-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.
For professionals who already have an understanding of tax-exempt bond financing and seek detailed instruction on complex financing techniques, CDFA offers an Advanced Bond Finance WebCourse.
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.
Register
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
- Brokers/Dealers and Underwriters
- Elected Officials
- Government and Nonprofit Finance Officers
- Attorneys
- Accountants
- Financial Advisors
- Policy Makers
|
Course Advisor
|
Andres Caro
Council of Development Finance Agencies
Manager
Andres Caro is the Manager of Advocacy and Government Affairs at CDFA. He is responsible for managing CDFA’s vast advocacy, legislative, policy, public affairs, and federal relations activities. This includes the production of the annual policy ... agenda, the Federal Policy Conference, and leading Capitol Hill engagement. Caro is also responsible for managing the CDFA Legislative Committee and works to provide access to CDFA Federal Services to communities throughout the country. His responsibilities have also spanned research, technical assistance, and coordination of grant contracts.
Andres holds a B.S. in Political Science from The Pennsylvania State University. (More)
|
-Agenda
Monday, March 10, 2025
| Mon 12:00 PM - 12:15 PM |
Welcome & Overview
Welcome to the course! This session will introduce CDFA, explain how to use the online software, and discuss the framework for the two-day Intro Bond Finance WebCourse.
|
| Mon 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. 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, speakers 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.
|
| Mon 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.
|
| Mon 1:45 PM - 2:00 PM |
Break
|
| Mon 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.
|
| Mon 3:45 PM - 4:00 PM |
Break
|
| Mon 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, and exempt facility bonds, among others. Speakers will discuss the types of projects that may qualify for this form of financing and the caveats for their use.
|
| Mon 5:00 PM |
Adjourn
|
Tuesday, March 11, 2025
| Tue 12:00 PM - 12:15 PM |
Revisiting Day 1
The first day of the Intro Bond Finance WebCourse introduced the basic concepts of bonds and the players involved. Day 2 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.
|
| Tue 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.
|
| Tue 2:00 PM - 2:15 PM |
Break
|
| Tue 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. Speakers 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.
|
| Tue 3:30 PM - 3:45 PM |
Break
|
| Tue 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.
|
| Tue 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.
Please note that the application deadline is two weeks prior to the course start date.
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.
|
CDFA Member: $625
Non-Member: $950
|
Register