CITY BAILOUTS: The Federal Reserve is Expanding Municipal Lending Facilities
Posted on 06/04/2020
The Federal Reserve Board disclosed an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF). According to the press release, “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 US$ 500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic.”
Data is from June 3, 2020 from the Federal Reserve
Federal Reserve Municipal Facility Limit per State
| Municipal Type | Muni Issuer | OSGUR ($ Billion) | Max Eligible Notes ($ Million) |
|---|---|---|---|
| State | California | 196.6 | 39,326.80 |
| State | New York | 109.5 | 21,907.90 |
| State | Texas | 83.5 | 16,703.60 |
| State | Florida | 58.3 | 11,659.90 |
| State | Pennsylvania | 54.7 | 10,932.20 |
| State | Illinois | 48.4 | 9,676.70 |
| State | New Jersey | 46.2 | 9,249.20 |
| State | Ohio | 44.5 | 8,895.30 |
| State | Michigan | 42.7 | 8,534.20 |
| State | Massachusetts | 39.3 | 7,859.00 |
| State | Virginia | 36.5 | 7,306.90 |
| State | North Carolina | 36.5 | 7,291.30 |
| State | Washington | 33.1 | 6,625.10 |
| State | Minnesota | 30.6 | 6,115.00 |
| State | Georgia | 28.7 | 5,748.30 |
| State | Maryland | 28.4 | 5,670.00 |
| State | Wisconsin | 26 | 5,195.30 |
| State | Indiana | 24 | 4,806.90 |
| State | Arizona | 21 | 4,197.40 |
| State | Connecticut | 20.7 | 4,131.20 |
| State | Oregon | 20.3 | 4,057.70 |
| State | Colorado | 19.4 | 3,886.10 |
| State | South Carolina | 18.8 | 3,758.10 |
| State | Missouri | 18.2 | 3,646.60 |
| State | Tennessee | 18.1 | 3,624.20 |
| State | Iowa | 17.7 | 3,538.90 |
| State | Kentucky | 17 | 3,395.70 |
| State | Alabama | 16.8 | 3,364.40 |
| State | Louisiana | 14.9 | 2,985.30 |
| State | Oklahoma | 14.4 | 2,874.70 |
| State | Kansas | 13.5 | 2,705.00 |
| State | Utah | 13.4 | 2,677.40 |
| State | Arkansas | 13.2 | 2,637.10 |
| State | Mississippi | 10.8 | 2,157.80 |
| State | Hawaii | 10.7 | 2,132.80 |
| State | Nevada | 10.1 | 2,016.80 |
| State | New Mexico | 9.5 | 1,897.80 |
| State | West Virginia | 7.7 | 1,547.70 |
| State | Nebraska | 6.9 | 1,374.90 |
| State | Delaware | 6 | 1,206.30 |
| State | Idaho | 5.9 | 1,178.90 |
| State | Maine | 5.6 | 1,113.70 |
| State | Rhode Island | 5.2 | 1,043.90 |
| State | Alaska | 5.1 | 1,015.30 |
| State | North Dakota | 4.7 | 946.3 |
| State | New Hampshire | 4.4 | 872.2 |
| State | Vermont | 4.1 | 819.9 |
| State | Montana | 3.6 | 717.7 |
| State | Wyoming | 3 | 592.2 |
| State | South Dakota | 2.7 | 547.9 |
| State | Washington DC | 9.2 | 1,836.40 |
Source: U.S. Census Bureau, 2017 State & Local Government Historical Datasets and Tables, as of April 6, 2020. Federal Reserve Municipal Facility Limit per State. Calculations: Own Source General and Utility Revenue (OSGUR) for each state is calculated by adding the State’s “General Revenue from Own Sources” (Line 7) and its “Utility Revenue” (Line 43) from the source above.
