Q1 2024 Project Updates

We currently have several exciting projects in the works for 2024 which are still in development that we’ll be excited to share with you as soon as they launch.  However, here are some of the things we’ve worked on over the last several months:

Utah Transit Authority

On October 17, 2023, BondCom assisted the Utah Transit Authority (UTA) to complete a tender affecting 4 series and 13 CUSIPs, in which $101,175,000 of its bonds were accepted for tender. Founded in 1970, the UTA is a special service district responsible for providing public transportation throughout the Wasatch Front in Utah. With headquarters in Salt Lake City, the UTA operates a variety of bus, light rail, streetcar and commuter rail train lines around the region.

This tender offer was part of a financing plan in which the UTA used proceeds from the sale of new bonds to retire the tendered bonds by purchasing them pursuant to the offer.  The purpose of the issuance of the new bonds was to produce present value debt service savings.  

Zions Public Finance Inc. acted as municipal advisor to the UTA in connection with the transaction. Wells Fargo Corporate & Investment Banking acted as the dealer manager. BondCom acted as the information and tender agent for the transaction.

Terrebonne Levee & Conservation District

On August 22, 2023, BondCom client Terrebonne Levee & Conservation District completed a tender offer in which $17,435,000 of its Series 2020A Green Bonds were accepted for purchase. The mission of the Terrebonne Levee and Conservation District is to protect lives and property during times of emergency by using the available manpower and equipment in a safe and timely sequence, while maintaining the integrity of the levee systems and flood control structures. Terrebonne Levee and Conservation District engages in flood control works as it relates to hurricane protection, tidal or riverine flooding, saltwater intrusion and conservation.

The tender offer was part of a plan by the District to purchase, cancel and refund the Bonds using the proceeds of the Series 2023 Bonds issued to reduce the District's debt service payments.

Raymond James acted as the dealer manager, while BondCom acted as the information and tender agent for the transaction.

City of Lee’s Summit, MO

On November 3, 2023, the City of Lee’s Summit, Missouri invited the holders of its Special Obligation Tax Increment and Special District Refunding and Improvement Bonds (Summit Fair Project), Series 2017 to consent to amend Exhibit I of the Amended and Restated Tax Increment Financing Contract between the City and RED Lee’s Summit East, LLC.  to increase from five percent (5%) up to fifteen percent (15%) of the square footage that may be used by a user whose primary business operation does not result in taxable retail sales for which (i) the retail sales tax is paid at the time such sale is consummated, and (ii) the retail sales tax is paid at the business operation within the Redevelopment Areas.

Columbia Capital is acting as the financial advisor, and BondCom is acting as the information and tabulation agent for the consent solicitation.