Monday, June 4, 2018

WEB EXCLUSIVES

THE MICHIGAN DEPARTMENT OF

Treasury is partnering with the

Michigan Finance Authority,

State Building Authority,

Michigan Department of

Transportation and the city

of Detroit to hold a Michigan

Investor Summit on June 7 in

Detroit. It’s the city’s first bond

investor conference since exit-

ing active state oversight.

SAN JOSE, CALIFORNIA, VOTERS MAY

be asked to support a $750

million general obligation bond

this fall to help pay for road

and public safety projects. City

officials are trying to determine

if they can get the two-thirds

supermajority needed for pas-

sage.

U.S. VIRGIN ISLANDS GOV. KENNETH

Mapp said he was taking steps

in his proposed budget to prop

up the faltering employees

retirement system.

PODCAST: ALAN RECHTSCHAFFEN,

portfolio manager at UBS

Financial Services, discusses

how the Federal Reserve is

working to normalize rates

amid a shortage of members,

and the nominees to fill those

empty seats. Gary Siegel hosts.

MONDAYwww.bondbuyer.com

Vol. 390 No. 34920 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE

A long-awaited transit project in Philadelphia reached the fin-ish line thanks to a federal grant program.

“At a time when our capital budget would not allow us to overhaul the critical Wayne Junc-tion Power Substation, the federal TIGER grant provided the path forward,” said Southeastern Penn-sylvania Transportation Author-ity General Manager Jeffrey D. Knueppel during a May 21 event at the facility to commemorate National Infrastructure Week. “Thanks to this investment, SEP-TA was able to strengthen an es-sential part of our Regional Rail operations and improve system reliability.”

How TIGER Kept Regional SEPTA Trains RunningBy Andrew Coen

Turn to Philadelphia page 6

SEPTA

Budget IsQuestionedIn Illinois

CHICAGO – Illinois Gov. Bruce Rauner is promising quick action to sign the state budget lawmakers passed last week.

But budget watchdog groups are skeptical over whether the $38.5 billion fiscal 2019 state budget is truly “balanced” as law-makers contend.

“Passing a budget before the end of the session is a positive and the Civic Federation is en-couraged by the bipartisan spirit” that produced the budget, “but we are concerned that some of the assumptions are overly aggres-sive,” Chicago Civic Federation president Laurence Msall said in an interview Thursday after an initial review of the budget.

“We are concerned that some of the [budget] assumptions are overly aggressive,” said Chicago Civic Federation president Lau-rence Msall.

The state “is facing enormous economic pressures and this bud-get will not be viewed as an effec-tive long-term solution for dealing

By yvette ShieldS

Turn to Budget page 5

deputy director of the Federation of Tax Administrators.

The case, South Dakota v. Way-fair, Inc., stems from a law that South Dakota passed in 2016 that required out-of-state retailers that made at least 200 sales or sales to-taling at least $100,000 to collect sales taxes. The state eventually sued several retailers that failed to comply. South Dakota’s state courts ruled for the retailers, deeming themselves “duty bound to follow” the U.S. Supreme Court’s 1992 ruling in Quill Corp. v. North Da-kota, which upheld earlier rulings requiring the physical presence of a retailer before a government could require the collection of sales taxes

on online purchases. Now South Dakota is challenging that ruling’s reliance on the “physical presence” standard set in the Quill case.

Many state and local officials are expecting the high court to overturn the Quill ruling. The question they have is what new standard the jus-tices will select for an economic nexus that allows sales taxes to be levied.

The physical presence standard has had problems for a number of years, Smith said, noting that for decades some jewelry stores were able to circumvent sales taxes by shipping an expensive in-store pur-chase to an out-of-state destina-

WASHINGTON – State govern-mental groups are predicting there will be a smooth transition regard-less of the outcome of a high stakes e-commerce sales tax case the U.S. Supreme Court is expected to rule on later this month.

“There’s this idea that there will be chaos out there after a decision, but we don’t think so,” Max Behl-ke, director of budget and tax pol-icy for the National Conference of State Legislatures told reporters during a briefing on Friday.

Tax administrators will consult with governors and governors, in turn, will consult with their legis-latures before responding to any of several possible rulings by the court, officials said.

“All we want is something that makes sense,” said Verenda Smith,

Verenda Smith, deputy director of the Federation of Tax Administrators, said she just wants the high court’s online sales tax ruling to make sense.

States See Calm After Tax Ruling

Turn to Quill page 5

By BriAn tumulty

SEPTA officials say a TIGER grant funded a power substation overhaul that was vital to keep its regional commuter rail system running.

FRIDAY’S YIELDS

Complete market coverage appears on page 2

2.8

3.3

3.8

4.3

4.8

6/15/295/235/18

The Bond Buyer 40

2.8

3.0

3.3

3.6

3.9

4.1

4.4

4.7

5.0

JMAMFJDNOSAJ

To Maturity3.96 Up 0.02

To Par Call3.72 Up 0.04

001_BB06041801 1 6/1/2018 5:08:36 PM

The Bond Buyer2 Monday, June 4, 2018

Payrolls Rise 223,000 as Jobless Rate Matches Low

U.S. hiring rose more than forecast in May, wages picked up and the unemploy-ment rate matched the lowest in almost five decades, indicating the strong labor market will keep powering economic growth.

Payrolls increased 223,000 following a revised 159,000 gain, Labor Department figures showed Friday. The median estimate of analysts surveyed by Bloomberg called for 190,000 jobs. Average hourly earnings increased 2.7% from a year earlier, more than projected, while the jobless rate fell to 3.8% from 3.9% to match April 2000 as the lowest since 1969.

The report reinforces expectations for Fed policy makers to raise interest rates when they meet June 12-13, and may spur bets on two more hikes this year after that, rather than one. Steady hiring and lower taxes will bolster consumer spending, helping to sup-port the projected rebound in U.S. growth.

President Donald Trump tweeted an hour before Friday’s release that he was “look-ing forward to seeing” the figures, spurring market speculation that the report would be upbeat, and it was.

The jobless rate fell further below Fed estimates of levels sustainable in the long run, a potential source of upward pressure on wages and inflation, according to some economists.

— Bloomberg News

ISM Sees Rising Prices as Expansion Accelerates

The overall economy grew for the 109th straight time, the Institute for Supply Man-agement reported Friday.

According to the ISM’s monthly report on business, the ISM index increased to 58.7 in

May from 57.3 in April.Economists polled by IFR Markets pre-

dicted the index would be 58.0.An index reading below 50 signals a slow-

ing economy, while a level above 50 sug-gests expansion. A reading of 50 shows the sector was unchanged in the month.

The prices paid index increased to 79.5 from 79.3, indicating higher raw materials prices for the 27th consecutive month. The employment index grew to 56.3 from 54.2. The production index climbed to 61.5 from 57.2, the new orders index gained to 63.7 from 61.2; the supplier deliveries index rose to 62.0 from 61.1; the export orders index slid to 55.6 from 57.7; and the imports index dropped to 54.1 from 57.8.

— Gary E. Siegel

Construction Spending Soars on Private Building

Construction spending surged by 1.8% in April, well above the 0.8% gain expect-ed, mainly due to a 4.5% jump in private residential construction, data released by the Commerce Department Friday morning showed.

Analysts surveyed by MNI had expected total construction spending to rise by 0.8%, rebounding from March’s surprise 1.7% drop. March construction was unrevised, as February was revised up slightly to a 1.2% rise from the 1.0% gain previously reported.

Private residential construction rose by 4.5% in the month, the largest gain since November 1993 to the highest level since October 2006. Home building ex. new homes, also known as remodeling, saw a large 11.6% rise, according to an MNI calculation.

Also based on an MNI calculation, total new homes rose by 0.7%. Single-family building was unchanged, while multi-family building posted a 3.6% rise.

Adding to the gain in private residential, private nonresidential construction rose by 0.8% in April.

— Market News International

INBRIEF

Government Securities Prices 10-year: 9926/32 to yield 2.90%, down 17/32

30-year: 10118/32 to yield 3.05%, down 29/32

Municipal Bond Index 12612/32, down 12/32

The Bond Buyer’s Total: $13.275 billion, up $699.4 million

30-Day Visible Supply Competitives: $5.871 billion, up $367.9 million

(as of 6/4) Negotiated: $7.404 billion, up $331.5 million

TheMuniCenter List Offering Total: $19.414 billion, down $193.4 million

Friday’s Data

Major Deals This Week

Amount Lead Expected Preliminary (in millions) Issuer Underwriter Pricing Date Structure

$1,200 California Muni Fin Auth BofA Merrill Tuesday TBD$900 Southeast Alabama Gas Morgan Stanley Thursday TBD$700 Los Angeles County Goldman Sachs Monday TRANs

$567 Port of Seattle JPMorgan Tuesday Serials, term

$500 Connecticut BofA Merrill Tuesday Serials$424 New Mexico Fin Auth Competitive Thursday Serials$340 Riverside Co., Calif. Stifel Wednesday TRANs

$300 Ohio Competitive Tuesday Serials

$290 Lower Colorado River Auth BofA Merrill Wednesday Serials, terms$283 Kentucky State Prop & Bldgs Citigroup Tuesday Serials

Economic Indicators This Week

Day Indicator Last Report Forecast

Monday Factory Orders March: +1.6% April: -0.3%

Tuesday ISM Non-Mfg PMI April: 56.8 May: 57.2

Wednesday International Trade March: -$49.0B April: -$51.3B

Wednesday Productivity Q4: +0.3% Q1: +0.8%

Wednesday Unit Labor Costs Q4: +2.1% Q1: +2.7%

Thursday Initial Claims 5/26: 221,000 6/2: n/a

Thursday Continuing Claims 5/19: 1.726M 5/26: n/a

Thursday Consumer Credit March: +$11.6B April: +$13.5B

Friday Wholesale Inventories March: +0.3% April: n/a

Friday Wholesale Sales March: +0.3% April: n/a

Forecasts represent the median of estimates by economists polled by IFR Markets

Municipal bonds turned mostly weaker on Friday ahead of the coming week’s new issue slate.

Ipreo estimates weekly volume at $9.56 billion, up from a revised total of $2.16 bil-lion in the four-day week after Memorial day, according to updated data from Thomson Reuters. The calendar is composed of $6.54 billion of negotiated deals and $3.02 million of competitive sales.

“The municipal market continues to fund infrastructure projects and the week offers a spectrum of offerings for all kinds of inves-tors, high-grade and high-yield,” said Na-talie Cohen, managing director and head of municipal research for Wells Fargo. “We are heartened to see a nearly $10 billion calendar for the post-holiday week, despite the loss of advanced refunding.”

In May, muni volume rose for the third straight month, though issuance still lagged behind last year’s pace. Some market par-ticipants said they were heartened by the

gains, but others cautioned against reading too much into the numbers, since a compari-son between last year and this year doesn’t take into account the ban on advance re-fundings.

One New York trader said he ex-pected a food fight for the week’s deals, given that many inves-tors are flush with cash — either from spring reinvestments or sitting on the sidelines wait-ing for higher yields and more volume.

“The reinvestments are the bigger factor here. People have so much cash, I think all the deals will be very well received.” he said on Friday afternoon.

Leading the negotiated sector is a $1.2

Market News

Muni Market Girds for $10B Week Driven by Infrastructure billion deal from the California Mu-nicipal Finance Authority.

Bank of Amer-ica Merrill Lynch is expected to price the Series 2018 A and B se-nior lien revenue bonds for the au-tomated people mover project on Tuesday.

The deal is rated BBB-plus by Fitch Rat-ings, which also assigned a stable outlook to the credit.

Morgan Stanley is set to price the South-east Alabama Gas Supply District’s $900 million of gas supply revenue bonds for Proj-ect No. 2 on Thursday.

The deal is rated A3 by Moody’s Investors Service and A by Fitch.

JPMorgan Securities is expected to price the Port of Seattle’s $567.38 million of Se-ries 2018 A and B intermediate lien revenue bonds subject to the alternative minimum tax on Tuesday.

BAML is set to price Connecticut’s $500 million of Series 2018 C and D general ob-

ligation bonds on Tuesday after a one-day retail order period. On the competitive front, the New Mexico Finance Authority is selling $423.75 million of Series 2018A state trans-portation refunding revenue subordinate lien bonds on Thursday. The deal is rated AA by S&P.

Municipal bonds were mostly weaker on Friday, according to a late read of the MBIS benchmark scale.

Benchmark muni yields rose as much as one basis point in the one- to 29-year matur-ities and fell less than one basis point in the 30-year maturity.

High-grade munis were also mostly weak-er, with yields calculated on MBIS’ AAA scale rising as much as two basis points in the three- to 30-year maturities and falling less than one basis point in the one- and two-year maturities.

Municipals were also weaker along Mu-nicipal Market Data’s AAA benchmark scale, which showed yields rising three basis points in the 10-year general obligation muni and gaining five basis points in the 30-year muni maturity.

On Friday, the 10-year muni-to-Treasury ratio was calculated at 84.3% while the 30-year muni-to-Treasury ratio stood at 95.9%, according to MMD. q

By Chip Barnett & Christine alBano

002_BB06041801 2 6/1/2018 5:08:37 PM

www.bondbuyer.com 3Monday, June 4, 2018

MUTUALVISION

A M U T U A L C O M P A N Y | C O M P L E T E T R A N S P A R E N C Y | A A / S T A B L E R A T I N G | S T R O N G E R C O M M U N I T I E S

The feeling is mutual

buildamerica.com

S&P Global

AASTABLE

Building America? Choose BAM.

Key financial and demographic information Easy-to-use, standardized format Annual updates

More than 4,400 BAM Credit Profiles are available for FREE and provide:

003_BB06041801 3 6/1/2018 1:18:00 PM

The Bond Buyer4 Monday, June 4, 2018

H.R. 1750: Facilitating Farmers Access to Resources and Machinery Act

The federal tax code contains several re-strictions on the use of tax-exempt private activity bonds by first-time farmers.

Rep. David Young, R-Iowa, introduced this bipartisan bill on March 28, to make it easier for first-time farmers to use tax-exempt private activity bonds to finance the acquisition of land or depreciable property and used equipment.

The bill has been referred to the House Ways and Means Committee.

P.L. 115-174: Economic Gro wth, Regula-tory Relief and Consumer Protection Act

Bank regulators have been reluctant to treat municipal bonds as high-quality liquid as-sets under Liquidity Coverage Ratio rules designed to ensure banks have securities that can easily be converted to cash during periods of stress.

Sen. Mike Crapo, R-Idaho, offered S. 2155 on Nov, 16, 2017 and it was amended to require the bank regulators to treat investment grade, liquid and readily marketable munis as level 2B HQLA, meaning they would be treated like mortgage-backed securities.

The Senate passed S. 2155 on March 14 by a vote of 67 to 31, The House passed in on May 22, 2018 by a vote of 258 to 159. President Trump signed the bill ino law on May 24, 2018.

H.R. 1670: Infrastructure 2.0 Act The Highway Trust Fund, which holds gas, diesel and related excise tax revenues, is used to finance highway and mass transit projects but is running out of money.

This bill, offered on March 22, 2017 by Reps. John Delaney, D-Md., and Ted Yoho, R-Fla., would provide six years of additional funding for the Highway Trust Fund and provide $25 million for a pilot program or regional Infrastructure accelerators with funds from the repatriation of U.S. corporate earnings overseas.

The bill has been referred to three House committees: Ways and Means, Transporta-tion and Infrastructure, and Rules.

H.R. 1669: Partnership to Build America Act

Lawmakers have been trying to come up with ways to fund much-needed infrastruc-ture improvements across the nation.

The bill, introduced on March 22, 2017 by Reps. John Delaney, D-Md., and Rodney Davis, R-Ill., would create the American Infrastructure Fund, which would be funded by $50 billion of 50-year bonds sold to corporations, with the proceeds leveraged to provide $750 billion of low-interest loans and loan guarantees to state and local governments for transportation, water and education projects. The corporations would be allowed to repatriate overseas earnings with no federal tax liability for every $1 invested in the 1% bonds.

The bill is pending before two House com-mittees – Ways and Means as well as Trans-portation and Infrastructure.

H.R. 1664: Penny for Progress Act The Highway Trust Fund, which holds gas, diesel and related excise tax revenues and is used to finance highway and mass transit projects, is becoming insolvent.

The bill, introduced on March 22, 2017 by Rep. Peter DeFazio, D-Ore., would index increases in the federal gasoline tax of 18.4 cents per gallon and the diesel tax of 24.4 cents per gallon to construction inflation and improvements in vehicle fuel efficiency, generating $500 billion of new federal transportation funding for the Highway Trust Fund through 2030.

The bill has been referred to two House committees – Ways and Means as well as Transportation and Infrastructure.

Washington

The Bond Buyer LegisLaTive sTaTus reporT LEGISLATION CURRENT LAW PROPOSED LAW CURRENT STATUS

P.L. 115-97 Tax Cuts and Jobs Act of 2017 Until late 2017, Congress had not approved major restrictions for tax-exempt bonds since the Tax Reform Act of 1986.

H.R.1, introduced by House Ways and Means Committee chairman Kevin Brady, R-Texas on Nov. 2, 2017, would terminate tax-exempt private activity bonds, advance refundings and tax credit bonds by the end of the year. It also would terminate the use of tax-exempt bonds for professional sports stadiums and arena retroactively as of Nov. 2, 2017, The measure would repeal that federal deduction for state and local income and sales taxes and limit the deduction for state and local property taxes to $10,000. The tax proposal offered by Senate Finance Committee chairman Orrin Hatch, R-Utah on Nov. 9, 2017, would retain private activity bonds and enhance them by eliminating the alternative minimum tax. It would terminate advance refundings and fully repeal that federal deduction for state and local taxes. The final bill terminated tax-exempt advance refundings and tax credit bonds but retained PABs and tax-exempt bonds for stadiums. It also allowed federal deductions for up to $10,000 for state and local property taxes and income or sales taxes.

The final bill was signed into law on Dec. 22, 2017.

Note: This is one of several charts that includes legislation introduced in the 115th Congress, which convened on Jan. 3, 2017 and is to end on Jan. 3, 2019. Any bill introduced in the two-year period remains active until the session ends.

004_BB06041801 4 6/1/2018 5:08:39 PM

www.bondbuyer.com 5Monday, June 4, 2018

1 P3 attorney Devlin joins Nixon Peabody

Roderick Devlin has joined law firm Nixon Peabody LLP as a partner in its infrastructure practice.

2 Coal industry woes a factor in a Kentucky county’s seven-notch

downgradeA Kentucky county and its sole hospital received multi-notch rating downgrades as they struggle in a region hit by the declining coal-mining industry’s closures, bankruptcies and job losses.

3 SEC probes the meltdown of South Carolina’s twin nuclear reactor project

South Carolina’s failed twin nuclear reactor project, partly owned by Santee Cooper, faces a widening investigation by the Securities and Exchange Commission.

4 Puerto Rico bondholders may have to wait two more years

Nearly two years after passage of the Puerto Rico Oversight, Management, and Economic Stability Act, bondholders may face two or more addition-al years before bond payments resume.

5 ICE’s purchase of TMC Bonds contin-ues trend of muni data technology

consolidationIntercontinental Exchange agreed to buy TMC Bonds for $685 million in cash, the latest in a string of mergers and acquisitions in the munici-pal fixed income data and fintech space.

6 Puerto Rico bankruptcy judge says she, not local court, will decide COFINA

legalityPuerto Rico Title III bankruptcy Judge Laura Taylor Swain said she will decide the legality of the Puerto Rico Sales Tax Financing Corp. (COFINA) without a ruling from Puerto Rico’s Supreme Court.

7 Wells Fargo cites market repositioning for muni banker departures

Wells Fargo has confirmed that 15 people have left the bank’s public finance division as it adjusts to market conditions and the hiring of a new public finance director.

8 A California community choice aggre-gator is first to receive a Moody’s rating

California’s first community choice aggregator – an agency that allows utility customers to choose renewable power as an alternative – is now also the first to be rated by a credit agency.

9 How the IRS is expanding its muni outreach

One sign that the Internal Revenue Service has stepped up its outreach efforts to municipal bond market participants was a recent email containing an “issue snapshot.”

10 Governors claim IRS notice of forth-coming SALT rules is an attack

New York Gov. Andrew Cuomo is calling the Internal Revenue Service’s plans to propose regulations on the federal deduction for state and local taxes a direct attack by the Trump administration.

.com

Ten Most-Viewed StoriesAs of Friday, June 1, 2018

The list of most-viewed stories is compiled each Friday and emailed to subscribers on Saturday. To start your subscription visit www.bondbuyer.com or call 800 982-0633.

Regions

Budget Papers Over Long-Term Problems, Watchdogs Saywith the state’s ongoing financial crisis,” Msall added.

The budget was passed on schedule Thursday, on the last day of the regular session, a shift from three years of conflict that resulted in two years without a budget and a 2018 budget that required a veto over-ride after the fiscal year had already started.

Watchdog groups suggested that law-makers from both sides of the aisle should restrain their self-praise about the budget plan given that it failed to deal with the state’s $129 billion underfunded pension quagmire and its $7 billion bill backlog.

“There remains an enormous amount that needs to be done” on those fronts, Msall said.

Lawmakers overwhelmingly approved the budget plan after debate full of compli-ments for each side’s willingness to com-promise.

“It’s built on some revenue assumptions that are probably unrealistic and some sav-ings assumptions that are probably unre-alistic so while it will appear balanced as

in there’s an equal amount of revenue to expenditures, it’s not in balance,” Ralph Matire, director of the Center for Tax and Budget Accountability, said in an interview on WTTW’s Chicago Tonight program.

“There’s no sign of an attempt to deal with the true long-term problems confront-ing the state in primarily the pension debt obligations and the growth in that pension debt over time,” he said.

Matire and Msall both said that despite the budget’s flaws, it’s still better to have a budget than not.

With a narrow $15 million balance pro-jected at the end of fiscal 2019, according to a statement from House Speaker Michael Madigan, D-Chicago, the state has little room for error.

