor (Town) CT GO 15,570 11:30 am E Hilltop Securities Day Pitney 21-40 --- --- AAA --- --- --- 2-Jun
Edmonson Co SD Fin Corp KY Sch Bldg *1,745 11 am E RSA Advisors, LLC Steptoe & Johnson 21-40 --- --- --- --- --- BQ 5-Jun
Bridgewater (Town) MA GO Muni Purp Loan *9,980 11:30 am E UniBank Fiscal Adv Locke Lord 21-40 --- --- --- --- --- --- Today
North Andover (Town) MA GO Muni Purp Loan *2,780 11 am E UniBank Fiscal Adv Hinckley Allen 21-30 --- --- --- --- --- BQ Today
St Johns Pub Schs MI GO Ref (Tax) *33,935 11 am E Baker Tilly MA Thrun Law Firm 23-33 --- --- --- --- --- --- 2-Jun
Bertha Hewitt ISD #786 MN GO Sch Bldg *1,975 10 am C Ehlers Knutson Flynn 30-35 --- --- --- --- --- BQ 8-May
Frewsburg Ctrl SD NY Sch Dist *8,525 11:30 am E Municipal Solutions Hodgson Russ 21-39 --- --- --- --- --- BQ 4-Jun
P New Rochelle CSD NY Sch Dist *36,525 11 am E Capital Markets Adv Hawkins Delafield 21-35 --- --- --- --- --- --- 4-Jun
Parishville-Hopkinton Ctrl SD NY Sch Dist *2,150 10:15 am E R.G. Timbs Timothy R. McGill 21-35 --- --- --- --- --- BQ 1-Jun
P Scarsdale UFSD NY Sch Dist *43,600 11 am E Capital Markets Adv Hawkins Delafield 21-35 --- --- --- --- --- --- 4-Jun
W Genesee Ctrl SD NY Sch Dist *2,785 11:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 21-24 --- --- --- --- --- BQ 3-Jun
P West Islip UFSD NY Sch Dist *40,000 11 am E Capital Markets Adv Hawkins Delafield 21-35 --- --- --- --- --- --- 4-Jun
Cherokee Co ISD #35 OK Bldg (Tax) 2,485 1 pm C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 1-May
Comanche Co ISD #16 OK Bldg (Tax) 500 12 pm C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 29-May
Baldwin-Whitehall SD PA GO *9,995 11:15 am E PFM Fin Advisors Dinsmore & Shohl 21-36 --- --- --- --- --- BQ Today
Henderson County TN Sch Ref *3,075 10:15 am E Cumberland Secs Bass Berry 21-29 --- --- --- --- --- BQ Today
Brushy Creek MUD TX Unltd Tax 2,100 1 pm C Baird State Atty General 21-29 --- --- --- --- --- --- 28-May
Harris Co MUD #459 TX Unltd Tax 4,750 9:30 am C GMS Group State Atty General --- --- --- --- --- --- BQ 28-May
Salt Lake Mosquito Abatement Dt UT Lease Rev *7,580 9:30 am M Zions Pub Fin Gilmore & Bell 21-38 --- Aa3 --- --- --- BQ 5-Jun
Monday, June 15 Grundy Center IA GO Street *600 11 am C Speer Financial Dorsey & Whitney 21-30 --- --- --- --- --- BQ 4-Jun
Lynnville-Sully Comm SD IA GO Sch *4,725 11 am C Piper Sandler Dorsey & Whitney 21-40 --- --- --- --- --- BQ 5-Jun
River Forest SD #90 IL GO Ltd Tax Notes *2,000 10:15 am C Kane McKenna Chapman and Cutler 21-25 --- --- --- --- --- BQ Today
Augusta KS GO Temp *1,205 11 am C Piper Sandler Gilmore & Bell 21-23 --- --- --- --- --- BQ 3-Jun
Charlevoix Pub Schs MI Sch Bldg 2,500 1 pm E PFM Fin Advisors Thrun Law Firm 21-30 --- --- --- --- --- BQ Today
Gladwin Comm Schs MI Sch Bldg 3,500 2 pm E PFM Fin Advisors Thrun Law Firm 21-32 --- --- --- --- --- BQ Today
Sauk Rapids-Rice ISD #47 MN GO 5,565 10 am C Ehlers Dorsey & Whitney 22-36 --- --- --- --- --- --- 28-Apr
P Manchester MO GO *7,000 10 am C WM Fin Strategies Gilmore & Bell 23-40 --- --- AA- --- --- BQ 3-Jun
Caddo Co ISD #56 OK Bldg (Tax) 840 12 pm C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 28-May
Grady Co ISD #68 OK Bldg (Tax) 1,400 1 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 28-May
Tulsa Co ISD #1 OK GO (Tax) 9,000 11 am C Municipal Fin Svcs Hilborne & Weidman 22-25 --- --- --- --- --- --- Today
Tulsa Co ISD #1 OK Comb Purp 50,000 11 am C Municipal Fin Svcs Hilborne & Weidman 22-25 --- --- --- --- --- --- Today
Paris Util Auth TN Elec Sys Rev *6,520 11 am C Raymond James Bass Berry 21-34 --- --- --- --- --- BQ Today
Harris Co MUD #105 TX Unltd Tax 10,550 1 pm C GMS Group State Atty General 24-50 --- --- --- --- --- --- 28-May
