Examining Liquidity in On-the-Run and Off-the-Run Treasury Securities

Government Business

Article | March 11, 2022

There is great angst related to every aspect of reopening of schools in the U.S. What to do? How to do it? When to do it? The questions are numerous, and there is little certainty about anything. However, one thing is not in question – schools and our education system are critically important to our lives, our future, and our economic destiny. American taxpayers have shown no indication that neglecting schools is an option they want to consider. Citizens everywhere appear to be committed to the premise that America must provide modern educational facilities, leading edge technology, and outstanding teachers. To substantiate that point, one only has to take a quick look at what is happening throughout the country. Educational leaders are announcing plans for expanding, rebuilding, and enhancing campuses for tomorrow’s students. And, taxpayers are solidifying their support by approving the required funding. Here are but a few examples. Oregon The West Linn-Wilsonville School District will rely on $206.9 million in funding that was approved by voters to make major expansions. The funding includes $39 million for a new primary school, $18 million for technology upgrades, $25 million for expansion of the Wilsonville High School auditorium, and $15.25 million to secure school entrances, purchase lockdown hardware, and install shelter-in-place curtains. The funding also will cover costs for additional parking and a project to significantly increase the seating capacity of the high school football stadium. Texas In June 2020, the Cleveland ISD approved the first of many projects as part of a $198 million bond package that was approved by voters. Some projects have begun and other planned projects will include the renovation of Northside Elementary and the construction of a sixth elementary school and a new junior high school facility. Additionally, the funding will be used for the addition of a teacher learning center and administrative office as well as for upgrades to the softball and baseball fields at Cleveland High School. Continued growth in this part of the state has required the district to find temporary solutions such as costs of $3 million for portable buildings for classrooms while construction is underway. New Jersey Taxpayers approved a $37.6 million bond election for the Deptford Township School District. It includes replacement of some mercury-infested floors at a number of schools and construction of 16 additional classrooms at the district’s middle school. The funding also will be available for construction of two new science labs, an auxiliary gym, a cafeteria, a new main office, and a new central district office. In Woodbury Heights, voters approved a $2 million bond proposal for construction and renovation projects. The school needs a new main office and a security vestibule. Officials also want to convert some classrooms into a larger area that can be used for group instruction. Nebraska Bennington Public Schools will get a fifth elementary school and second middle school with a $72 million bond issue that was approved in March. The plan was to solicit proposals as quickly as possible with a goal of having construction completed by August 2021. The plan calls for the new middle school to open in 2022. The district also plans for other improvements district-wide, including to the high school softball and football stadiums, and middle school track. Bond money will be used to purchase land for a second high school. California The Oakland Unified School Board voted to place a $735 million construction bond measure on the November ballot to upgrade aging facilities. If approved by voters, the district will upgrade and expand seven schools and construct a new $50 million administrative building. Additional funding will go toward new kitchens at three schools and a cafeteria at one campus. The board also agreed that about $200 million could be used to fund districtwide safety repairs and possible improvements based on COVID-19 requirements at dozens of schools. Another $10 million is allocated for school expansions or other new projects. The cost estimates used by the board were based on the district’s Facilities Master Plan. Michigan The Clio Area School District has announced different plans because the district will downsize. However, voters approved a $40.6 million bond in May. With that funding, the district will begin to consolidate Garner Elementary School, Carter Middle School, Clio High School, and the transportation building. The remaining schools will receive extensive renovations and improvements including ceiling and flooring replacements, air-conditioning, new security systems, and updated technology. The Kenowa Hills School District also received voter approval in May for a $67 million bond proposal. The funding will be used to target multiple areas including, modernizing classrooms, replacing technology, expanding the Early Childhood Center, upgrading facilities and infrastructure, enhancing security, and creating a new STEM lab (science, technology, engineering, and math). In spite of uncertain times, schools are held in high regard and citizens and taxpayers continue to show their support for preserving public assets, enhancing safety, and providing the technology required for quality instruction. Mary Scott Nabers is president and CEO of Strategic Partnerships Inc., a business development company specializing in government contracting and procurement consulting throughout the U.S. Her recently released book, Inside the Infrastructure Revolution: A Roadmap for Building America, is a handbook for contractors, investors and the public at large seeking to explore how public-private partnerships or joint ventures can help finance their infrastructure projects.

