The South Florida Water Management District won The Bond Buyer’s 2007 Deal of the Year award, presented last night, for its $546.1 million issue of certificates of participation for the Everglades Restoration Acceler8 Program.
“We felt that the South Florida Water Management District, by putting its efforts into getting started on these projects to preserve and restore the Everglades, epitomized how innovation in the municipal market can have an impact well beyond the local level and help save a national asset,” said Amy B. Resnick, editor in chief of The Bond Buyer, who presented the award to Paul Dumars, SFWMD chief financial officer, and Stephen Freilich, district treasurer, at a black-tie gala in Manhattan last night.
The 2007 awards, which considered deals that closed between Oct. 1, 2006, and Sept. 30, 2007, drew nearly 100 nominations ranging in size from several billion dollars to just a few million.
Two finalists were selected from each region of the U.S. as covered by the paper — a large issuer and a small issuer determined by gross revenues of the issuer or the entity financed in its most recent fiscal year. Small deals are those completed by issuers with annual revenues of $70 million or less, or beneficiaries with those revenue levels in the case of conduit deals.
Large deals were those with revenues above $70 million. All 10 finalists were in the running for the overall Deal of the Year award.
The entries were evaluated by The Bond Buyer’s editors and bureau chiefs, who looked for innovation, risk-taking, financial complexity, the ability for a deal to serve as a model for other financings, and the public purpose for which the transaction’s proceeds were used.
The newspaper also presented its award for innovative, nontraditional public finance transactions — which was open to deals that did not use traditional municipal securities. The award, which was presented for the first time last year, reflects the growth of this nontraditional sector.
The winner in this category for 2007 is Pacific Beacon LLC for its $307.2 million deal for the Naval Base San Diego Unaccompanied Housing Project.
The other regional winners were:
NORTHEAST The Massachusetts Health and Educational Facilities Authority for its sale of $620 million of tax-exempt revenue bonds, $80 million of tax-exempt revenue bonds, and $100 million of taxable bonds for Partners HealthCare System Inc.
The Hoboken, N.J., Municipal Hospital Authority for its $40.5 million of taxable city-guaranteed revenue bonds that are convertible to tax-exempt bonds and $11.17 million of taxable city-guaranteed hospital revenue bonds for the Hoboken University Medical Center’s acquisition of St. Mary Hospital.
SOUTHWESTAurora, Colo., for its $421 million issue of first-lien water improvement revenue bonds for the Prairie Waters Project.
The Sheridan, Colo., Redevelopment Agency for its $51.3 million issue of tax-exempt tax increment revenue bonds and $45.745 million of taxable variable-rate tax increment revenue bonds for the South Santa Fe Drive Corridor Redevelopment Project.
MIDWESTThe Michigan Municipal Bond Authority for its $500 million issue of taxable school revolving fund revenue and refunding bonds.
The Branson, Mo., Regional Airport Transportation Development District for its $103.96 million sale of tax-exempt airport revenue bonds subject to the alternative minimum tax, and $9.8 million tax-exempt airport revenue bonds not subject to the AMT.
SOUTHEASTThe Louisiana Public Facilities Authority for its $59.3 million sale of tax-exempt and taxable bonds for the Black & Gold Facilities Project for student housing on the campus of Grambling State University.
FAR WESTThe Bay Area Infrastructure Financing Authority for its $972.32 million issue of state payment acceleration notes secured by a California Seismic Retrofit Program contribution commitment schedule.
The King County, Wash., Housing Authority for its sales of $5.2 million, $3.4 million, and $6.5 million of tax-exempt debt, and $25.2 million of taxable subordinate-lien housing revenue bonds for the YWCA of Seattle-King County-Snohomish County for multifamily housing projects.
