-Overview
Bonds are the bedrock of development finance and are used to help build roads, bridges, sewers, city halls, hospitals, and thousands of public and private projects. For over a century, bonds have been spurring development and redevelopment and are a major driver for job creation and economic growth.
CDFA’s highly acclaimed Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.
The Intro Bond Finance WebCourse addresses the basic requirements for issuing a bond, the rules and regulations that govern tax-exempt and taxable bonds, the major players involved in a bond transaction, and the roles and responsibilities of both public and private sector participants. Plus attendees will learn about the tax-exempt bond market, the ratings process, how to buy and sell bonds, and ongoing continuing disclosure.
This course is essential for public leaders, economic development professionals, financial experts, and anyone working to address local economic challenges. Learn how to bring economic growth to your community by utilizing the vast resources of the development bond finance industry.
This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Join us online and start down the road to personal and professional advancement today.
Course Objectives
- Discuss the difference between governmental and private activity bonds and when to use them
- Learn which projects qualify for financing using industrial development bonds, 501(c)(3) bonds, and other forms of private activity bonds
- Discover best practices employed by successful issuing authorities from across the country
- Gain a greater understanding of the various players involved in a bond transaction and why each role is important
- Examine the bond transaction process from start to finish
- Review federal tax rules and filing requirements
|
Topics Covered
- Governmental and Qualified Private Activity Bonds
- Small Issue and 501(c)(3) Bonds
- Internal Revenue Code Rules
- Roles of Bond Counsel, Underwriters, and Trustees
- Bond Ratings and Credit Analysis
- Structuring and Sizing Bond Issues
- How Bonds are Sold
- Ongoing Continuing Disclosure
|
Who Should Attend?
- Bond Issuers
- Economic Development Professionals
- Community Development Professionals
- Broker/Dealers and Underwriters
- Elected Officials
- Government and Nonprofit Finance Officers
- Attorneys
- Accountants
- Financial Advisors
- Policy Makers
|
Course Advisor
|
Toby Rittner
Council of Development Finance Agencies
President & CEO
Toby Rittner is the President & CEO of Council of Development Finance Agencies (CDFA), a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation’s leading and most ... knowledgeable members of the development finance community representing hundreds of public, private and non-profit development finance agencies. Mr. Rittner runs the day-to-day operations of the Council including the organization’s various educational, advocacy, research, resources, and networking initiatives. He also serves as the Chairman of the Board of Directors for the CDFA Foundation.
Rittner is one of the most vocal and recognized leaders of the development finance industry nationwide and has advised local, state, and federal leaders, including Presidents Biden and Obama, on economic development finance policy. Through his leadership and guidance, CDFA was successful in preserving private activity bonds and other critical development finance tools during the 2017 tax reform deliberations and has had numerous pieces of legislation introduced in the United States Congress. In 2021, Rittner successfully led a national effort to reauthorize and fund the $10B State Small Business Credit Initiative (SSBCI) program as part of the American Rescue Plan Act. He has written and crafted dozens of strategic finance plans for development finance agencies and advised communities through the world on development finance approaches.
Rittner focuses on sustainable finance with an emphasis on infrastructure, clean energy, food systems, small business, and innovations in the development finance industry to drive sustainable outcomes. He has written extensively about impact ready initiatives that leverage and engage capital in ways that drive local sustainability in business and industry and the environment and economy.
Rittner is a frequent speaker at local, state, and national conferences and events focused on economic development finance. He has been featured in The Bond Buyer, Wall Street Journal, Bloomberg, NPR and other national media publications concerning the advancement of development finance tools. He is the author of CDFA's highly acclaimed Practitioner's Guide to Economic Development Finance and co-author of CDFA's Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency.
Rittner is an adjunct faculty member at The Ohio State University and Carnegie Mellon University. He is also a Development Finance Certified Professional (DFCP) and has completed the prestigious Oxford University Sustainable Finance Foundation Course.
Mr. Rittner previously served on the U.S. Environmental Protection Agency’s Environmental Financial Advisory Board and is a member of the Advisory Board for the National Community Fund I. Mr. Rittner holds a Bachelor of Arts in Political Science and a Master's of City and Regional Planning degree from The Ohio State University. Mr. Rittner was awarded the Ohio State University College of Engineering Distinguished Alumnus Award in 2016. (More)
|
-Agenda
Day 1
12:00 PM - 12:15 PM |
Welcome & Overview
Welcome participants, introduce CDFA, and set the stage for the course.
|
12:15 PM - 1:00 PM |
Why Bond Financing?
