CONFERENCE PROGRAM AGLF/ELFA Public Sector Finance Forum May 6 - 8, 2015 Sheraton Denver Downtown Hotel Denver, Colorado AGLF/ELFA Public Sector Finance Forum Thank You to Our Sponsors Chairman's Club Sponsor Capital One Public Funding, LLC Keynote Sponsor U.S. Bancorp Government Leasing and Finance President's Club Sponsors Chapman and Cutler, LLP Gilmore & Bell, PC Key Government Finance Executive Club Sponsors BOK Financial De Lage Landen Public Finance KS State Bank Oracle Pinnacle Public Finance UMB Bank Conference Bag Sponsor All American Investment Group Coffee Break Sponsor TCF Equipment Finance Notepad Sponsor Huntington Public Capital Pen Sponsor Government Capital Media Sponsor The Bond Buyer Leasing News Schedule At A Glance Wednesday, May 6, 2015 1:00pm – 5:00pm Conference Registration Majestic Foyer 2:30pm – 4:00pm Concurrent Sessions A.) The Basics of Municipal Leasing Majestic Ballroom Moderator: Evan Howe, Baystone Government Finance B.) The Basics of Federal Finance Columbine Moderators: Jenny Lund, Key Government Finance; Karol Powers, NetApp Capital Solutions 4:30pm – 5:00pm AGLF New Members Reception Windows Ballroom 5:00pm – 6:30pm Cocktail Reception Windows Ballroom Thursday, May 7, 2015 8:00am – 5:00pm Conference Registration Majestic Foyer 8:00am – 8:30am Continental Breakfast Vail 8:30am – 8:45am Conference Welcome Majestic Ballroom 8:45am – 9:45am Keynote Session Majestic Ballroom Chris Kuehl, Economist, Armada Corporate Intelligence 9:45am – 10:00am Refreshment Break Majestic Foyer 10:00am–11:00am Keynote Session Majestic Ballroom Corey Ciocchetti, Business Ethics, Associate Professor at University of Denver 11:00am– 11:15am Refreshment Break Majestic Foyer 11:15am –12:00pm Concurrent Sessions A.) The Credit Perspective: Discussing Current Majestic Ballroom Analytical Frameworks for State and Local Credits Shelley Stein, Capital One Public Funding; Neal Hoffman, US Bank Government Leasing and Finance; Dhiru Borde, Siemens Financial Services, Inc.; Maneesh Jhunjhunwala, De Lage Landen Financial Services; Moderator: Evan Howe B.) Ecosystem of a Federal Deal – Private Industry Prospective Columbine Jerry Krenning, HPC Solutions; Matthew Westphal, NetApp; Ethan Fitzsimons, Avnet; Art Hyman, Key Government Finance; Moderator: Pat Mancuso 12:00pm– 1:30pm Lunch (on own – lunch will not be provided) 1:30pm – 2:30pm General Session: Compliance Issues for Leasing and Direct Majestic Ballroom Purchase Transactions in a Changing Regulatory Environment Jim Burr, Chapman and Cutler, LLP 2:30pm – 2:45pm Refreshment Break Majestic Foyer 2:45pm – 3:30pm General Session: “Whaddya Mean the SEC Wants to Majestic Ballroom Regulate Me?!?” Municipal Advisory Seminar Jim Burr, Chapman and Cutler, LLP; Maryann Santos, Capital One Public Funding, LLC; Ted Edgar, Energy Systems Group; David Clamage, Saulsbury Hill Financial; Jim Manire, FirstSouthwest Moderator: Jeff Sharp 3:30pm – 3:45pm Refreshment Break Majestic Foyer 3:45pm – 4:30pm Concurrent Sessions A.) False Summits: Municipal Documentation Majestic Ballroom Challenges Roundtable Moderators: George Mardikes, Davis Wright Tremaine LLP; John Heninger, U.S. Bank Equipment Finance; Janelle Jackson, Gilmore & Bell, P.C. B.) Federal Roundtable Columbine 5:00pm – 6:30pm Cocktail Reception Windows Ballroom 6:30pm – 8:30pm Optional Offsite Event: Banjo Billy’s Bus Tour Friday, May 8, 2015 8:00am –12:00pm Conference Registration Majestic Foyer 8:00am – 8:30am Continental Breakfast Vail 8:30am – 9:30am General Session: An Innovative Lease-Purchase Financing Majestic Ballroom Solution to the Mass Transit Needs of the Denver Metropolitan Area Brenden Morgan, Manager of Debt and Investments for the Regional Transportation District of Colorado; Jason Simmons, Financial Advisor, First Southwest; Dee Wisor, Bond Counsel, Butler Snow; Moderator: Alan Woolever 9:30am – 9:45am Refreshment Break Majestic Foyer 9:45am – 10:15am Industry Survey Update Majestic Ballroom 10:20am – 11:20am Lawyers’ Panel Majestic Ballroom Anne Barragar, Davis Wright Tremaine LLP; Len Rice, Dorsey & Whitney, LLP; Moderator: Toni Stegeman 11:20am– 11:40am Conference Giveaway - Must Be Present To Win! Majestic Ballroom Chairman’s Message Dear Friends and Colleagues, On behalf of the AGLF Spring Conference Planning Committee, including Co-Chairs Cheri Cattoor and Jeff Sharp, and the AGLF Board of Directors, I would like to welcome you to the Sheraton Denver Downtown Hotel in the Mile High City for our 8th Annual AGLF/ELFA Public