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Email The Federal Reserve has announced the Municipal Liquidity Facility (the “MLF”) to provide liquidity to state and local governmental authorities affected by the COVID-19 pandemic. The MLF, which is established pursuant to the Federal Reserve’s emergency lending authority under Section 13(3) of the Federal Reserve Act, will lend up to $500 billion to “Eligible Issuers” through September 30, 2020, subject to extension. https://www.cadwalader.com/resources/clients-friends-memos/covid-19-update--federal-reserve-announces-municipal-liquidity-facility