Lake Worth ISD TX Maintenance Tax *3,190 10:30 am C Hilltop Securities McCall Parkhurst 21-40 --- --- --- --- --- BQ Today
Wisconsin Indianhead Tech WI GO Prom *4,000 10 am C PMA Securities Michael Best 21-28 --- --- --- --- --- BQ 1-Jun
Wonewoc-Union Center SD WI GO Sch Bldg 4,560 9:30 am C Baird Quarles & Brady 21-35 --- --- --- --- --- BQ 2-Jun
Tuesday, June 16 Sarasota County FL GO *25,140 11 am E PFM Fin Advisors Holland & Knight --- --- --- --- --- --- --- 4-Jun
Riverdale Pk Dt IL Debt Certs *165 10:15 am C Speer Financial Chapman and Cutler 21-23 --- --- --- --- --- BQ 3-Jun
Lawrence KS GO Ref (Tax) *2,360 10 am C Baker Tilly MA Gilmore & Bell 21-34 --- --- --- --- --- --- 26-May
Baltimore Mayor & City MD Pub Imp (Tax) *12,810 11:45 am E PFM Fin Advisors McKennon Shelton 21-40 --- --- --- --- --- --- Today
Baltimore Mayor & City MD Pub Imp *47,190 11:15 am E PFM Fin Advisors McKennon Shelton 21-40 --- --- --- --- --- --- Today
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
019_BB060820 19 6/5/2020 4:19:13 PM
20 The Bond BuyerMonday, June 8, 2020New Issues
Bentley Comm Schs MI Sch Bldg 2,240 1 pm E PFM Fin Advisors Collins & Blaha 21-37 --- --- --- --- --- BQ Today
Northview Pub Schs MI Sch Bldg & Site 10,000 11 am E Baker Tilly MA Thrun Law Firm 21-50 --- --- --- --- --- --- 3-Jun
Northview Pub Schs MI Ref 37,920 11 am E Baker Tilly MA Thrun Law Firm 20-41 --- --- --- --- --- --- 3-Jun
Vicksburg Comm Schs MI Sch Bldg & Site *17,505 1:30 pm E Baker Tilly MA Thrun Law Firm 20-40 --- --- --- --- --- --- 3-Jun
Wyoming MN GO Imp *3,750 10:30 am C Baker Tilly MA Kennedy & Graven 22-36 --- --- --- --- --- BQ 26-May
Brunswick County NC GO Sch *42,055 11 am E Stifel, Nicolaus Parker Poe 21-40 --- Aa1 AAA --- --- --- Today
P Haverstraw (Town) NY Ref *16,070 11 am E Capital Markets Adv Hawkins Delafield 20-37 --- --- --- --- --- --- Today
Westbury Vlg NY Pub Imp 1,250 11 am E Liberty Capital Svcs Hawkins Delafield 22-30 --- --- --- --- --- BQ 3-Jun
Grant Co ISD #90 OK Bldg (Tax) 1,290 11:45 am C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 28-May
Leflore Co ISD #29 OK Bldg (Tax) 1,700 12:45 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 3-Jun
Brazoria Co MUD #22 TX Unltd Tax 9,720 1 pm C Baird State Atty General --- --- --- --- --- --- --- 5-Jun
Henrico County VA GO Ref (Tax) 15,000 11:15 am E PFM Fin Advisors --- --- --- --- --- --- --- --- 2-Jun
Henrico County VA GO Pub Imp 100,000 10:45 am E PFM Fin Advisors --- --- --- --- --- --- --- --- 2-Jun
Brookfield WI Corp Purp 7,110 10:30 am C Wisconsin Pub Fin Griggs Law Office 21-39 --- --- --- --- --- BQ Today
Eau Claire County WI GO Prom 18,945 10 am C Ehlers Quarles & Brady 21-30 --- --- --- --- --- --- 20-May
Wednesday, June 17 Mission KS GO Ref 6,395 10 am C Ehlers Gilmore & Bell 21-29 --- --- --- --- --- BQ 26-May
Missoula MT Tax & Rev *910 10 am M Baker Tilly MA --- 23-27 --- --- --- --- --- --- 1-Jun
Missoula MT Swr Rev Ref *13,225 10 am M Baker Tilly MA --- 23-35 --- --- --- --- --- --- 1-Jun
Morris County NJ GO *31,981 11 am E --- McManimon Scotland 21-32 --- --- --- --- --- --- 1-Jun
Sound Beach Fire Dt NY Fire District 2,920 11 am E Munistat Services Hawkins Delafield 21-32 --- --- --- --- --- BQ Today
Springville Vlg NY Sch 3,990 11:30 am E Municipal Solutions --- 21-36 --- --- --- --- --- --- Today
Bryan Co ISD #1 OK Bldg (Tax) 1,235 12:45 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 4-Jun
Belmont Fresh Wtr Supp Dt #2 TX Unltd Tax 2,660 1 pm E Robert W. Baird State Atty General --- --- --- --- --- --- BQ 4-Jun
Fort Bend Co MUD #134E TX Unltd Tax *12,355 10:30 am C Baird State Atty General --- --- --- --- --- --- --- 4-Jun