Sector Finance Forum. The collaboration between AGLF and ELFA has been a continual pursuit of mutual goals through the years, where both our memberships (and non-members) reap the rewards of our co-dedication to bring education and networking to the forefront for all Municipal and Federal leasing industry professionals. I would like to personally thank the Planning Committee, Conference Co-Chairs, as well as Board Oversight Thad Kemp, for their commitment to delivering a program that addresses issues that are important to our industry today. This conference features three keynote speakers, Chris Kuehl, Economist, Armada Corporate Intelligence; Corey Ciocchetti, Business Ethics, Associate Professor at University of Denver; and Jim Burr, Chapman and Cutler, LLP – who’s two back to back sessions will be a “must attend” opportunity for anyone who is in the municipal lease-purchase and direct purchase industry. There are also numerous sessions designed to engage and expand your business focusing on current credit factors impacting the Municipal market, the Federal deal making ecosystem, and lease-purchase financing solutions – to just name a few of the great sessions the Planning Committee has organized for our attendees. I would like to thank all the guest speakers, panelists, volunteers, and sponsors who make it possible to provide our membership(s) an educationally enriched Forum with plenty of networking opportunities for all to partake in. I would also like to thank our management company, Talley Management Group, including Haley Brust, our Executive Director and Danielle Barsuglia, our Conference Meeting Planner, who handle the daily communications with AGLF members and aid in the logistical planning for this conference. Their hard work helps us keep AGLF moving on a day-to-day basis. If this is your first AGLF/ELFA Forum, please take advantage of the opportunity presented to you during this meeting to learn more about both organizations. Use this time away from your daily activities to learn about new opportunities within our industry, reflect upon current market conditions, discuss successes and concerns with colleagues, network and have some fun! Please join us during the AGLF New Members / First Time Attendee Reception kick-starting our Wednesday night Welcome Reception – network with AGLF volunteers for more insight on the organization. As the Forum progresses, stop by the registration desk to share your ideas and thoughts on how to strengthen this joint venture into the future with the AGLF headquarters staff or any of the current Board Members. We are always seeking committee volunteers or topic suggestions for the upcoming conferences; also feel free to share these suggestions when filling out the post-meeting survey after the conference. Your feedback is very valuable to us! Once again, I hope you have a great experience while at the Forum and we hope to see you all again at AGLF’s 35th Annual Fall Conference, which will be held in St. Pete Beach, Florida, November 4-6, 2015, at the Don CeSar Hotel. Mark Skochdopole AGLF Chairman 2 AGLF Spring Planning Committee Co-Chairs Cheri Cattoor All American Investment Group, LLC Jeff Sharp Capital One Public Funding, LLC Committee Members Myra Aksamit U.S. Bancorp Government Leasing and Finance, Inc. Evan Howe Baystone Government Finance Steve Goldberg Honeywell Global Finance Pat Mancuso NetApp Capital Solutions Alan Woolever Gilmore & Bell, P.C. Chris Youngs Chad Cobbs – 2015 Fall Conference Chair Microtech Art Hyman– 2015 Fall Conference Chair Key Government Finance – Federal Thad Kemp – AGLF Oversight Chair Jacobs Technology, Inc. Chris Jones – AGLF President U.S. Bancorp Government Leasing and Finance 3 Capital One® Public Funding is dedicated to the municipal market. Our team of specialists is always on call to provide direct financing to tax-exempt borrowers of all sizes and types. Jeff Sharp | [email protected] | (877) 698-2018 Products and Services provided by Capital One Public Funding, LLC, a wholly owned subsidiary of Capital One, N.A. © 2015 Capital One. All rights reserved. The information provided is not intended to be and should not be construed as “advice”within the meaning of Section 15B of the Securities Exchange Act of 1934 and the municipal advisor rules of the SEC. Capital One Public Funding, LLC (“COPF”) is acting for its own loan account; this communication consists solely of general information. COPF nor any of its affiliates is acting as a broker, dealer, underwriter, or placement agent with respect to the potential transactions discussed hereby. COPF is not a municipal advisor, financial advisor, agent, or fiduciary to any person or entity; COPF has no advisory, agency, or fiduciary duty to any person pursuant to Section 15B of the Securities Exchange Act of 1934. COPF is not recommending that you take an action with respect to the information contained in this advertisement and you should discuss this information with such financial, tax, legal, and other advisors as you deem appropriate. 