California Debt and Investment Advisory Commission

COVID-19 Municipal Debt Resource Archive

CDIAC and our allied public finance organizations are supporting our public finance officials through producing a wide variety of municipal finance topics made critical by the pandemic. The COVID-19 Municipal Debt Resources webpage is the primary resource for COVID-19 information that relates to municipal debt and this is an archive of resources once available on the primary page.

Follow the links below to jump to sections within this page.

Last Updated: August 7, 2020


An archive of webinars that havefree material available are posted below.

Housing Finance Agencies Update, Impact of COVID-19: Where are we now?
Moody’s | June 25, 2020 | Replay

Bonds, Bond Refinancings, Certificates of Participation, Leases and Funding Alternatives in the Pandemic, Part 2
CASH | June 19, 2020 | Replay | Slides

FEMA Disaster Funding: Counting Every Dollars
CASH | June 18, 2020 | Replay | Slides

Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices
U.S. Securities and Exchange Commission | June 17, 2020 | Replay

Local Government Credits through the COVID-19 Crisis: Local Governments
Moody’s | June 11, 2020 | Replay

Local Government - The Road Ahead
CSMFO | June 4, 2020 | Replay

Weekly Development Finance Briefings
CDFA | Every Friday Through May 29, 2020 | Fridays at 10:00 - 11:00 PT | Cost: Free | Replay

COVID-19: Resetting Your Agency's Budget and Long-Term Plan
CSMFO | May 21, 2020 | Replay

Durability of Municipal Credit
Moody’s | May 21, 2020 | Replay

Update – Coronavirus Impacts on US States and Local Governments
Fitch Ratings | May 20, 2020 | Replay

Funding Public Pensions Post-Pandemic: Preparing for the Second Wave of COVID-19's Financial Fallout
PFM | May 15, 2020 | Replay

SEC Statement on COVID-19 Disclosure
GFOA | May 15, 2020 | Replay

Rising Pension Liabilities to Inflict Municipal Credit Damage
Moody’s Investors Service | May 14, 2020 | Replay

KBRA Macro Perspective Series: Public Finance - Can We Afford This?
Kroll Bond Rating Agency | May 13, 2020 | Replay

COVID-19 Disclosures: How Health Care Borrowers Can Navigate Financial Reporting in an Uncertain Environment
Orrick | May 8, 2020 | Replay

COVID-19: Forecasting and Managing Expenditures
CSMFO | May 7, 2020 | Replay

Fiscal First Aid Treatments and When to Use Them
GFOA | May 4, 2020 | Replay

Anticipating Federal COVID-19 Assistance State Budget Challenges and the Economy
Coalition for Adequate School Housing (CASH) | April 30, 2020 | Replay

COVID-19 and Not-for-Profit Healthcare Ratings
Moody’s Investors Service | April 30, 2020 | Replay

State and Local Governments and COVID-19: How to Plan for Today and Prepare for the Future
Grant Thornton | April 16, 2020 | Replay

Short-Term Debt of US States, Municipalities and Nonprofits
Moody’s | April 16, 2020 | Replay

Assessing Risks Related to Cyber Crime
GFOA | April 15, 2020 | Replay

Detecting and preventing fraud in the age of COVID-19: What you need to know
Grant Thornton | April 9, 2020 | Replay

Rating Agencies Speak on COVID-19
Bond Buyer and Orrick | April 7, 2020 | Replay

All U.S. Public Finance Sector Outlooks Are Now Negative
S&P Global Ratings | April 2, 2020 | Replay

Current Thinking on Advance Refunding Alternatives
Bond Buyer | March 31, 2020 | Replay

Weekly COVID-19 Development Finance Briefings
CDFA | March 27 through May 29, 2020 | Replays

Weekly COVID-19 Development Finance Briefing #1
Council of Development Finance Agencies (CDFA) | March 27, 2020 | Replay

Coronavirus Effects for U.S. States and Local Government
Fitch Ratings | March 26, 2020 | Replay

Liquidity and Economic Concerns in the Muni Market
Bloomberg | March 26, 2020 | Replay

