CMA is known for having introduced several innovations to the municipal market in New York State including the following:
- CMA introduced the concept of competitively-sold advance refunding bonds in New York State in 2002. Since then, CMA has advised on over 350 refunding bond issues for over 150 jurisdictions.
- In 2003, CMA worked with Westbury Schools to successfully close on the first Qualified Zone Academy Bond issue outside of New York City which resulted in Westbury securing a 10% private contribution and issuing long term bonds at a near 0% interest rate while also receiving State aid at the State’s imputed interest rate of 3.00%+. Since then, CMA has advised on more QZAB issues than any other advisor in the NYS.
- Following the fiscal crisis, CMA worked closely with the NYS Comptroller and our client Suffolk County to allow Fed wires to be used to fund the required good faith deposit for competitively-sold bond issues thus bringing a degree of liquidity to the turbulent market. Up to this time only certified checks and Surety Bonds were accepted. This practice was immediately copied by other market participants and later codified by the State.
- CMA introduced its Matched Investment Program in which it pairs municipalities and school districts that need to issue TANs and RANs with other municipalities that have funds available to invest. Investors in this program have increased their investment yields by as much as 500% while borrowers have reduced their costs by close to 50%. CMA worked closely with the NYS Comptroller to develop the Comptroller’s review and authorization process for the Program.