The budget relies on $240 million from the long stalled sale of the state’s downtown Chicago headquarters, and $445 million in savings from three pension reform mea-sures, including two buyout offers. The pension savings, if they materialize, would bring the state’s payments next year down to $7.3 billion.

Lawmakers said the savings were pro-

jected by the funds’ actuaries, but the Civic Federation wants to see an actuarial review. The buyouts are also voluntary so participa-tion is not guaranteed.

“There’s a lack of transparency on the pension buyout and whether the state can realize the $445 million,” Msall said.

The budget documents are also short on details on $1 billion of borrowing autho-rized to pay for the buyouts and how that financing would be repaid, Msall said.

The budget also doesn’t account for what the state has estimated is a $300 million tab to cover step raises based on employees’ experience, which the state had withheld during contract negotiations. The courts have ordered the state to make good on the back pay and lawmakers during the budget debate acknowledged the cost would even-tually need to be incorporated in the budget.

The budget leaves the unpaid bill back-log to linger. It hit a high of $14.7 billion last year as bills mounted during the im-passe and has since been whittled down to about $7 billion with $6 billion in bond borrowing, the leveraging of federal funds, and inter-fund borrowing. The state has paid more than $1 billion in interest for bills that went unpaid during the impasse.

Lawmakers approved legislation Thurs-day that allows the state treasurer to use up to $2 billion of available state investment dollars to pay down the backlog at a few percentage points of interest compared to the 9% to 12% currently paid. The budget

implementation bill incorporates savings from at least $1 billion in treasurer funds going to pay down bills, according to law-makers.

“It may effectively save the state money but it is not the best practice,” Msall said. “It’s a workaround for a state that continues to spend more than it takes in. It would be better if the state had an effective plan to pay off the bills because it will still contin-ue to pay some interest.”

While analysts digest the budget’s de-tails, the market has already weighed in. The state’s spreads to the Municipal Market Data’s benchmark had narrowed to 185 basis points on Wednesday from 202 bp on May 1.

IHS Markit said late Thursday trading was heavy with spreads of 169 to 176 bp seen in maturities up to 11 years. Spreads were at 194 on May 23, said IHS’ Edward Lee.

Moody’s Investors Service and S&P Global Ratings give the state’s general obli-gation bonds their lowest investment grade ratings, with Moody’s assigning a negative outlook and S&P a stable outlook.

Fitch Ratings is one notch higher at BBB and assigns a negative outlook.

The rating agencies have not yet com-mented on the budget package but Moody’s issued a special report Thursday warning that action is needed soon to tackle Illinois’ rising pension, retiree healthcare, and debt costs. q

Continued from page 1

CUSTOMER SERVICEFor Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: E-Mail: help@sourcemedia.com (212) 803-8500. Subscription Rate: $3,350 annually; $3,390 for all other countries..For more information about reprints and licensing content from The Bond Buyer, please visit www.SourceMediaReprints.com or contact PARS International Corp. (212) 221-9595. Single copies of current issues are available for $13. Back issue prices are based on publication date.Cancellation Policy for Print & Electronic Subscriptions:No refunds will be issued for any print or electronic subscription cancellations requested within 6 months of the subscription’s expiration date. All other print or electronic subscription cancellations will receive a pro-rata refund of any prepaid subscription fees based on the date of termination. For information about Bond Buyer Worksheets, call (800) 367-8215.To order The Bond Buyer’s Municipal Marketplace® (the Red Book) contact Accuity at 800-321-3373, 1007 Church Street, Floor 6, Evanston, IL 60201.Those registered with the Copyright Clearance Center have permission to photocopy articles owned by The Bond Buyer for a flat fee of $10 per copy of each article. Send Payment to the Copyright clearance Center, 222 Rosewood Drive, Danvers, MA 01923.The Bond Buyer (ISSN 0732-0469) is published daily except for Friday, Saturday, Sunday and Federal Holidays, by SourceMedia, Inc., One State Street Plaza, 27th Floor, New York, NY 10004. Periodical rate postage paid at New York, N.Y., and additional U.S. mailing offices.POSTMASTER: Send Address changes to: The Bond Buyer, 1 State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: help@sourcemedia.com.

COPYRIGHT RESPONSIBILITY© 2018 The Bond Buyer and SourceMedia, Inc. All rights reserved. Each subscriber has the responsibility to guarantee the publisher’s copyright is not violated by anyone who has access to the subscriber’s copy. No part of this publication may be reproduced, stored, or transmitted by any means, electronic, mechanical or otherwise without written permission. Federal copyright law carries liability of up to $100,000 per issue for such infringement.

tion. A customer might even take the jewelry home and the retailer would ship an empty box.

If the court simply upholds South Dako-ta’s standard, more states may enact similar laws requiring e-commerce retailers to col-lect sales tax on behalf of the state if they have more than 200 transactions annually or $100,000 in sales. Indiana, Maine and Wyo-ming already have done that.

That threshold, however, could be a prob-lem for larger states such as California and New York.

Even if Quill is upheld, states could pursue other options.

The Supreme Court has chosen to not review a federal appellate court decision that upheld a Colorado law enforcing so-called use taxes, which requires e-commerce com-

panies to report to the state on people who have made a large amount of out-of-state purchases over the course of a year. Colorado can use that data, in turn, to persuade resi-dents to pay the sales tax on those purchases.

Another option for states is to follow Pennsylvania and Washington have and enact so-called marketplace facilitator collection laws requiring major e-commerce websites to collect sales tax for third party sales. Those laws not only affect Amazon, which does 40% to 60% of its sales through third parties, but other e-commerce giants such as Ebay, Wal-Mart and Etsy.com.

Minnesota joined those two states in adopting a similar requirement that will be-come effective on July 1, 2019.

The high court could also remand the South Dakota case back to the lower court and have the state and e-commerce retailers determine the burden of compliance. q

Most State and Local Officials See Supreme Court Overturning Quill Continued from page 1

005_BB06041801 5 6/1/2018 5:08:39 PM

The Bond Buyer6 Monday, June 4, 2018

TRENDS IN THE REGIONNortheast

Philadelphia Transit System Credits TIGER for an Infrastructure Overhaul

The Trump administration proposed eliminating the Transportation Investment Generating Economic Recovery grants in its budget requests earlier this year before the program was ultimately restored.

The facility, which provides power to six of SEPTA’s 13 electrified regional rail lines, had not seen any major reconstruction since the 1930s due to funding constraints prior to receiving the 2012 TIGER grant.

The Wayne Junction construction pro-cess commenced thanks to a $12.8 million grant at around the same time SEPTA was able to tackle other deferred projects thanks to Act 89, which Pennsylvania lawmakers approved in November 2013 to provide long-term funding for transportation capital improvements.

SEPTA spokesman Andrew Busch said Act 89 combined with the TIGER grant enabled it to more than double its capital program in recent years to more than $600 million and chip away at its state of good repair backlog, which now stands at rough-ly $4.6 billion. Busch said SEPTA would have been forced to shut down nine of 13 regional rail lines without the federal and state funding.

“We would have ended up with a skel-eton of the current system,” said Busch. “With Act 89 and help such as the TIGER grant, we have been able to complete a number of much-needed projects and bud-get for others in the coming years.”

SEPTA, which has bond ratings of A1 from Moody’s Investors Service and dou-ble-A from Fitch Ratings, is the primary transit provider for the Philadelphia region and the sixth largest transportation agency in the nation.

In addition to the regional commuter rail service, it operates Philadelphia city buses, trolleys and subways.

The modernized substation was un-veiled three days before SEPTA released a $749.62 million 2019 fiscal year capital

budget aimed at improving infrastructure, replacing aging vehicles and implementing technology improvements. The authority is also planning a 12-year capital program totaling $7.4 billion, which includes federal funding authorized under the Fixing Ameri-ca’s Surface Transportation Act and money from Pennsylvania’s Act 89.

Barry Seymour, executive director of the Delaware Valley Regional Planning Com-mission, said that while the Wayne Junction Substation completion is important, the agency needs to proactively gear up for fu-ture needs. He said federal, state, local and even private funding will be needed to help keep future SEPTA infrastructure projects on track.

“Federal dollars are about 50 cents on the dollar compared to 1993 the last time there was an increase in the federal gas tax,” said Seymour. “There are a lot of capital needs that are getting diverted because of lack of funding.”

American Public Transportation Associ-ation president and CEO Paul P. Skoutelas said the challenges SEPTA faces finding funding for infrastructure upkeep are shared by many public transportation systems na-tionwide. A new study conducted by the Economic Development Research Group Inc. for APTA said that not tackling a $90 billion backlog of bus and rail needs results in a loss of $340 billion in business revenue to the U.S. economy over a six year period. The APTA report said the Greater Philadel-phia region suffers an $18.6 billion revenue loss from lagging mass transit repairs.

“This budget included significant in-creases in federal investment in public tran-sit,” Skoutelas said in a statement. “While this is a positive step forward in helping to address the nation’s aging public transit infrastructure, this momentum must be maintained by providing similar or higher funding levels for 2019.”

Janney Capital Markets municipal ana-

lyst Alan Schankel said he is a “large fan of TIGER grants,” but cautioned that the program, with around $500 million in an-nual appropriations, lacks enough funding to sufficiently aid the nation’s infrastructure needs.

“The 2012 grant for the recently com-pleted Wayne Junction Power Substation replacement in Philly is particularly im-portant, since it provides power to about half of the center city-to-suburbs spokes of SEPTA’s train system,” said Schankel, a Philadelphia native. “City residents and workers rely heavily on the region’s SEP-TA transit system, of which I have been a lifelong user.”

Congress approved a 2018 omnibus spending bill in March for the fiscal year that ends Sept. 30 that included a $1 billion increase to the TIGER program to $1.5 billion. The measure included language to ensure that at least 30% of TIGER grant money goes to rural communities.

The U.S. Department of Transportation rebranded TIGER in April as the Better Utilizing Investments to Leverage Devel-opment or “BUILD” program.

The USDOT said criteria for grant fund-ing under BUILD and TIGER are “es-sentially the same,” but will place a new emphasis on projects that secure more non-federal revenue.

Seymour said changes to TIGER create even more reason for SEPTA to proactive-ly prepare for future infrastructure needs through either increased state dollars or public-private partnerships.

“Funding will go primarily to projects that have a large share of local funding,” said Seymour. “It is a little up in the air how it will work.” q

For more content about this region, visit the Regional News tab on BondBuyer.com.

Continued from page 1

Connecticut A1/A+/A 1.96 2.64 3.26 3.79 Delaware Aaa/AAA/AAA 1.63 1.99 2.40 2.85 Maine Aa2/AA/AA 1.63 2.04 2.50 2.99 Maryland Aaa/AAA/AAA 1.65 2.02 2.46 2.89 Massachusetts Aa1/AA/AA+ 1.66 2.04 2.55 3.07 New Hampshire Aa1/AA/AA+ 1.65 2.03 2.48 2.99 New Jersey A3/A/A 1.83 2.46 3.16 3.70 New York Aa1/AA+/AA+ 1.61 1.94 2.43 2.98 Pennsylvania Aa3/A+/AA– 1.83 2.44 2.97 3.43 Rhode Island Aa2/AA/AA 1.68 2.13 2.61 3.09 Vermont Aaa/AA+/AAA 1.63 2.00 2.43 2.92 Dist. of Columbia Aa1/AA/AA 1.66 2.05 2.53 3.04 Puerto Rico Caa3/CC/CC 96.98 24.89 16.51 12.17

State Ratings One-Year Five-Year 10-Year 30-Year

General ObliGatiOn Yield Curves fOr MaY 31, 2018

Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

Connecticut 3 $516,135 3 $108,815 $407,320 Delaware 0 0 0 0 0Maine 1 25,200 2 65,200 –40,000Maryland 0 0 1 38,000 –38,000Massachusetts 5 94,440 6 63,152 31,288New Hampshire 1 19,650 1 19,650 0New Jersey 5 155,348 0 0 155,348New York 32 321,393 29 293,292 28,101Pennsylvania 5 114,800 4 95,390 19,410Rhode Island 0 0 0 0 0Vermont 0 0 0 0 0District of Columbia 0 0 1 578,230 –578,230Puerto Rico 0 0 0 0 0Sources: Ipreo, The Bond Buyer

June 1, 2018 May 25, 2018State Issues Amount Issues Amount Chg in Amt

visible supplY bY state

Dollar amounts are in thousands

The Southeastern Pennsylvania Transportation Authority in May released a $749.6 million fiscal year 2019 capital budget.

Bloomberg

006_BB06041801 6 6/1/2018 5:08:43 PM

www.bondbuyer.com 7Monday, June 4, 2018

MALVERNE UNION FREE SCHOOL DISTRICT,IN THE COUNTY OF NASSAU, NEW YORK

NOTICE OF $19,767,000* BOND SALE

SEALED PROPOSALS will be received by the President of the Board of Education, Malverne Union Free School District (the “District”), Nassau County, New York, at the offices of Capital Mar-kets Advisors, LLC (the “Municipal Advisor”), 11 Grace Avenue, Suite 308, Great Neck, New York (Telephone No. 516-274-4501, Fax No. 516-364-9501), on Monday, June 11, 2018, until 11:00 A.M. (Prevailing Time) via iPreo’s Parity Electronic Bid Submission System (“Parity”) or by facsim-ile transmission, at which time they will be publicly opened and announced, for the purchase of $19,767,000* SCHOOL DISTRICT SERIAL BONDS-2018 (the “Bonds”), maturing on June 1, 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 June 28, 2018, and will

bear interest at the rate or rates per annum specified by the successful bidder therefor in accordance herewith, payable December 1, 2018, and semiannually thereafter on June 1 and December 1 in each year to maturity.

Date of Maturity Principal Amount* Date of Maturity Principal Amount* 2020 $ 832,000 2030 $1,045,000 2021 850,000 2031 1,075,000 2022 865,000 2032 1,105,000 2023 885,000 2033 1,140,000 2024 905,000 2034 1,170,000 2025 925,000 2035 1,205,000 2026 945,000 2036 1,245,000 2027 965,000 2037 1,280,000 2028 990,000 2038 1,320,000 2029 1,020,000

* Post-sale Adjustment of Par Amount of the BondsThe aggregate par amount of Bonds may be decreased in an amount not in excess of

the premium offered by the successful bidder and the amount of each annual maturity, as set forth herein, may be adjusted to the extent necessary, in order that the total proceeds, which include the total par amount of the Bonds plus the original issue premium, if any, received by the District does not exceed the maximum amount permitted under applicable provisions of the Internal Revenue Code of 1986, as amended. The annual maturities of the Bonds may also be adjusted for the purpose of attaining debt service that is substan-tially 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 cost, calculated as specified herein, 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 District 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.

Optional Redemption for the BondsThe Bonds maturing on or before June 1, 2025 are not subject to prior redemption. The Bonds

maturing on or after June 1, 2026, will be subject to redemption prior to maturity at the option of the District on any date on or after June 1, 2025, 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 District may select the maturities of the Bonds to be redeemed and the amount to be re-deemed of each maturity selected, as the District shall determine to be in the best interest of the District at the time of such redemption. If less than all of the Bonds of any maturity are to be re-deemed prior to maturity, the particular Bonds of such maturity to be redeemed shall be selected by the District by lot in any customary manner of selection as determined by the District. Notice of such call for redemption shall be given by mailing such notice to the registered owner not less than thirty (30) days nor more than sixty (60) days prior to such 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 in-clude 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 District) made on the books and records of DTC (or a successor depository) and its participants, in denominations of $5,000 or integral multiples thereof, except for one necessary odd denomination. Principal of and interest on the Bonds will be payable by the District or its agent by wire transfer or in clearinghouse funds to DTC or its nominee as regis-tered 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 District 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 $19,767,000 for all of the Bonds and 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 (i) only one rate of interest may be bid for all Bonds maturing in any one calendar year and (ii) variations in rates of interest so bid shall be in ascending progression in order of maturity so that the rate of interest on Bonds maturing in any particular calendar year shall not be less than the rate of interest applicable to Bonds maturing in any prior calendar year.

Sealed proposals may be submitted electronically via Parity or via facsimile transmission at (516) 364-9501, 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 District, each bid will constitute an irrevocable offer to purchase the Bonds pursuant to the terms therein provided.

Bidding using ParityProspective 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 war-rants to the District 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 nec-essary 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 District 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 District 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 District is using Parity as a communications mechanism, and not as the District’s agent, to conduct the electronic bidding for the District’s Bonds. The District 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 District 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 District’s Municipal Advisor, Capital Markets Advisors, LLC at 516-274-4501 (provided that the District 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 infor-mation 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 $197,670 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 “Malverne Union Free School District, County of Nassau, New York,” or (ii) a wire transfer in accordance with instruc-tions set forth herein. If a wire transfer is used, it must be sent to the account so designated by the District for such purpose, not later than 10:00 A.M. on the date of the sale; however, the District 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, 11021 telephone No. 516-274-4501, the District’s Municipal Advisor, no later than 24 hours prior to the bid opening to obtain the District’s wire instructions. The District 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 such issue of Bonds at such rate or rates of interest per annum as will produce the

* Preliminary, subject to change as noted herein.

Competitive Sales Notices

continued on next page

007_BB06041801 7 6/1/2018 1:39:55 PM

The Bond Buyer8 Monday, June 4, 2018

lowest true interest cost over the life of such 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 val-ue 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 District reserves the right to reject any and all bids (regardless of the interest rate bid), to re-ject 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 De-posits 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 District 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 provide original financing for the construction of an

addition, alterations, and improvements at the Malverne Senior High School and other upgrades and improvements.

Payment and Security for the BondsThe Bonds are general obligations of the District and shall contain a pledge of the faith and credit

of the District for the payment of the principal thereof. There is no limitation, either as to rate or amount, upon ad valorem taxes upon taxable real property in the District which may be required to pay the Bonds and the interest thereon. The State Constitution requires the District 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 District, 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 District may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations.

Upon default in the payment of principal of or interest on the Bonds or certain other obligations of the District, the State Comptroller is required, under the conditions and to the extent prescribed by Section 99-b of the State Finance Law, to withhold state aid and assistance to the District and ap-ply the amount thereof so withheld to the payment of defaulted principal and interest with respect to said Bonds and said other obligations.

Debt Statement filed with the State ComptrollerThe population of the District is estimated to be 15,454. The debt statement to be filed pur-

suant to Section 109.00 of the Law in connection with the sale of the Bonds, prepared as of May 31, 2018, will show the full valuation of real property subject to taxation by the District to be $1,527,305,000, its debt limit to be $152,730,500, and its total net indebtedness (exclusive of the Bonds) to be $11,390,000. The issuance of the Bonds will increase the District’s indebtedness by the par amount of Bonds issued. The calculation of such net indebtedness has not taken into account any deductions therefrom of any apportionment of State aid for debt service for school building purposes to which the District may be entitled.

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 June

28, 2018, 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 successful bidder to obtain CUSIP numbers for the Bonds prior to delivery and the District will not be responsible for any delay occasioned by the inability to deposit the Bonds with DTC due to the failure of the successful bidder to obtain such numbers and to supply them to the District in a timely manner. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid for by the District; 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 dated May 31, 2018 (the “Preliminary Official Statement”) cir-

culated in connection with the sale of the Bonds, which shall be supplemented by the final official statement to be dated June 11, 2018 (the “Official Statement”).

Tax Exemption In the opinion of Bond Counsel, interest on the Bonds is (i) excluded from gross income for fed-

eral income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amend-ed (the “Code”) and (ii) exempt from personal income taxes of New York State and its political subdivisions, including The City of New York, all as described in more detail in “TAX MATTERS” in the Preliminary Official Statement. Upon delivery of the Bonds, Bond Counsel will deliver an opinion regarding the tax-exempt status of the Bonds substantially in the form of the approving legal opinion of Bond Counsel set forth in Appendix D of the Preliminary Official Statement.

The successful bidder may at its option refuse to accept the Bonds if the opinion of Bond Counsel is not delivered, and in such case said successful bidder will be relieved of their contractual obliga-tions arising from the acceptance of their proposal.

The District 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 “cour-tesy 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 bid-der 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 (akerr@capmark.org) 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 agree-ment 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 agree-ment 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 Coun-sel, 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 distri-bution 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

Competitive Sales Notices

continued on next page

continued from previous page

008_BB06041801 8 6/1/2018 1:39:56 PM

www.bondbuyer.com 9Monday, June 4, 2018

culated in connection with the sale of the Bonds, which shall be supplemented by the final official statement to be dated June 11, 2018 (the “Official Statement”).

Tax Exemption In the opinion of Bond Counsel, interest on the Bonds is (i) excluded from gross income for fed-

eral income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amend-ed (the “Code”) and (ii) exempt from personal income taxes of New York State and its political subdivisions, including The City of New York, all as described in more detail in “TAX MATTERS” in the Preliminary Official Statement. Upon delivery of the Bonds, Bond Counsel will deliver an opinion regarding the tax-exempt status of the Bonds substantially in the form of the approving legal opinion of Bond Counsel set forth in Appendix D of the Preliminary Official Statement.

The successful bidder may at its option refuse to accept the Bonds if the opinion of Bond Counsel is not delivered, and in such case said successful bidder will be relieved of their contractual obliga-tions arising from the acceptance of their proposal.

The District 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 “cour-tesy 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 bid-der 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 (akerr@capmark.org) 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 agree-ment 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 agree-ment 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 Coun-sel, 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 distri-bution 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 District 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 District 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 District 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 District’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 District 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 District’s contractual obligation arising from its acceptance of each successful bidder’s proposal, at the time of the delivery of the Bonds the District will provide an executed copy of its “Undertaking to Provide Continuing Disclosure” (the “Undertaking”). The form of said Undertak-ing is set forth in Appendix E in the Preliminary Official Statement.

Except as otherwise set forth in the Preliminary Official Statement (see the subcaption entitled “Compliance History” under the caption entitled “DISCLOSURE UNDERTAKING”), the District 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 School 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 affect-ing 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 District wherein an adverse judgment or ruling could have a material adverse impact on the financial con-dition of the District or adversely affect the power of the District 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 President of the Board of Education 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 District 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) a certificate signed by the President of the Board of Education 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 District 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) a Tax Certificate executed by the President of the Board of Education, 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 District’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 11021, telephone No. 516-274-4501.