4 Session Descriptions Wednesday, May 6, 2015 2:30 PM – 4:00 PM Concurrent Sessions A.) The Basics of Municipal Leasing Majestic Ballroom Moderator: Evan Howe, Baystone Government Finance This traditional basics session provides an informative overview of the basics of municipal leasing including pricing, structuring, documentation and credit. This session is a great venue for new participants in the industry but will also be a refresher for more seasoned professionals. Be prepared to challenge our panel with questions regarding the current leasing environment. B.) The Basics of Federal Finance Columbine Moderators: Jenny Lund, Key Government Finance; Karol Powers, NetApp Capital Solutions This is an introductory session on Federal Leasing that will include discussions on structure, basic concepts, purchase and assignment of equipment and the termination risks associated with Federal Leasing. This session is a great venue for new participants in the industry but will also be a refresher for more seasoned professionals. Thursday, May 7, 2015 8:45 AM – 9:45 AM Keynote Session Majestic Ballroom Chris Kuehl, Economist, Armada Corporate Intelligence Dr. Christopher Kuehl (PhD) is a Managing Director of Armada Corporate Intelligence and one of the co-founders of the company in 1999. He has been Armada’s economic analyst and has worked with a wide variety of private clients and professional associations in the last ten years. He is the Chief Economist for the National Association for Credit Management and is on the Board of Advisors for their global division – Finance, Credit and International Business. During this session, Dr. Kuehl will be providing his take on crucial issues affecting the economy as well as a brief look at trends for the current year. 10:00 AM–11:00 AM Keynote Session Majestic Ballroom Corey Ciocchetti, Business Ethics, Associate Professor at University of Denver INSPIRE INTEGRITY: CHASING AN AUTHENTIC LIFE - Corey’s most popular talk encourages audiences to chase the truly important things in life such as a solid character, strong personal relationships and a sense of contentment. These “real rabbits” are compared and contrasted to worldly success such as excessive wealth, popularity and prestige. Audience members leave with a better sense of what it takes to develop character, set priorities, gain a big-picture perspective and chase an authentic life. 5 U.S. Bancorp Government Leasing and Finance is a proud sponsor of the AGLF To learn more, contact: Chris Jones [email protected] 303.585.4343 usbank.com/govleasing Member FDIC. ©2015 U.S. Bank MMWR 64635 SF1297 (3/15) 6 Session Descriptions 11:15 AM–12:00 PM Concurrent Sessions A.) The Credit Perspective: Discussing Current Analytical Frameworks for State and Local Credits Majestic Ballroom Shelley Stein, Capital One Public Funding; Neal Hoffman, US Bank Government Leasing and Finance; Dhiru Borde – Siemens Financial Services, Inc.; Maneesh Jhunjhunwala, De Lage Landen Financial Services; Moderator: Evan Howe Our panel of credit underwriting experts will discuss credit factors that vary from state to state, as well as addressing recent issues that affect municipal credit and what that means for underwriters for municipal leasing. The panel will discuss a variety of current credit factors impacting the municipal market. This panel is intended to be an interactive session and audience members are encouraged to bring questions. B.) Ecosystem of a Federal Deal – Private Industry Prospective Columbine Jerry Krenning, HPC Solutions; Matthew Westphal, NetApp; Ethan Fitzsimons, Avnet; Art Hyman, Key Government Finance; Moderator: Pat Mancuso Whether or not a federal transaction is financed, any potential opportunity comes together via the interaction between the Reseller/Prime, OEM and Distributor. Specifically what are the various roles that each entity play from a sales perspective? What is the individual and/or joint calling effort on the agency? How is RFI/RFP response coordinated? Small or Disadvantaged Business teaming, how does that play into the deal creation mix? How is the effort coordinated, and typically by whom? Does the OEM pick the Reseller, or vice versa, and if so, what is that process? How does the Distributor sell its role to both the Reseller and OEM and what factors are important to them in deal creation and completion? 