SEC Q&A on Continuing Disclosure Plus EMMA Website Enhancements
MSRB | March 19, 2020 | Replay

Podcast: COVID-19 and Operational Resiliency
SIFMA | March 18, 2020 | Replay

Managing Cash Flow in a Crisis: How to Quickly Build a Working Cash Flow Model
GFOA | April 24, 2020 | Replay

COVID-19: Best Practices for Analyzing Revenue and Cash Flows
CSMFO | April 23, 2020 | Replay

COVID-19: Acting Early to Flatten the Financial Curve
CSMFO | April 15, 2020 | Replay

Financial Scenario Planning - Visualizing and Strategizing for Uncertain Times
GFOA | April 8, 2020 | Replay

Financial Decision-Making Under Uncertainty
GFOA | March 27, 2020 | Replay

2020 Post-Issuance Compliance Webinar: COVID-19 and Tax Exempt Debt
BLX/Orrick | March 24, 2020 | Replay


Recent free resources that relate to California municipal debt are posted below in the order of date published.

Municipal Liquidity Facility (MLF) and CARES Act

Coronavirus (COVID-19): CARES Act Offers Lifeline to Transit Systems but Is No Panacea
Kroll Bond Rating Agency | May 19, 2020

Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility
Board of Governors of the Federal Reserve System | April 27, 2020

What The CARES Act Means For Credit In U.S. Public Finance
S&P Global Ratings | April 20, 2020

Bond Dealers of America (BDA) Submits Additional Comments to Fed on Municipal Liquidity Facility
Bond Dealers of America | April 15, 2020

GFOA Submits Comments on Federal Reserve's Municipal Liquidity Facility
GFOA | April 15, 2020

Fed liquidity facility will help state and local governments cope with coronavirus crisis
Moody’s | April 15, 2020 | Registration required, but article is free

Coronavirus (COVID-19): Fed Provides Vital Assistance to State and Local Governments
Kroll Bond Rating Agency | April 15, 2020

Treasury Approves New Municipal Liquidity Facility to Aid States, Counties and Cities
McGuire Woods | April 10, 2020

Federal Reserve Takes Additional Actions to Provide Up to $2.3 Trillion in Loans to Support the Economy
Board of Governors of the Federal Reserve System | April 9, 2020

Term Sheet: Municipal Liquidity Facility
Board of Governors of the Federal Reserve System | April 9, 2020

State Budget Effects of Recent Federal Actions to Address COVID-19
Legislative Analyst’s Office | April 5, 2020

Commercial Paper Funding Facility
Federal Reserve Bank of New York

Orrick Public Finance Alert: President Signs $2.2 Trillion CARES Act
Orrick | March 30, 2020

The CARES Act Provides Assistance for State and Local Governments
U.S. Department of the Treasury

Other Articles and Reports

Coronavirus pandemic Will Accelerate and Reshape Credit Trends in Public Finance
Moody’s | June 30, 2020

SEC Order dated June 16, 2020 Granting Temporary Conditional Exemption to Municipal Advisors to Engage in the Private Placement of Municipal Securities
Orrick, Herrington, and Sutcliff | June 19. 2020

States Will Cut Funding, Pushing Budget Pain to Districts With Varying Ability to Cope
Moody’s | June 19, 2020

GFOA Debt Committee Releases Urgent Member Guidance for COVID-19 Debt Service and Disclosures
GFOA | 2020

Municipal Bankruptcy: Avoiding and Using Chapter 9 in Times of Fiscal Stress
Orrick, Herrington & Sutcliffe LLP | June 15, 2020

5 Reasons Municipals Have Rarely Defaulted
Seeking Alpha | June 11, 2020

Covid-19: State and Local Revenue Losses Adding Up
Kroll Bond Rating Agency | June 9, 2020

Balancing the Budget in Bad Times
GFOA | 2020

Cash is King: Short-Term Strategies to Slow the Flow of Money Out the Door and Keep the Budget Balanced
GFOA | 2020