Federal Reserve Municipal Facility Limit per City
| Municipal Type | Muni Issuer | Population | OSGUR ($ Billion) | Max Eligible Notes ($ Million) |
|---|---|---|---|---|
| City | New York City, New York | 8,398,748 | 74.9 | 14,989.00 |
| City | Los Angeles City, California | 3,990,456 | 14.2 | 2,849.00 |
| City | Chicago City, Illinois | 2,705,994 | 7.3 | 1,462.10 |
| City | Houston City, Texas | 2,325,502 | 4.8 | 958.1 |
| City | Phoenix City, Arizona | 1,660,272 | 2.8 | 562.6 |
| City | Philadelphia City, Pennsylvania | 1,584,138 | 5.8 | 1,156.90 |
| City | San Antonio City, Texas | 1,532,233 | 4.7 | 943.4 |
| City | San Diego City, California | 1,425,976 | 3.3 | 667.2 |
| City | Dallas City, Texas | 1,345,047 | 3.4 | 670.9 |
| City | San Jose City, California | 1,030,119 | 2.2 | 443.1 |
| City | Austin City, Texas | 964,254 | 3.5 | 705.6 |
| City | Jacksonville City, Florida | 903,889 | 3.2 | 649.6 |
| City | Fort Worth City, Texas | 895,008 | 1.4 | 287.5 |
| City | Columbus City, Ohio | 892,533 | 1.7 | 346.2 |
| City | San Francisco City, California | 883,305 | 7.7 | 1,545.60 |
| City | Charlotte City, North Carolina | 872,498 | 1.8 | 357.4 |
| City | Indianapolis City, Indiana | 867,125 | 2.6 | 523.5 |
| City | Seattle City, Washington | 744,955 | 3.7 | 734.1 |
| City | Denver City, Colorado | 716,492 | 3.4 | 679.2 |
| City | Boston City, Massachusetts | 694,583 | 3 | 601.2 |
| City | El Paso City, Texas | 682,669 | 0.9 | 186.3 |
| City | Detroit City, Michigan | 672,662 | 1.4 | 283 |
| City | Nashville-Davidson County Metropolitan Government, Tennessee | 669,053 | 3.4 | 675.9 |
| City | Portland City, Oregon | 653,115 | 1.7 | 341.5 |
| City | Memphis City, Tennessee | 650,618 | 2.5 | 497.3 |
| City | Oklahoma City City, Oklahoma | 649,021 | 1.2 | 246.5 |
| City | Las Vegas City, Nevada | 644,644 | 0.5 | 90.4 |
| City | Louisville-Jefferson County Metro Government, Kentucky | 620,118 | 1.1 | 225.1 |
| City | Baltimore City, Maryland | 602,495 | 2.2 | 431.4 |
| City | Milwaukee City, Wisconsin | 592,025 | 0.6 | 128.4 |
| City | Albuquerque City, New Mexico | 560,218 | 0.9 | 172.6 |
| City | Tucson city, Arizona | 545,975 | 0.7 | 138.9 |
| City | Fresno City, California | 530,093 | 0.7 | 145.7 |
| City | Mesa City, Arizona | 508,958 | 0.7 | 130.5 |
| City | Sacramento City, California | 508,529 | 1.1 | 214.5 |
| City | Atlanta City, Georgia | 498,044 | 1.8 | 366.4 |
| City | Kansas City City, Missouri | 491,918 | 1.7 | 336.4 |
| City | Miami City, Florida | 470,914 | 0.8 | 151.2 |
| City | Colorado Springs City, Colorado | 472,688 | 1.3 | 251.2 |
| City | Raleigh City, North Carolina | 469,298 | 0.7 | 145.3 |
| City | Omaha City, Nebraska | 468,262 | 0.6 | 129.5 |
| City | Long Beach City, California | 467,354 | 1.5 | 292.7 |
| City | Virginia Beach City, Virginia | 450,189 | 1.3 | 256.3 |
| City | Oakland City, California | 429,082 | 1.5 | 300.3 |
