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Fed expands availability of Muni Liquidity Facility
The Federal Reserve Board has announced an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF). 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.
The MLF continues to be open to U.S. states, the District of Columbia, U.S. cities of at least 250,000 residents, U.S. counties of at least 500,000 residents and some multistate entities.