Moraine Park Tech Coll Dt WI GO Prom 1,500 9:30 am C Baird Quarles & Brady 23-30 --- --- --- --- --- BQ 26-May
Thursday, June 18 Glencoe Vlg IL GO *3,000 9:45 am C Speer Financial Chapman and Cutler 20-39 --- --- --- --- --- BQ Today
Newton County MS GO 5,000 10 am C --- Butler Snow 21-40 --- --- --- --- --- BQ 5-Jun
Jackson Co ISD #14 OK Comb Purp (Tax) 730 11:45 am C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 5-Jun
Seminole Co ISD #14 OK Bldg (Tax) 530 12:45 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- 5-Jun
Woodward Co ISD #2 OK Bldg 1,190 12 pm C Stephen L. Smith Phillips Murrah 22 --- --- --- --- --- BQ Today
Harris Co MUD #166 TX Unltd Tax 6,700 10:30 am C Rathmann & Assoc State Atty General --- --- --- --- --- --- BQ 29-May
Imperial Redev Dt TX Unltd Tax Road 4,635 10:15 am C Masterson Advisors State Atty General 21-45 --- --- --- --- --- --- 4-Jun
Slinger Vlg WI GO Corp Purp 2,290 10 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- BQ 29-May
Friday, June 19 Garvin Co ISD #38 OK Bldg (Tax) 2,580 12:45 pm C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- --- Today
Monday, June 22 Dilworth MN GO Imp 1,315 10:30 am C Ehlers Dorsey & Whitney 23-32 --- --- --- --- --- BQ 18-May
Lake Shore MN GO Tax Abate 2,065 10 am C Ehlers Kennedy & Graven 22-36 --- --- --- --- --- BQ 3-Jun
Sartell MN GO 6,445 11 am C Ehlers Taft Stettinius 22-40 --- --- --- --- --- BQ 28-May
Osage Co ISD #2 OK Bldg (Tax) 605 5:30 pm C Stephen H. McDonald State Atty General 22 --- --- --- --- --- --- 26-May
Tuesday, June 23 Laguna Beach USD CA GO Ref 18,000 9 am P Fieldman Rolapp Stradling Yocca --- --- --- --- --- --- --- Today
White Bear Lake MN GO 4,880 10 am C Ehlers Kennedy & Graven 22-41 --- --- --- --- --- BQ 22-May
Baraboo WI GO Corp Purp 2,690 10 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- BQ Today
Hobart Vlg WI Tax (Tax) *1,205 10:30 am C PMA Securities Quarles & Brady 21-29 --- --- --- --- --- --- 4-Jun
Hobart Vlg WI GO Corp Purp *2,980 10 am C PMA Securities Quarles & Brady 25-35 --- --- --- --- --- BQ 4-Jun
Wednesday, June 24 Hemet USD CA GO Ref *8,140 9 am P Fieldman Rolapp --- --- --- --- --- --- --- --- Today
Roseau ISD #682 MN GO Sch Bldg 40,140 10:30 am C Ehlers Dorsey & Whitney 22-46 --- --- --- --- --- --- 3-Jun
Neenah Jt SD WI GO Sch Bldg 99,000 10 am C Baird Quarles & Brady 21-40 --- --- --- --- --- --- 5-Jun
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
For complete listings go to www.bondbuyer.com
020_BB060820 20 6/5/2020 4:19:14 PM
21www.bondbuyer.comMonday, June 8, 2020 New Issues
Monday, June 8 Carthage Ctrl SD NY GO Bond Antic 4,205 11 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- BQ 29-May
Cassadaga Vly Ctrl SD NY Bond Antic 14,169 10:45 am E Fiscal Adv & Mkt Hodgson Russ 21 --- --- --- --- --- --- 4-Jun
Lafayette Ctrl SD NY GO Rev 5,000 10:15 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- BQ Today
Oneonta CSD NY Bond Antic 16,790 11:45 am E Fiscal Adv & Mkt Orrick Herrington 21 --- --- --- --- --- --- 4-Jun
Utica CSD NY GO Rev 10,000 11:15 am E Fiscal Adv & Mkt Bond Schoeneck 21 --- --- --- --- --- --- 1-Jun
Watson (Town) NY GO Bond Antic 3,544 11:30 am E Fiscal Adv & Mkt Bond Schoeneck 21 --- --- --- --- --- BQ 4-Jun
Tuesday, June 9 Ventura County CA Tax & Rev Antic *125,000 9 am P KNN Public Finance Norton Rose 21 --- MIG1 SP-1+ --- --- --- 3-Jun
P Western Placer USD CA Rev Antic 14,000 9:30 am P Capitol Pub Fin Quint & Thimmig 21 --- MIG1 --- --- --- --- 2-Jun
Brockton MA GO Bond Antic 5,333 12 pm E Hilltop Securities Locke Lord 21 --- --- --- --- --- BQ 5-Jun
Framingham MA GO Bond Antic 48,316 11 am E Hilltop Securities Locke Lord 20 --- MIG1 --- --- --- --- 3-Jun
Lawrence MA GO Bond Antic 2,000 11 am E Hilltop Securities Hinckley Allen 21 --- --- --- --- --- BQ 3-Jun