Government Business, Government Finance

Article | July 12, 2022

In spite of a decline in contracting opportunities in state and local government, public officials are announcing dozens of new, large projects each week. The announcements usually include upcoming solicitations for new construction projects as well as renovation and upgrade projects. Because of population growth, many of the most recent announcements have expansion projects. Educational facilities need more classrooms, cities and counties need more office facilities, and economic development organizations have plans to develop more revenue-generating venues. Overall, it appears that contracting opportunities will not suffer much as a result of fewer solicitation documents that are anticipated over the near term. Here’s a sampling of what to anticipate in 2021. New York Broome County is planning a two-phase $180 million renovation project for the Floyd L. Maines Veterans Memorial Arena. The project will be a rather large one, and the first phase work has a projected cost of $58 million. That work will involve improvements and upgrades to the arena's current space. Phase two of the project carries an estimated cost of approximately $125 million. It will include construction of a second ice rink and a convention center, both of which will be linked to the current arena. The objective is to increase the number and type of activities that can be accommodated in this downtown. Accommodations will be made for e-sports, various types of tournaments and space for practice sessions by the American Hockey League Binghampton Devils. Phase two will also include another downtown hotel and a new park alongside the Susquehanna River. Formal solicitations for the project may be delayed until 2022, but interested contractors and/or partners will find no better time than now for positioning and pre-sales activities. Mississippi The Mississippi Legislature ended its yearly session with the approval of a bond bill in the amount of $291 million. This funding will be allocated for various types of projects. The sum of $13.5 million is earmarked for Mississippi Valley State University. The school will expand its student union building and upgrade other facilities. Another $13.5 million has been set aside for repairs to the state capitol building, grounds, and War Memorial building. Funding also will be provided to the city of Tupelo for repair, renovation, and expansion of the BancorpSouth Arena and Conference Center. Greene County will receive funding for the renovation and expansion of the county’s rural events center in Leakesville. Georgia The Georgia General Assembly’s final version of a $25.9 billion fiscal budget was adopted in June and it calls for making $70 million available for an expansion project related to the Savannah Convention Center. Another $10.24 million is allocated for infrastructure improvements to the Georgia World Congress Center in downtown Atlanta. The budget also will finance universities, colleges, and technical colleges. Specifically, $5 million is designated for renovations at the Driftmier Engineering Center at the University of Georgia’s main campus in Athens, $4.8 million for renovations to the Dublin Center and Library on the Dublin campus of Middle Georgia State University, and $4.5 million for renovations to the Memorial College Center on the Armstrong campus of Georgia Southern University in Savannah. Massachusetts An architecture firm will be selected to conduct a fast-tracked assessment of the Holyoke Soldier’s Home for an upcoming renovation and expansion project. The state of Massachusetts has designated 12 weeks for a firm to complete a needs assessment that will provide three scenarios for improvements that focus on infection control and needs of the residents. Planning for this project which is projected to cost approximately $116 million plan began years ago. The objective is to expand the facility with a five-story addition that provides 120 new private rooms. Oregon The Portland Public School Board plans to move forward with a $1.2 billion November bond election. If voters approve the bond package, there will be funding available for the modernization of Jefferson High School. Planning documents outline plans to fund design work and additional master planning. Initial implementation will include investments in the neighborhood schools surrounding Jefferson High School, pre-construction planning for the modernization of Cleveland and Wilson high schools, and final modernization of Benson Polytechnic High School. Indiana The Seymour ISD has announced plans to convert the Seymour Middle School Sixth Grade Center into an intermediate school for fifth- and sixth-grade students and also upgrade Seymour High School. Construction should begin in 2022 on this $52.45 million project. Objectives include the provision of additional classroom space, enhanced security, upgraded accessibility, and expansion opportunities for career and athletic programming. Enhancements and upgrades also will be made at the intermediate school. These include the construction of a new kitchen and cafeteria, administrative office, gymnasium, library, and band and choir rooms. The number of classrooms will be increased from 15 to 38. At the high school, a minimum of 25 new classrooms will be added and a corridor will be constructed to relieve congestion and create space for additional lockers. West Virginia The Greenbrier County Courthouse, built in 1837, is slated for an expansion project that will add approximately 22,000 square feet. The new annex, which will have an elevator, will be attached to the northern end of the current courthouse. The solicitation for construction is likely to begin in December. The construction project will include code upgrades and the upgrading of air conditioning equipment, sprinkler systems, and heating units. A secure elevator will be added in the existing courthouse to move prisoners. These projects are indicative of what can be found by researching upcoming contracting opportunities. Each new project also will require additional purchases related to technology, security, upgraded equipment, furniture, office supplies, landscaping, and numerous professional services. The government marketplace is still one of the hottest places to find abundant opportunities for private sector firms. Mary Scott Nabers is president and CEO of Strategic Partnerships Inc., a business development company specializing in government contracting and procurement consulting throughout the U.S. Her recently released book, Inside the Infrastructure Revolution: A Roadmap for Building America, is a handbook for contractors, investors and the public at large seeking to explore how public-private partnerships or joint ventures can help finance their infrastructure projects.

Emerging Technology, Government Business

Article | October 7, 2022

It can be challenging to connect government services to Californians who need them most. With a population of nearly 40 million people, the state’s residents have a wide range of experiences, abilities, education, and technical literacy. The California Design System is a collaborative effort between the California Department of Technology and the Office of Digital Innovation to help web developers and designers address common needs to make digital information and services easier to use. The Design System is an open source project and is in early beta status. Currently in use on websites for the Department of Cannabis Control, California Drought Action, California’s COVID-19 website, and the Broadband for All portal, we invite collaboration and feedback so we can incorporate new design system components into the existing state template. The California Design System will help build websites and products that put people first and also look great. Whether you’re an individual developer, product owner, web designer or a public employee, we invite you to get involved and help us make improvements. Reach out to the Design System team through our contact form on the home page, or work through the GitHub repository. This collaborative effort is another example of how state government is innovating to improve state websites and better serve the people of California.

