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Fed expands muni loan program so more cities, counties can participate
The Federal Reserve on Wednesday said it was expanding its municipal liquidity facility again so that more cities and counties can participate. Under the revised program, all U.S. states will be able to have at least two cities or counties eligible for the program regardless of population. The program is aimed at buying bonds directly from states and cities. It was expanded in April to allow in smaller locales.
https://www.marketwatch.com/story/fed-expands-muni-loan-program-so-more-cities-counties-can-participate-2020-06-03
Federal Reserve Board announces an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility
The Federal Reserve Board on Wednesday announced an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF). Under the new terms, all U.S. states will be able to have at least two cities or counties eligible to directly issue notes to the MLF regardless of population. Governors of each state will also be able to designate two issuers in their jurisdictions whose revenues are generally derived from operating government activities (such as public transit, airports, toll facilities, and utilities) to be eligible to directly use the facility.
In addition to the expanded terms outlined above, the MLF continues to be directly open to U.S. states, the District of Columbia, U.S. cities with a population of at least 250,000 residents, U.S. counties with a population of at least 500,000 residents, and certain multistate entities.
The MLF was established under Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. It will offer up to $500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic.
https://www.federalreserve.gov/newsevents/pressreleases/monetary20200603a.htm
ELVIS39 and RCH881 C-17 USAF Globemaster(s) inbound to JBA
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945db9 (3)
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KYS