One would expect that a socially conscious municipal bond mutual fund devoted to investing in projects that create jobs would consider Build America Bonds a welcome addition to the market.

Barbara Van Scoy, a portfolio manager with Community Capital Management, does not see it that way. Based in Fort Lauderdale, Fla., CCM manages $1 billion and favors bonds that help the environment and the community.

At the National Federation of Municipal Analysts annual conference Thursday, Scoy said she was “very excited” when the BAB program was first unveiled last year. The program promised to finance capital projects that presumably would lead to job creation.

Scoy is yet to see any evidence the program is working this way.

Aside from the absence of evidence that BABs are creating jobs, Scoy is also concerned about municipalities that can’t keep up even with annual disclosure requirements.

Scoy has avoided most BAB issues in favor of other projects she sees as more directly fueling job growth.

Scoy does not hate all BABs. She said she has purchased Tuolumne Wind Project Authority revenue bonds maturing in 2034, and Florida Department of Environmental Protection Everglades restoration revenue bonds maturing in 2027.

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