California Debt and Investment Advisory Commission

COVID-19 Municipal Debt Resources

As public finance officials work tirelessly to support their communities during this unprecedented time, 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.

This page consolidates available information on COVID-19 that relates to municipal debt in one place, so agencies can more quickly and easily educate themselves on these complex issues as they evolve. Follow the links below to jump to sections within this page.

Last Updated: September 22, 2020

Upcoming Webinars

The Heavy Price of Containing the Coronavirus
CMTA | September 23, 2020 | 1:30 – 2:30 PT | Free | Register
Efforts to contain the COVID-19 outbreak decimated parts of what was a relatively stable U.S. economy. While the impact was expected to be temporary, the virus and containment measures appear to have created longer-lasting challenges. Additionally, there remains a significant amount of uncertainty about the future of the virus. We will discuss the past effects of the virus on the economy, some of the foundational economic challenges it poses to the pace of recovery, and why interest rates are expected to remain low in the years ahead.

Modeling COVID-19 Infection Rates to Inform School Site Closings/Openings
GFOA | September 25, 2020 | 8:00 – 9:00 PT | Free | Register
Quantitative risk analysis continues to be a focus for GFOA, including how it can be best leveraged in financial forecasting for local governments. Recently, GFOA has been examining application of quantitative risk analysis to COVID-19 infection rate modeling in conjunction with several highly regarded experts in the area, who developed a national COVID-19 forecasting model. This knowledge is now being applied to local government decision-making, including when to open schools. In this webinar, speakers will cover the benefits of probabilistic modeling for COVID-19 related issues and some of the latest findings from COVID-19 research including determinants of the reproductive number and theories on this summer’s reduced infection fatality rate.

Recent Webinars

Recent webinars that have free material available are posted below. Additional replays can be found in the Resource Archive.

Balancing the Impact of a Pandemic on Fee Funded Agencies
Grant Thorton | September 17, 2020

Public Finance Credit After COVID-19
Moody’s | August 13, 2020

California Local Public Finance Virtual Forum: A Conversation wiht Treasurer Fiona Ma, CPA
CDIAC and CSMFO | August 12, 2020

School District Roundtable on COVID-19 Financial and Related Impacts
GFOA | August 12, 2020

Fiscal First Aid For School Districts
GFOA | August 7, 2020

2020-21 Economic and Demographic Outlook
CSMFO | July 30, 2020 | Replay

Municipal Utilities Well-Positioned To Withstand COVID-19 Challenges
Moody’s | July 23, 2020 | Replay

Leading Through Crisis
MSRB Podcast | July 21, 2020 | Replay

Social Risks Across Public Finance
Moody’s | July 16, 2020 | Replay

Municipal Disclosure in the Time of COVID-19
The Bond Buyer | July 9, 2020 | 11:00 PT | Replay

Navigating Your Investment Portfolio Through Tumultuous Times: Best Practices in Response to the 2020 Economic Downturn
CSMFO | July 3 2020 | Replay

Navigating Investor Disclosures During the COVID-19 Crisis
CDIAC | May 1, 2020 | Replay
Replay is free, but registration is required.

Resource Highlights

Recent free resources related to California municipal debt are posted below in the order of date published. Additional materials are located in the Resource Archive.

Municipal Liquidity Facility (MLF) and CARES Act

Treasury Releases New CRF Guidelines Impacting Counties
National Association of Counties | September 3, 2020

Federal Reserve Board Announces Revised Pricing for Its Municipal Liquidity Facility
Board of Governors of the Federal Reserve System | August 11, 2020

Municipal Liquidity Facility: Frequently Asked Questions
Federal Reserve Bank of New York | September 8, 2020

Coronavirus Relief Fund Frequently Asked Questions
Department of Treasury | Created August 10, 2020, Updated September 2, 2020

Coronavirus Relief Fund Allocations for Cities and Counties
State of California Department of Finance | July 2, 2020

Expansion in the Number and Type of Entities Eligible to Directly Use the MLF
Board of Governors of the Federal Reserve System | June 3, 2020

Municipal Liquidity Facility Sample Purchase Rates
Federal Reserve Bank of New York | 2020

Municipal Liquidity Facility Application Materials
Federal Reserve Bank of New York | May 18, 2020
Note: Notification of Interest updated June 11, 2020 and the Forms Documents and Certifications were updated September 16, 2020

Term Sheet: Municipal Liquidity Facility
Board of Governors of the Federal Reserve System | May 11, 2020

Data Resources

Dashboard - Local Government Tax Revenue

Dashboard - Market Data

EMMA Continuing Disclosure Filings Related to COVID-19
Lumesis | Updated Daily

Municipal Securities Market COVID-19-Related Disclosure Summary
MSRB | Updated Weekly

Municipal Securities Market Trading Summary
MSRB | Updated Daily

Other Articles and Reports

Credit FAQ: How COVID-19 And The Recession Could Affect Credit Quality For U.S. K-14 Schools
S&P Global Ratings | September 3, 2020

Pandemic Upends U.S. State 2021 Budgets (Revenue Outlook Uncertain)
Fitch Ratings | August 5, 2020

COVID-19 Activity in U.S. Public Finance
S&P Global Ratings | Updated Regularly

SEC Order Granting Temporary Conditional Exemption from the Broker Registration Requirements
SEC | June 16, 2020

Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS)
U.S. Securities and Exchange Commission | February 7, 2020

COVID-19 Response Related Websites

National and State Associations

Government Offices

Law Firms

Municipal Advisors / Consultants

Rating Agencies


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.