1:30 PM – 2:30 PM General Session: Majestic Ballroom Compliance Issues for Leasing and Direct Purchase Transactions in a Changing Regulatory Environment Jim Burr, Chapman and Cutler, LLP Jim Burr, a partner with Chapman and Cutler LLP, is a recognized expert on issues related to the evolving world of Federal regulation of the municipal finance industry. Jim works with several AGL&F member on how to manage disclosure and compliance issues created by the new municipal advisory rules from the SEC. Jim will be specifically addressing the realities and practical considerations for those doing leasing and direct purchase transactions….in other words, many AGLF members! 7 Session Descriptions 2:45 PM – 3:30 PM General Session: Majestic Ballroom “Whaddya Mean the SEC Wants to Regulate Me?!?” Municipal Advisory Seminar Jim Burr, Chapman and Cutler, LLP; Maryann Santos, Capital One Public Funding, LLC; Ted Edgar, Energy Systems Group; David Clamage, Saulsbury Hill Financial; Jim Manire, FirstSouthwest; Moderator: Jeff Sharp As a follow-up to Jim Burr’s remarks in the previous General Session “Compliance Issues for Leasing and Direct Purchase Transactions in a Changing Regulatory Environment” this a panel discussion with panelists from a variety of organization types and sizes will discuss how they are dealing with our new regulatory reality. This is a timely, “must attend” opportunity for anyone who is in the municipal lease-purchase and direct purchase industry. 3:45 PM – 4:30 PM Concurrent Sessions A.) False Summits: Municipal Documentation Majestic Ballroom Challenges Roundtable Moderators: George Mardikes, Davis Wright Tremaine LLP; John Heninger, U.S. Bank Equipment Finance; Janelle Jackson; Gilmore & Bell, P.C. The roundtable discussion is designed to open peer-to-peer dialogue and provide an opportunity to address and share current municipal documentation challenges and concerns. This forum will facilitate shared information, best practices and enhance the skills and knowledge required to successfully manage the municipal leasing landscape. Some topics that may be discussed are: common negotiation requests, opinions of counsel, Termination for Convenience, and statutory interpretation. All attendees are encouraged to participate and share their insight and experiences during the session for further discussion. B.) Federal Roundtable Columbine The roundtable discussion is designed to keep the peer-to-peer dialog open and relevant. This open forum will facilitate shared information, best practices and enhance the skills and knowledge required to successfully manage the governmental leasing landscape focusing on the Federal side of the business. All attendees are encouraged to participate and share their insight. www.dllgroup.com See what counts. DLL is a global financial solutions partner working in Agriculture, Food, Healthcare, Clean Technology, Automotive, Transportation, Construction, Industrial Equipment and Office Technology. We specialize in providing leasing and financing solutions for our vendor partners to enhance their government sales efforts. State and local government customers can benefit from our Public Finance’s Tax-exempt Municipal Lease Purchase financing program, in addition to a full range of financial structures. 8 Session Descriptions Friday, May 8, 2015 8:30 AM – 9:30 AM General Session: Majestic Ballroom An Innovative Lease-Purchase Financing Solution to the Mass Transit Needs of the Denver Metropolitan Area Brenden Morgan, Manager of Debt and Investments for the Regional Transportation District of Colorado; Jason Simmons, Financial Advisor, First Southwest; Dee Wisor, Bond Counsel, Butler Snow; Moderator: Alan Woolever This session will review how the Regional Transportation District (Colorado) financed the construction of the North Metro Rail Line pursuant to an annual appropriation leasepurchase agreement financing including the issuance of $440,915,000 Certificates of Participation, Series 2014A. This unique transaction allowed RTD to build a new rail corridor and maintain the remaining voter authorization for other projects and it is the first time a proposed commuter line was used as leased property in a COP financing. The Bond Buyer selected the deal as the 2014 Southwest Region Deal of the Year. 9:45 AM – 10:15 AM Industry Survey Update Majestic Ballroom Moderator: Glenn Cackovic, Banc of America Public Capital Corp Annual presentation of key industry statistics including funded and syndicated volume, non-appropriation and default events, losses and recoveries and related hot topics. 