Lowell MA GO Bond Antic 34,976 11 am E Hilltop Securities Locke Lord 20 --- --- SP-1+ --- --- --- 5-Jun
Pittsfield MA GO Bond Antic 5,151 12 pm E Hilltop Securities Locke Lord 21 --- --- --- --- --- --- 5-Jun
Springfield MA GO Bond Antic 10,971 11 am E Hilltop Securities Locke Lord 20 --- --- --- --- --- --- 2-Jun
Brick Twp NJ Bond Antic 11,111 11:15 am E NW Financial Group Wilentz Goldman 21 --- --- --- --- --- --- 29-May
High Bridge Borough NJ Bond Antic 1,072 11:30 am E Phoenix Advisors McManimon Scotland 21 --- --- --- --- --- BQ 3-Jun
Hudson County NJ Bond Antic 3,500 11:30 am E NW Financial Group Wilentz Goldman 21 --- --- --- --- --- --- 4-Jun
Jefferson Twp NJ Bond Antic 8,539 11 am E Municipal Official Hawkins Delafield 21 --- --- --- --- --- BQ 4-Jun
Wayne Twp NJ Bond Antic 25,700 11 am E NW Financial Group Gibbons P.C. 21 --- --- --- --- --- --- 3-Jun
Attica Ctrl SD NY Bond Antic 9,940 11:15 am E Bernard P. Donegan Hodgson Russ 21 --- --- --- --- --- BQ 29-May
Auburn CSD NY Bond Antic 9,000 10:15 am E R.G. Timbs Timothy R. McGill 21 --- --- --- --- --- BQ 29-May
Bainbridge Ctrl SD NY GO Bond Antic 12,915 11:30 am E Fiscal Adv & Mkt Orrick Herrington 21 --- --- --- --- --- --- 3-Jun
Canisteo-Greenwood Ctrl SD NY Bond Antic 8,500 12 pm E Bernard P. Donegan Timothy R. McGill 21 --- --- --- --- --- BQ 3-Jun
East Meadow UFSD NY Library Fac 1,564 11 am E Capital Markets Adv Hawkins Delafield 21 --- --- --- --- --- --- 3-Jun
East Meadow UFSD NY Sch Dist 17,000 11 am E Capital Markets Adv Hawkins Delafield 21 --- --- --- --- --- --- 3-Jun
East Rochester UFSD NY GO Bond Antic 5,075 11:15 am E Fiscal Adv & Mkt Orrick Herrington 21 --- --- --- --- --- BQ 2-Jun
Kendall Ctrl SD NY Bond Antic 9,900 11:45 am E Bernard P. Donegan Timothy R. McGill 21 --- --- --- --- --- BQ 2-Jun
Liverpool Ctrl SD NY GO Bond Antic 40,856 11 am E Fiscal Adv & Mkt Bond Schoeneck 21 --- --- --- --- --- --- 1-Jun
Mt Pleasant Ctrl SD NY Bond Antic 8,000 11:30 am E Bernard P. Donegan Barclay Damon 21 --- --- --- --- --- BQ 29-May
Red Creek Ctrl SD NY Bond Antic 1,580 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- --- 4-Jun
Schuylerville Ctrl SD NY Bond Antic 23,730 10:15 am E Fiscal Adv & Mkt Bartlett Pontiff 21 --- --- --- --- --- --- 29-May
Sherrill CSD NY GO Bond Antic 24,550 10:30 am E Fiscal Adv & Mkt Hodgson Russ 21 --- --- --- --- --- --- 28-May
Stillwater Ctrl SD NY Bond Antic 17,183 11 am E R.G. Timbs Barclay Damon 21 --- --- --- --- --- --- 1-Jun
Warrensburg Ctrl SD NY Bond Antic 5,845 11 am E Bernard P. Donegan Barclay Damon 21 --- --- --- --- --- BQ 29-May
Watkins Glen Ctrl SD NY Bond Antic 6,655 11 am E Municipal Solutions Harris Beach 21 --- --- --- --- --- BQ 3-Jun
Wednesday, June 10 Fresno County CA Tax & Rev Antic *100,000 8:30 am P KNN Public Finance Hawkins Delafield 21 --- --- --- --- --- --- 2-Jun
Lexington (Town) MA GO Bond Antic 5,856 11:30 am E Hilltop Securities Locke Lord 21 --- --- --- --- --- --- Today
Nahant (Town) MA GO Bond Antic 1,493 11 am E Hilltop Securities Locke Lord 21 --- --- --- --- --- --- 5-Jun
Nahant (Town) MA GO Bond Antic 7,169 11 am E Hilltop Securities Locke Lord 21 --- --- --- --- --- --- 5-Jun
Winchester (Town) MA GO 4,640 11:30 am E Hilltop Securities Hinckley Allen 21 --- --- --- --- --- --- 5-Jun
Dennis Twp NJ Bond Antic 2,819 11 am E Municipal Official Archer & Greiner 21 --- --- --- --- --- BQ 3-Jun
Middlesex Borough NJ Bond Antic 6,551 11 am E Municipal Official GluckWalrath 21 --- --- --- --- --- BQ 4-Jun
Union County NJ Bond Antic 60,000 11 am E Municipal Official Rogut McCarthy 21 --- --- --- --- --- --- 4-Jun
Washington Twp (Gloucester) NJ Bond 20,220 10:45 am E Acacia Fin Group Parker McCay 21 --- --- --- --- --- --- Today
