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.