How Agencies Can Protect Fee-Funded Programs During the COVID-19 Crisis
GrantThorton | May 27, 2020

Deficit Borrowing in Crisis Recovery Neutral to Negative for U.S. States & Locals
Fitch Ratings | June 3, 2020

SEC Urges Disclosure of COVID-19 Impact in the Municipal Market
Orrick | May 2020

Property tax delinquencies unlikely to hurt local governments in the near term
Moody’s Investors Service | May 26, 2020

Development Finance Agencies Urge Congress to Include Bond Provisions in Stimulus
CDFA | May 19, 2020

US State & Local Ratings Through the Cycle During an Economic Downturn
Fitch Ratings | May 13, 2020

COVID-19: IRS Aids State and Local Governments With Tax-Exempt Tender Bonds and Commercial Paper
McGuireWoods | May 12, 2020

State COVID-19 Actions Will Impact Property Tax and Workers’ Comp
CSDA | May 11, 2020

County Coalition Responds to Governor Newsom’s Executive Order on Property Tax Penalties
CSAC, CACTTC, RCRC, and UCC | May 6, 2020

IRS provides relief for municipal bond issuers in response to COVID-19 pandemic
Nixon Peabody | May 7, 2020

IRS Issues Revenue Procedure, Notice Providing Guidance for Private Activity Bonds During COVID-19-Related Economic Disruption
Novogradac | May 4, 2020

The Importance of Disclosure for our Municipal Markets
U.S. Securities and Exchange Commission | May 4, 2020

Coronavirus (COVID-19): Municipal Issuers’ Virus-Related Voluntary Disclosures Trend Up
Kroll Bond Rating Agency | April 27, 2020

SEC Forms Cross-Divisional COVID-19 Market Monitoring Group
U.S. Securities and Exchange Commission | April 24, 2020

Coronavirus (COVID-19): Sales Tax Bonds Under Surveillance
Kroll Bond Rating Agency | April 20, 2020

Cash Flow and Budget Relief for Local Governments and Borrowers in California>
Orrick | April 16, 2020

Clayton calls for meaningful coronavirus (COVID-19) disclosure
Nixon Peabody | April 15, 2020

CSDA TRAN Pool: Short-Term Financing Available to Bridge Revenue Gaps
CSDA | April 13, 2020

Coronavirus – US: Coronavirus stimulus will lessen economic pain, but credit climate will remain difficult
Moody’s | April 10, 2020

What Will the Recovery Look Like From the COVID-19 Recession?
J.P.Morgan | April 10, 2020

Taking Action for Federal COVID-19 Relief and Protecting Local Property Tax Revenue
CSDA | April 6, 2020

Joint CSAC / CACTTC Statement on COVID‐19 and the April 10 Property Tax Deadline
CSAC / CACTTC | April 4, 2020

Federal Tax Law Considerations for Financings COVID-19 Costs on a Tax-Exempt Basis: What Issuers Need to Know
Orrick | April 3, 2020

Request Executive Order Partially Suspending Revenue and Taxation Code
California Taxpayers Association (Cal-Tax) | April 3, 2020

5 Ways to protect your government agency from payment fraud
U.S. Bank | April 3, 2020

Key COVID-19 Response Strategies for Development Finance Agencies
CDFA | April 2, 2020

MSRB Publishes Summary of State and Local Disclosures About Impact of COVID-19
MSRB | April 2, 2020

Waivers, Deferrals and Changes to Tax-Exempt Bonds During COVID-19
Orrick | April 2, 2020

Coronavirus (COVID-19): Airport Balance Sheet Liquidity Crucial to Weathering the Crisis
Kroll Bond Rating Agency | April 1, 2020

Coronavirus (COVID-19): States Delay Income Tax Collections—Can They Afford It?
Kroll Bond Rating Agency | April 1, 2020

Coronavirus (COVID-19) Cross Sector Update: Fed/Treasury Partnership Goes Big, But Far Enough?
Kroll Bond Rating Agency | April 1, 2020

Muni High Yield: Technically Driven, Fundamentally Sound
Bond Buyer White Paper | Distributed April 1, 2020 | Free paper, but requires registration