Avon Ctrl SD NY Bond Antic 5,325 11:45 am E Bernard P. Donegan Harris Beach 21 --- --- --- --- --- BQ 1-Jun
Ballston Spa Ctrl SD NY GO Bond Antic 5,000 10:30 am E Fiscal Adv & Mkt Hawkins Delafield 21 --- --- --- --- --- --- 27-May
Bolton Ctrl SD NY Bond Antic 1,448 11 am E Bernard P. Donegan Barclay Damon 21 --- --- --- --- --- BQ 29-May
Bradford Ctrl SD NY Bond Antic 3,765 10:15 am E Fiscal Adv & Mkt --- --- --- --- --- --- --- BQ 4-Jun
Campbell-Savona Ctrl SD NY Bond Antic 6,795 11 am E Capital Markets Adv Timothy R. McGill 21 --- --- --- --- --- BQ 4-Jun
Cherry Vly Ctrl SD NY GO Bond Antic 1,836 11:30 am E Fiscal Adv & Mkt Hodgson Russ 21 --- --- --- --- --- BQ 4-Jun
Dalton-Nunda Ctrl SD NY Bond Antic 10,307 12 pm E Bernard P. Donegan Timothy R. McGill 21 --- --- --- --- --- --- 29-May
Dundee Ctrl SD NY GO Bond Antic 6,499 11:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- BQ 3-Jun
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Note Offerings Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
For complete listings go to www.bondbuyer.com
021_BB060820 21 6/5/2020 4:19:15 PM
22 The Bond BuyerMonday, June 8, 2020
Week Of June 8 Franklin Co BOE AL Special Tax 6,530 Raymond James --- BAM --- --- --- --- 5-Jun Muscle Shoals Sld Wst Disp Auth AL Solid Wst Disposal (Tax) 3,955 Wells Fargo Secs --- --- --- --- --- --- 1-Jun Muscle Shoals Sld Wst Disp Auth AL Solid Wst Disposal 13,895 Wells Fargo Secs --- --- --- --- --- --- 1-Jun Sylacauga AL Warrants 13,770 Piper Sandler Raymond James BAM --- --- --- --- Today Morrilton AR Swr Rev 4,340 Stephens --- --- --- --- --- --- 1-Jun Maricopa AZ GO Ref 9,950 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Queen Creek (Town) AZ Excise Tax Rev 75,455 BofA Securities Wedbush Securities --- --- --- --- --- 3-Jun California Statewide Comm CA Rev 23,055 RBC Capital Mkts --- --- --- --- --- --- 3-Jun Carson CA Pension (Tax) 108,055 Cabrera Cap Mkts --- --- --- --- --- --- 4-Jun Coalinga-Huron Rec & Pk Dt CA GO 5,400 Raymond James --- BAM --- --- --- --- 5-Jun El Monte CA Pension (Tax) 119,395 Ramirez NHA Advisors AGM --- --- --- --- 4-Jun Fort Ord Reuse Auth CA Tax Alloc (Tax) 30,405 Stifel Nicolaus --- AGM --- --- --- --- 5-Jun Jurupa Comm Serv Dt CA Wtr Rev 3,585 Stifel Nicolaus Fieldman Rolapp --- --- --- --- --- 5-Jun Jurupa Comm Serv Dt CA Swr Rev Ref 2,215 Stifel Nicolaus Fieldman Rolapp --- --- --- --- --- 5-Jun Jurupa Pub Fin Auth CA Special Tax 33,555 Stifel Nicolaus Fieldman Rolapp BAM --- --- --- --- 3-Jun Livermore CA Ref Certs of Part 51,040 Stifel Nicolaus --- --- --- --- --- --- 3-Jun North County Fire Prot Dist CA Pension (Tax) 20,315 Brandis Tallman, LLC --- --- --- --- --- --- 5-Jun Oak Grove SD CA GO 25,000 Raymond James --- --- --- --- --- --- 5-Jun Oak Grove SD CA GO Ref (Tax) 65,000 Raymond James --- --- --- --- --- --- 5-Jun Oro Grande ESD CA GO Ref (Tax) 25,000 Raymond James --- --- --- --- --- --- 5-Jun Palo Verde USD CA GO 10,000 Raymond James --- --- --- --- --- --- 5-Jun Perris Jt Pwrs Auth CA Rev 3,510 Brandis Tallman, LLC --- --- --- --- --- --- 15-May S California Metro Wtr Dt CA Wtr Rev 269,985 Wells Fargo Secs Public Resources --- --- --- --- --- 3-Jun Siskiyou Union HSD CA Bond 2,500 Stifel Nicolaus --- --- --- --- --- --- 5-Jun Siskiyou Union HSD CA Ref 5,000 Stifel Nicolaus --- --- --- --- --- --- 5-Jun Val Verde USD CA GO 62,000 Piper Sandler --- --- --- --- --- --- 5-Jun Val Verde USD CA GO Ref 30,140 Piper Sandler --- --- --- --- --- --- 5-Jun Colorado Wtr Res Pwr Dev Auth CO Rev 7,400 Stifel Nicolaus --- AGM --- --- --- --- 5-Jun E-470 Pub Hwy Auth CO Rev 176,845 JPMorgan Stifel Nicolaus --- --- --- --- --- 4-Jun Eagle River Wtr & San Dt CO Wstwtr Rev Ref (Tax) 25,805 Piper Sandler --- AGM --- --- --- --- 5-Jun Eagle River Wtr & San Dt CO Wstwtr Rev 35,060 Piper Sandler --- AGM --- --- --- --- 5-Jun White Buffalo Metro Dt #3 CO GO 13,910 D.A. Davidson --- --- --- --- --- --- 5-Jun Branford (Town) CT GO 12,880 Piper Sandler --- --- --- --- --- --- 5-Jun Connecticut CT GO 400,000 Morgan Stanley Acacia Fin Group --- --- --- --- --- 5-Jun Guilford (Town) CT GO Ref 24,110 Raymond James Hilltop Securities --- --- --- --- --- 5-Jun Delaware DE GO Ref 33,384 JPMorgan --- --- --- --- --- --- 5-Jun Davie (Town) FL Wtr & Swr Rev Ref 47,675 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Tampa FL Cap Imp 117,025 BofA Securities --- --- --- --- --- --- 5-Jun Tampa FL Cap Imp 265,915 BofA Securities --- --- --- --- --- --- 5-Jun Dubuque Comm SD IA Sch 25,805 D.A. Davidson --- BAM --- --- --- --- 5-Jun Hudson IA GO Corp Purp 2,105 D.A. Davidson --- --- --- --- --- --- 5-Jun Aurora East SD #131 IL GO 11,400 Loop Capital Raymond James BAM --- --- --- --- 5-Jun Cherry Valley Fire Prot Dt IL GO Fire Dept 2,200 Piper Sandler --- BAM --- --- --- --- 5-Jun Woodridge Pk Dt IL Ref (Tax) 8,890 Piper Sandler --- --- --- --- --- --- 5-Jun Tangipahoa Wtr Dt LA Wtr Ref Rev (Tax) 20,375 Crews & Associates --- AGM --- --- --- --- 3-Jun Massachusetts MA GO Ref 177,435 Barclays Capital --- --- --- --- --- --- 5-Jun Maryland Comm Dev Admin Hsg MD Hsg Rev 15,900 Morgan Stanley --- --- --- --- --- --- 5-Jun Maryland Hlth & Hgr Ed Facs MD Rev 63,465 BofA Securities PFM Fin Advisors --- --- --- --- --- 5-Jun Prince George’s County MD GO 315,070 BofA Securities --- --- --- --- --- --- 3-Jun Prince George’s County MD GO Consol Pub Imp (Tax) 119,990 Goldman Sachs --- --- --- --- --- --- Today Maine Hlth & Ed Auth ME Rev 22,330 BofA Securities --- --- --- --- --- --- 2-Jun Genesee County MI Swr Rev 13,800 JPMorgan --- --- --- --- --- --- 5-Jun Univ of Michigan MI Rev 136,230 BofA Securities --- --- --- --- --- --- 5-Jun Univ of Michigan MI Gen Rev (Tax) 850,300 BofA Securities --- --- --- --- --- --- 5-Jun Minnesota Hsg Fin Agy MN Hsg Rev (AMT) 19,295 RBC Capital Mkts CSG Advisors --- --- --- --- --- 4-Jun Minnesota Hsg Fin Agy MN Hsg Rev 130,705 RBC Capital Mkts CSG Advisors --- --- --- --- --- 4-Jun Kansas City MO Wtr Rev 70,200 JPMorgan --- --- --- --- --- --- 5-Jun N Carolina Univ at Raleigh NC Gen Rev 80,360 Goldman Sachs First Tryon Advisors --- --- --- --- --- 5-Jun N Carolina Univ at Raleigh NC Gen Rev (Tax) 184,585 Goldman Sachs --- --- --- --- --- --- 5-Jun
Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared
Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
New Issues
022_BB060820 22 6/5/2020 4:21:41 PM
23www.bondbuyer.comMonday, June 8, 2020 New Issues
For complete listings go to www.bondbuyer.com
Middletown Twp BOE NJ Ref 26,610 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Albuquerque NM Imp 44,260 Huntington Secs --- --- --- --- --- --- 5-Jun Albuquerque Wtr Util Auth NM Wtr & Swr (Tax) 48,410 JPMorgan RBC Capital Mkts --- --- --- --- --- 4-Jun Clark Co SD NV GO Bldg 200,000 JPMorgan Zions Pub Fin AGM --- --- --- --- 4-Jun NYS Dorm Auth NY Rev 16,155 D.A. Davidson --- --- --- --- --- --- 5-Jun Peru (Town) NY Bond 2,730 Roosevelt & Cross --- --- --- --- --- --- Today Pocantico Hills Ctrl SD NY Sch Dist Ref 8,110 Roosevelt & Cross --- --- --- --- --- --- Today Eastern Gateway Comm College OH Bond 12,430 PNC Capital Markets --- --- --- --- --- --- 5-Jun Ohio State Univ OH Gen Receipts 169,420 Goldman Sachs --- --- --- --- --- --- 5-Jun Oklahoma Dev Fin OK Lease Rev 3,330 BOK Fin Secs --- --- --- --- --- --- 4-Jun Beaverton OR Rev 31,195 KeyBanc Cap Mkts PFM Fin Advisors --- --- --- --- --- 2-Jun Beaverton OR Rev (Tax) 55,000 KeyBanc Cap Mkts --- --- --- --- --- --- 