| City | Minneapolis City, Minnesota | 425,403 | 1.1 | 214.5 |
| City | Tulsa City, Oklahoma | 400,669 | 0.9 | 175.3 |
| City | Arlington City, Texas | 398,112 | 0.6 | 110.2 |
| City | Tampa City, Florida | 392,890 | 0.7 | 142.2 |
| City | New Orleans City, Louisiana | 391,006 | 1.2 | 242.5 |
| City | Wichita City, Kansas | 389,255 | 0.5 | 108.5 |
| City | Cleveland City, Ohio | 383,793 | 1.3 | 256.5 |
| City | Anaheim City, California | 352,005 | 1.1 | 229.5 |
| City | Honolulu City, Hawaii | 347,397 | 2.8 | 550.5 |
| City | Santa Ana City, California | 332,725 | 0.4 | 72 |
| City | Riverside City, California | 330,063 | 0.8 | 166.8 |
| City | Corpus Christi City, Texas | 326,554 | 0.6 | 116.4 |
| City | Lexington-Fayette Urban County Government, Kentucky | 323,780 | 0.6 | 121.4 |
| City | Stockton City, California | 311,178 | 0.4 | 81.2 |
| City | Henderson City, Nevada | 310,390 | 0.3 | 65 |
| City | St. Paul City, Minnesota | 307,695 | 0.5 | 104.2 |
| City | St. Louis City, Missouri | 302,838 | 0.9 | 172.6 |
| City | Cincinnati City, Ohio | 302,605 | 0.9 | 179.8 |
| City | Pittsburgh City, Pennsylvania | 301,048 | 0.5 | 102.6 |
| City | Greensboro City, North Carolina | 294,722 | 0.4 | 78.7 |
| City | Anchorage Municipality, Alaska | 291,538 | 1 | 208.9 |
| City | Plano City, Texas | 288,061 | 0.5 | 103.1 |
| City | Lincoln City, Nebraska | 287,401 | 0.3 | 67.6 |
| City | Orlando City, Florida | 285,713 | 0.6 | 123.9 |
| City | Irvine City, California | 282,572 | 0.3 | 59.2 |
| City | Newark City, New Jersey | 282,090 | 0.5 | 107.8 |
| City | Toledo City, Ohio | 274,975 | 0.5 | 91.6 |
| City | Durham City, North Carolina | 274,291 | 0.4 | 74.4 |
| City | Chula Vista City, California | 271,651 | 0.5 | 94.2 |
| City | Fort Wayne City, Indiana | 267,633 | 0.2 | 47.8 |
| City | Jersey City City, New Jersey | 265,549 | 0.7 | 137 |
| City | St. Petersburg City, Florida | 265,098 | 0.4 | 80.3 |
| City | Laredo City, Texas | 261,639 | 0.4 | 85.1 |
| City | Madison City, Wisconsin | 258,054 | 0.4 | 84.2 |
| City | Chandler City, Arizona | 257,165 | 0.3 | 65.8 |
| City | Buffalo City, New York | 256,304 | 0.3 | 52.7 |
| City | Lubbock City, Texas | 255,885 | 0.6 | 120.4 |
| City | Scottsdale City, Arizona | 255,310 | 0.5 | 98.2 |
| City | Reno City, Nevada | 250,998 | 0.3 | 60.4 |
| City | Glendale City, Arizona | 250,702 | 0.3 | 68.5 |
Calculations: Own Source General and Utility Revenue (OSGUR) for each City and County is calculated using the “2017FinEstDAT_02202020modp_pu.txt” and “Fin_GID_2017.txt” data files, both included in the 2017 State & Local Government Finance Historical Datasets and Tables Public Use Files, as of April 6, 2020, and the 2017 U.S. Census Bureau key of item codes, government codes, and state codes, also available in the Public Use Files. Using these files together, each City’s and County’s OSGUR is calculated by adding all of the following code amounts listed below (in thousands of dollars).
