Sage Memorial Hospital

The transaction, which supports the Navajo community in Ganado, Arizona, represents a major landmark in furthering Native American health care infrastructure, overcoming hurdles tribal governments typically face in issuing municipal debt to open a replicable path to market other indigenous health systems can follow.

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December 2

The Deal of the Year awards recognize innovation in municipal finance and represent the full diversity of the communities and public purposes that are served by the municipal finance market.

Deal of the Year

Sage Memorial Hospital's $80 million financing brings a new model to tribal health care. The unrated, tax-exempt bonds recapitalized construction of a replacement hospital, an expanded outpatient clinic, and badly needed workforce housing serving the Navajo community in Ganado, Arizona.

December 15

Alaska Railroad Corporation's Cruise Port Revenue Bonds financed a new passenger terminal and dock at the Port of Seward — critical infrastructure for one of the world's top cruise markets.

December 15

The Virginia Port Authority executed a landmark financing to reshape control of the Virginia International Gateway terminal.

December 15

Columbus Regional Airport Authority returned to market with a $1.207 billion airport-revenue financing to launch a $2 billion capital program at John Glenn Columbus International.

December 15

Dallas Fort Worth International Airport advanced a massive capital plan with a nearly $2 billion refunding and improvement financing that reshaped how airports use the market.

December 15

New York set a precedent with a $944 million bond deal that prepaid three decades of electricity for the Power Authority.

December 15

The State of Wisconsin's 2025 refinancing set a new standard for municipal tenders. Instead of a fixed price, the state executed the first fixed-spread tender for tax-exempt bonds, anchoring pricing to the AAA BVAL curve.

December 15

New York Transportation Development Corporation's green bond financing for JFK's new Terminal 6 proves that big aviation projects can be built with climate goals at the center.

December 15

Kerrville Public Utility Board Public Facility Corporation entered the public markets with its inaugural bond sale to deliver a new peaking power plant for the Texas Hill Country.

December 15

Georgia's SR 400 Express Lanes financing shows how public and private partners can solve a regional mobility challenge at scale.

December 15

Brightline's $3.2 billion recapitalization marked a watershed moment in U.S. infrastructure finance.

December 15

The Los Angeles Unified School District's $2.97 billion General Obligation Refunding Bonds represented the largest GO bond financing of the year.

December 15

Jefferson County, Alabama's $2.24 billion Sewer Revenue Warrants refinancing marked a monumental achievement in the county's financial turnaround following its 2011 bankruptcy.

December 15

The Illinois Finance Authority and the University of Chicago's $1.92 billion Revenue Bond transaction was a record-setting deal and the largest ever issued by the Authority.

December 15

The Cities of Dallas and Fort Worth's $1.32 billion financing for Dallas Fort Worth International Airport made DFW the first U.S. airport to introduce an Extendable Commercial Paper program.

December 15

The New York Transportation Development Corporation's $4.55 billion green bond issuance for the JFK International Airport Terminal One redevelopment represents the largest single-asset project financing in U.S. history.

December 15

The Westchester Medical Center Health Network's $286.9 million Series 2023 bond issuance supported the construction of a state-of-the-art patient tower.

December 15

The California Community Choice Financing Authority's $1.52 billion Clean Energy Project Revenue Bonds on behalf of Clean Power Alliance of Southern California is a record-setting prepayment financing which secured 30 years of renewable energy for over 225,000 homes, helping to avoid more than 775 million pounds of greenhouse gas emissions.

December 15

AlexRenew, the City of Alexandria, Virginia's Sanitation Authority, offered Virginia's first green bond issuance with its $45.7 million Wastewater Revenue Bonds.

December 15

Louisiana Public Facilities Authority's $1.33 billion financing for the I-10 Calcasieu River Bridge project tackles a critical infrastructure need on a major interstate.

December 15