More Help Is Likely on the Way for States and Localities and the Coronavirus-caused Recession – including an Obscure Source of Federal Aid for Muni Bonds | March 31, 2020

Government Coronavirus Aid Has Near-Term Benefits, but Could Raise Long-Term Risks
Moody’s | March 30, 2020

COVID-19 almost broke the bond market. Then the Fed stepped in
J.P.Morgan | March 30, 2020

Special Tax Revenue Will Weaken as Coronavirus Slows Economy and Travel
Moody’s | March 30, 2020 | Registration required, but article is free

Tax Filing Delays Will Hit Near-Term Liquidity for State Govts
Fitch Ratings | March 30, 2020

Default Scenarios as Coronavirus-Induced Economic Turmoil Intensifies
Moody’s | March 27, 2020 | Registration required, but article is free

Coronavirus (COVID-19): Mass Transit Bonds Backed by Sales Taxes and Gross Revenues Are a Mixed Bag
Kroll Bond Rating Agency | March 27, 2020 | Registration required, but article is free

Coronavirus-Driven Filing Extension Will Delay Income Tax Revenue, but States Have Resources to Bridge the Gap
Moody’s | March 27, 2020 | Registration required, but article is free

NABL Sends Letter to Treasury Requesting Certain Immediate Relief
NABL | March 25, 2020

All U.S. Public Finance Sector Outlooks Are Now Negative
Kroll Bond Rating Agency | April 1, 2020

COVID-19 and Municipal Securities Disclosure
Orrick | March 23, 2020

Tax Issues for VRDO Liquidity Problems
Orrick | March 23, 2020

California Treasurer Fiona Ma: State Treasury Operations are Essential and Continuing
California State Treasurer Fiona Ma News Release | March 23, 2020

Coronavirus Adds Risks to Municipal Short Term Market, Prompting Credit-Positive Federal Reserve Action
Moody’s | March 23, 2020 | Registration required, but article is free

Federal Reserve Announces Extensive New Measures to Support the Economy
Board of Governors of the Federal Reserve System | March 23, 2020

Retaining the April 10 Property Tax Deadline
Coalition of California’s Local Agencies, including: League of California Cities, CSBA, CSDA, CACTTC, and CASBO | March 21, 2020

Controller Yee Reminds Homeowners: County Governments Collect Property Taxes Due April 10
Office of California State Controller Betty Yee | March 20, 2020

Coronavirus Effects Immediate for Airports; Other Sectors Less Imminently Exposed
Moody’s | March 20, 2020 | Registration required, but article is free

Coronavirus Will Have Differing Effects Across US Public Finance
Moody's | March 20, 2020 | Free article, but requires registration

Federal Coronavirus Aid Key Short-Term Boost to US States
Fitch Ratings | March 19, 2020

Coronavirus (COVID-19): Cyber Criminals Increasingly Target Municipalities
Kroll Bond Rating Agency | March 18, 2020 | Free article, but requires registration

Update: California Open Meeting Requirements Under COVID-19
Best Best Krieger Law | March 18, 2020

Coronavirus (COVID-19): Sales Tax Collections Have Strong Immunities
Kroll Bond Rating Agency | March 12, 2020 | Registration required, but article is free

Coronavirus Effects for U.S. States and Locals Still Developing
Fitch Ratings | March 12, 2020

COVID-19's Potential Effects In U.S. Public Finance Vary By Sector
S&P | March 5, 2020

CDIAC Information

Many of these organizations, companies, and professionals are regular and valued contributors to the fulfillment of CDIAC’s educational mission; however, CDIAC does not endorse any particular private company. In addition, the information presented and opinions expressed in the resources and content provided is solely that of the professionals and organizations cited. Resources are provided on this page as a courtesy, and CDIAC does not maintain or validate information provided by external organizations.

Information is frequently changing given the dynamics presented by the COVID-19 crisis. We encourage participation of the California public finance community in curating this page and welcome recommendations. Please contact if you would like to submit suggestions.