Federal Reserve Municipal Facility Limit per County
| Municipal Type | Muni Issuer | Population | OSGUR ($ Billion) | Max Eligible Notes ($ Million) |
|---|---|---|---|---|
| County | Los Angeles County, California | 10,039,107 | 13.4 | 2,687.10 |
| County | Cook County, Illinois | 5,150,233 | 2.7 | 543.3 |
| County | Harris County, Texas | 4,713,325 | 4.5 | 897.2 |
| County | Maricopa County, Arizona | 4,485,414 | 1 | 204.8 |
| County | San Diego County, California | 3,338,330 | 1.8 | 365.4 |
| County | Orange County, California | 3,175,692 | 1.9 | 383.9 |
| County | Miami-Dade County, Florida | 2,716,940 | 7.2 | 1,448.40 |
| County | Dallas County, Texas | 2,635,516 | 2.6 | 520.1 |
| County | Riverside County, California | 2,470,546 | 2.2 | 437.2 |
| County | King County, Washington | 2,252,782 | 3.1 | 621.7 |
| County | Clark County, Nevada | 2,266,715 | 4.6 | 920.6 |
| County | San Bernardino County, California | 2,180,085 | 1.7 | 337.7 |
| County | Tarrant County, Texas | 2,102,515 | 1.4 | 286.7 |
| County | Bexar County, Texas | 2,003,554 | 1.8 | 363 |
| County | Broward County, Florida | 1,952,778 | 2.2 | 432.5 |
| County | Santa Clara County, California | 1,927,852 | 3.7 | 738.1 |
| County | Wayne County, Michigan | 1,749,343 | 0.8 | 156 |
| County | Alameda County, California | 1,671,329 | 2.3 | 456.6 |
| County | Sacramento County, California | 1,552,058 | 1.5 | 294.7 |
| County | Palm Beach County, Florida | 1,496,770 | 2.2 | 431.7 |
| County | Suffolk County, New York | 1,476,601 | 2.7 | 541.4 |
| County | Hillsborough County, Florida | 1,471,968 | 1.7 | 336.9 |
| County | Orange County, Florida | 1,393,452 | 1.8 | 366.8 |
| County | Nassau County, New York | 1,356,924 | 3.1 | 618.1 |
| County | Franklin County, Ohio | 1,316,756 | 1 | 195.4 |
| County | Hennepin County, Minnesota | 1,265,843 | 2 | 403.2 |
| County | Oakland County, Michigan | 1,257,584 | 0.5 | 105.7 |
| County | Travis County, Texas | 1,273,954 | 1 | 198.5 |
| County | Cuyahoga County, Ohio | 1,235,072 | 1.9 | 370.9 |
| County | Allegheny County, Pennsylvania | 1,216,045 | 0.6 | 118.4 |
| County | Contra Costa County, California | 1,153,526 | 2.5 | 496.4 |
| County | Salt Lake County, Utah | 1,160,437 | 0.8 | 153.3 |
| County | Fairfax County, Virginia | 1,147,532 | 4.7 | 948.3 |
| County | Mecklenburg County, North Carolina | 1,110,356 | 1.6 | 325.4 |
| County | Wake County, North Carolina | 1,111,761 | 1.3 | 258.6 |
| County | Fulton County, Georgia | 1,063,937 | 0.8 | 155.1 |
| County | Montgomery County, Maryland | 1,050,688 | 5.9 | 1,174.50 |
| County | Pima County, Arizona | 1,047,279 | 0.9 | 183.9 |
| County | Collin County, Texas | 1,034,730 | 0.3 | 54.4 |
| County | St. Louis County, Missouri | 994,205 | 0.7 | 133.7 |
| County | Fresno County, California | 999,101 | 0.5 | 97.6 |
| County | Pinellas County, Florida | 974,996 | 1.1 | 224.1 |
| County | Westchester County, New York | 967,506 | 3.2 | 638.8 |
| County | Milwaukee County, Wisconsin | 945,726 | 1 | 194.1 |
| County | Fairfield County, Connecticut | 943,332 | 0 | 0 |
