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: May 21, 2020

Upcoming Webinars

Weekly Development Finance Briefings
CDFA | Every Friday Through May 29, 2020 | Fridays at 10:00 - 11:00 PT | Cost: Free | Register
Legislative updates, member news, state and local financing strategies, and lessons learned from previous development finance responses to disasters.

Airports: The COVID-19 Pandemic Impact and What the Future Holds
NFMA | June 4, 2020 | 9:00 – 10:00 PT | Cost: Free | Register
Airports have recorded drastic passenger activity declines, in some cases more than 90%. Panelists will discuss how we got to this point, the effect on revenues, actions taken by airlines/airports in response, how CARES Act funds are being applied, and what are the near-term and mid-term prospects for recovery

Impacts of COVID-19 on the Bond Market
CDFA and PFM | June 4, 2020 | 12:00 – 1:30 PT | Cost: Free | Register
Recent activity in the capital markets has caused significant uncertainty and many issuers report difficulty getting bond deals priced. During this first installment of the CDFA-PFM Capital Markets Webinar Series, presenters will focus on the market impacts of COVID-19 thus far and what we can expect going forward.

Recent Webinars

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

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

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

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

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

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

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

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

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

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

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

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

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

Municipal Liquidity Facility Application Materials
Federal Reserve Bank of New York | May 18, 2020

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

Municipal Liquidity Facility: Frequently Asked Questions
Federal Reserve Bank of New York | May 11, 2020

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

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

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

Data Resources

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

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

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

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

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

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 and Municipal Securities Disclosure
Orrick | March 23, 2020

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