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.
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.
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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 - Deal of the Year 2025: Kerrville Public Utility Board Public Facility Corp. (Small Issuer Financing)
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.
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