Municipal Bonds: An Issuer’s Perspective - Fidelity Investments

Municipal Bonds: An Issuer's Perspective

September 19, 2017

Participants: Natalie Brill, Chief of Debt Management, City of Los Angeles Carol Kostik, Deputy Comptroller for Public Finance, City of New York Moderators: Euriah Bennett, Vice President, Fidelity Capital Markets Debra Saunders, Vice President, Fidelity Capital Markets

Fidelity Capital Markets is a division of National Financial Services LLC, Member NYSE, SIPC. 816319.1.0

Agenda

?Fidelity's role in the municipal bond market ?What can bonds be used for? ?Why issue bonds? ?About the issuers ?Why are retail investors important? ?Keeping investors informed post-issuance ?How to purchase bonds at Fidelity

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Fidelity's role in the municipal bond market

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Fidelity Capital Markets Municipal Finance Group: What we do Mission: Provide Fidelity's clients with ongoing access to diverse high quality bonds from municipal issuers across the country through our underwriting of negotiated and competitive transactions

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Presenters

? Natalie R. Brill, Chief of Debt Management, City of Los Angeles ? Chief of Debt Management since 2000 ? In Los Angeles, Debt Management is a division the City Administrative Officer ? Debt Management oversees a variety of bond programs, from general obligation to special revenue bonds ? The city's debt portfolio exceeds $5.2 billion in par

? Carol Kostik, Deputy Comptroller for Public Finance, City of New York ? Appointed Deputy Comptroller for Public Finance in 2006 after serving as CFO of the NYC Housing Development Corporation ? Oversees debt issuance and management for the City Comptroller ? Independently-elected Comptroller and Mayor work together to bring a large variety of bond programs to market ? New York City's debt portfolio tops $110B in par across numerous credits

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What can bonds be used for?

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Capital expenses vs operating expenses

Capital expenses

Operating expenses

Refunding bonds are issued to pay off earlier bonds for interest rate savings $$$ $$

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What is a capital project?

?What criteria does a project have to meet to get consideration for funding? ?Useful life ?Government purpose (for tax exemption) ?Essentiality service ?Voter priorities

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