Dated: May 31, 2018 Josephine Bottitta President of the Board of Education and Chief Fiscal Officer

SUMMARY NOTICE OF SALE$45,000,000

COUNTY OF SANTA CRUZ, CALIFORNIA2018-2019 TAX AND REVENUE ANTICIPATION NOTES

NOTICE IS HEREBY GIVEN pursuant to California Government Code Section 53692, that the County of Santa Cruz, California (the “County”) intends to sell $45,000,000 principal amount of its 2018-2019 Tax and Revenue Anticipation Notes (the “Notes”) at public sale. All-or-none bids for the Notes, dated July 2, 2018 and maturing on July 1, 2019, are to be submitted electron-ically via the Ipreo BiDCOMP/PARITY© System until 9:30 a.m. Pacific Daylight Saving Time on Wednesday, June 13, 2018.

The Notes will be offered for public sale subject to all of the terms and conditions of the Official Notice of Sale and the Preliminary Official Statement. Each bid must be submitted electronically via Ipreo BiDCOMP/PARITY©, in the manner described in the Official Notice of Sale and conform to the terms and conditions set forth therein. For information about BiDCOMP/PARITY©, potential bidders may contact Ipreo BiDCOMP/PARITY© at (212) 849-5021. The County reserves the right to cancel, postpone or reschedule the sale of the Notes as more fully described in the Official Notice of Sale.

When available, the Preliminary Official Statement and the Official Notice of Sale may be ob-tained from the County’s Municipal Advisor, Harrell & Company Advisors, LLC, Orange, Califor-nia, (714) 939-1464 or by contacting Ipreo BiDCOMP/PARITY© at (212) 849-5021.

Competitive Sales Noticescontinued from previous page

009_BB06041801 9 6/1/2018 1:39:57 PM

The Bond Buyer10 Monday, June 4, 2018

OFFICIAL NOTICE OF SALE

$2,100,000*VILLAGE OF BLISSFIELD

COUNTY OF LENAWEE, STATE OF MICHIGAN2018 GENERAL OBLIGATION UNLIMITED TAX BONDS

*Subject to adjustment as provided in this Notice of SaleSEALED BIDS: Bidders may submit sealed bids for the purchase of the above bonds at the offices

of the Village Clerk located at 130 South Lane Street, Blissfield, Michigan 49228 on Tuesday, the 12th day of June, 2018 until 2:00 p.m., prevailing Eastern Time at which time and place said bids will be publicly opened and read. The award or rejection of bids will occur within twenty-four hours after the time of sale.

SEALED BIDS will also be received on the same date and until the same time at the offices of the Municipal Advisory Council of Michigan, Buhl Building, 535 Griswold, Suite 1850, Detroit, Michigan 48226, when, simultaneously, the bids will be opened and read.

FAXED BIDS: Signed bids may be submitted by fax to the Village at fax number (517) 486-4069, Attention: Village Administrator or to the Municipal Advisory Council of Michigan at fax number (313) 963-0943; provided that faxed bids must arrive before the time of sale, the bidder bears all risks of transmission failure.

ELECTRONIC BIDS: Electronic bids will also be received on the same date and until the same time by Bidcomp/Parity as agent of the undersigned. Further information about Bidcomp/Parity, including any fee charged, may be obtained from Bidcomp/Parity, Anthony Leyden or CLIENT SERVICES, 1359 Broadway, Second Floor, New York, New York 10010, (212) 849-5021. IF ANY PROVISION OF THIS NOTICE OF SALE SHALL CONFLICT WITH INFORMATION PROVIDED BY BIDCOMP/PARITY, AS THE APPROVED PROVIDER OF ELECTRONIC BIDDING SERVICES, THIS NOTICE SHALL CONTROL.

Bidders may choose any means or location to present bids but a bidder may not present a bid in more than one location or by more than one means.

BOND DETAILS: The bonds will be registered bonds of the denomination of $5,000 or multi-ples thereof not exceeding for each maturity the maximum principal amount of that maturity, origi-nally dated as of the date of initial delivery, numbered in order of registration, and will bear interest from their date first payable on November 1, 2018 and semiannually thereafter.

The bonds will mature on the 1st day of May of the years, as follows:

2019 $100,000 2029 $100,000 2020 100,000 2030 100,000 2021 100,000 2031 100,000 2022 100,000 2032 105,000 2023 100,000 2033 110,000 2024 100,000 2034 115,000 2025 100,000 2035 115,000 2026 100,000 2036 115,000 2027 100,000 2037 120,000 2028 100,000 2038 120,000

*ADJUSTMENT TO MATURITY: The Village reserves the right to decrease the aggregate prin-cipal amount of the bonds after receipt of the bids and prior to final award, if necessary, so that the purchase price of the bonds will provide an amount determined by the Village to be sufficient to construct the project and to pay costs of issuance of the bonds. The adjustments, if necessary, will be in increments of $5,000 and may be made in one or more maturities. The purchase price will be adjusted proportionately to the decrease in issue size, but the interest rates specified by the successful bidder for all maturities will not change. The successful bidder may not withdraw its bid as a result of any changes made within these limits.

*ADJUSTMENT TO PURCHASE PRICE: Should any adjustment to the aggregate principal amount of the bonds be made by the Village, the purchase price of the bonds will be adjusted by the Village proportionally to the adjustment in principal amount of the bonds. The adjusted pur-chase price will reflect changes in the dollar amount of the underwriter’s discount and original issue discount/premium, if any, but will not change the per-bond underwriter’s discount as calculated from the bid and initial reoffering prices.

PRIOR REDEMPTION OF BONDS: Bonds maturing in the years 2019 to 2028, inclusive, shall not be subject to redemption prior to maturity. Bonds or portions of bonds in multiples of $5,000 maturing in the year 2029 and thereafter shall be subject to redemption prior to maturity, at the option of the Village, in any order of maturity and by lot within any maturity, on any date on or after May 1, 2028, at par and accrued interest to the date fixed for redemption.

In case less than the full amount of an outstanding bond is called for redemption, the transfer agent, upon presentation of the bond called for redemption, shall register, authenticate and deliver to the registered owner of record a new bond in the principal amount of the portion of the original bond not called for redemption.

Notice of redemption shall be given to the registered owner of any bond or portion thereof called for redemption by mailing of such notice not less than thirty (30) days prior to the date fixed for redemption to the registered address of the registered owner of record. A bond or portion thereof so called for redemption shall not bear interest after the date fixed for redemption, whether pre-sented for redemption or not, provided funds are on hand with the transfer agent to redeem said bond or portion thereof.

TERM BOND OPTION: The initial purchaser of the bonds may designate the bonds as serial bonds, or term bonds, or both. The bid must designate whether each of the principal amounts shown for the years 2019 through 2038, inclusive, represent a serial maturity or a mandatory re-demption requirement for a term bond maturity. In any event, the above principal amount sched-ule for the years 2019 through 2038, inclusive, shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. The amounts of the maturities which are aggregated in a designated term bond shall be subject to mandatory redemption on May 1 of the years and in the amounts set forth in the above maturity schedule at a redemption price of par, plus accrued interest to the date of mandatory redemption. Term bonds or portions thereof mandatorily redeemed shall be selected by lot. Any such designation must be made at the time bids

are submitted and must be listed on the bid. INTEREST RATE AND BIDDING DETAILS: The bonds shall bear interest at rate or rates not ex-

ceeding 5% per annum, to be fixed by the bids therefor, expressed in any multiples of 1/8 or 1/100 of 1% or both. The interest on any one bond shall be at one rate only and 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. THE INTEREST RATE FOR EACH SERI-AL OR TERM BOND MATURITY SHALL BE EQUAL TO OR GREATER THAN THE PRECEDING SERIAL OR TERM BOND MATURITY. No proposal for the purchase of less than all of the bonds or at a price less than 99.5% or more than 108% of their par value will be considered.

BOOK-ENTRY ONLY: The bonds will be issued in book-entry only form as one fully registered bond per maturity and will be registered in the name of Cede & Co., as bondholder and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities de-pository for the bonds.

TRANSFER AGENT AND REGISTRATION: Principal shall be payable at the principal corpo-rate trust office of The Huntington National Bank, Grand Rapids, Michigan, or such other transfer agent as the Village may hereafter designate by notice mailed to the registered owner of record not less than 60 days prior to an interest payment date. Interest shall be paid by check mailed to the registered owner of record as shown on the registration books of the Village as of the 15th day of the month preceding the interest payment date. The bonds will be transferred only upon the reg-istration books of the Village kept by the transfer agent.

PURPOSE AND SECURITY: The bonds were authorized at an election held on May 2, 2017 for the purpose of paying the cost of building a new municipal outdoor swimming pool complex and any related site improvements. The bonds will pledge the full faith and credit of the Village 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. The rights or remedies of bondholders may be affected by bankruptcy, insolvency, fraudulent conveyance or other laws affecting creditors’ rights generally now existing or hereafter enacted and by the application of general principles of equity including those relating to equitable subordination.

AWARD OF BONDS: The bonds will be awarded to the bidder whose bid produces the lowest true interest cost determined in the following manner: the lowest true interest cost will be the single interest rate (compounded on November 1, 2018 and semi-annually thereafter) necessary to discount the debt service payments from their respective payment date to June 26, 2018, in an amount equal to the price bid, excluding accrued interest. Each bidder shall state in its bid the true interest cost to the Village, computed in the manner specified above.

TAX MATTERS: In the opinion of Miller, Canfield, Paddock and Stone, P.L.C., bond counsel, un-der existing law, assuming compliance with certain covenants, interest on the bonds is excludable from gross income for federal income tax purposes as described in the opinion, and the bonds and interest thereon are exempt from all taxation by the State of Michigan or by any taxing authority within the State of Michigan except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof.

ISSUE PRICE: The winning bidder shall assist the Village in establishing the issue price of the bonds and shall execute and deliver to the Village at closing an “issue price” or similar certificate setting forth the reasonably expected initial offering price to the public or the sales price or prices of the bonds, together with the supporting pricing wires or equivalent communications, substantially in the form attached either as Appendix G-1 or Appendix G-2 of the preliminary Official Statement, with such modifications as may be appropriate or necessary, in the reasonable judgment of the winning bidder, the Village and Bond Counsel.

The Village intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining “competitive sale” for purposes of establishing the issue price of the bonds) will apply to the initial sale of the bonds (the “Competitive Sale Requirements”) because:

a. the Village is disseminating this Notice of Sale to potential underwriters in a manner that is reasonably designed to reach potential underwriters;

b. all bidders shall have an equal opportunity to bid; c. the Village anticipates receiving bids from at least three underwriters of municipal bonds

who have established industry reputations for underwriting new issuances of municipal bonds; andd. the Village anticipates awarding the sale of the bonds to the bidder who submits a firm

offer to purchase the bonds at the lowest true interest cost, as set forth in this Notice of Sale.Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the pur-

chase of the bonds, as specified in the bid. In the event that all of the Competitive Sale Requirements are not satisfied, the Village shall so

advise the winning bidder. The Village will not require bidders to comply with the “hold-the-offer-ing price rule,” and therefore does not intend to use the initial offering price to the public as of the sale date of any maturity of the bonds as the issue price of that maturity, though the winning bidder, in consultation with the Village, may elect to apply the “hold-the-offering price rule” (as described below). Bids will not be subject to cancellation in the event the Competitive Sale Requirements are not satisfied. Unless a bidder intends to apply the “hold-the-offering price rule” (as described below), bidders should prepare their bids on the assumption that all of the maturities of the bonds will be subject to the 10% Test (as described below). The winning bidder must notify the Village of its intention to apply either the “hold-the-offering price rule” or the 10% Test at or prior to the time the bonds are awarded.

If the winning bidder does not request that the “hold-the-offering price rule” apply to determine the issue price of the bonds, the following two paragraphs shall apply:

a. The Village shall treat the first price at which 10% of a maturity of the bonds (the “10% Test”) is sold to the public as the issue price of that maturity, applied on a maturity-by-maturity basis. The winning bidder shall advise the Village if any maturity of the Bonds satisfies the 10% Test as of the date and time of the award of the bonds; and

b. Until the 10% Test has been satisfied as to each maturity of the bonds, the winning bidder agrees to promptly report to the Village the prices at which the unsold bonds of that maturity have been sold to the public. That reporting obligation shall continue, whether or not the closing date has occurred, until the 10% Test has been satisfied as to the bonds of that maturity or until all bonds of that maturity have been sold.

If the winning bidder does request that the “hold-the-offering price rule” apply to determine the issue price of the bonds, then the following three paragraphs shall apply:

a. The winning bidder, in consultation with the Village, may determine to treat (i) pursuant to the 10% Test, the first price at which 10% of a maturity of the bonds is sold to the public as the issue price of that maturity and/or (ii) the initial offering price to the public as of the sale date of any

Competitive Sales Notices

continued on next page

010_BB06041801 10 6/1/2018 1:39:57 PM

www.bondbuyer.com 11Monday, June 4, 2018

are submitted and must be listed on the bid. INTEREST RATE AND BIDDING DETAILS: The bonds shall bear interest at rate or rates not ex-

ceeding 5% per annum, to be fixed by the bids therefor, expressed in any multiples of 1/8 or 1/100 of 1% or both. The interest on any one bond shall be at one rate only and 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. THE INTEREST RATE FOR EACH SERI-AL OR TERM BOND MATURITY SHALL BE EQUAL TO OR GREATER THAN THE PRECEDING SERIAL OR TERM BOND MATURITY. No proposal for the purchase of less than all of the bonds or at a price less than 99.5% or more than 108% of their par value will be considered.

BOOK-ENTRY ONLY: The bonds will be issued in book-entry only form as one fully registered bond per maturity and will be registered in the name of Cede & Co., as bondholder and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities de-pository for the bonds.

TRANSFER AGENT AND REGISTRATION: Principal shall be payable at the principal corpo-rate trust office of The Huntington National Bank, Grand Rapids, Michigan, or such other transfer agent as the Village may hereafter designate by notice mailed to the registered owner of record not less than 60 days prior to an interest payment date. Interest shall be paid by check mailed to the registered owner of record as shown on the registration books of the Village as of the 15th day of the month preceding the interest payment date. The bonds will be transferred only upon the reg-istration books of the Village kept by the transfer agent.

PURPOSE AND SECURITY: The bonds were authorized at an election held on May 2, 2017 for the purpose of paying the cost of building a new municipal outdoor swimming pool complex and any related site improvements. The bonds will pledge the full faith and credit of the Village 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. The rights or remedies of bondholders may be affected by bankruptcy, insolvency, fraudulent conveyance or other laws affecting creditors’ rights generally now existing or hereafter enacted and by the application of general principles of equity including those relating to equitable subordination.

AWARD OF BONDS: The bonds will be awarded to the bidder whose bid produces the lowest true interest cost determined in the following manner: the lowest true interest cost will be the single interest rate (compounded on November 1, 2018 and semi-annually thereafter) necessary to discount the debt service payments from their respective payment date to June 26, 2018, in an amount equal to the price bid, excluding accrued interest. Each bidder shall state in its bid the true interest cost to the Village, computed in the manner specified above.

TAX MATTERS: In the opinion of Miller, Canfield, Paddock and Stone, P.L.C., bond counsel, un-der existing law, assuming compliance with certain covenants, interest on the bonds is excludable from gross income for federal income tax purposes as described in the opinion, and the bonds and interest thereon are exempt from all taxation by the State of Michigan or by any taxing authority within the State of Michigan except inheritance and estate taxes and taxes on gains realized from the sale, payment or other disposition thereof.

ISSUE PRICE: The winning bidder shall assist the Village in establishing the issue price of the bonds and shall execute and deliver to the Village at closing an “issue price” or similar certificate setting forth the reasonably expected initial offering price to the public or the sales price or prices of the bonds, together with the supporting pricing wires or equivalent communications, substantially in the form attached either as Appendix G-1 or Appendix G-2 of the preliminary Official Statement, with such modifications as may be appropriate or necessary, in the reasonable judgment of the winning bidder, the Village and Bond Counsel.

The Village intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining “competitive sale” for purposes of establishing the issue price of the bonds) will apply to the initial sale of the bonds (the “Competitive Sale Requirements”) because:

a. the Village is disseminating this Notice of Sale to potential underwriters in a manner that is reasonably designed to reach potential underwriters;

b. all bidders shall have an equal opportunity to bid; c. the Village anticipates receiving bids from at least three underwriters of municipal bonds

who have established industry reputations for underwriting new issuances of municipal bonds; andd. the Village anticipates awarding the sale of the bonds to the bidder who submits a firm

offer to purchase the bonds at the lowest true interest cost, as set forth in this Notice of Sale.Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the pur-

chase of the bonds, as specified in the bid. In the event that all of the Competitive Sale Requirements are not satisfied, the Village shall so

advise the winning bidder. The Village will not require bidders to comply with the “hold-the-offer-ing price rule,” and therefore does not intend to use the initial offering price to the public as of the sale date of any maturity of the bonds as the issue price of that maturity, though the winning bidder, in consultation with the Village, may elect to apply the “hold-the-offering price rule” (as described below). Bids will not be subject to cancellation in the event the Competitive Sale Requirements are not satisfied. Unless a bidder intends to apply the “hold-the-offering price rule” (as described below), bidders should prepare their bids on the assumption that all of the maturities of the bonds will be subject to the 10% Test (as described below). The winning bidder must notify the Village of its intention to apply either the “hold-the-offering price rule” or the 10% Test at or prior to the time the bonds are awarded.

If the winning bidder does not request that the “hold-the-offering price rule” apply to determine the issue price of the bonds, the following two paragraphs shall apply:

a. The Village shall treat the first price at which 10% of a maturity of the bonds (the “10% Test”) is sold to the public as the issue price of that maturity, applied on a maturity-by-maturity basis. The winning bidder shall advise the Village if any maturity of the Bonds satisfies the 10% Test as of the date and time of the award of the bonds; and

b. Until the 10% Test has been satisfied as to each maturity of the bonds, the winning bidder agrees to promptly report to the Village the prices at which the unsold bonds of that maturity have been sold to the public. That reporting obligation shall continue, whether or not the closing date has occurred, until the 10% Test has been satisfied as to the bonds of that maturity or until all bonds of that maturity have been sold.

If the winning bidder does request that the “hold-the-offering price rule” apply to determine the issue price of the bonds, then the following three paragraphs shall apply:

a. The winning bidder, in consultation with the Village, may determine to treat (i) pursuant to the 10% Test, the first price at which 10% of a maturity of the bonds is sold to the public as the issue price of that maturity and/or (ii) the initial offering price to the public as of the sale date of any

maturity of the bonds as the issue price of that maturity (the “hold-the-offering price rule”), in each case applied on a maturity-by-maturity basis. The winning bidder shall advise the Village if any maturity of the bonds satisfies the 10% Test as of the date and time of the award of the bonds. The winning bidder shall promptly advise the Village, at or before the time of award of the bonds, which maturities of the bonds shall be subject to the 10% Test or shall be subject to the hold-the-offering price rule or both.

b. By submitting a bid, the winning bidder shall (i) confirm that the underwriters have of-fered or will offer the bonds to the public on or before the date of the award at the offering price or prices (the “initial offering price”), or at the corresponding yield or yields, set forth in the bid sub-mitted by the winning bidder, and (ii) if the hold-the-offering-price rule applies, agree, on behalf of the underwriters participating in the purchase of the bonds, that the underwriters will neither offer nor sell unsold bonds of any maturity to which the hold-the-offering-price rule shall apply to any person at a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:

a. the close of the fifth (5th) business day after the sale date; orb. the date on which the underwriters have sold at least 10% of that maturity of the bonds

to the public at a price that is no higher than the initial offering price to the public; The winning bidder shall promptly advise the Village when the underwriters have sold 10% of

that maturity of the bonds to the public at a price that is no higher than the initial offering price to the public, if that occurs prior to the close of the fifth (5th) business day after the sale date.

c. The Village acknowledges that, in making the representation set forth above, the winning bidder will rely on (i) the agreement of each underwriter to comply with the hold-the-offering-price rule, as set forth in an agreement among underwriters and the related pricing wires, (ii) in the event a selling group has been created in connection with the initial sale of the bonds to the public, the agreement of each dealer who is a member of the selling group to comply with the hold-the-offering-price rule, as set forth in a selling group agreement and the related pricing wires, and (iii) in the event that an underwriter is a party to a retail distribution agreement that was employed in connection with the initial sale of the bonds to the public, the agreement of each broker-dealer that is a party to such agreement to comply with the hold-the-offering-price rule, as set forth in the retail distribution agreement and the related pricing wires. The Village further acknowledges that each underwriter shall be solely liable for its failure to comply with its agreement regarding the hold-the-offering-price rule and that no underwriter shall be liable for the failure of any other underwriter, or of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a retail distribution agreement to comply with its corresponding agreement regarding the hold-the-offering-price rule as applicable to the bonds.

By submitting a bid, each bidder confirms that: a. any agreement among underwriters, any selling group agreement and each retail distribu-

tion agreement (to which the bidder is a party) relating to the initial sale of the bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwrit-er, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail distribution agreement, as applicable, to (i) report the prices at which it sells to the public the unsold bonds of each maturity allotted to it until it is notified by the winning bidder that either the 10% test has been satisfied as to the bonds of that maturity or all bonds of that maturity have been sold to the public and (ii) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the winning bidder and as set forth in the related pricing wires; and

b. any agreement among underwriters relating to the initial sale of the bonds to the public, together with the related pricing wires, contains or will contain language obligating each under-writer that is a party to a retail distribution agreement to be employed in connection with the initial sale of the bonds to the public to require each broker-dealer that is a party to such retail distribution agreement, as applicable, to (i) report the prices at which it sells to the public the unsold bonds of each maturity allotted to it until it is notified by the winning bidder or such underwriter that either the 10% test has been satisfied as to the bonds of that maturity or all bonds of that maturity have been sold to the public and (ii) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the winning bidder or such underwriter and as set forth in the related pricing wires.

