How Forum Members Help Finance the Infrastructure Communities Depend On
While many Americans are focused on household budgets, affordability, and financial security, few spend time thinking about how the infrastructure and public services they rely on are financed. From the roads and bridges that make a commute possible to the hospitals that provide care and the schools that educate children, many of the essential services that support daily life, are financed in part through municipal bonds. Forum members play a critical role in helping state and local issuers find the capital they need to make the investments that strengthen communities and support long-term economic growth.
Forum members help connect states, cities, and nonprofit institutions with the capital markets they rely on to help finance public investments. Municipal bond underwriting is not a passive activity. It requires banks to structure the offering, price it against market conditions, commit balance sheet capacity, and place the securities with investors. That combination of expertise and financing capacity allows a public authority, schools, hospitals or other nonprofit institutions raise capital efficiently and at scale.
FSF underwriting activity reaches communities in every state. In the shaded map below, we profile a sampling of recent municipal bond underwritings that were brought to market with the assistance of one or more Forum members. The map covers 382 municipal bond offerings from 2025 and 2026 with a combined face value of roughly $111 billion across all 50 states. The map highlights activity in every state, from the largest metropolitan authorities, like those located in New York and California, to smaller issuers financing local water systems, schools, and hospitals such as those in Montana and Arkansas.
Source: Municipal Securities Rulemaking Board EMMA database
The following examples illustrate how Forum members’ municipal bond underwriting is helping communities meet important local needs:
$1.4 Billion Investment in Cancer Care
“Goldman Sachs, Bank of America, and JPMorganChase are jointly underwriting a $1.4 billion financing for the Massachusetts Development Finance Agency to support the Dana-Farber Cancer Institute. These investments will expand access to advanced cancer treatment, enhance research capabilities, and improve facilities for patients, clinicians, and researchers.”
$120 Million Investment in Educational Infrastructure
“Wells Fargo served as an underwriter on the $120 million Johnston County Finance Corporation Limited Obligation Bonds. The financing will support the construction, renovation, and equipping of new public school and community college facilities, along with related infrastructure improvements throughout Johnston County, North Carolina. These investments will help accommodate the county’s rapid population growth by expanding educational capacity and improving learning environments for students and the broader community.”
$181 Million Investment in Higher Education and Research
“Bank of America, Morgan Stanley, and Goldman Sachs are managing the more than $181 million of General Revenue Bonds issued by Oregon State University. The financing will fund major university projects, helping expand and improve academic, research, and campus facilities. These investments will enhance educational opportunities, provide modern learning environments, and support students, faculty, and research that benefits Oregon’s workforce and economy.”
Forum member municipal underwriting is also broadly distributed across important economic sectors that define daily life in American communities. The chart below groups the sampled municipal bond underwritings into the economic sectors that are supported by each municipal bond offering.
Source: Municipal Securities Rulemaking Board EMMA database
As shown in the chart, the sampled municipal underwritings are from a wide range of important sectors from Utilities and Water ($28.9 billion), Healthcare ($20.9 billion) and Transportation ($15.9 billion), to Education ($15.6 billion), and Economic Development ($5.1 billion).
Public authorities and nonprofit institutions rely on Forum members to reach investors efficiently and to bring deals to market. With activity across all 50 states and a range of sectors, Forum members help connect communities with the capital needed to finance infrastructure, expand opportunity, and support economic growth.