10:20 AM – 11:20 AM Lawyers’ Panel Majestic Ballroom Anne Barragar, Davis Wright Tremaine LLP; Len Rice, Dorsey & Whitney, LLP; Moderator: Toni Stegeman The Lawyers’ Panel will discuss current legal issues in federal and municipal leasing including securities, tax, federal and state law developments. Previously submitted questions will be answered and the panelists will be happy to answer additional questions. ALL AMERICAN INVESTMENT GROUP OFFERING A WIDE RANGE OF FINANCIAL PRODUCTS AND SERVICES TO MEET YOUR SPECIFIC NEEDS. COLORADO ~ARKANSAS www.AAIG-finance.com 800-899-9404 9 Conference Highlights Wednesday, May 6 AGLF New Members Reception 4:30pm – 5:00pm • Windows Ballroom Networking Reception 5:00pm – 6:30pm • Windows Ballroom Thursday, May 7 Networking Reception (heavy hor d’oeuvres and cocktails) 5:00pm – 6:30pm • Windows Ballroom Banjo Billy’s Bus Tour 6:30pm – 8:30pm Friday, May 8 Conference Giveaway (must be present to win) 11:40am • Majestic Ballroom 10 Keynote Speakers Thursday, May 7 8:45 AM – 9:45 AM Majestic Ballroom Speaker: Chris Kuehl Economist, Armada Corporate Intelligence Dr. Chris Kuehl is a Managing Director of Armada Corporate Intelligence. He provides forecasts and strategic guidance for a wide variety of corporate clients around the world. He is the chief economist for several national and international organizations – Fabricators and Manufacturers Association, National Association of Credit Management, Finance, Credit and International Business and the Business Information Industry Association. He is also the economic analyst for several state accounting societies – Missouri, Kentucky, Tennessee and Kansas. Prior to starting Armada in 1999, he was a professor of economics and finance for 15 years – teaching in the US, Hungary, Russia, Estonia, Singapore and Taiwan. He holds advanced degrees in economics, Soviet studies and East Asian studies. Chris is the author of Business Intelligence Briefs and Executive Intelligence Briefs - both publications from Armada. He is also responsible for the Credit Manager’s Index from NACM and Fabrinomics from the FMA. Corporate Background • Managing Director of Armada Corporate Intelligence. Armada performs the functions of a strategy office for clients through combining the traditions of corporate and competitive intelligence, economic forecasting and strategic planning. The aim is to inform strategic planning through analysis and forecasting. • Major clients include TranSystems, YRC Freight, C-Biz, Kansas City Southern Railroad, Echo Logistics, and others. • Chief Economist for the Fabricators and Manufacturers Association. He writes their twice monthly publication – Fabrinomics – and serves as economic commentator at all of their national and international meetings. • Chief Economist for the National Association of Credit Management. He prepares their monthly Credit Managers Index – a national survey of credit and financial movement - and serves as economic analyst and commentator for their various meetings and conferences • Economic Analyst for Missouri Society of CPAs, the Kentucky Society of CPAs, the Tennessee Society of CPAs, and the Kansas Society of CPAs • Economic analyst for the Industrial Heating Equipment Association where he prepares the monthly IHEA Economic Trends Index • Economic Analyst for the Riemer Reporting Service • Editor and publisher of Business Intelligence Briefs. The publication provides information on national and regional political and economic trends that affect business decisions and is distributed through various business organizations. • Seminar presenter and keynote speaker for a wide variety of business organizations and corporate events. 