Sales of any bonds to any person that is a related party to an underwriter shall not constitute sales to the public for purposes of this Notice of Sale. Further, for purposes of this Notice of Sale:

a. “public” means any person other than an underwriter or a related party, b. “underwriter” means (A) any person that agrees pursuant to a written contract with the

Village (or with the lead Underwriter to form an underwriting syndicate) to participate in the initial sale of the bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the bonds to the public (including a member of a selling group or a party to a retail distribution agreement par-ticipating in the initial sale of the bonds to the public);

c. a purchaser of any of the bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other); and

d. “sale date” means the date that the bonds are awarded by the Village to the winning bid-der.

“QUALIFIED TAX-EXEMPT OBLIGATIONS”: The Village has designated the bonds as “qualified tax-exempt obligations” for purposes of the deduction of interest expense by financial institutions pursuant to the Code.

LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Miller, Canfield, Paddock and Stone, P.L.C., attorneys of Detroit, Michigan, a copy of which opinion will be fur-nished without expense to the purchaser of the bonds at the delivery thereof. The fees of Miller, Canfield, Paddock and Stone, P.L.C. for services rendered in connection with such approving opin-ion are expected to be paid from bond proceeds. Except to the extent necessary to issue its approv-ing opinion as to validity of the above bonds, Miller, Canfield, Paddock and Stone, P.L.C. has not been requested to examine or review and has not examined or reviewed any financial documents,

statements or materials that have been or may be furnished in connection with the authorization, issuance or marketing of the bonds, and accordingly will not express any opinion with respect to the accuracy or completeness of any such financial documents, statements or materials. In submit-ting a bid for the bonds, the bidder agrees to the representation of the Village by Miller, Canfield, Paddock and Stone, P.L.C., as bond counsel.

DELIVERY OF BONDS: The Village will furnish bonds ready for execution at its expense. Bonds will be delivered without expense to the purchaser through DTC in New York, New York, or such other place to be agreed upon. The usual closing documents, including a certificate that no litiga-tion is pending affecting the issuance of the bonds, will be delivered at the time of 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 said 45th day is not a business day, the successful bidder may on that day, or any time thereafter until delivery of the bonds, withdraw its proposal by serving notice of cancellation, in writing, on the undersigned. Payment for the bonds shall be made in Federal Reserve Funds. Accrued interest to the date of delivery of the bonds shall be paid by the purchaser at the time of delivery.

CUSIP NUMBERS: Upon the request of the successful bidder, CUSIP identification numbers will be printed on the bonds, but neither the failure to print such numbers on any bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the bonds in accordance with terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers on the bonds shall be paid for by the Village; provided, however, that the CUSIP Service Bureau charge for the assignment of such numbers shall be the responsibility of and shall be paid for by the purchaser.

OFFICIAL STATEMENT: A preliminary Official Statement that the Village deems to be final as of its date, except for the omission of information permitted to be omitted by Rule 15c2-12 of the Securities and Exchange Commission, has been prepared and may be obtained from PFM Finan-cial Advisors LLC, at the address and telephone listed under FINANCIAL ADVISOR below. PFM Financial Advisors LLC will provide the winning bidder with a reasonable number of final Official Statements within 7 business days from the date of sale to permit the purchaser to comply with Securities and Exchange Commission Rule 15c2-12. Additional copies of the Official Statement will be supplied by PFM Financial Advisors LLC upon request and agreement by the underwriter to pay the cost of additional copies. Requests for additional copies should be made to PFM Financial Advisors LLC within 24 hours of the date of sale.

BOND INSURANCE AT PURCHASER’S OPTION: If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder/purchaser, the purchase of any such insurance policy or the issuance of any such commitment shall be at the option and expense of the purchaser of the Bonds. Any and all increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that if the Village has requested and received a rating on the Bonds from a rating agency, the Village shall pay the fee for the requested rating. Any other rating agency fees shall be the responsibility of the purchaser. FAILURE OF THE MUNICIPAL BOND INSURER TO ISSUE THE POLICY AFTER THE BONDS HAVE BEEN AWARDED TO THE PURCHASER SHALL NOT CONSTITUTE CAUSE FOR FAILURE OR REFUSAL BY THE PURCHASER TO ACCEPT DELIVERY OF THE BONDS FROM THE VILLAGE.

CONTINUING DISCLOSURE: As described more fully in the Official Statement, the Village has agreed to provide or cause to be provided, in accordance with the requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission, on or prior to the end of the sixth month after the end of each fiscal year commencing with the fiscal year ending September 30, 2018, (i) 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 material events with respect to the bonds and (iii) timely notice of a failure by the Village to provide the required annual financial information on or before the date specified in (i) above.

FINANCIAL ADVISOR: Further information with respect to the bonds may be obtained from the Village’s financial advisor, PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108; telephone (734) 994-9700.

ENVELOPES containing the bids should be plainly marked “Proposal for 2018 General Obliga-tion Unlimited Tax Bonds.”

THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.

Laura Neuman Village Clerk Village of Blissfield

Competitive Sales Notices

REACH YOUR TARGET AUDIENCE

Place your Redemption

Advertisement in

For more info e-mail nos@sourcemedia.com

continued from previous page

011_BB06041801 11 6/1/2018 1:39:59 PM

The Bond Buyer12 Monday, June 4, 2018

OFFICIAL NOTICE OF SALE

$4,850,000**(subject to adjustment as described below)

INGHAM COUNTY BUILDING AUTHORITYCOUNTY OF INGHAM, STATE OF MICHIGAN

BUILDING AUTHORITY BONDS(ANIMAL CONTROL SHELTER FACILITY),

SERIES 2018(LIMITED TAX GENERAL OBLIGATION)

SEALED BIDS for the purchase of the above bonds will be received by the undersigned at the office of the County Controller/Administrator, 341 S. Jefferson Street, Mason, Michigan 48854, on the 12th day of June, 2018, until 11:30 a.m., Eastern Daylight Time, at which time and place said bids will be publicly opened and read. Sealed bids also will be received on the same date and until the same time by an agent of the undersigned at the offices of the Municipal Advisory Council of Michigan (the “MAC”), Buhl Building, 535 Griswold, Suite 1850, Detroit, Michigan 48226, where they will be opened and read publicly. Signed bids may be submitted by fax to the County Con-troller/Administrator at (517) 676-7306 or the MAC at (313) 963-0943, but no bid will be received after the time for receiving bids specified above and the bidder bears all risks of transmission failure. Bidders may choose either location to present bids, but may not present bids at both locations.

IN THE ALTERNATIVE: Bids may be submitted electronically via PARITY pursuant to this No-tice on the same date and until the same time, but no bid will be received after the time for receiving bids specified above. 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.

BOND DETAILS: The bonds will be fully registered bonds of the denomination of $5,000 each or any integral multiple thereof, not exceeding the aggregate principal amount for each maturity, at the option of the purchaser thereof, dated the date of their delivery, and will bear interest from their date payable on November 1, 2018, and semiannually thereafter.

The bonds will mature on the first day of May as follows:

YEAR AMOUNT 2019 $1,175,000 2020 1,200,000 2021 1,225,000 2022 1,250,000

TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in the years 2019 through final maturity as serial bonds or term bonds, or both. The bid must designate whether each of the principal amounts shown above for the years 2019 through final maturity rep-resent a serial maturity or a mandatory redemption requirement for a term bond maturity. There may be more than one term bond designated. In any event, the above principal amount scheduled for the years 2019 through final maturity shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. Any such designation must be made at the time bids are submitted.

PRIOR REDEMPTION:A. MANDATORY REDEMPTION. Bonds designated as term bonds shall be subject to man-

datory redemption at par and accrued interest on the dates and in the amounts corresponding to the annual principal maturities hereinbefore set forth. The bonds or portions of bonds to be redeemed shall be selected by lot.

B. NO OPTIONAL REDEMPTION. Bonds shall not be subject to optional redemption.C. NOTICE OF REDEMPTION. Not less than thirty and not more than sixty days’ notice of

redemption shall be given to the registered owners of bonds called to be redeemed by mail to each registered owner at the registered address. Failure to receive notice of redemption shall not affect the validity of the proceedings for redemption. Bonds or portions of bonds called for redemption shall not bear interest on and after the date fixed for redemption, provided funds are on hand with the bond registrar and paying agent to redeem the same.

INTEREST RATE AND BIDDING DETAILS: The bonds shall bear interest at a rate or rates not exceeding 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 and all bonds maturing in any one year must carry the same interest rate. The interest rate borne by bonds maturing in any one year shall not be less than the interest rate borne by bonds maturing in the preceding year. The difference between the highest and lowest interest rates shall not exceed 2 percentage points. No proposal for the purchase of less than all of the bonds or at a price less than 99% nor more than 105% of their par value will be considered.

BOOK-ENTRY-ONLY: The bonds will be issued in book-entry-only form as one fully-registered bond per maturity and will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the bonds. Purchase of the bonds will be made in book-entry-only form, in the denomination of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their interest in bonds purchased. The book-entry-only system is described further in the preliminary official statement for the bonds.

BOND REGISTRAR AND PAYING AGENT: The bonds shall be payable as to principal in lawful money of the United States upon surrender thereof at the corporate trust office of The Huntington National Bank, Grand Rapids, Michigan the bond registrar and paying agent. Interest shall be paid to the registered owner of each bond as shown on the registration books at the close of business on the 15th day of the calendar month preceding the month in which the interest payment is due.

Interest shall be paid when due by check or draft drawn upon and mailed by the bond registrar and paying agent to the registered owner at the registered address. As long as DTC, or its nominee Cede & Co., is the registered owner of the bonds, payments will be made directly to such regis-tered owner. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to the beneficial owners of the bonds is the responsibility of DTC participants and indirect participants as described in the preliminary official statement for the bonds. The Authority from time to time as required may designate a successor bond registrar and paying agent.

PURPOSE AND SECURITY: The bonds are to be issued pursuant to the authorization contained in Act 31, Public Acts of Michigan, 1948 (First Extra Session), as amended, for the purpose of de-fraying part of the cost of the construction, furnishing and equipping of a new 16,000 square foot county animal control shelter facility located at 600 Buhl Street, Mason, Michigan 48854, together with associated site improvements, in the County of Ingham for lease to the County of Ingham pursuant to a limited tax Full Faith and Credit General Obligation Contract of Lease (herein the “Lease”). The Lease requires the County of Ingham to make cash rental payments to the Authority in such amounts as shall be sufficient to enable the Authority to pay the principal of and interest on the bonds as the same shall become due. The limited tax full faith and credit of the County of Ingham have been pledged for the making of the cash rental payments and the County of Ingham is obligated to levy ad valorem taxes in such amounts as shall be necessary for the making of such cash rental payments. Taxes imposed by the County of Ingham are subject to constitutional and statutory tax limitations. The Authority has irrevocably pledged the cash rental payments for the payment of the principal of and interest on the bonds and a statutory lien on the cash rental pay-ments has been created by the bond authorizing resolution.

ADJUSTMENT IN PRINCIPAL AMOUNT: Following receipt of bids and prior to final award, the Authority reserves the right to decrease the principal amount of the bonds. Such adjustment, if necessary, will be made in increments of $5,000, and may be made in one or more maturities. The purchase price will be adjusted proportionately to the decrease in the principal amount of the bonds, but the interest rates specified by the successful bidder will not change. The successful bidder may not withdraw its bid as a result of any changes made as provided in this paragraph.

ADDITIONAL BONDS: For the terms upon which additional bonds of equal standing as to the cash rental payments may be issued reference is made to the bond authorizing resolution.

GOOD FAITH DEPOSIT: A good faith deposit will not be required.AWARD OF BONDS: The bonds will be awarded to the bidder whose bid produces the lowest

true interest cost to the Authority. True interest cost shall be computed by determining the annual interest rate (compounded semiannually) necessary to discount the debt service payments on the bonds from the payment dates thereof to June 27, 2018, and to the price bid.

LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Dickinson Wright PLLC, attorneys of Lansing, Michigan, which opinion will be furnished without expense to the purchaser of the bonds at the delivery thereof. The fees of Dickinson Wright PLLC 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 bonds, Dick-inson Wright PLLC has made no inquiry as to any financial information, statements or material contained in any financial documents, statements or materials that have been or may be furnished in connection with the authorization, issuance or marketing of the bonds and, accordingly, will not express any opinion with respect to the accuracy or completeness of any such financial information, statements or materials.

TAX MATTERS: The approving opinion of bond counsel will include an opinion to the effect that under existing law as enacted and construed on the date of the initial delivery of the bonds, the interest on the bonds is excluded from gross income for federal income tax purposes. Interest on the bonds is not an item of tax preference for purposes of the individual federal alternative minimum tax. For corporations with tax years beginning after December 31, 2017, the corporate alternative minimum tax was repealed by Public Law No. 115-97 (the “Tax Cuts and Jobs Act”) enacted on December 22, 2017, effective for tax years beginning after December 31, 2017. For tax years beginning before January 1, 2018, interest on the bonds is not an item of tax preference for purposes of the corporate alternative minimum tax in effect prior to enactment of the Tax Cuts and Jobs Act; however, interest on the bonds held by a corporation (other than an S Corporation, regulated investment company, or real estate investment trust) may be subject to the federal alter-native minimum tax for tax years beginning before January 1, 2018 because of its inclusion in the adjusted current earnings of a corporate holder. The opinion set forth above will be subject to the condition that the Authority comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”), that must be satisfied subsequent to the issuance of the bonds in order that interest thereon be (or continue to be) excluded from gross income for federal income tax pur-poses. Failure to comply with certain of such requirements could cause the interest on the bonds to be included in gross income retroactive to the date of issuance of the bonds. The Authority has covenanted to comply with all such requirements. Bond counsel will express no opinion regarding other federal tax consequences arising with respect to the bonds.

The Authority has not designated the bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code.

If the successful bidder will obtain a municipal bond insurance policy or other credit enhance-ment for the bonds in connection with their original issuance, the successful bidder will be re-quired, as a condition of delivery of the bonds, to certify that the premium therefor will be less than the present value of the interest expected to be saved as a result of such insurance or other credit enhancement. The form of an acceptable certificate will be provided by bond counsel.

In addition, the approving opinion of bond counsel will include an opinion to the effect that under existing law, the principal and interest on the bonds are exempt from taxation by the State of Michigan and by any other taxing authority within the State of Michigan, except estate taxes and taxes on gains realized from the sale, payment or other disposition thereof.

ISSUE PRICE: The winning bidder shall assist the Authority in establishing the issue price of the bonds and shall execute and deliver to the Authority at closing an “issue price” or similar cer-tificate setting forth the reasonably expected initial offering price to the public or the sales price

Competitive Sales Notices

continued on next page

012_BB06041801 12 6/1/2018 1:39:59 PM

www.bondbuyer.com 13Monday, June 4, 2018

Interest shall be paid when due by check or draft drawn upon and mailed by the bond registrar and paying agent to the registered owner at the registered address. As long as DTC, or its nominee Cede & Co., is the registered owner of the bonds, payments will be made directly to such regis-tered owner. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to the beneficial owners of the bonds is the responsibility of DTC participants and indirect participants as described in the preliminary official statement for the bonds. The Authority from time to time as required may designate a successor bond registrar and paying agent.

PURPOSE AND SECURITY: The bonds are to be issued pursuant to the authorization contained in Act 31, Public Acts of Michigan, 1948 (First Extra Session), as amended, for the purpose of de-fraying part of the cost of the construction, furnishing and equipping of a new 16,000 square foot county animal control shelter facility located at 600 Buhl Street, Mason, Michigan 48854, together with associated site improvements, in the County of Ingham for lease to the County of Ingham pursuant to a limited tax Full Faith and Credit General Obligation Contract of Lease (herein the “Lease”). The Lease requires the County of Ingham to make cash rental payments to the Authority in such amounts as shall be sufficient to enable the Authority to pay the principal of and interest on the bonds as the same shall become due. The limited tax full faith and credit of the County of Ingham have been pledged for the making of the cash rental payments and the County of Ingham is obligated to levy ad valorem taxes in such amounts as shall be necessary for the making of such cash rental payments. Taxes imposed by the County of Ingham are subject to constitutional and statutory tax limitations. The Authority has irrevocably pledged the cash rental payments for the payment of the principal of and interest on the bonds and a statutory lien on the cash rental pay-ments has been created by the bond authorizing resolution.

ADJUSTMENT IN PRINCIPAL AMOUNT: Following receipt of bids and prior to final award, the Authority reserves the right to decrease the principal amount of the bonds. Such adjustment, if necessary, will be made in increments of $5,000, and may be made in one or more maturities. The purchase price will be adjusted proportionately to the decrease in the principal amount of the bonds, but the interest rates specified by the successful bidder will not change. The successful bidder may not withdraw its bid as a result of any changes made as provided in this paragraph.

ADDITIONAL BONDS: For the terms upon which additional bonds of equal standing as to the cash rental payments may be issued reference is made to the bond authorizing resolution.

GOOD FAITH DEPOSIT: A good faith deposit will not be required.AWARD OF BONDS: The bonds will be awarded to the bidder whose bid produces the lowest

true interest cost to the Authority. True interest cost shall be computed by determining the annual interest rate (compounded semiannually) necessary to discount the debt service payments on the bonds from the payment dates thereof to June 27, 2018, and to the price bid.

LEGAL OPINION: Bids shall be conditioned upon the approving opinion of Dickinson Wright PLLC, attorneys of Lansing, Michigan, which opinion will be furnished without expense to the purchaser of the bonds at the delivery thereof. The fees of Dickinson Wright PLLC 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 bonds, Dick-inson Wright PLLC has made no inquiry as to any financial information, statements or material contained in any financial documents, statements or materials that have been or may be furnished in connection with the authorization, issuance or marketing of the bonds and, accordingly, will not express any opinion with respect to the accuracy or completeness of any such financial information, statements or materials.

TAX MATTERS: The approving opinion of bond counsel will include an opinion to the effect that under existing law as enacted and construed on the date of the initial delivery of the bonds, the interest on the bonds is excluded from gross income for federal income tax purposes. Interest on the bonds is not an item of tax preference for purposes of the individual federal alternative minimum tax. For corporations with tax years beginning after December 31, 2017, the corporate alternative minimum tax was repealed by Public Law No. 115-97 (the “Tax Cuts and Jobs Act”) enacted on December 22, 2017, effective for tax years beginning after December 31, 2017. For tax years beginning before January 1, 2018, interest on the bonds is not an item of tax preference for purposes of the corporate alternative minimum tax in effect prior to enactment of the Tax Cuts and Jobs Act; however, interest on the bonds held by a corporation (other than an S Corporation, regulated investment company, or real estate investment trust) may be subject to the federal alter-native minimum tax for tax years beginning before January 1, 2018 because of its inclusion in the adjusted current earnings of a corporate holder. The opinion set forth above will be subject to the condition that the Authority comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”), that must be satisfied subsequent to the issuance of the bonds in order that interest thereon be (or continue to be) excluded from gross income for federal income tax pur-poses. Failure to comply with certain of such requirements could cause the interest on the bonds to be included in gross income retroactive to the date of issuance of the bonds. The Authority has covenanted to comply with all such requirements. Bond counsel will express no opinion regarding other federal tax consequences arising with respect to the bonds.

The Authority has not designated the bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code.

If the successful bidder will obtain a municipal bond insurance policy or other credit enhance-ment for the bonds in connection with their original issuance, the successful bidder will be re-quired, as a condition of delivery of the bonds, to certify that the premium therefor will be less than the present value of the interest expected to be saved as a result of such insurance or other credit enhancement. The form of an acceptable certificate will be provided by bond counsel.

In addition, the approving opinion of bond counsel will include an opinion to the effect that under existing law, the principal and interest on the bonds are exempt from taxation by the State of Michigan and by any other taxing authority within the State of Michigan, except estate taxes and taxes on gains realized from the sale, payment or other disposition thereof.

ISSUE PRICE: The winning bidder shall assist the Authority in establishing the issue price of the bonds and shall execute and deliver to the Authority at closing an “issue price” or similar cer-tificate setting forth the reasonably expected initial offering price to the public or the sales price

or prices of the bonds, together with the supporting pricing wires or equivalent communications, substantially in the form provided by Bond Counsel, with such modifications as may be appropriate or necessary, in the reasonable judgment of the winning bidder, the Authority and Bond Counsel. All actions to be taken by the Authority under this Notice of Sale to establish the issue price of the bonds may be taken on behalf of the Authority by the Authority’s financial consultant identified herein and any notice or report to be provided to the Authority may be provided to the Authority’s financial consultant.

The Authority intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defin-ing “competitive sale” for purposes of establishing the issue price of the bonds) will apply to the initial sale of the bonds (the “competitive sale requirements”) because:

(1) the Authority shall disseminate this Notice of Sale to potential underwriters in a manner that is reasonably designed to reach potential underwriters;

(2) all bidders shall have an equal opportunity to bid; (3) the Authority may receive bids from at least three underwriters of municipal bonds who

have established industry reputations for underwriting new issuances of municipal bonds; and(4) the Authority anticipates awarding the sale of the bonds to the bidder who submits a firm

offer to purchase the bonds at the lowest true interest cost, as set forth in this Notice of Sale.Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the pur-

chase of the bonds, as specified in the bid. In the event that the competitive sale requirements are not satisfied, the Authority shall so advise

the winning bidder. The Authority shall treat the first price at which 10% of a maturity of the bonds (the “10% test”) is sold to the public as the issue price of that maturity, applied on a maturi-ty-by-maturity basis (and if different interest rates apply within a maturity, to each separate CUSIP number within that maturity). The winning bidder shall advise the Authority if any maturity of the bonds satisfies the 10% test as of the date and time of the award of the bonds. The Authority will not require bidders to comply with the “hold-the-offering-price rule” and therefore does not intend to use the initial offering price to the public as of the sale date of any maturity of the bonds as the issue price of that maturity. Bids will not be subject to cancellation in the event that the competitive sale requirements are not satisfied. Bidders should prepare their bids on the assumption that all of the maturities of the bonds will be subject to the 10% test in order to establish the issue price of the bonds.