| County | Shelby County, Tennessee | 937,166 | 1.7 | 336.8 |
| County | Bergen County, New Jersey | 932,202 | 0.9 | 179.6 |
| County | Gwinnett County, Georgia | 936,250 | 1.1 | 220.2 |
| County | DuPage County, Illinois | 922,921 | 0.3 | 65.5 |
| County | Erie County, New York | 918,702 | 2 | 395.7 |
| County | Prince George’s County, Maryland | 909,327 | 2.4 | 478.3 |
| County | Tulsa County, Oklahoma | 651,552 | 0.3 | 56.5 |
| County | Bucks County, Pennsylvania | 628,270 | 0.3 | 53.5 |
| County | Utah County, Utah | 636,235 | 0.2 | 47.3 |
| County | Monmouth County, New Jersey | 618,795 | 0.4 | 89.8 |
| County | Ocean County, New Jersey | 607,186 | 0.4 | 86 |
| County | Johnson County, Kansas | 602,401 | 0.7 | 133.1 |
| County | Washington County, Oregon | 601,592 | 0.5 | 98.2 |
| County | Brevard County, Florida | 601,942 | 0.5 | 93 |
| County | Montgomery County, Texas | 607,391 | 0.3 | 58.9 |
| County | Jefferson County, Colorado | 582,881 | 0.3 | 69.6 |
| County | Anne Arundel County, Maryland | 579,234 | 1.8 | 354.6 |
| County | Williamson County, Texas | 590,551 | 0.3 | 55.1 |
| County | Douglas County, Nebraska | 571,327 | 0.3 | 56.3 |
| County | Delaware County, Pennsylvania | 566,747 | 0.3 | 55.9 |
| County | New Castle County, Delaware | 558,753 | 0.3 | 53.6 |
| County | Union County, New Jersey | 556,341 | 0.4 | 87.6 |
| County | Ramsey County, Minnesota | 550,321 | 0.4 | 85.8 |
| County | Stanislaus County, California | 550,660 | 0.4 | 75.8 |
| County | Volusia County, Florida | 553,284 | 0.4 | 87.7 |
| County | Lancaster County, Pennsylvania | 545,724 | 0.2 | 31.8 |
| County | Dane County, Wisconsin | 546,695 | 0.3 | 58.9 |
| County | Summit County, Ohio | 541,013 | 0.2 | 47.5 |
| County | Pasco County, Florida | 553,947 | 0.6 | 110.5 |
| County | Kane County, Illinois | 532,403 | 0.2 | 36.6 |
| County | Guilford County, North Carolina | 537,174 | 0.5 | 108.9 |
| County | Montgomery County, Ohio | 531,687 | 0.5 | 100.5 |
| County | Chester County, Pennsylvania | 524,989 | 0.2 | 46.8 |
| County | Greenville County, South Carolina | 523,542 | 0.2 | 46.8 |
| County | Spokane County, Washington | 522,798 | 0.3 | 52.7 |
| County | Sedgwick County, Kansas | 516,042 | 0.3 | 66.5 |
| County | Adams County, Colorado | 517,421 | 0.3 | 50.2 |
| County | Camden County, New Jersey | 506,471 | 0.4 | 81.8 |
| County | Passaic County, New Jersey | 501,826 | 0.4 | 77.7 |
Calculations: Own Source General and Utility Revenue (OSGUR) for each City and County is calculated using the “2017FinEstDAT_02202020modp_pu.txt” and “Fin_GID_2017.txt” data files, both included in the 2017 State & Local Government Finance Historical Datasets and Tables Public Use Files, as of April 6, 2020, and the 2017 U.S. Census Bureau key of item codes, government codes, and state codes, also available in the Public Use Files. Using these files together, each City’s and County’s OSGUR is calculated by adding all of the following code amounts below (in thousands of dollars).
Keywords: Federal Reserve System.