Article | July 15, 2020

As the country battles to recover from COVID-19, transit leaders are calling for the next federal relief package to appropriate substantial funding to allow public transit to play its critical part in the economy’s recovery. In the interim, many of these transit and mobility authorities throughout the nation are moving forward with capital improvement projects already in the pipeline and in various phases of development. They will soon be announcing large projects, especially in quickly growing regions, and their planning documents list upcoming initiatives that range from mid-size construction projects to sprawling billion-dollar programs that focus on aging infrastructure. The following are just a few examples of upcoming projects from tollway and mobility authorities. California Just east of San Francisco, the Tri-Valley-San Joaquin Valley Regional Rail Authority in late June approved $46.8 million in funding for the next stage in Valley Link, a 42-mile light-rail line. This project will connect a planned train station in North Lathrop to an existing station in Pleasanton. Another $13 million previously dedicated to the project paid for conceptual design work that is near completion. Also, elsewhere in the state, the Transportation Corridor Agencies, in coordination with Caltrans, is proposing a $180 million project to add a direct 241/91 Express Connector linking the northbound 241 Toll Road to the eastbound 91 Express Lanes and the westbound 91 Express Lanes to the southbound 241 Toll Road. The connector will alleviate traffic and improve access to toll lanes in Orange and Riverside counties. Texas The Central Texas Regional Mobility Authority has several forthcoming procurements and will be soliciting bids in early August for the third phase of the 183A extension project. This $180 million project will create a 6.6-mile extension of the busy tollway north from Leander to east of Liberty Hill. Construction is expected to begin in early 2021. New Jersey The New Jersey Turnpike Authority has $24 billion in various road and infrastructure projects in its Proposed 2020 Capital Improvement Program released in March 2020. The authority has outlined 24 projects that provide system solutions and upgrades. One of the largest initiatives is a $2.9 billion project to replace approximately 200 bridge decks. Another large undertaking, projected to cost about $1.4 billion, is described as raising a section of Garden State Parkway above a revised 100-year floodplain. Florida Florida’s 2021 budget earmarks $90 million for an ambitious tollway project spanning hundreds of miles. The Multi-use Corridors of Regional Economic Significance, or M-CORES, plan calls for construction of 340 miles of new toll roads by 2030. M-CORES outlines new road infrastructure for three corridors: the Suncoast Connector from Citrus County to Jefferson County; the Northern Turnpike Connector from the northern terminus of Florida’s Turnpike northwest to the Suncoast Parkway; and the Southwest-Central Florida Connector from Collier County to Polk County. Initiated by a state Senate bill in 2019, this is a $10 billion project. Kansas The city of Overland Park and the Kansas Turnpike Authority are conducting a study that could lead to a $300 million project for U.S. 69. City leaders turned to the Turnpike Authority for help with widening the highway which has become the most congested in the state. The collaborative effort would include widening the highway to six lanes, with two of them being tolled. Illinois The Illinois Tollway Authority is closing its bid filing period for a more than $100 million project to reconstruct a section of Interstate 294, and numerous other projects are slated to occur in the next several years. A project to reconstruct the northbound C-D Road has a cost projection of between $25 and $50 million. Another planned project includes demolishing and rebuilding the Southbound Mile Long Bridge with a cost of more than $100 million. Another interesting project outlined involves building ongoing ramps from 75th Street to Interstate 55 which will also cost approximately$100 million. Pennsylvania The Pennsylvania Turnpike Commission (PTC) released a request for information to determine how best to structure procurements to replace and enhance the commission’s tolling Customer Service Center system and customer service operations. A number of contracting opportunities will result from this initiative. The commission is inviting responses from software application development companies with innovative products in the customer relationship management, customer account management, and customer experience spaces. System integrators and/or software developers with expertise in CRM, customer account management, call centers, customer contact systems and CX, and transactional/financial processing and billing systems also are also encouraged to respond. PTC is also interested in input from customer service firms specializing in the design and integration of innovative customer contact systems with new or existing applications. In addition to construction and engineering projects, numerous tollway authorities are moving toward all-electronic toll collections. The Pennsylvania Turnpike Commission moved from toll collectors to all-electronic this year, and the Bay Area Toll Authority suspended in-person toll collecting in March because of COVID-19. This trend will provide numerous opportunities for IT companies in the near future as transit and mobility authorities search for technology solutions to modernize the driving experience on toll roads. Mary Scott Nabers is president and CEO of Strategic Partnerships Inc., a business development company specializing in government contracting and procurement consulting throughout the U.S. Her recently released book, Inside the Infrastructure Revolution: A Roadmap for Building America, is a handbook for contractors, investors and the public at large seeking to explore how public-private partnerships or joint ventures can help finance their infrastructure projects.