11 Keynote Speakers Thursday, May 7 10:00 AM – 11:00 AM Majestic Ballroom Speaker: Corey Ciocchetti Business Ethics, Associate Professor at University of Denver An Associate Professor of Business Ethics and Legal Studies at the University of Denver, Corey Ciocchetti is one of the University’s most popular and highest-rated professors. Corey joined DU after graduating with a law degree from Duke University School of Law, a Masters degree in Religious Studies and two Bachelors degrees in Finance and Economics—summa cum laude—from the University of Denver. Corey is a talented speaker and teacher and has won multiple teaching and speaking awards including the Outstanding Professor of the Year Award by the University of Denver Alumni Association and the Joel Goldman Award for most respected speaker on the CAMPUSPEAK roster. He currently teaches classes on business law and ethics in a department ranked by the Wall Street Journal and Business Week in the top ten nationwide for producing students with high ethical standards. Corey also speaks to tens of thousands of individuals each year about “authentic success” and living an ethical life and is the author of the book Real Rabbits: Chasing An Authentic Life. He has spoken to diverse audiences, including the University of Hawaii Pediatrics Residency Program, undergraduates at MIT, the Federal Reserve Bank, the National Fire Leadership Academy, the Colorado State Patrol and the third graders of Mapleton School District in Adams County, Colorado (that one was tough). He has spoken in over 125 cities and 34 states over the past five years. A Colorado native, Corey resides in Westminster, Colorado with his wife, Jillian. “Benjamin Franklin proclaimed that ‘we get old too soon, wise too late.’ This fact rings true in our lives because the journey to authentic success is a daunting venture. Fortunately, your life can change dramatically when you re-dedicate yourself to the ideals of your conscience, your moral compass. Start seeking wisdom today and, on this journey, I wish you the best of success. “ -- Professor C. 12 Keynote Speakers Thursday, May 7 1:30 PM – 2:30 PM General Session: Compliance Issues for Leasing and Direct Purchase Transactions in a Changing Regulatory Environment Majestic Ballroom Speaker: Jim Burr Chapman and Cutler, LLP Jim C. Burr is a partner in Chapman and Cutler’s Public Finance Department, and serves as Practice Group Leader for Chapman’s national public finance practice. Jim’s practice focuses on municipal securities law matters, and he represents issuers and underwriters in public, private and institutional offerings of tax-exempt and taxable debt, and the preparation of new issue and continuing disclosure documents. He represents a number of market participants regarding, and regularly writes and lectures on, current developments in SEC and MSRB rules and regulations governing the municipal securities market and disclosure practices, including particularly the SEC’s municipal advisor registration rules, the MSRB’s municipal advisor rule-makings and the SEC’s Municipalities Continuing Disclosure Cooperation Initiative. EDUCATION University of Wisconsin Law School, J.D., cum laude, 1984 Brown University, A.B., 1978 13 ADMITTED Utah, 1984 California, 2004 About the Speakers Anne L. Barragar | Davis Wright Tremaine LLP Anne L. Barragar is a partner at Davis Wright Tremaine LLP. Her public finance practice focuses on the representation of banks, their public finance subsidiaries, leasing companies and other financial institutions in connection with direct placements of state and local government bonds (including general obligation bonds, revenue bonds and tax-exempt conduit bonds) and leases. She also represents hospitals, schools and other taxexempt organizations in connection with their finance transactions. She has substantial commercial finance experience as well, representing lenders and borrowers in general commercial and asset-based loans, both syndicated and single lender. Dhiru Borde | Siemens Financial Services, Inc. Dhiru Borde is Director - Risk Management with Siemens Financial Services, Inc. (SFS) headquartered in Iselin, New Jersey. Dhiru is currently managing SFS’ large and growing captive and public finance portfolio. Dhiru’s responsibilities include partnering with originations to render lending decisions, managing a team of underwriters, and portfolio management. Dhiru has worked with SFS for 15 years and has extensive risk management experience in project and structured finance, encompassing various asset classes. Prior to SFS, Dhiru worked with the Tatas, India’s leading and diversified conglomerate, for 4 years. Dhiru’s educational background includes two MBA degrees and an engineering degree in Electronics and Telecommunications. David Clamage | Saulsbury Hill Financial David Clamage attended the