If the competitive sale requirements are not satisfied, then until the 10% test has been satisfied as to each maturity of the bonds, the winning bidder agrees to promptly report to the Authority the prices at which the unsold bonds of that maturity have been sold to the public. That reporting obligation shall continue, whether or not the closing date has occurred, until the 10% test has been satisfied as to the bonds of that maturity or until all bonds of that maturity have been sold.

By submitting a bid, each bidder confirms that: (i) except as otherwise provided in its bid, it has an established industry reputation for underwriting new issuances of municipal bonds, (ii) any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the bidder is a party) relating to the initial sale of the bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail distribu-tion agreement, as applicable, to report the prices at which it sells to the public the unsold bonds of each maturity allotted to it until it is notified by the winning bidder that either the 10% test has been satisfied as to the bonds of that maturity or all bonds of that maturity have been sold to the public, if and for so long as directed by the winning bidder and as set forth in the related pricing wires, and (iii) any agreement among underwriters relating to the initial sale of the bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwriter that is a party to a retail distribution agreement to be employed in connection with the initial sale of the bonds to the public to require each broker-dealer that is a party to such retail distribution agreement to report the prices at which it sells to the public the unsold bonds of each maturity allotted to it until it is notified by the winning bidder or such underwriter that either the 10% test has been satisfied as to the bonds of that maturity or all bonds of that maturity have been sold to the public, if and for so long as directed by the winning bidder or such underwriter and as set forth in the related pricing wires.

Sales of any bonds to any person that is a related party to an underwriter shall not constitute sales to the public for purposes of this Notice of Sale. Further, for purposes of this Notice of Sale:

(i) “public” means any person other than an underwriter or a related party, (ii) “underwriter” means (A) any person that agrees pursuant to a written contract with the

Authority (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the bonds to the public (including a member of a selling group or a party to a retail distribution agree-ment participating in the initial sale of the bonds to the public),

(iii) a purchaser of any of the bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profit interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other), and

(iv) “sale date” means the date that the bonds are awarded by the Authority to the winning bidder.

CUSIP: CUSIP numbers will be imprinted on all bonds of this issue at the Authority’s expense. Neither the failure to print numbers nor an improperly printed number shall constitute cause for the purchaser to refuse to accept delivery. The purchaser shall be responsible for requesting assign-ment of numbers and for payment of any charges for the assignment of numbers.

OFFICIAL STATEMENT: A copy of the Authority’s official statement relating to the bonds may be obtained by contacting PFM Financial Advisors LLC at the address referred to below. The offi-cial statement is in a form deemed final by the Authority for purposes of paragraph (b)(1) of SEC Rule 15c2-12 (the “Rule”), but is subject to revision, amendment and completion in a final official statement.

After the award of the bonds, the Authority will provide on a timely basis copies of a final offi-cial statement, as that term is defined in paragraph (e)(3) of the Rule, at the Authority’s expense in sufficient quantity to enable the successful bidder or bidders to comply with paragraph (b)(3) and (b)(4) of the Rule and the rules of the Municipal Securities Rulemaking Board. Requests for such additional copies of the final official statement shall be made to PFM Financial Advisors LLC at the address set forth below within 24 hours of the award of the bonds.

CONTINUING DISCLOSURE: In order to assist bidders in complying with paragraph (b)(5) of the Rule, the County of Ingham will undertake to provide certain annual financial information and notices of the occurrence of certain events, if material. A description of this undertaking is set forth in the preliminary official statement and will also be set forth in the final official statement.

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 No. 517, Public Acts of Michigan, 2012; MCL 129.311 et seq.

DELIVERY OF BONDS: The Bonds will be delivered without expense to the purchaser through DTC, New York, New York. The usual closing documents, including a continuing disclosure cer-tificate and 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, Eastern Daylight Time, on the 45th day following the date of sale, or the first business day thereafter if said 45th day is not a business day, the successful bidder may on that day, or any time thereafter until delivery of the bonds, withdraw its proposal by serving notice of can-cellation, in writing, on the undersigned. Payment for the bonds shall be made in Federal Reserve Funds. Accrued interest to the date of delivery of the bonds shall be paid by the purchaser at the time of delivery.

FINANCIAL CONSULTANT: Further information with respect to the bonds may be obtained from PFM Financial Advisors LLC, 555 Briarwood Circle, Suite 333, Ann Arbor, Michigan 48108. Telephone: (734) 994-9700, Financial Consultant to the Authority.

THE RIGHT IS RESERVED TO REJECT ANY OR ALL BIDS.ENVELOPES containing the bids should be plainly marked “Proposal for Bonds.”

Peter A. Cohl, Chairperson Ingham County Building Authority

Competitive Sales Notices

Access municipal bond statistics from The Bond Buyer with the Market Statistics Archive on The Bond Buyer Online

888.807.8667CALL TO SUBSCRIBE

continued from previous page

013_BB06041801 13 6/1/2018 1:40:00 PM

The Bond Buyer14 Monday, June 4, 2018

For more inFormation, contact:

John hester (212)-849-5125James Kellum (212) 849-5156

• Full service electronic document delivery and tracking system

www.i-dealprospectus.com

I-DEAL PROSPECTUS ELECTRONIC OFFICIAL STATEMENTSNegotiated

Garland (city oF), tX combo taX & rev coo, series 2018massachusetts housinG Finance aGency, ma housinG bonds, series 2018 a&bhouston isd, tX ltd taX schoolhouse bonds, series 2018 houston isd, tX maintenance taX notes, series 2018 northwest isd, tX unltd taX school bldG bonds, series 2018sienna Plantation manaGement district, tX unlimited taX reFundinG bonds, srs 2018 san marcos (city oF), tX Go bonds & combo taX & revenue coo, series 2018 Katy isd, tX unlimited taX school buildinG bonds, series 2018mesa (city oF), aZ General obliGation bonds, series 2018 **Pos suPPlement has been added**houston isd, tX variable rate limited taX reFundinG bonds, series 2012houston isd, tX variable rate limited taX schoolhouse bonds, srs 2013bhouston isd, tX variable rate ltd taX schoolhouse bonds, series 2014a-1bst. martin (Parish oF), la hosPital service dist no. 2, Go bonds, srs 2018**s&P ratinGs rePort has been added**anderson county, tX unlimited taX road bonds, series 2018bucKeye (city oF), aZ roosevelt street imProv dist imProvement bonds, series 2018leander (city oF), tX General obliGation reFundinG bonds, series 2018st. martin (Parish oF), la hosPital service dist no. 2, Go bonds, srs 2018shrevePort (city oF), la water & sewer revenue bonds, Junior lien srs 2018cGarland (city oF), tX water & sewer system revenue reFundinG bonds, new series 2018el Paso isd, tX unlimited taX reFundinG bonds, series 2018FranKlin (county oF), oh various PurPose sales taX revenue bonds, series 2018venus (city oF), tX combination taX & rev coo, series 2018Garland (city oF), tX electric utility system rev reF bonds, new series 2018revenue authority oF Prince GeorGe’s county, md lease rev reF bonds, srs 2018a&bmesa (city oF), aZ General obliGation bonds, series 2018mesa (city oF) aZ, utility systems revenal bonds, srs 2018 Goodyear (city oF), aZ mcdowell road commercial corridor imProv dist reF bonds, srs 2018sPrinG branch isd, tX unlimited taX schoolhouse bonds, series 2018mesquite (city oF), tX ww&ss rev reF & imProv bonds, series 2018 mesquite (city oF), tX Go reF&imPrv bonds & combo taX&ltd surPlus rev coo, srs 2018 northside isd, tX unlimited taX reFundinG bonds, series 2018 tennessee hda, tn residential Finance ProGram bonds, issue 2018-2 (non-amt)montGomery county, tX unlimited taX road bonds, series 2018Fort bend isd, tX unlimted taX reFundinG bonds, series 2018lewisville isd, tX unlimited taX reFundinG bonds, series 2018Gilbert (town oF), aZ wrmPc senior lien utility sys rev bonds, srs 2018hutto isd, unlimited taX school buildinG bonds, series 2018conroe (city oF), tX limited taX reFundinG bonds, series 2018hutto economic develoPment corP tyPe b, tX sales taX rev bonds, taXable srs 2018temPle isd, tX unltd taX school buildinG bonds, series 2018

I-DEAL PROSPECTUSELECTRONIC OFFICIAL STATEMENTSCompetitive

6/5-Fort atKinson (city oF), wi Go corPorate PurPose bonds, 20186/5-harris-waller counties mud no. 2, tX unlimited taX bonds, series 20186/6-berGen county, nJ ban & Go bonds, series 2018a&b6/11-carlisle community school district, ia Go school bonds, series 2018 6/11-east benard isd, tX unlimited taX school buildinG bonds, series 20186/12-south buda wc&id no. 1, tX unltd taX bonds, series 20186/12-cibolo (city oF), tX Genetal obliGation bonds, series 20186/5-Prairie du chien (city oF), Go corP PurP bonds, srs 2018c & nans, srs 2018d6/6-PulasKi community school distrist, wi Go sch bldG & imProv bonds6/6-harris county mud no. 495, tX unlimited taX bonds, series 20186/7-Jersey city (city oF), nJ notes, srs 2018b (taXable) & srs 2018c&d6/7-irvinG (city oF), tX Go bonds & taX notes, series 20186/7-irvinG (city oF), tX ww&ss new lien revenue imProvement bonds, srs 2018 6/7-oranGe usd, ca Go bonds, election oF 2016, series 20186/11-oKoboJi community school district, ia Go school bonds, series 20186/12-cibolo (city oF), tX Genetal obliGation bonds, series 2018**s&P ratinGs rePort has been added6/12-union (county oF), nJ Gen imPrv&county voc-tech school&county colleGe bonds, 2018 srs a&b7/10-GraettinGer-terril csd, ia Go school bonds, series 2018 6/4-ames csd, ia Go bonds, series 2018 and - addendum #16/6-Fort worth (city oF), tX General PurPose bonds & taX notes, series 2018**Pos & nos have been revised**6/12-tulsa metroPolitan utility authority, oK utility revenue bonds, srs 2018a

BiDCOMP®/Parity®

www.newissuehome.i-deal.com

6/4 - City of Elkhorn (WI), WI

6/4 - City of Elkhorn (WI), WI

6/4 - Ankeny Community School District, IA

6/4 - White County (TN), TN

6/4 - Village of Oregon, WI

6/4 - Village of Oregon, WI

6/4 - Independent School District No. 318 (Itasca County), MN

6/4 - City of Manvel, TX

6/4 - City of Dayton (TX), TX

6/4 - Village of Cottage Grove, WI

6/4 - Independent School District No. 277 (Westonka), MN

6/4 - City of Gardner (KS), KS

6/4 - City of Lakefield, MN

6/4 - Town of Credit River Township (MN), MN

6/5 - City of Seattle, WA

6/5 - Town of Grand Chute, WI

6/5 - Town of Grand Chute, WI

6/5 - Brillion Public School District (WI), WI

6/5 - City of Greensboro, NC

6/5 - City of Greensboro, NC

6/5 - State of Ohio (OH), OH

6/5 - Hilton Central School District, NY

6/5 - City of Edina, MN

6/5 - County of Suffolk, NY

6/5 - Town of Clinton (MA), MA

6/5 - County of Brunswick, NC

6/5 - Town of Braintree, MA

6/5 - City School District of the City of Hudson, NY

6/5 - Independent School District No. 33 of Creek County (Sapulpa), OK

6/5 - Cambridge Central School District, NY

6/5 - Linn County (IA), IA

6/5 - Linn County (IA), IA

6/6 - Winterset Community School District, IA

6/6 - City of Emporia, KS

6/6 - City of Portsmouth (NH), NH

6/6 - Wayne County (OH), OH

6/6 - Village of Westbury, NY

6/6 - County of Bergen, NJ

6/6 - City School District of the City of Auburn, NY

6/7 - City of Blaine (MN), MN

6/7 - Town of Henrietta, NY

014_BB06041801 14 6/1/2018 1:40:01 PM

15www.bondbuyer.comMonday, June 4, 2018

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 Ipreo

New Issues

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 212-849-3871

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.

Fax: 212-404-8155; Email: brs@ipreo.com

Monday, June 4 Ames Comm SD IA GO Sch *5,000 12 pm C Piper Jaffray Ahlers & Cooney 19-38 --- Aa3 --- --- --- BQ Today Ankeny Comm SD IA GO Sch *18,000 10 am C PFM Fin Advisors Ahlers & Cooney 19-33 --- Aa2 --- --- --- --- 29-May Gardner KS GO *15,850 11 am C Ehlers Kutak Rock 18-37 --- --- --- --- --- --- 11-May Credit River Twp (Town) MN GO Imp *1,405 11:30 am C Ehlers Kennedy & Graven 20-29 --- --- --- --- --- BQ 11-May Itasca Co ISD #318 MN GO Sch Bldg *68,590 10:30 am C Ehlers Knutson Flynn 26-38 --- --- --- --- --- --- 9-May Lakefield MN GO 2,255 11 am C David Drown Dorsey & Whitney 20-34 --- --- --- --- --- BQ 29-May Westonka ISD #277 MN GO Tax Abate *1,965 11 am C Ehlers Knutson Flynn 20-29 --- --- --- --- --- BQ 9-May Lincoln Co ISD #54 OK Bldg (Tax) 5,490 4 pm C Stephen H. McDonald State Atty General 20-21 --- --- --- --- --- --- 22-May Osage Co ESD #35 OK Comb Purp 550 5:50 pm C Stephen L. Smith Phillips Murrah 20-25 --- --- --- --- --- BQ 23-May Sequoyah Co ISD #1 OK Bldg (Tax) 990 11:45 am C Stephen H. McDonald --- 20 --- --- --- --- --- --- 22-May White County TN GO Sch *20,000 10:15 am C Raymond James Bass Berry 19-38 --- --- AA- --- --- --- 24-May Dayton TX Certs of Oblig *6,650 11 am C SAMCO Cap Mkts Norton Rose 19-38 --- --- --- --- --- BQ 30-May Manvel TX Combined Tax Rev *9,825 10:30 am C Hilltop Securities Allen Boone 19-38 --- --- AA+ --- --- BQ 30-May Cottage Grove Vlg WI GO Swr *2,455 11 am C Ehlers Quarles & Brady 20-38 --- --- --- --- --- BQ 8-May Elkhorn WI GO Comm Dev (Tax) 3,660 9:30 am C Ehlers Quarles & Brady 21-38 --- --- --- --- --- --- 22-May Elkhorn WI GO Corp Purp 5,810 9:30 am C Ehlers Quarles & Brady 20-37 --- --- --- --- --- BQ 22-May Oregon Vlg WI GO Prom *650 10:30 am C Ehlers Quarles & Brady 19-28 --- --- --- --- --- BQ 14-May Oregon Vlg WI GO Corp Purp *3,925 10:30 am C Ehlers Quarles & Brady 19-38 --- --- --- --- --- BQ 14-May

Tuesday, June 5 S California Metro Wtr Dt CA Wtr Rev *65,625 9 am P Public Resources Nixon Peabody 23-28 --- --- AA+ AA+ --- --- 25-May S California Metro Wtr Dt CA Wtr Rev *100,010 8 am P Public Resources Nixon Peabody 19-23 --- --- AA+ AA+ --- --- 25-May Linn County IA GO *1,575 12 pm C Robert W. Baird Dorsey & Whitney 19-33 --- --- --- --- --- BQ 23-May Linn County IA GO *5,620 12 pm C Robert W. Baird Dorsey & Whitney 19-38 --- --- --- --- --- BQ 23-May Pike Twp Multi-Sch Bldg IN First Mtg *10,000 11 am E Umbaugh Barnes & Thornburg 20-24 --- --- --- --- --- --- 1-Jun Estill Co SD Fin Corp KY Sch Bldg Rev *6,395 12 pm E J.J.B. Hilliard Steptoe & Johnson 19-38 --- --- --- --- --- BQ 31-May Braintree (Town) MA GO Muni Purp Loan *29,390 11:30 am E Hilltop Securities Locke Lord 19-48 --- --- AA+ --- --- --- 31-May Marlborough MA GO Muni Purp Loan *16,030 11 am E Hilltop Securities Bowditch & Dewey 19-38 --- --- --- --- --- --- 1-Jun Edina MN GO *5,780 11 am C Ehlers Dorsey & Whitney 20-35 --- --- --- --- --- BQ 3-May Brunswick County NC GO Sch *50,000 11 am E George K. Baum Parker Poe 19-38 --- Aa2 AAA AA+ --- --- 30-May Clark Co SD NV GO Bldg *200,000 8:30 am P Zions Pub Fin Sherman & Howard 20-38 --- --- --- --- --- --- 31-May Batavia NY Pub Imp 196 11 am E Municipal Solutions Underberg & Kessler 19-25 --- --- --- --- --- BQ 31-May Cambridge Ctrl SD NY GO Sch Dist *9,216 11:30 am E Bernard P. Donegan Bartlett Pontiff 19-33 --- --- --- --- --- BQ 24-May Hilton Ctrl SD NY GO Sch Dist 2,095 11 am E Bernard P. Donegan Timothy R. McGill 19-32 --- --- --- --- --- BQ 23-May Hudson City SD NY Sch Dist *15,250 11:15 am E Bernard P. Donegan Rodenhausen Chale 19-39 --- --- --- --- --- --- 24-May

P Suffolk County NY Pub Imp *49,030 11 am E Capital Markets Adv Harris Beach 19-38 --- --- --- --- --- --- 29-May Ohio OH GO Sch 300,000 10:30 am E Acacia Fin Group Ice Miller 19-38 --- --- --- AA+ --- --- 23-May Creek Co ISD #33 OK Bldg (Tax) 9,885 11:30 am C Stephen H. McDonald Hilborne & Weidman 20-21 --- --- --- --- --- --- 23-May Okfuskee Co ISD #31 OK Bldg 200 4 pm C Stephen H. McDonald State Atty General 20-22 --- --- --- --- --- BQ 24-May Okfuskee Co ISD #31 OK Bldg (Tax) 425 4 pm C Stephen H. McDonald State Atty General 20 --- --- --- --- --- --- 24-May Harris-Waller Cos MUD #2 TX Unltd Tax 3,190 9:30 am C RBC Capital Mkts Schwartz Page 19-47 --- --- --- --- --- BQ 31-May Seattle WA Rev *269,985 7:45 am P Piper Jaffray Stradling Yocca 19-48 --- Aa2 AA --- --- --- 30-May Brillion Pub SD WI GO Prom 5,600 10 am C Robert W. Baird Griggs Law Office 22-28 --- A1 --- --- --- BQ 24-May Fort Atkinson WI GO Corp Purp *4,215 10 am C Robert W. Baird Quarles & Brady 19-38 --- --- AA- --- --- BQ 11-May Grand Chute (Town) WI GO Prom (Tax) *3,070 10 am C Ehlers Quarles & Brady 19-28 --- --- --- --- --- --- 22-May Grand Chute (Town) WI GO Prom *9,200 10 am C Ehlers Quarles & Brady 19-28 --- --- --- --- --- BQ 22-May Prairie du Chien WI Note Antic *1,050 10 am C PFM Fin Advisors Quarles & Brady 23 --- --- --- --- --- BQ 1-Jun Prairie du Chien WI GO Corp Purp *1,695 10 am C PFM Fin Advisors Quarles & Brady 23-33 --- --- --- --- --- BQ 1-Jun Wrightstown Vlg WI GO Prom *1,965 10:30 am C Ehlers Quarles & Brady 19-28 --- --- --- --- --- BQ 30-May

Wednesday, June 6 Iowa BOR IA Hosp Rev *32,665 10 am C Springsted Ahlers & Cooney 19-43 --- --- --- --- --- --- 1-May Winterset Comm SD IA GO Sch *9,995 10 am C Piper Jaffray Ahlers & Cooney 19-38 --- A1 --- --- --- BQ 21-May

015_BB06041801 15 6/1/2018 3:41:50 PM

16 The Bond Buyer

Monday, June 4, 2018

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 Ipreo

New Issues

Regional Transp Auth IL GO *134,025 11 am C Rice Financial Kutak Rock 19-48 --- --- AA --- --- --- 31-May Emporia KS GO *7,505 10 am C Piper Jaffray Triplett Woolf 19-33 --- --- A+ --- --- BQ 23-May Lake Wabaunsee Imp Dist KS GO Ref *850 10 am C Ranson Financial Gilmore & Bell 19-36 --- --- --- --- --- BQ 30-May Concord (Town) MA GO Muni Purp Loan *6,710 11 am E Hilltop Securities Locke Lord 19-28 --- --- --- --- --- --- 1-Jun Harwich (Town) MA GO Muni Purp Loan *13,835 11:30 am E Hilltop Securities Locke Lord 19-38 --- --- AA+ --- --- --- 1-Jun Cottage Grove MN GO Imp *7,620 10 am C Ehlers Briggs & Morgan 21-35 --- --- --- --- --- BQ 4-May Portsmouth NH GO Cap Imp *19,650 11 am E Hilltop Securities Locke Lord 19-38 --- --- --- --- --- --- 24-May Atlantic County NJ GO 37,818 11 am E Acacia Fin Group Archer & Greiner 19-33 --- --- --- --- --- --- 30-May