4-Jun Benton County OR Bond 61,650 Piper Sandler D.A. Davidson --- --- --- --- --- 5-Jun Coos Bay SD #9 OR GO 19,995 Piper Sandler --- --- --- --- --- --- 5-Jun Milwaukie OR Bond (Tax) 6,700 D.A. Davidson --- --- --- --- --- --- 5-Jun Oregon OR GO 79,935 Citigroup PFM Fin Advisors --- --- --- --- --- 5-Jun Oregon OR GO (Tax) 296,300 Citigroup --- --- --- --- --- --- 5-Jun Bucks County PA GO (Tax) 57,580 PNC Capital Markets PFM Fin Advisors --- --- --- --- --- 3-Jun Governor Mifflin SD PA GO (Tax) 14,655 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Governor Mifflin SD PA GO 26,140 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Huntingdon Borough PA GO 9,995 Janney Montgomery PFM Fin Advisors BAM --- --- --- --- 5-Jun Lwr Paxton Twp PA GO 35,260 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Methacton SD PA GO 2,485 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Methacton SD PA GO (Tax) 5,190 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Methacton SD PA GO 16,685 RBC Capital Mkts --- --- --- --- --- --- 5-Jun Mid Valley SD PA GO 10,000 RBC Capital Mkts --- BAM --- --- --- --- 5-Jun Tunkhannock Area SD PA GO 5,125 RBC Capital Mkts Financial S&Lutions BAM --- --- --- --- 5-Jun Washington Twp Muni Auth PA Swr Rev 5,515 PNC Capital Markets --- --- --- --- --- --- 4-Jun Dallas TX Wtrwks & Swr Sys 296,855 JPMorgan Hilltop Securities --- --- AAA AA+ --- 4-Jun Dallas TX Wtrwks & Swr Sys (Tax) 364,240 JPMorgan Hilltop Securities --- --- AAA AA+ --- 4-Jun Eagle Mountain-Saginaw ISD TX Ref (Tax) 29,190 Hilltop Securities --- --- --- --- --- --- 4-Jun Eagle Mountain-Saginaw ISD TX Ref 62,765 Hilltop Securities --- --- --- --- --- --- 5-Jun Fort Bend Co MUD #130 TX Ref 3,935 RBC Capital Mkts --- AGM --- --- --- --- 21-May Gonzales TX GO Ref 3,890 SAMCO Cap Mkts --- --- --- --- --- --- 5-Jun Houston TX Rev & Ref 414,955 Wells Fargo Secs Masterson Advisors --- --- --- --- --- 5-Jun Houston TX Rev & Ref (Tax) 40,810 Wells Fargo Secs --- --- --- --- --- --- 5-Jun Jacksonville ISD TX Ref 35,000 FHN Fin Cap Mkts --- --- --- --- --- --- Today La Marque TX Tax & Rev 7,615 RBC Capital Mkts Stifel Nicolaus --- --- --- --- --- 5-Jun Mesquite ISD TX Ref 11,910 Oppenheimer Hilltop Securities --- --- --- --- --- 4-Jun Mesquite ISD TX Sch Bldg 89,670 Oppenheimer Hilltop Securities --- --- --- --- --- 4-Jun Progreso ISD TX Ref 6,705 Huntington Secs --- --- --- --- --- --- 5-Jun Ropes ISD TX Sch Bldg 4,495 Raymond James Hilltop Securities --- --- --- --- --- 27-May Texas Dept Hsg & Comm TX Singlefam Mtg Rev 175,000 RBC Capital Mkts Stifel Nicolaus --- --- --- --- --- 6-May Texas Dept Hsg & Comm TX Singlefam Mtg Rev (Tax) 12,658 RBC Capital Mkts Stifel Nicolaus --- --- --- --- --- 6-May Texas Dept Hsg & Comm TX Multifam Hsg 58,800 Jefferies --- --- --- --- --- --- Today Wylie ISD TX Ref (Tax) 28,180 Huntington Secs PFM Fin Advisors --- --- --- --- --- 5-Jun Wylie ISD TX Ref 63,857 Huntington Secs PFM Fin Advisors --- --- --- --- --- 5-Jun Utah BOR UT Rev (Tax) 20,115 Barclays Capital Stifel Nicolaus --- --- --- --- --- 26-May Utah BOR UT Gen Rev 87,395 Barclays Capital Stifel Nicolaus --- --- --- --- --- 26-May Virginia Commonwealth Univ VA Gen Rev (Tax) 71,680 BofA Securities Raymond James --- --- --- --- --- 5-Jun Virginia Commonwealth Univ VA Gen Rev 26,065 BofA Securities Raymond James --- --- --- --- --- 5-Jun
Week Of June 8 California Muni Fin Auth CA Rev 3,500 Stifel Nicolaus --- --- --- --- --- --- 5-Jun NYS Dorm Auth NY Rev 3,500,000 Citigroup --- --- --- --- --- --- 5-Jun
Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared
Negotiated Note Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared
Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.