Tax-exempt bonds help stimulate public and private investment in job creation, business and industry expansion, economic and physical redevelopment, transportation and infrastructure, and renewable energy production. In fact, tax-exempt bonds are issued by over 50,000 state and local governments and authorities representing a three trillion dollar industry. To begin the course, we will look at the importance of tax-exempt bonds, the types of projects and businesses they support, and discuss why tax-exempt bonds are one of the nation’s most critical economic engines.
|
1:00 PM - 1:45 PM |
The Basics of Bond Finance
Bonds are the bedrock of development finance and are the cornerstone of most development finance projects. This session will introduce the basics, including the various types of bonds (both tax-exempt and taxable), the general process for issuing bonds, important terms, and key players in the transaction.
|
1:45 PM - 2:00 PM |
Break
|
2:00 PM - 3:45 PM |
The Partners Involved
Every bond transaction requires the careful involvement of many players. This session will look at the roles that the issuer, underwriter, bond counsel, trustee, and rating agencies play in a bond transaction. We will discuss the responsibilities of each player, selecting the right team of partners, and any special documents that need to be produced.
|
3:45 PM - 4:00 PM |
Break
|
4:00 PM - 5:00 PM |
Types of Tax-Exempt Bonds
Knowing the differences between governmental and private activity bonds is an essential element of issuing bonds. This session will explain the key differences, and then outline the variety of tax-exempt bonds available, focusing primarily on industrial development bonds, 501(c)(3) bonds for non-profits, exempt facility bonds, among others. We will discuss the types of projects that may qualify for this form of financing, and the caveats for their use.
|
5:00 PM |
Adjourn
|
Day 2
12:00 PM - 12:15 PM |
Revisiting Day 1
The first day of the Intro Bond Finance WebCourse discussed bonds from a global perspective and introduced the basic concepts and players involved. At the start of Day 2, we will review some important terms and set the stage for the remaining sessions focused on the more technical aspects of bond financing, including the rules, and structuring the bond issue.
|
12:15 PM - 2:00 PM |
Issuing Bonds - The Rules
Tax-exempt bonds are governed by a series of strict rules depending on the type of project and bond being used. This session will discuss the basic rules for issuing tax-exempt bonds, including the private business use test, alternative minimum tax, volume cap, use of proceeds, TEFRA hearings, and other important rules from the federal government. We will also look at post issuance compliance policies and provide a brief overview of the important items to monitor during compliance, including bond proceeds, arbitrage, and rebate.
|
2:00 PM - 2:15 PM |
Break
|
2:15 PM - 3:30 PM |
Structuring the Deal
The structure of a bond issue will influence several other decisions, including the size and borrowing costs. This session will look at the sources and uses of funds and explain how best to structure a bond to meet the needs of the borrower. We will consider the variety of tools that could be combined with bonds when structuring a deal, including loan funds, tax credits, tax increment financing, credit enhancement, and others. The panel will also address repayment, maturity schedules, legal limitations, market conditions, how bonds are sold, and the process of bringing a bond deal to market.
|
3:30 PM - 3:45 PM |
Break
|
3:45 PM - 5:00 PM |
Closing the Deal
A bond issue can only be successful if it is closed properly. This session will pull all of the themes of the course together and explain the final important steps to closing the deal. Case study examples of deals will be presented, as well as lessons learned, potential continuing disclosure requirements, and last-minute problem solving techniques.
|
5:00 PM |
Adjourn
|
-Location
The Intro Bond Finance WebCourse will take place on Zoom. The course will meet each day from 12:00-5:00 PM Eastern. Attendees must have access to a computer and the internet to attend the course.
-Registration
This training course qualifies for the CDFA Training Institute's
Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.
Scholarships are available to attend this event. Learn more about the
CDFA Scholarship Program,
and submit your application today.
CDFA permits only one person to log in and participate in the course. If multiple people are accessing the course without paying to attend, we will terminate the connection and access. CDFA offers group discounts for organizations that wish to register multiple people.
Register by _____ for Early Bird Rates.
CDFA Member: $375
Non-Member: $500
|