P Bergen County NJ County College 4,000 11:15 am E NW Financial Group Waters McPherson 19-28 --- --- --- --- --- --- 29-May Auburn CSD NY Sch Dist 1,745 11:30 am E Bernard P. Donegan Timothy R. McGill 19-33 --- --- --- --- --- BQ 24-May Liberty Ctrl SD NY GO Sch Dist 1,476 11 am E Bernard P. Donegan Orrick Herrington 19-23 --- --- --- --- --- BQ 25-May North Salem Ctrl SD NY GO Sch Dist 2,700 11:15 am E Bernard P. Donegan Orrick Herrington 19-33 --- --- --- --- --- BQ 25-May Saratoga Springs NY Pub Imp *6,778 10:45 am E Fiscal Adv & Mkt Walsh & Walsh 19-42 --- --- --- --- --- BQ 24-May Southampton (Town) NY Pub Imp *10,610 11 am E Munistat Services Norton Rose 19-33 --- --- --- --- --- --- 30-May Wallkill Ctrl SD NY Sch Dist *6,769 11:45 am E Bernard P. Donegan Orrick Herrington 19-32 --- --- --- --- --- BQ 23-May Westbury Vlg NY Pub Imp 1,000 11 am E Liberty Capital Svcs Hawkins Delafield 20-28 --- --- --- --- --- BQ 23-May Kay Co ISD #87 OK Bldg (Tax) 520 11:45 am C Stephen H. McDonald State Atty General 20 --- --- --- --- --- --- 25-May McClain Co ISD #10 OK Comb Purp 1,140 12:45 pm C Stephen H. McDonald State Atty General 21-24 --- --- --- --- --- BQ 25-May Fort Worth TX Tax *12,600 10:30 am C Hilltop Securities McCall Parkhurst 19-25 --- --- --- --- --- --- 30-May Fort Worth TX Gen Purp *62,220 10 am C Hilltop Securities McCall Parkhurst 19-38 --- --- --- --- --- --- 30-May Harris Co MUD #495 TX Unltd Tax 16,000 9 am C Rathmann & Assoc Allen Boone 20-48 --- --- --- --- --- --- 1-Jun Waller County TX GO *30,000 10 am C USCA Municipal Bickerstaff, Heath 19-38 --- --- --- --- --- --- 30-May Williamson Co MUD #19A TX Unltd Tax 3,175 10 am C Specialized Pub Fin McCall Parkhurst 21-48 --- --- --- --- --- BQ 29-May Arlington County VA GO Pub Imp *153,555 11 am E PFM Fin Advisors McGuireWoods 18-37 --- Aaa AAA AAA --- --- 4-May Loudoun County VA GO Pub Imp *148,275 10:30 am E Davenport Nixon Peabody 18-37 --- --- --- --- --- --- Today Evergreen SD #114 WA Unltd Tax GO *114,700 8:30 am P Educational Svc 112 Pacifica Law Group 22-36 --- Aa1 --- --- --- --- 29-May Pulaski Comm SD WI GO Sch 2,300 9:30 am C Robert W. Baird Quarles & Brady 19-30 --- Aa3 --- --- --- BQ 23-May

Thursday, June 7 P Orange USD CA GO *188,000 9 am P Fieldman Rolapp Orrick Herrington 19-47 --- --- AA --- --- --- 29-May

Metro Atlanta Rapid Trans Auth GA Sales Tax Ref *168,120 10:30 am E Hilltop Securities Holland & Knight 19-25 --- --- AA+ --- --- --- 1-Jun N Judson-San Pierre Sch Corp IN GO 1,100 11 am E Umbaugh TWPeterson Law Ofc 19-22 --- --- --- --- --- BQ Today Plymouth Multi-Sch Bldg Corp IN First Mtg *49,995 11 am E Umbaugh Ice Miller 22-38 --- --- --- --- --- --- Today Bullitt Co SD Fin Corp KY Energy 10,000 11 am E J.J.B. Hilliard Steptoe & Johnson 19-38 --- A1 --- --- --- --- 30-May Brockton MA GO (Tax) 1,600 11 am E Hilltop Securities Locke Lord 19-34 --- --- --- --- --- --- Today Brockton MA GO *4,920 11 am E Hilltop Securities Locke Lord 19-38 --- --- --- --- --- --- Today Delhi Chrt Twp MI Cap Imp *7,500 11 am E Umbaugh Thrun Law Firm 19-37 --- --- --- --- --- BQ 16-May Blaine MN Certs of Indebt *1,145 10 am C Springsted Kennedy & Graven 20-24 --- --- --- --- --- --- 7-May New Mexico Fin Auth NM Ref Rev *423,745 10 am E PFM Fin Advisors Rodey, Dickason 19-30 --- Aa2 AA --- --- --- 29-May Addison Ctrl SD NY Sch Dist 8,375 11:15 am E Fiscal Adv & Mkt Orrick Herrington 19-31 --- --- --- --- --- BQ 31-May Connetquot Ctrl SD NY Sch Dist Ref *4,185 11 am E Munistat Services Hawkins Delafield 18-23 --- --- --- --- --- --- 31-May Corning CSD NY Sch Dist *9,845 11 am E Capital Markets Adv Hawkins Delafield 19-29 --- --- --- --- --- --- 30-May Greece Ctrl SD NY Sch Dist 750 11:45 am E Bernard P. Donegan Timothy R. McGill 19-33 --- --- --- --- --- BQ 25-May Henrietta (Town) NY Pub Imp *5,000 12 pm E Bernard P. Donegan Timothy R. McGill 19-47 --- --- --- --- --- BQ 24-May Jamestown CSD NY Sch Dist 6,695 11 am E Capital Markets Adv Orrick Herrington 19-31 --- --- --- --- --- --- 31-May Newfield Ctrl SD NY GO Sch Dist 4,960 11:30 am E Bernard P. Donegan Timothy R. McGill 19-33 --- --- --- --- --- BQ 25-May

P Rye Brook Vlg NY Tax (Tax) *1,533 11 am E Capital Markets Adv Norton Rose 19-28 --- --- --- --- --- --- 30-May P Rye Brook Vlg NY Pub Imp *14,250 11 am E Capital Markets Adv Norton Rose 19-48 --- --- --- --- --- --- 30-May

Springville-Griffith Inst CSD NY GO Sch Dist *17,940 11 am E Bernard P. Donegan Hodgson Russ 19-35 --- --- --- --- --- --- 24-May Stillwater (Town) NY GO Pub Imp 3,993 11:30 am E Fiscal Adv & Mkt Walsh & Walsh 19-42 --- --- --- --- --- BQ 31-May

P Valley Stream Ctrl HSD NY Sch Dist *20,000 11 am E Capital Markets Adv Hawkins Delafield 20-33 --- --- --- --- --- --- 25-May Wappinger (Town) NY Pub Imp 860 11 am E Munistat Services Orrick Herrington 19-28 --- --- --- --- --- BQ 1-Jun Canadian Co ISD #57 OK Bldg 820 11:45 am C Stephen H. McDonald State Atty General 20-21 --- --- --- --- --- BQ 25-May Okmulgee Co ISD #5 OK Bldg (Tax) 360 12:45 pm C Stephen H. McDonald State Atty General 20-21 --- --- --- --- --- --- 25-May Springfield Twp SD PA GO *43,600 11:15 am E PFM Fin Advisors Fox Rothschild 19-39 --- --- --- --- --- --- Today Irving TX Tax *2,850 11 am C Hilltop Securities Bracewell LLP 18-22 --- --- --- --- --- --- 1-Jun Irving TX Wtrwks & Swr Sys *16,180 10 am C Hilltop Securities Bracewell LLP 19-38 --- --- --- --- --- --- 1-Jun Irving TX GO *42,070 10:30 am C Hilltop Securities Bracewell LLP 19-38 --- --- --- --- --- --- 1-Jun Wilbarger Creek MUD #1 TX Unltd Tax 3,030 10 am C Public Fin Group McCall Parkhurst 20-42 --- --- --- --- --- BQ 30-May

Friday, June 8 Cleveland Co ESD #16 OK Bldg (Tax) 415 12:45 pm C Stephen H. McDonald State Atty General 20-21 --- --- --- --- --- --- 29-May McClain Co ISD #29 OK Bldg (Tax) 3,600 11:45 am C Stephen H. McDonald State Atty General 20 --- --- --- --- --- --- 29-May

016_BB06041801 16 6/1/2018 3:41:51 PM

17www.bondbuyer.comMonday, June 4, 2018 New Issues

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 Ipreo

Wagoner Co ISD #17 OK Bldg 1,700 12 pm C Stephen L. Smith Phillips Murrah 20-21 --- --- --- --- --- BQ 29-May

Monday, June 11 Carlisle Comm SD IA GO Sch *15,000 1 pm C Piper Jaffray Dorsey & Whitney 19-38 --- --- --- --- --- --- 31-May Okoboji Comm SD IA GO Sch *25,000 1 pm C Piper Jaffray Ahlers & Cooney 19-38 --- --- --- --- --- --- 1-Jun Wheaton-Warrenville CUSD #200 IL GO Sch Ref *23,760 10 am C PMA Securities Ice Miller 19-23 --- --- --- --- --- --- 1-Jun Saline Co USD #306 KS GO Sch Bldg *5,840 11 am C George K. Baum Gilmore & Bell 19-30 --- --- --- --- --- BQ 31-May Albert Lea MN GO Imp *2,505 11 am C Ehlers Kennedy & Graven 20-29 --- --- --- --- --- BQ 14-May Brooklyn Center MN GO Imp *8,530 10 am C Springsted --- 20-29 --- --- --- --- --- BQ 21-May Lake City MN GO Street 795 11 am C David Drown Kennedy & Graven 20-29 --- --- --- --- --- BQ 29-May Sartell MN GO Imp Ref 3,525 10 am C Ehlers Briggs & Morgan 19-30 --- --- --- --- --- BQ 3-Apr Sartell MN GO Ref 7,855 10 am C Ehlers Briggs & Morgan 19-29 --- --- --- --- --- BQ 3-Apr West St Paul MN GO 9,550 10:30 am C Ehlers Briggs & Morgan 20-34 --- --- --- --- --- BQ 2-Apr Grain Valley MO GO Ref *3,520 11 am C Springsted --- 19-28 --- --- --- --- --- BQ 16-Apr Malverne UFSD NY Sch Dist *19,767 11 am E Capital Markets Adv Hawkins Delafield 20-38 --- --- --- --- --- --- 1-Jun Caddo Co ISD #167 OK Bldg (Tax) 445 4 pm C Stephen H. McDonald State Atty General 20 --- --- --- --- --- --- 30-May Mcintosh Co ISD #27 OK Bldg 135 7 pm C Stephen L. Smith Phillips Murrah 20 --- --- --- --- --- BQ 1-Jun Muskogee Co ISD #6 OK Bldg 165 7 pm C Stephen L. Smith Phillips Murrah 20 --- --- --- --- --- BQ 1-Jun Pontotoc Co ISD #30 OK Bldg (Tax) 880 12:45 pm C Stephen H. McDonald State Atty General 20-23 --- --- --- --- --- --- 30-May East Bernard ISD TX Sch Bldg *18,470 11 am C Wells Nelson Norton Rose 19-48 --- --- --- --- --- --- 31-May Harris Co MUD #537 TX Unltd Tax 2,300 10 am C GMS Group Sanford Kuhl 22-45 --- --- --- --- --- BQ 30-May Spring Hill ISD TX Sch Bldg *1,475 11 am C SAMCO Cap Mkts Norton Rose 19-33 --- --- --- --- --- BQ 1-Jun Cedarburg WI GO Prom 1,245 11 am C Ehlers Quarles & Brady 19-28 --- --- --- --- --- BQ 9-May Prescott WI GO Corp Purp 1,665 11:30 am C Ehlers Fryberger Buchanan 19-38 --- --- --- --- --- BQ 9-May Rothschild Vlg WI GO Corp Purp 5,175 10:30 am C Ehlers Quarles & Brady 20-38 --- --- --- --- --- BQ Today Salem Lakes Vlg WI GO Corp Purp 8,700 12 pm C Ehlers Quarles & Brady 19-36 --- --- --- --- --- BQ Today

Tuesday, June 12 Westport (Town) CT GO Bond Antic 16,135 11:30 am E Phoenix Advisors Pullman & Comley 19-38 --- Aaa --- --- --- --- 1-Jun Gilbert Comm SD IA GO Sch Ref *10,000 1 pm C Piper Jaffray Ahlers & Cooney 19-38 --- --- AA- --- --- BQ 23-May Hinsdale Vlg IL GO *20,000 10:15 am C Speer Financial Chapman and Cutler 19-38 --- --- --- --- --- --- 31-May Lincolnwood SD #74 IL Limited Oblig *6,000 10 am C PMA Securities Chapman and Cutler 19-35 --- --- AA+ --- --- BQ Today Falls Pk Bldg Corp IN First Mtg 2,000 11 am E O.W. Krohn Bose McKinney 23-33 --- --- --- --- --- BQ 29-May Blissfield Vlg MI Unltd Tax GO *2,100 2 pm E PFM Fin Advisors Miller Canfield 19-38 --- --- --- --- --- BQ 31-May Ingham Co Bldg Auth MI Bldg Auth *4,850 11:30 am E PFM Fin Advisors Dickinson Wright 19-22 --- --- --- --- --- --- 31-May

P Wayne Charter County MI Tax (Tax) *156,285 11 am E PFM Fin Advisors Dickinson Wright 20 --- --- --- --- --- --- 30-May Dellwood MN GO Street 1,600 10 am C Ehlers Kennedy & Graven 20-24 --- --- --- --- --- BQ 10-May Wilkin County MN GO Drain 865 10 am C David Drown Briggs & Morgan 20-34 --- --- --- --- --- BQ 29-May Maplewood Twp NJ Gen Imp 17,130 10:45 am E --- McManimon Scotland 19-30 --- --- AA NR --- --- 1-Jun Passaic County NJ County College *3,200 11 am E --- McManimon Scotland 19-28 --- --- --- --- --- --- 29-May Union County NJ Gen Imp 93,200 11 am E --- Rogut McCarthy 19-30 --- --- --- --- --- --- 30-May Wheelerville UFSD NY Sch Dist 950 11 am E R.G. Timbs Barclay Damon 19-34 --- --- --- --- --- BQ 31-May Major Co ISD #84 OK Comb Purp 350 12 pm C Stephen L. Smith Phillips Murrah 20 --- --- --- --- --- BQ Today Pontotoc Co ISD #9 OK Bldg (Tax) 750 12:45 pm C Stephen H. McDonald State Atty General 20-21 --- --- --- --- --- --- 30-May Tulsa Metro Util Auth OK Util Rev 11,850 10:30 am C Municipal Official Hilborne & Weidman 19-38 --- --- --- --- --- --- Today Beaverton OR Wtr Rev *18,665 8:30 am P PFM Fin Advisors Orrick Herrington --- --- --- --- --- --- --- Today Arlington TX Util Sys Rev *5,570 10 am C Estrada Hinojosa Bracewell LLP 19-38 --- --- --- AAA --- --- 30-May Arlington TX Wtr & Wstwtr Rev *33,135 10:30 am C Estrada Hinojosa Bracewell LLP 19-38 --- --- --- AAA --- --- 30-May Cibolo TX GO *3,500 10:30 am C Frost Bank Cap Mkts Norton Rose 19-38 --- --- --- --- --- BQ 31-May South Buda WC&ID #1 TX Unltd Tax 4,045 10 am C Specialized Pub Fin Orrick Herrington 20-47 --- --- --- --- --- BQ 31-May New London WI GO Corp Purp 3,080 10:30 am C Ehlers Quarles & Brady 20-38 --- --- --- --- --- BQ 10-May New London WI Wtr & Swr 3,445 10:30 am C Ehlers Quarles & Brady 19-38 --- --- --- --- --- BQ 10-May Oshkosh WI GO Corp Purp 5,615 10 am C Ehlers Chapman and Cutler 19-37 --- --- --- --- --- --- 10-May Oshkosh WI GO Prom 5,960 10 am C Ehlers Chapman and Cutler 19-27 --- --- --- --- --- --- 10-May Oshkosh WI Storm Wtr Rev 10,510 9:30 am C Ehlers Chapman and Cutler 19-38 --- --- --- --- --- --- 10-May River Falls WI Elec Sys Rev 2,600 11 am C Ehlers Quarles & Brady 19-28 --- --- --- --- --- BQ Today River Falls WI GO Park 3,505 11 am C Ehlers Quarles & Brady 19-33 --- --- --- --- --- BQ Today

Tuesday, June 19 P Orchard Farm SD #5 MO GO 18,400 10 am C WM Fin Strategies Gilmore & Bell 23-38 --- --- AA+ --- --- --- 23-May

Greendale Vlg WI GO Comm Dev (Tax) 1,680 9:30 am C Ehlers Quarles & Brady 20-36 --- --- --- --- --- --- 1-Jun Lake Mills WI Comb Util Rev *1,805 10 am C Ehlers Quarles & Brady 19-38 --- --- --- --- --- BQ 23-May

For complete listings go to www.bondbuyer.com

017_BB06041801 17 6/1/2018 3:41:51 PM

18 The Bond Buyer

Monday, June 4, 2018

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 Ipreo

New Issues

Monday, June 4 Westfield MA GO Bond Antic 4,000 12 pm E Eastern Bk Muni Fin Locke Lord 18 --- --- --- --- --- --- 1-Jun Westfield MA GO Bond Antic 4,595 12 pm E Eastern Bk Muni Fin Locke Lord 19 --- --- --- --- --- --- 1-Jun Union-Endicott Ctrl SD NY Bond Antic 10,699 11:15 am E Fiscal Adv & Mkt Orrick Herrington 19 --- --- --- --- --- --- 30-May Utica CSD NY Rev Antic 10,000 11:45 am E Fiscal Adv & Mkt Bond Schoeneck 19 --- --- --- --- --- --- 30-May

Tuesday, June 5 Bethel (Town) CT GO Bond Antic 24,450 11:30 am E Phoenix Advisors Pullman & Comley 18 --- --- --- --- --- --- 29-May Braintree (Town) MA GO Bond Antic 8,900 11 am E Hilltop Securities Locke Lord 19 --- --- SP-1+ --- --- BQ 31-May Clinton (Town) MA GO Bond Antic 280 11 am E Hilltop Securities --- 19 --- --- --- --- --- BQ 31-May Cohasset (Town) MA GO Bond Antic 897 11 am E Hilltop Securities --- 19 --- --- --- --- --- BQ 30-May Marlborough MA GO Bond Antic 21,200 11 am E Hilltop Securities Bowditch & Dewey 19 --- --- --- --- --- --- 1-Jun Greensboro NC GO Pub Imp (Tax) 5,325 10:30 am E Local Govt Comm Womble Bond 18 --- --- --- --- --- --- 30-May Greensboro NC GO Pub Imp 9,245 10:30 am E Local Govt Comm Womble Bond 18 --- --- --- --- --- --- 30-May Fairfield Twp NJ Bond Antic 8,475 11 am E Municipal Official Gibbons P.C. 19 --- --- --- --- --- BQ 31-May Lawrence Twp NJ Bond Antic 500 11:30 am E Municipal Official McManimon Scotland 19 --- --- --- --- --- BQ 25-May Bethany (Town) NY Bond Antic 785 11:30 am E Municipal Solutions Hodgson Russ 19 --- --- --- --- --- BQ 30-May BOCES - New York NY Rev Antic 7,000 11 am E Capital Markets Adv Bond Schoeneck 19 --- --- --- --- --- BQ 31-May Clarence Fire Dist #1 NY Bond Antic 1,200 11 am E Capital Markets Adv Hodgson Russ 19 --- --- --- --- --- BQ 31-May Lyons Ctrl SD NY Bond Antic 9,795 11:15 am E Fiscal Adv & Mkt Trespasz & Marquardt 19 --- --- --- --- --- --- 29-May Newark Ctrl SD NY Bond Antic 14,000 11:45 am E Bernard P. Donegan Timothy R. McGill 19 --- --- --- --- --- --- 25-May Saranac Lake Ctrl SD NY Bond Antic 9,700 12 pm E Bernard P. Donegan Trespasz & Marquardt 19 --- --- --- --- --- BQ 30-May W Hempstead UFSD NY Bond Antic 16,000 10:30 am E Capital Markets Adv Hawkins Delafield 19 --- --- --- --- --- --- 31-May Willoughby OH GO Bond Antic 6,400 11 am E Sudsina & Assoc Squire Patton 19 --- --- --- --- --- BQ 1-Jun

Wednesday, June 6 Chatham (Town) MA GO Bond Antic 3,863 12 pm E Hilltop Securities Locke Lord 19 --- --- --- --- --- BQ Today Concord (Town) MA GO Bond Antic 400 11 am E Hilltop Securities --- 19 --- --- --- --- --- --- 1-Jun Harwich (Town) MA GO Bond Antic 7,445 11:30 am E Hilltop Securities Locke Lord 19 --- --- SP-1+ --- --- --- 1-Jun Webster (Town) MA GO Bond Antic 524 11 am E Hilltop Securities --- 19 --- --- --- --- --- BQ 1-Jun Portsmouth NH GO Bond Antic 22,000 11 am E Hilltop Securities Locke Lord 19 --- --- --- --- --- --- 25-May Atlantic County NJ Bond Antic (Tax) 7,500 11 am E Acacia Fin Group Archer & Greiner 19 --- --- --- --- --- --- 1-Jun Bergen County NJ Bond Antic 16,000 11 am E NW Financial Group Waters McPherson 19 --- --- --- --- --- --- 30-May Egg Harbor Twp NJ Bond Antic 3,090 11 am E Municipal Official Fleishman Daniels 19 --- --- --- --- --- BQ 31-May Hazlet Twp NJ Bond Antic 2,985 11 am E Municipal Official Gibbons P.C. 19 --- --- --- --- --- BQ 31-May Hopewell Twp NJ Bond Antic 896 11 am E Municipal Official Archer & Greiner 19 --- --- --- --- --- BQ 1-Jun Millburn Twp NJ Bond Antic 7,960 11 am E Municipal Official Rogut McCarthy 19 --- --- --- --- --- BQ 30-May Ocean City NJ Bond Antic 35,500 11:30 am E Phoenix Advisors McManimon Scotland 19 --- --- --- --- --- --- Today Pennsauken Twp NJ Bond Antic 5,260 11 am E Municipal Official Parker McCay 19 --- --- --- --- --- BQ 31-May Toms River Twp NJ Note 29,145 11 am E Acacia Fin Group GluckWalrath 19 --- --- --- --- --- --- 1-Jun Burnt Hills-Ballston NY Bond Antic 29,600 11 am E Fiscal Adv & Mkt Jeffrey E Storch 19 --- --- --- --- --- --- 29-May Cohoes NY GO Bond Antic 1,200 10:15 am E Fiscal Adv & Mkt Hodgson Russ 19 --- --- --- --- --- BQ 30-May Lewiston-Porter Ctrl SD NY Bond Antic 1,300 11:30 am E Municipal Solutions Hodgson Russ 19 --- --- --- --- --- BQ 1-Jun New Hartford Ctrl SD NY Bond Antic 9,000 12 pm E Bernard P. Donegan Bond Schoeneck 19 --- --- --- --- --- BQ 25-May Olean NY Bond Antic 6,024 11 am E Municipal Solutions Hodgson Russ 19 --- --- --- --- --- BQ 16-May Port Chester-Rye UFSD NY Bond Antic 5,800 11 am E Capital Markets Adv Hawkins Delafield 19 --- --- --- --- --- --- 30-May Rotterdam Ctrl SD NY Bond Antic 915 11 am E Fiscal Adv & Mkt Barclay Damon 18 --- --- --- --- --- BQ Today Valley Ctrl SD NY Bond Antic 18,625 11 am E Capital Markets Adv Bond Schoeneck 19 --- --- --- --- --- --- Today Wayne County OH GO Bond Antic 3,000 11 am E Sudsina & Assoc Squire Patton 19 --- --- --- --- --- BQ 29-May Georgetown Co SD SC GO Bond Antic 80,000 11 am E Compass Muni Adv McNair Law Firm 19 --- MIG1 SP-1+ --- --- --- 1-Jun