University of Michigan and University of London- School of Economics before establishing Saulsbury Hill Financial. He has served for the Association for Governmental Leasing and Financing; National Business Aircraft Association, Equipment Leasing Association of America, a/k/a Western Association of Equipment Lessors, (former Regional Chairman); and, the Colorado Real Estate Commission as well as the Museum of Contemporary Art – Denver. He has helped create and maintain a fast growing Denver community by serving as a board member (past or current) for the Lower Downtown District and The Downtown Agenda – Denver and the Liquor Commission (Mayoral Appointee 1997 and 1995 and 2004 - 2007 respectively). David Clamage has been a featured speaker in regards to: leasing, project financing and renewable energy financing for the International Brotherhood of Electrical Workers; the National Electrical Contractors Association; and, The Vietnamese America Friendship Society; The Ministry of Education, Vietnam; The TRANE Company; Honeywell; The Bonneville Power Administration; and, many other commercial and governmental entities. Ted Edgar | Energy Systems Group Ted Edgar is Director of Finance for Energy Systems Group, responsible for helping public sector customers arrange financing for energy efficiency projects. Ted joined ESG in 2009 after seven years with Siemens Financial Services in Chicago. He has over 30 years of finance experience, with extensive experience structuring and negotiating energy performance contracts and various other financing arrangements. His primary focus has been on municipal and public-sector finance, including the federal government. Ted specializes in business development and transaction structuring, working with ESG’s sales teams, customers and various financial institutions. Earlier in his career, Ted held positions with AT&T Capital, CIT and GE Capital. Ted holds a BSBA in Finance from Rockhurst University in Kansas City, Missouri, and an MS in Public Service Administration from the University of Evansville. Ted and his wife live in the Evansville, Indiana area, and they have two grown children living in the Chicago area. 14 About the Speakers Ethan Fitzsimons | Avnet Government Solutions Ethan Fitzsimons is the HP Government Development Manager for Avnet Government Solutions, driving revenue and profitability growth for Avnet’s public sector partners. After starting his career in the finance industry with Morgan Capital and Bank of America, Ethan joined Avnet in 2011. Subsequently leading the creation of Avnet’s ServiceONE and Practice+ for Analytics programs, Ethan joined Avnet’s newly formed Avnet Government Solutions group and is currently responsible for U.S. public sector sales of Hewlett Packard through Avnet and its partners. Ethan continues his passion for driving innovative ways to drive growth, new routes to market, and world class solutions, in the ever changing technology channel. John Heninger | U.S. Bank Equipment Finance John Heninger is Chief Counsel of U.S. Bank Equipment Finance, a division of U.S. Bank National Association, and of its indirect subsidiary, U.S. Bancorp Government Leasing and Finance, Inc. U.S. Bank Equipment Finance, one of the largest equipment finance providers in the nation, has been providing quality equipment finance solutions for more than 40 years and is a major funding source for companies in virtually every industry sector nationwide. U.S. Bancorp Government Leasing and Finance, Inc. is a major provider of tax exempt equipment leasing and other financing solutions for state and local governments throughout the United States. John has served as in house counsel to U.S Bank Equipment Finance since 1998. He manages the law division of Equipment Finance, which includes six attorneys and two paralegals, and also supports lease and loan originations, with primary focus on compliance, syndications, aircraft finance, government finance, and large ticket issues. Before joining the U.S. Bank Law Division, John was Assistant General Counsel to the Port of Portland (Portland, Oregon) and an associate with the law firms of Miller Nash, Morrison & Foerster and Latham & Watkins. He previously served on the Legal Committee of the Equipment Leasing and Finance Association. John holds a B.A. from Colorado College, an M.B.A. from Thunderbird School of Global Management, and a J.D. from the University of Iowa College of Law. Art Hyman | Key Government Finance (KGF) Art Hyman joined Key Government