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 Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com.
Current Previous 2020 2020Weekly 6/4/20 5/28/20 High Date Low Date
This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to day”schedule.
Market Indicators Dollar amounts are in millions
Market Statistics
Competitive Negotiated Total ($000s) ($000s) ($000s)
Competitive Negotiated Total ($000s) ($000s) ($000s)
Visible Supply
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 negotiated supply has been reported since 1971.
Figures are as of 3 pm Eastern time Jun. 5, 2020. Yields represent the fair market offer side for most liquid and available credits in each ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.
Municipal Market Data General Obligation YieldsVisible Supply Increases
30Y — 1 .25% due 05/2050 . . . . . . 89 .310/010 91 .122/142 1 .678Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.–
Barclays Capital Long Treasury Bond Index Index Value Yield Index Total
Yesterday Prev. Day Change Yesterday Prev. Day Change Return
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.
(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/FitchBaltimore, 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 / AAAHouston, 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 FitchAtlanta, Ga., airport (AMT) .................................................................................................................................................................... Aa3 AA– AA–Connecticut Housing Finance Authority ................................................................................................................................................ Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT).................................................................................................................... A1 A+ AEnergy Northwest (formerly WPPSS), Wash., power revenue .............................................................................................................. Aa2 AA– AA–Illinois Health Facilities Financing Authority (Northwestern Memorial Healthcare)................................................................................ Aa2 AA+ NRIllinois Housing Development Authority mtg. revenue bonds ............................................................................................................... Aa2 AA NRIntermountain Power Agency, Utah ....................................................................................................................................................... A1 A+ AAJEA (formerly Jacksonville Electric Authority), Fla. electric revenue ..................................................................................................... A2 A+ AAKentucky Turnpike Authority ................................................................................................................................................................. Aa3 A– NRLos Angeles Department of Water and Power, Calif., electric revenue .................................................................................................. Aa2 AA AAMassachusetts Port Authority (AMT) .................................................................................................................................................... Aa2 AA AAMEAG 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+ ANew York State Local Government Assistance Corp., revenue .............................................................................................................. Aa1 AA+ NRNew York State Power Authority, general purpose ................................................................................................................................ Aa1 AA AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue ............................................................................................ NR A APort Authority of New York and New Jersey, consolidated (AMT) ......................................................................................................... Aa3 AA– AA–Puerto Rico Electric Power Authority .................................................................................................................................................... Ca D DSalt River Project Agricultural Improvement and Power District, Ariz., electric revenue ....................................................................... Aa1 AA NRSouth Carolina Public Service Authority, electric revenue ..................................................................................................................... A2 A A–Texas Municipal Power Agency ............................................................................................................................................................. A1 A+ A+Virginia Housing Development Authority .............................................................................................................................................. Aa1 AA+ NR
(3) Yield on the most current U.S. Treasury 10-year note and 30-year Treasury bond. (Source: Thomson Reuters)
Bond Buyer IndexesAverage Municipal Bond Yields — Compiled Weekly
Market Statistics
Latest Previous Year 12-Month Week Week Ago High Low20-Bond Index 2.51 2.16 3.48 3.52 2.1610-Year Treasury Note 0.82 0.70 2.13 2.13 0.6030-Year Treasury Bond 1.61 1.47 2.62 2.64 1.19Basis Pt Spread to Note –169.00 –146.00 –135.00 –75.00 –221.00BBI as % of Note 306.10 308.57 163.38 450.79 141.44Basis Pt Spread to Bond –90.00 –69.00 –86.00 –30.00 –158.00BBI as % of Bond 155.90 146.94 132.82 225.40 113.27
Weekly Yields of 20-Bond GOIndex and Treasury Securities
NOTE : We have no new bond after December 13, 2019 pricings.
Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after the May 29 pricings. The list will be revised at the next regularly scheduled revision on June 15.
As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the average par call date is July 3, 2026 and the average maturity date is May 18, 2046.