Thursday, June 7 Ventura County CA Tax & Rev Antic *145,000 9 am P Fieldman Rolapp Norton Rose 19 --- MIG1 SP-1+ --- --- --- 30-May Brockton MA GO Bond Antic 6,188 11 am E Hilltop Securities Locke Lord 19 --- --- --- --- --- --- Today Asbury Park NJ Bond Antic 19,023 11 am E Acacia Fin Group Archer & Greiner 19 --- --- --- --- --- --- Today Gloucester Twp NJ Bond Antic 27,295 11 am E Acacia Fin Group Parker McCay 19 --- --- --- --- --- --- Today High Bridge Borough NJ Bond Antic 1,160 11:30 am E Municipal Official McManimon Scotland 19 --- --- --- --- --- BQ Today Jersey City NJ Bond Antic (Tax) 6,825 11:30 am E NW Financial Group GluckWalrath 19 --- --- --- --- --- --- 1-Jun

Wednesday, June 13 Santa Cruz County CA Tax & Rev Antic 45,000 9:30 am P Harrell & Company Jones Hall 19 --- --- --- --- --- --- Today

For complete listings go to www.bondbuyer.com

018_BB06041801 18 6/1/2018 3:55:39 PM

19www.bondbuyer.comMonday, June 4, 2018 New Issues

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 Ipreo

Week Of June 4 Madison AL GO (Tax) 51,885 Joe Jolly --- --- --- --- --- --- 30-May SE Alabama Gas Dt AL Rev 900,000 Morgan Stanley Municipal Cap Mkts --- --- --- --- --- 1-Jun Flagstaff AZ Rev 9,480 Hilltop Securities Stifel Nicolaus --- --- AA- --- --- 29-May Flagstaff AZ COPs 3,925 Piper Jaffray Stifel Nicolaus --- --- AA- --- --- 1-Jun Peoria USD #11 AZ Sch Imp 16,200 Stifel Nicolaus --- --- --- --- --- --- 1-Jun Prescott USD #1 AZ Sch Imp 4,000 Stifel Nicolaus --- --- --- --- --- --- 1-Jun Alvord USD CFD 2006-1 CA Special Tax Ref 8,095 Stifel Nicolaus Dale Scott --- --- --- --- --- 1-Jun Beaumont CFD #93-1 CA Special Tax 16,000 Piper Jaffray --- --- --- --- --- --- 1-Jun Bellevue Union SD CA GO 6,997 Raymond James --- --- --- --- --- --- 1-Jun California Muni Fin Auth CA Rev 1,200,000 BA Merrill Lynch --- AGM --- --- --- --- 30-May Chula Vista Comm Facs Dt #16-1 CA Special Tax *13,200 Stifel Nicolaus Fieldman Rolapp --- --- --- --- --- 1-Jun Desert Comm Coll Dt CA GO 50,000 RBC Capital Mkts --- --- --- AA --- --- 1-Jun Gustine USD CA GO 4,500 Stifel Nicolaus --- --- --- A+ --- --- 1-Jun Irvine USD CA Special Tax 39,505 Stifel Nicolaus --- --- --- --- --- --- 18-May Live Oak USD CA COPs 3,500 Raymond James --- --- --- --- --- --- 1-Jun Monterey Co Fin Auth CA Rev Ref 24,520 Raymond James KNN Public Finance --- --- --- --- --- 1-Jun M-S-R Pub Pwr Agy CA Rev 98,685 RBC Capital Mkts Montague DeRose --- --- --- --- --- 1-Jun Napa Vly USD CA GO Ref 5,300 RBC Capital Mkts --- --- --- --- --- --- 1-Jun Norwalk-La Mirada USD CA GO 10,500 Wells Fargo Secs --- --- --- --- --- --- 1-Jun Sacramento MUD CA Elec Rev Ref 166,000 Citigroup PFM Fin Advisors --- --- --- --- --- 1-Jun Blue Lake Metro Dt #3 CO GO 5,495 D.A. Davidson --- --- --- --- --- --- 1-Jun Connecticut CT GO Ref 100,000 BA Merrill Lynch Acacia Fin Group --- --- A A+ --- 29-May Connecticut CT GO 400,000 BA Merrill Lynch Acacia Fin Group --- --- A A+ --- 29-May Florida Dev Fin Corp FL Rev & Ref 9,357 Ziegler Cap Mkts Charter School Svcs --- --- --- --- --- 1-Jun Florida Hgr Educ Fac Fin Auth FL Ed Facs Rev (Tax) 10,045 Oppenheimer --- --- --- --- --- --- Today Florida Hgr Educ Fac Fin Auth FL Ed Facs Rev 95,850 Oppenheimer --- --- --- --- --- --- Today Jacksonville FL Ed Facs Rev 41,035 Oppenheimer --- --- --- --- --- --- Today Cartersville GA Wtr & Swr Rev 58,595 Raymond James --- --- --- --- --- --- 30-May Crystal Lake Comm Cons SD #47 IL Debt Certs 9,500 Raymond James --- --- --- --- --- --- 22-May Monticello CUSD #25 IL GO 27,235 D.A. Davidson --- --- --- --- --- --- 1-Jun Waukegan IL GO 37,100 Bernardi Securities Speer Financial AGM A2 --- --- --- 1-Jun Ball State Univ BOT IN Rev 82,330 Piper Jaffray --- --- --- --- --- --- 1-Jun East Porter Co Sch Bldg Corp IN First Mtg 13,965 George K. Baum --- --- --- AA- --- --- 1-Jun Indiana Fin Auth IN Ed Facs Rev 9,635 Piper Jaffray Blue Rose Capital --- --- --- --- --- 24-May Jay Schs Bldg Corp IN First Mtg 5,000 Piper Jaffray --- --- --- --- --- --- 1-Jun Harvey Co USD #373 KS GO Ref 5,075 George K. Baum --- --- --- --- --- --- 1-Jun Kentucky St Prop & Bldg Comm KY Rev Ref 9,650 Citigroup --- --- --- A- --- --- 1-Jun Kentucky St Prop & Bldg Comm KY Rev 273,485 Citigroup --- --- --- A- --- --- 1-Jun Massachusetts Hsg Fin MA Hsg 28,475 Barclays Capital CSG Advisors --- --- --- --- --- 1-Jun Cadillac Area Pub Schs MI Sch Bldg & Ref 20,515 Stifel Nicolaus PFM Fin Advisors --- --- --- --- --- 30-May Jackson MI Cap Imp 16,500 Hutchinson Shockey --- --- --- --- --- --- 1-Jun Jackson Pub Schs MI Sch Bldg & Site 77,025 Stifel Nicolaus PFM Fin Advisors --- --- --- --- --- 31-May Roseville Comm Schs MI Sch Bldg & Site 39,830 Stifel Nicolaus PFM Fin Advisors --- --- --- --- --- 1-Jun Warren Cons SD MI Sch Bldg & Site 18,750 Hilltop Securities PFM Fin Advisors --- --- --- --- --- 1-Jun Minnesota Hsg Fin Agy MN Rental Hsg 132,500 RBC Capital Mkts --- --- --- AA+ --- --- 24-May St Paul Park MN Hlth Facs Rev 25,155 Piper Jaffray --- --- --- --- --- --- 1-Jun Henderson County NC Limited Oblig 23,365 PNC Capital Markets --- --- --- --- --- --- 1-Jun N Carolina Univ at Raleigh NC Gen Rev Ref 87,985 Barclays Capital --- --- --- --- --- --- 1-Jun Lincoln NE Elec Sys Rev 120,000 BA Merrill Lynch PFM Fin Advisors --- --- AA --- --- 31-May New Mexico Fin Auth NM Singlefam Mtg Rev 65,000 RBC Capital Mkts CSG Advisors --- --- --- --- --- 1-Jun

Week Of June 4 Los Angeles County CA Tax & Rev Antic 700,000 Goldman Sachs Public Resources --- --- --- --- --- 22-May Riverside County CA Tax & Rev Antic 340,000 Stifel Nicolaus --- --- --- --- --- --- 1-Jun Santa Barbara USD CA Tax & Rev Antic 10,000 Citigroup KNN Public Finance --- --- SP-1+ --- --- 1-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 Ipreo

For complete listings go to www.bondbuyer.com

019_BB06041801 19 6/1/2018 3:41:52 PM

The Bond Buyer20 Monday, June 4, 2018

Day’s 2018 2018 Daily Yesterday Change High Date Low DateMunicipal Bond Index . . . . . . . . . . . . . . 126-12 –12/32 130-11 (1/3) 123-23 (4/25)40 Average Dollar Price . . . . . . . . . . . . . 102 .82 –0 .31 105 .73 (1/3) 100 .66 (4/25)Average Yield to Par Call . . . . . . . . . . . . 3 .72 +0 .04 4 .03 (4/25) 3 .34 (1/3)Average Yield to Maturity . . . . . . . . . . . . 3 .96 +0 .02 4 .09 (4/25) 3 .79 (1/3)

Current Day’s 2018 2018 Total Change High Date Low Date30-Day Visible Supply ($mills) . . . . . . . . Total (Jun. 4) . . . . . . . . . . . . . . . . . . . . . $13,275 .1 +699 .4 $13,770 .7 (5/15) $4,175 .5 (1/2)Competitive . . . . . . . . . . . . . . . . . . . . . . 5,870 .8 +367 .9 6,795 .3 (5/14) 903 .1 (1/26)Negotiated . . . . . . . . . . . . . . . . . . . . . . . 7,404 .3 +331 .5 8,296 .2 (4/2) 1,991 .3 (4/25)

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 2018 2018Weekly 5/31/18 5/24/18 High Date Low Date

Bond Buyer Revenue Bond Index . . . . . 4 .27% 4 .39% 4 .46% (4/26) 3 .92% (1/4)Bond Buyer 20-Bond Index . . . . . . . . . . 3 .78% 3 .90% 3 .97% (4/26) 3 .44% (1/4)Bond Buyer 11-Bond Index . . . . . . . . . . 3 .26% 3 .38% 3 .45% (4/26) 2 .94% (1/4)

Wk of 6/8/2018 Wk of 6/1/2018 Wk of 5/25/2018 Wk of 6/2/2017New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED

Long-Term Bonds . . . . . . . . . . . . . . . . . . . . $9,556 .2 $2,158 .8 $6,800 .7 $5,768 .9 Negotiated Bonds . . . . . . . . . . . . . . . . . . . . . 6,537 .4 1,222 .8 5,146 .6 3,360 .8Competitive Bonds . . . . . . . . . . . . . . . . . . . . 3,018 .7 935 .9 1,638 .8 1,765 .6Short-Term Notes . . . . . . . . . . . . . . . . . . . . . 1,858 .8 486 .3 326 .3 1,166 .2Long-Term Bond Sales Thru 6/8/2018 Thru 6/1/2018 Thru 5/25/2018 Thru 6/2/2017

Month to Date . . . . . . . . . . . . . . . . . . . . . . . . $9,556 .2 $32,101 .4 $29,942 .6 $3,523 .3 Year to Date . . . . . . . . . . . . . . . . . . . . . . . . . 136,343 .8 126,787 .6 124,628 .9 165,214 .1

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

Weekly Averages06/01 5,327,669 5,500,286 10,827,95505/25 3,684,344 4,493,497 8,177,84105/18 5,212,945 6,395,111 11,608,056 05/11 5,119,088 7,087,972 12,207,06005/04 4,273,663 6,230,497 10,504,16004/27 4,373,813 4,094,980 8,468,79304/20 4,964,052 6,041,470 11,005,52204/13 3,858,695 5,202,516 9,061,21104/06 3,132,521 6,787,049 9,919,57003/29 3,079,525 6,975,314 10,054,83903/23 2,702,154 3,621,078 6,323,23203/16 3,886,439 4,762,105 8,648,54403/09 4,878,410 5,579,058 10,457,468

Monthly AveragesMay 18 4,697,110 5,972,095 10,669,205 Apr 4,074,617 5,486,082 9,560,699 Mar 3,636,698 5,191,559 8,828,257 Feb 2,259,414 4,350,348 6,609,762 Jan 2,183,485 4,605,189 6,788,674 Dec 2,620,933 10,665,019 13,285,952 Nov 3,832,836 7,422,972 11,255,808 Oct 4,602,233 6,848,993 11,451,226 Sep 4,930,918 5,442,787 10,373,705 Aug 4,183,507 5,112,958 9,296,465 Jul 3,313,196 5,429,613 8,742,809 Jun 3,737,497 6,488,390 10,225,887 May 4,174,154 8,984,635 13,158,789

Jun 1, 2018 May 31, 2018 Jun 2, 2017Selected MIG-1/SP-1 Notes

Houston, Tex ., 5 .00s (Jun . 18) . . . . . . . . . . . . . . . . . . . 1 .24 1 .24 0 .71Los Angeles, Calif ., 5 .00s (Jun . 18) . . . . . . . . . . . . . . . 1 .30 1 .30 0 .94Oregon ST Tans ., Ore ., 5 .00s (Sep . 18) . . . . . . . . . . . . . 1 .45 1 .45 0 .82

Municipal Market Data

One-Month Note (MIG-1) . . . . . . . . . . . . . . . . . . . . . . . 1 .30 1 .30 0 .83Two-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .35 1 .35 0 .85Three-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .40 1 .40 0 .87Four-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .44 1 .44 0 .89Five-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .48 1 .48 0 .91Six-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .52 1 .52 0 .93Nine-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .61 1 .61 0 .99One-Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .70 1 .70 1 .02

Variable-Rate Demand (Non-AMT/AMT)Daily General Market . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .94/1 .03 0 .93/1 .02 0 .75/0 .83

May 31, 2018 May 24, 2018 Jun 1, 2017Seven-Day General Markets . . . . . . . . . . . . . . . . . . . . . 1 .17/1 .18 1 .31/1 .31 0 .84/0 .89

May 30, 2018 May 23, 2018 May 31, 2017Jefferies & Co.Jefferies Short-Term Index Rate (Jef STR) . . . . . . . . . . 1 .05 1 .15 0 .78

May 30, 2018 May 23, 2018 May 31, 2017Municipal Market DataThe SIFMA™ Municipal Swap Index . . . . . . . . . . . . . . . 1 .06 1 .20 0 .76

Short-Term Tax-Exempt Yields

Aaa Aa Insured A Baa

2019 1 .62 1 .64 1 .72 1 .82 2 .092020 1 .74 1 .78 1 .91 2 .00 2 .302023 1 .99 2 .08 2 .28 2 .40 2 .712028 2 .44 2 .63 2 .80 2 .93 3 .282033 2 .64 2 .85 3 .01 3 .14 3 .502038 2 .80 3 .01 3 .15 3 .30 3 .642043 2 .87 3 .08 3 .22 3 .37 3 .692048 2 .92 3 .13 3 .27 3 .42 3 .74

Figures are as of 3 pm Eastern time Jun. 1, 2018.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 (clientservice@tm3.com), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

Municipal Market Data General Obligation Yields

Figures are in billions of dollars

Visible Supply Increases

0

3

6

9

12

15

4/20 4/25 4/30 5/3 5/8 5/11 5/16 5/21 5/24 5/30 6/4

Apr. 20 – Jun. 4, 2018

Competitive Negotiated

020_BB060418 20 6/1/2018 4:53:06 PM

www.bondbuyer.com 21Monday, June 4, 2018 Market Statistics

Treasury Bills Yesterday’s Prev. Day’s Yesterday’s

(in percent of discount) Bid/Offer Bid/Offer Bid Yield

1M — 06/28/2018 . . . . . . . . . . . . . 1 .705/700 1 .720/710 1 .731

3M — 08/30/2018 . . . . . . . . . . . . . 1 .875/870 1 .875/870 1 .910

6M — 11/29/2018 . . . . . . . . . . . . . 2 .045/040 2 .030/025 2 .095

Treasury Notes and Bonds Yesterday’s Prev. Day’s Yesterday’s

(in points and 32ds) Bid/Offer Bid/Offer Bid Yield

2Y — 2 .50% due 05/2020 . . . . . . . 100 .012/02+ 100 .046/060 2 .480

5Y — 2 .75% due 05/2023 . . . . . . . 100 .00+/020 100 .10+/120 2 .747

10Y — 2 .88% due 05/2028 . . . . . . 99 .260/280 100 .112/132 2 .897

30Y — 3 .13% due 05/2048 . . . . . . 101 .182/202 102 .150/170 3 .045Plus 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

Close 3521 .46 3503 .93 +17 .53 2 .96 2 .99 –0 .03 3421 .46

The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity

(Jan. 1 1973 = 100).

U.S. Securities Prices Prices as of 3.30 pm ET. Source: Thomson Reuters

Friday Tuesday Wednesday Thursday Friday May 25 May 29 May 30 May 31 Jun 1

Overnight* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .47 1 .47 1 .47 1 .47 1 .47Three Months . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .90 1 .90 1 .92 1 .92 1 .91Six Months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .08 2 .07 2 .07 2 .08 2 .09Nine Months . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .19 2 .16 2 .14 2 .15 2 .20

One Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .26 2 .23 2 .19 2 .21 2 .26Two Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .47 2 .44 2 .38 2 .41 2 .46Three Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .62 2 .56 2 .50 2 .54 2 .60Four Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .70 2 .63 2 .58 2 .61 2 .67Five Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .77 2 .70 2 .65 2 .67 2 .74

Six Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .84 2 .76 2 .73 2 .74 2 .80Seven Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .89 2 .82 2 .79 2 .79 2 .85Eight Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .91 2 .84 2 .81 2 .82 2 .87Nine Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .92 2 .86 2 .83 2 .83 2 .8910 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .93 2 .87 2 .84 2 .84 2 .89

15 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .98 2 .91 2 .89 2 .89 2 .9320 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .01 2 .96 2 .94 2 .92 2 .9625 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .07 3 .02 3 .00 2 .98 3 .0230 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .09 3 .04 3 .02 3 .01 3 .05

Source: U.S. Department of the Treasury, Bureau of the Public Debt*Overnight rate represents an annualized effective rate.

