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Public Finance Authority

Conduit Bond Financing

The Public Finance Authority (PFA) is a unique governmental entity established under Wisconsin statutes with the ability to issue tax-exempt conduit bonds for public and private entities in all 50 states.

PFA’s mission is to provide local governments and private entities access to low-cost, taxexempt financing for projects that provide a tangible public benefit, contribute to social and economic growth, and improve the overall quality of life in communities throughout the nation.

PFA enables local governments to provide private businesses with increased access to low-cost, job creating capital through the use of conduit bonds. The business benefits through inexpensively financing its operating and expansion activities. The community benefits through increased economic activity without risk and without the use of taxpayer dollars.

In order to increase private businesses’ access to capital, PFA has streamlined the issuance process, creating efficiencies for local governmental issuers and eliminating local governments’ liability in conduit issuances. In turn, the PFA will save local entities and eligible private borrowers millions of dollars and other valuable staff resources by providing a one-stop resource that coordinates complicated issuance and post-issuance activities.

Since 2010, PFA has financed more than 15 job-creating projects in Wisconsin and more than 50 others in 36 states. Projects that PFA has financed include agricultural operations, rural electric cooperatives, educational facilities, social service agencies, and community-based health care facilities.

PFA was created by local government for local government and is jointly sponsored by the National Association of Counties, the National League of Cities, the Wisconsin Counties Association, and the League of Wisconsin Municipalities.

PFA’s seven-member governing board is comprised of representatives appointed by its sponsors and initially approved by the Wisconsin founding members consisting of the City of Lancaster and the counties of Adams, Marathon, Waupaca and Bayfield. The board determines all PFA financing policies and procedures, while providing streamlined review and approval of each financing proposal.


"Issuing debt through the Public Finance Authority enabled us to upgrade our facilities and electrical infrastructure at a savings of millions of dollars to our ratepayer members." - Lila Shower, Vice President of Accounting & Finance, Central Wisconsin Electric Cooperative

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