SC JEDA’s “RecoverSC” Pandemic Response Financing Wins National Award from The Bond Buyer
The South Carolina Jobs-Economic Development Authority (JEDA) was a finalist for Deal of the Year honors from The Bond Buyer in the publication’s 20th annual recognition of outstanding achievement in municipal finance.
The Bond Buyer’s editors named JEDA the honoree in the Innovative Financing category for its RecoverSC Local Government Liquidity program, created to help local governments in the Palmetto State bridge financial gaps caused by lost or delayed revenue during the pandemic. Specifically cited were first-round funding issues of $1.3 million to Bamberg County and $10 million to the City of Columbia.
The $100 million program provides repayment terms of 10 years with the first five years interest-only. The local governments can use the funds for a variety of purposes, including debt service on existing loans and bonds, operational needs, and capital improvements.
“Business shutdowns, stay-at-home orders, and travel restrictions have cost local governments across South Carolina millions of dollars in lost or deferred hospitality, business, sales, and property taxes since the COVID-19 pandemic began. The RecoverSC program has proven to be a liquidity lifeline for the providers of essential government services while we all recover from the economic impact of this pandemic. We appreciate The Bond Buyer’s recognition of this effort.”
The Bond Buyer held its Deal of the Year awards recognition on Thursday, Dec. 16, at Guastavino’s in New York City, the publication’s first live event in 22 months. JEDA was among nine other category finalists for the top award, joining such diverse entities as the City of Detroit, the SouthEast Alaska Regional Health Consortium, the New York State Thruway Authority, and the City of Grey Forest, Texas.
“This year’s lineup once again reflect the full range of communities and public purposes this market comprises. The deals honored exemplify the creativity and resourcefulness this industry brings to bear on projects that advance the infrastructure and quality of life in the nation’s municipalities,” said Mike Scarchilli, Editor in Chief of The Bond Buyer.
Left to right: Michael Nix, Board Chairman, JEDA; Ray Jones, Parker Poe Adams & Bernstein LLP; Emily Luther, Parker Poe Adams & Bernstein LLP; Harry Huntley, Executive Director, JEDA; Brent Robertson, Stifel; Michael Seezen, Burr & Forman LLP.