State and Local Government Series Rates

Offer Amount

Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30

Aaa – AAA

5/31 26.5 Chappaqua Ctrl SD, N.Y., . . . . . . . . . . . . . . . . . . . 1.56 1.95 2.51 3.09 3.33 … …

5/31 10.0 Old Westbury Vlg, N.Y., . . . . . . . . . . . . . . . . . . . . . 1.53 1.93 2.55 3.00 3.18 3.37 …

5/31 2.0 Boxborough, Mass., . . . . . . . . . . . . . . . . . . . . . . . 1.60 1.97 2.40 3.00 … … …

5/23 22.0 City of Falls Church, Va.,. . . . . . . . . . . . . . . . . . . . … 2.03 2.50 3.15 3.45 … 3.52

5/23 4.9 Fishers, Ind., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . … 2.30 2.80 3.25 3.50 … …

5/23 4.7 Town of Ipswich, Mass., . . . . . . . . . . . . . . . . . . . . 1.70 2.05 2.55 … 3.30 … …

5/22 54.2 Arlington, Tex., . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75 2.18 2.85 3.25 3.50 … …

5/22 40.0 Palo Alto USD, Calif., . . . . . . . . . . . . . . . . . . . . . . 1.50 1.85 2.55 3.05 3.48 … …

5/22 40.4 Anne Arundel County, Md., . . . . . . . . . . . . . . . . . . 1.84 2.19 2.75 3.13 3.56 … …

5/21 8.8 St Louis Park, Minn.,. . . . . . . . . . . . . . . . . . . . . . . 1.75 2.20 2.70 3.10 … … …

5/17 13.3 Wellesley, Mass.,. . . . . . . . . . . . . . . . . . . . . . . . . . 1.65 2.03 2.54 3.10 3.37 … …

5/15 150.0 Boston, Mass., . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.70 2.03 2.45 2.68 2.85 … …

Aa1/Aa2/Aa3 – AA+/AA/AA–

5/31 145.4 Virginia Transp Bd, Va., . . . . . . . . . . . . . . . . . . . . . 1.63 2.08 2.55 3.07 3.32 3.50 …

5/31 11.3 Marysville, Wash.,. . . . . . . . . . . . . . . . . . . . . . . . . … 2.13 2.56 3.05 3.35 … …

5/31 10.8 Somerville, Mass.,. . . . . . . . . . . . . . . . . . . . . . . . . 1.61 2.04 2.51 3.09 3.35 3.42 …

5/30 100.0 Las Vegas Vly Wtr Dt, Nev., . . . . . . . . . . . . . . . . . . 1.69 2.11 2.51 3.20 3.43 3.57 3.68

5/30 76.0 Kingston CSD, N.Y., . . . . . . . . . . . . . . . . . . . . . . . 1.64 2.06 2.63 3.21 … … …

5/30 11.4 Iredell County, N.C., . . . . . . . . . . . . . . . . . . . . . . . 1.67 2.05 2.50 3.07 3.27 … …

5/29 8.1 Tupper Lake Ctrl SD, N.Y.., . . . . . . . . . . . . . . . . . . 1.75 2.10 2.75 3.05 … … …

5/25 22.0 Baytown Area Wtr Auth, Tex.., . . . . . . . . . . . . . . . . … 2.19 2.76 3.01 3.48 … …

5/24 15.0 West Lafayette Sch Bldg Corp, Ind., . . . . . . . . . . . … 2.26 2.79 3.07 3.28 … …

5/24 1.7 Forestville Ctrl SD, N.Y., . . . . . . . . . . . . . . . . . . . . 1.75 2.25 2.90 3.25 … … …

5/23 59.8 D.C. Everest Area School District, Wis., . . . . . . . . … 2.16 2.64 3.40 3.66 … …

5/23 35.6 Clinton County, N.Y., . . . . . . . . . . . . . . . . . . . . . . . 2.00 2.50 3.25 3.60 3.65 … …

A1/A2/A3 – A+/A/A–

5/17 14.5 Fountain Co Bldg Corp, Ind., . . . . . . . . . . . . . . . . … 2.34 2.95 3.42 3.65 … …

5/14 6.4 Maryville, Mo., . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.10 2.50 3.00 3.35 3.55 … …

4/16 7.0 Elk River ISD #728, Minn., . . . . . . . . . . . . . . . . . . 1.85 2.40 3.00 3.35 … … …

3/6 6.2 Knoxville, Iowa, . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50 2.15 2.80 3.30 3.50 … …

2/28 1.6 Prairie Du Sac Vlg, Wis., . . . . . . . . . . . . . . . . . . . . 1.80 2.25 2.80 3.40 … … …

11/28 7.7 Warrensburg, Mo., . . . . . . . . . . . . . . . . . . . . . . . . 1.55 2.20 2.75 3.25 … … …

11/15 5.5 Bledsoe County, Tenn., . . . . . . . . . . . . . . . . . . . . . … 1.65 2.15 2.65 3.10 3.37 …

11/6 3.2 Wahpeton, N.D., . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15 1.75 2.20 2.90 … … …

10/19 6.3 Lawrenceburg, Tenn., . . . . . . . . . . . . . . . . . . . . . . … 1.40 2.10 2.50 3.00 … …

10/17 3.9 Stockton, Kan., . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.20 1.75 2.25 … 3.35 3.50 3.60

9/28 211.4 California Pub Wks Bd, Calif.,. . . . . . . . . . . . . . . . 0.95 1.45 2.25 3.08 … … …

9/27 7.0 Caledonia Vlg, Wis., . . . . . . . . . . . . . . . . . . . . . . . 0.95 1.55 2.30 2.90 3.30 … …

Reoffering YieldsNRO – Not Reoffered; S.B. – Sealed Bid; SNA – Sold, Not Available

For additional market data, please visit bondbuyer.com/marketstatistics

Performance Comparisons for May 28, 2018

Aaa–Baa Rated Corporates Index Avg. Pct.of Total Return%Close Yield Market Prior Wk. Y-T-D

ML Corporate Master 2823.61 3.98 100.00 +0.81 –2.96

Intermediate (1-10 years) 1889.62 3.69 70.31 +0.56 –1.65Industrials 684.18 3.67 38.40 +0.59 –1.64Utilities 660.56 3.82 5.97 +0.58 –1.71Finance 663.24 3.89 4.41 +0.52 –1.60Banks 701.31 3.64 20.35 +0.48 –1.66Canadians/Yankees 630.77 3.57 39.38 +0.49 –1.48

Long-term (10 years and over) 2812.04 4.66 29.69 +1.42 –5.95Industrials 1089.40 4.68 18.09 +1.47 –6.05Utilities 1068.84 4.62 6.09 +1.48 –4.80Finance 1080.30 4.65 1.91 +1.34 –5.93Banks 1144.09 4.67 2.60 +1.00 –7.57Canadians/Yankees 1500.67 4.89 9.45 +1.43 –5.93

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.

Merrill Lynch Corporate Bond Indexes

MARKET STATISTICSFor additional market data, please visit bondbuyer.com/marketstatistics.

021_BB060418 21 6/1/2018 4:11:13 PM

The Bond Buyer22 Monday, June 4, 2018

20-Bond 11-Bond 25-Bond 10-Year 30-Year GO Index1 GO Index1 Revenue2 Treasury3 Treasury3

2018

MAY 31 . . . . . . . . . 3.78 3.26 4.27 3.83 3.00 24 . . . . . . . . . 3.90 3.38 4.39 2.98 3.12 17 . . . . . . . . . 3.95 3.43 4.44 3.12 3.25 10 . . . . . . . . . 3.88 3.36 4.37 2.97 3.12 3 . . . . . . . . . 3.89 3.37 4.38 2.95 3.12

APR 26 . . . . . . . . . 3.97 3.45 4.46 3.00 3.18 19 . . . . . . . . . 3.87 3.37 4.35 2.92 3.11 12 . . . . . . . . . 3.85 3.35 4.33 2.84 3.04 5 . . . . . . . . . 3.90 3.40 4.38 2.83 3.08

MAR 28 . . . . . . . . . 3.89 3.39 4.37 2.78 3.01 22 . . . . . . . . . 3.90 3.40 4.38 2.83 3.06 15 . . . . . . . . . 3.89 3.39 4.37 2.82 3.05 8 . . . . . . . . . 3.88 3.38 4.37 2.87 3.13 1 . . . . . . . . . 3.85 3.35 4.34 2.81 3.09

FEB 22 . . . . . . . . . 3.86 3.36 4.35 2.93 3.21 15 . . . . . . . . . 3.84 3.34 4.33 2.91 3.15 8 . . . . . . . . . 3.73 3.23 4.22 2.86 3.14 1 . . . . . . . . . 3.72 3.22 4.21 2.79 3.01

JAN 25 . . . . . . . . . 3.59 3.09 4.08 2.63 2.89 18 . . . . . . . . . 3.52 3.02 4.01 2.63 2.90 11 . . . . . . . . . 3.54 3.04 4.03 2.54 2.87 4 . . . . . . . . . 3.44 2.94 3.92 2.46 2.79

DEC 28 . . . . . . . . . 3.44 2.94 3.92 2.43 2.76 21 . . . . . . . . . 3.56 3.06 4.04 2.49 2.84 14 . . . . . . . . . 3.41 2.91 3.89 2.35 2.71 7 . . . . . . . . . 3.29 2.79 3.77 2.37 2.76

NOV 30 . . . . . . . . . 3.59 3.09 4.04 2.42 2.84 21 . . . . . . . . . 3.51 3.01 3.97 2.37 2.76 16 . . . . . . . . . 3.52 3.01 3.91 2.37 2.82 8 . . . . . . . . . 3.49 2.99 3.86 2.33 2.79

(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 high-er-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– / A+ *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA–California Aa3 / AA– / AA– Memphis, Tenn. Aa2 / AA / AA– *Phoenix, Ariz Aa1 / AA+ / NR*Denver, Colo. Aaa / AAA / AAA Miami-Dade Co., Fla. Aa2 / AA / NR *Seattle, Wash. Aaa / AAA / AAA*Florida Aa1 / AAA / AAA Milwaukee, Wis. Aa3 / AA / AA *South Carolina Aaa / AA+ / AAA*Georgia Aaa / AAA / AAA New York City Aa2 / AA / AA *Texas Aaa / AAA / AAAHouston, Tex. Aa3 / AA / AA *New York State Aa1 / AA+ / AA+ *Washington Aa1 / 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–California Housing Finance Agency, multi-unit rental (AMT) ................................................................................................................. Aa2 A+ NRConnecticut Housing Finance Authority ................................................................................................................................................ Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT).................................................................................................................... A1 A+ AEnergy Northwest (formerly WPPSS), Wash., power revenue .............................................................................................................. Aa1 AA– AAIllinois Health Facilities Authority (Northwestern Memorial Hospital) ................................................................................................... Aa2 AA+ NRIllinois Housing Development Authority, multifamily ............................................................................................................................. A1 A+ A+Intermountain Power Agency, Utah ....................................................................................................................................................... Aa3 A+ AA–JEA (formerly Jacksonville Electric Authority), Fla. electric revenue ..................................................................................................... Aa2 AA– AAKentucky Turnpike Authority ................................................................................................................................................................. Aa3 AA– A+Los Angeles Department of Water and Power, Calif., electric revenue .................................................................................................. Aa2 AA– AA–Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health Service) ................................................................................ Baa1 BBB NRMassachusetts Port Authority (AMT) .................................................................................................................................................... Aa2 AA AAMEAG Power (formerly Municipal Electric Authority of Georgia) .......................................................................................................... A2 A+ A+Nebraska Public Power District, power supply ...................................................................................................................................... A1 A+ A+New Jersey Turnpike Authority, turnpike revenue ................................................................................................................................. A3 A ANew York State Local Government Assistance Corp., revenue .............................................................................................................. A3 AA– A+New York State Power Authority, general purpose ................................................................................................................................ Aa2 AA– AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue ............................................................................................ A2 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 ....................................................................... Aa2 AA NRSouth Carolina Public Service Authority, electric revenue ..................................................................................................................... A1 A+ A+Texas Municipal Power Agency ............................................................................................................................................................. A2 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 3.78 3.90 3.61 3.97 3.2910-Year Treasury Note 3.83 2.98 2.22 3.83 2.0530-Year Treasury Bond 3.00 3.12 2.87 3.25 2.67Basis Pt Spread to Note 5.40 –91.62 –139.00 5.40 –144.00BBI as % of Note 98.59 130.74 162.61 170.24 98.59Basis Pt Spread to Bond –78.10 –77.62 –74.00 –52.82 –87.92BBI as % of Bond 126.04 124.88 125.78 130.71 118.90

Weekly Yields of 20-Bond GOIndex and Treasury Securities

1.00

2.00

3.00

4.00

5.00

6/1/2017 8/31/2017 11/30/2017 3/1/2018 5/31/2018

20-Bond Index

Treasury Bond

Treasury Note

NOTE : We have no new bond after May 15 pricings.

Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after the May 31 pricings. The list will be revised at the next regularly scheduled revision on June 15.

As a result, the coefficient remains at 1.0614, the average coupon rate at 4.13%, the average par call date is May 20, 2026 and the average maturity date is April 04, 2045.

Municipal Bond Index Update

MARKETSTATISTICSFor additional market data, please visit bondbuyer.com/marketstatistics.

022_BB060418 22 6/1/2018 4:53:13 PM

www.bondbuyer.com 23Monday, June 4, 2018

Current Day Previous Day Week Ago Month Ago Year Ago

The Bond Buyer Municipal Bond Index 126.12 126.24 125.31 125.27 127.28

Friday, June 1, 2018 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price

1 Grand Parkway Transp Corp TX. 5.00. . . . . . . . 04/01/2053 10/01/2023 109.5600 0.9256 118.3665 2 South Carolina Pub Svce Auth. 5.50 . . . . . . . . 12/01/2053 12/01/2023 108.0930 0.9628 112.2694 3 South Carolina Pub Svce Auth. 5.00 . . . . . . . . 12/01/2048 12/01/2023 105.6910 0.9256 114.1865 4 California (State) GOs. 5.00 . . . . . . . . . . . . . . . 11/01/2043 11/01/2023 112.6730 0.9269 121.5590 5 NYC Transitional Fin. 5.00 . . . . . . . . . . . . . . . . 11/01/2038 11/01/2023 112.0280 0.9269 120.8631 6 Metro Transp Auth NY. 5.00 . . . . . . . . . . . . . . . 11/15/2043 11/15/2023 109.9760 0.9269 118.6493 7 Metro Transp Auth NY. 5.00 . . . . . . . . . . . . . . . 11/15/2038 11/15/2023 110.1340 0.9269 118.8197 8 California St Pub Wks. 5.00 . . . . . . . . . . . . . . . 11/01/2038 11/01/2023 111.9740 0.9269 120.8048 9 The City Of New York. 4.00 . . . . . . . . . . . . . . . 03/01/2039 03/01/2024 103.8940 0.8539 121.6700 10 Health and Educ Facilities Auth. 4.00. . . . . . . . 11/15/2045 11/15/2024 103.2690 0.8539 120.9380 11 New Jersey Transp Trust Fund Auth. 4.25. . . . . 06/15/2044 06/15/2024 100.6330 0.8771 114.7338 12 County of Allen, Ohio. 4.00 . . . . . . . . . . . . . . . 11/01/2044 11/01/2024 101.5800 0.8595 118.1850 13 Miami-Dade County Edu Facs Auth. 4.00 . . . . 04/01/2045 04/01/2025 103.3760 0.8595 120.2746 14 The Port Auth of N.Y. and N.J.. 4.00. . . . . . . . . 10/15/2045 10/15/2025 103.3480 0.8539 121.0306 15 Indiana Finance Authority. 4.00 . . . . . . . . . . . . 11/01/2051 11/01/2025 100.9560 0.8568 117.8291 16 New York City Transitional Fin Auth. 4.00 . . . . 07/15/2045 01/15/2026 103.6510 0.8539 121.3854 17 Hosp Auth No. 2 of Douglas County. 3.00 . . . . 05/15/2046 05/15/2026 88.3500 0.7809 113.1387 18 California Health Facs Fin Auth. 3.00. . . . . . . . 10/01/2041 10/01/2026 91.0260 0.7768 117.1807 19 California Health Facs Fin Auth. 3.00. . . . . . . . 10/01/2047 10/01/2026 87.8620 0.7768 113.1076 20 Michigan Finance Authority. 4.00. . . . . . . . . . . 11/15/2046 11/15/2026 100.9990 0.8512 118.6548 21 California Health Facs Fin Auth. 4.00. . . . . . . . 08/15/2039 08/15/2026 104.6200 0.8568 122.1055 22 Dormitory Auth of The State of N.Y.. 4.00 . . . . 07/01/2043 01/01/2027 102.7030 0.8512 120.6567 23 Hudson Yards Infrastructure Corp. 4.00 . . . . . . 02/15/2044 02/15/2027 103.4880 0.8568 120.7843 24 North Texas Tollway Auth. 4.00 . . . . . . . . . . . . 01/01/2043 01/01/2028 102.6410 0.8512 120.5839 25 Washington HC Facs Auth. 4.00 . . . . . . . . . . . 08/15/2041 02/15/2028 102.8320 0.8512 120.8083 26 Wisconsin Hth and Edu Facs Auth. 4.00 . . . . . 08/15/2042 08/15/2027 103.3410 0.8568 120.6127 27 Wisconsin Hth and Edu Facs Auth. 4.00 . . . . . 08/15/2047 08/15/2027 102.7870 0.8568 119.9662 28 Miami-Dade County,Florida. 3.50 . . . . . . . . . . 10/01/2047 10/01/2027 92.3540 0.8174 112.9851 29 Dormitory Auth St of The N.Y.. 4.00 . . . . . . . . . 07/01/2047 07/01/2027 103.6980 0.8568 121.0294 30 New Hope Cult Edu Facs Fin Corp. 4.00 . . . . . 08/15/2040 08/15/2027 103.0240 0.8568 120.2428 31 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . . . 08/15/2048 02/15/2028 102.0120 0.8512 119.8449 32 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . . . . . . 04/15/2043 04/15/2028 100.8080 0.8484 118.8213 33 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . . . . . . 04/15/2048 04/15/2028 100.4010 0.8484 118.3416 34 City of South Miami Hth Facs Auth. 4.00 . . . . . 08/15/2042 08/15/2027 102.6300 0.8568 119.7829 35 City of South Miami Hth Facs Auth. 4.00 . . . . . 08/15/2047 08/15/2027 102.2370 0.8568 119.3242 36 Sales Tax Securitization Corp.. 4.00. . . . . . . . . 01/01/2048 01/01/2028 100.7110 0.8539 117.9424 37 Haris County,Texas. 4.00 . . . . . . . . . . . . . . . . . 08/15/2048 02/15/2028 103.1620 0.8539 120.8127 38 The City Of New York. 4.00 . . . . . . . . . . . . . . . 03/01/2042 03/01/2028 104.0920 0.8539 121.9019 39 Dept of Airports of City of Los Angeles. 4.00 . . 05/15/2048 05/15/2028 102.4750 0.8512 120.3889 40 Eco Dev Auth of the City of Norfolk. 4.00 . . . . . 11/01/2048 11/01/2028 103.5310 0.8484 122.0309

Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago

Average Dollar Price . . . . . . . . . . . . . . 102.8155 103.1217 102.4884 102.3729 105.6552Yield To Par Call . . . . . . . . . . . . . . . . . . 3.72 3.68 3.77 3.79 3.55Yield To Maturity . . . . . . . . . . . . . . . . . . 3.96 3.94 3.98 3.99 4.03

This Index is owned by The Bond Buyer. Copyright 2018 The Bond Buyer. All rights reserved. These

40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438-

4500). Copyright 2018 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The

McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission

from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the

accuracy or completeness of this data.

The Municipal Bond Index presented today employs the coefficient derived from the May 31, 2018 pricing,

when it was set at 1.0614. The average price represents the simple average price of the 40 bonds. The yield

to par call is computed from the average price, the average coupon (4.13%), and the average first par call

date ( May 20, 2026). Noncallable bonds are included in the par call yield calculations, with their maturity

dates serving as their par call dates in the calculations. The yield to maturity is computed from the average

price, the average coupon, and the average maturity date (April 04, 2045).

Municipal Bond Index

Market Statistics

These 40 Bonds are evaluated and priced daily by

Standard & Poor’s Securities Evaluations Inc. All figures are rounded to the nearest eighth when reported in this table.

“Change in Bid” is rounded after calculation. Dollar Change Yield toRating Bid in Bid Worst Case

EDUCATION

A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . . . 102.750 - 0.250 3.63 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . . . 103.375 - 0.250 3.44 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2042 . . . . . 103.375 - 0.375 3.57 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . . . 102.750 - 0.375 3.64

G.O. ET AL.

A1/A/A California (State) GOs.5.00 11/01/2043 . . . . . . . . . . . . . . . 112.625 unch 2.49 A2/A-/A- California St Pub Wks.5.00 11/01/2038. . . . . . . . . . . . . . . 112.000 unch 2.62 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . . 102.000 -10.00 3.75 Aa2/-/AA Haris County,Texas.4.00 08/15/2048 . . . . . . . . . . . . . . . . . 103.125 - 0.375 3.61 Aa3/AA-/NR Health and Educational Facilities Auth.4.00 11/15/2045 . . 103.250 - 0.250 3.43 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 . . . . . . . . . . . . 101.000 - 0.250 3.85 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . . . 103.625 - 0.250 3.45 Aa1/AAA/AAA NYC Transitional Fin.5.00 11/01/2038 . . . . . . . . . . . . . . . . 112.000 unch 2.61 -/AA/AAA Sales Tax Securitization Corp..4.00 01/01/2048. . . . . . . . . 100.750 - 0.250 3.91 Aa2/AA/AA The City Of New York.4.00 03/01/2039 . . . . . . . . . . . . . . . 103.875 - 0.250 3.26 Aa3/AA-/AA- The Port Auth of N.Y. and N.J..4.00 10/15/2045. . . . . . . . . 103.375 - 0.250 3.48 Aa2/AA/AA The City Of New York.4.00 03/01/2042 . . . . . . . . . . . . . . . 104.125 - 0.375 3.50

HOSPITAL

Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041. . . . . . . . . 91 .000 - 0.625 3.56 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047. . . . . . . . . 87 .875 - 0.625 3.67 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039. . . . . . . . 104.625 - 0.250 3.36 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2042. . . . . 102.625 - 0.375 3.66 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047. . . . . 102.250 - 0.375 3.71 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 . . . . . . . . . . . . . . . 101.625 - 0.250 3.72 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . . . . . . 103.750 - 0.375 3.52 Aa2/AA/- Eco Dev Auth of the City of Norfolk.4.00 11/01/2048. . . . . 103.500 - 0.375 3.59 NR/AA-/AA- Hospital Auth No. 2 of Douglas County.3.00 05/15/2046. . . 88 .375 - 0.625 3.66 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . . . . . . 101.000 - 0.250 3.86 Aa2/-/AA New Hope Cult Edu Facs Fin Corp.4.00 08/15/2040 . . . . . 103.000 - 0.375 3.61 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . . . . . 100.750 - 0.375 3.90 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . . . . . 100.375 - 0.375 3.95 Aa3/AA-/AA- Washington HC Facs Auth.4.00 08/15/2041 . . . . . . . . . . . 102.875 - 0.375 3.65

HOUSING

Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044. . . . . . 103.500 - 0.250 3.53

POWER

A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . . . . . 108.125 - 0.250 3.86 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . . . . . 105.625 - 0.250 3.85

TRANSPORTATION

A1/AA-/AA- Dept of Airports of City of Los Angeles.4.00 05/15/2048 . . 102.500 - 0.375 3.70 NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053. . . . . . . . 109.500 unch 3.05 A2/A/A Metro Transp Auth NY.5.00 11/15/2043 . . . . . . . . . . . . . . . 110.000 unch 3.01 A2/A/A Metro Transp Auth NY.5.00 11/15/2038 . . . . . . . . . . . . . . . 110.125 unch 2.98 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . . . 100.625 - 0.250 4.13 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 . . . . . . . . . . . . 102.625 - 0.375 3.67

WATER

Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . . . . . . . 92 .375 - 0.625 3.94

Municipal Bond Prices

023_BB060418 23 6/1/2018 4:52:34 PM

The Bond Buyer24 Monday, June 4, 2018

d36735_BB_Midwest _Keynote Bond Buyer_Print_Ad.indd 2 5/8/18 1:23 PM

024_BB06041801 24 6/1/2018 1:18:02 PM