Finance as Head of its Federal Finance Team in May, 2011, after spending 29 years with Bank of America. As a leader within Banc of America Leasing and Banc of America Public Capital Corp, Art held a variety of positions from Credit Underwriter for International and Corporate Banking, to Regional Sales Leader for Commercial Leasing, to most recently Head of its private placement public sector team, where he created and developed the business to a size of $1 Billion in annual MUNI-LEASE ESCROW | PAYING AGENT | AND MORE Corporate Trust Solutions To Meet Your Municipal Financing Needs. George Kubin: 303.864.7206 | Keith Papantonio: 303.864.7236 © 2015 BOK Financial. Services provided by Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust, divisions of BOKF, NA, member FDIC. BOKF, NA is a subsidiary of BOK Financial Corporation. 15 About the Speakers revenue. Art brings to KGF an expert background in commercial, federal and municipal private placement structuring and lending. As a business leader at KGF, Art leads a team of sales professionals, and indirectly the business efforts of contracts, legal, credit and asset management professionals solely dedicated to designing, structuring and executing multi year, base plus option year equipment and receivables financing solutions via the Assignment of Claims for end user federal agencies, federally supported systems integrators, FAR 51 entities and federally funded research laboratory operators. Key Government Finance – Federal has been in business for fourteen years. For Federal Agencies and its sources, KGF has financed in excess of 1700 transactions across the broad range of essential use assets. KGF’s team is expert in federal procurement, the FAR, the multitude of contracts vehicles available for procurement and the federal mindset. Art received his Bachelor of Science at the University of Nevada, Las Vegas and his MBA at Saint Mary’s College. He resides in both Virginia and Michigan. Neal Hoffman | US Bank Government Leasing and Finance, Inc. Neal Hoffman is the Senior Vice President, Credit Manager of Public Finance for U.S. Bank Government Leasing and Finance, Inc. He has over 22 years of experience in underwriting, credit analysis and audit and is responsible for managing and analyzing investment opportunities of tax exempt lease transactions for state and local governments. Neal began his career in public accounting performing financial audits before transitioning into commercial finance where he was responsible for the credit, underwriting and structuring of various loans and leases. Neal is a CPA and received his Bachelor of Science degree in Accounting from the University of Arizona. Neal has had extensive experience in public accounting, commercial finance, and public finance prior to joining U.S. Bank in May 2011. Immediately prior to joining U.S. Bank, Neal worked at Koch Financial Corporation where he was responsible for all credit and underwriting functions as it related to their public finance group. Janelle Jackson | Gilmore & Bell, P.C. Janelle Jackson is a senior legal assistant in the Kansas City office of Gilmore & Bell, P.C. She has over 25 years of experience at Gilmore & Belle, P.C. assisting its clients and attorneys in tax-exempt municipal and 501(c)(3) leasing, loan and bond transactions. Janelle obtained a Legal Secretary Certification from Platte College and graduated with a Bachelor of Science degree in Business Administration from Truman State University (Missouri) in 1984. Maneesh Jhunjhunwala | De Lage Landen Financial Services Maneesh Jhunjhunwala is Vice President-Credit for De Lage Landen Financial Services and is responsible for all aspects of government risk management for DLL. Maneesh has over 20 years of financial services experience, almost entirely in risk management, operations and underwriting. He began his career in a bank rotational management training program, including formal credit training. Maneesh used that to develop expertise in small-business lending, dealer floor-plan finance, vendor finance, and government finance. He joined De Lage Landen Public Finance in July 2005, and has helped to make DLL one of the leading providers of vendor-originated government financing solutions, with over $2B in federal, state, and local originations during that time. Maneesh regularly participates in and presents at industry conferences and training classes, and is a member of the ELFA and 16 About the Speakers a board member of the AGL&F. He has his B.A. in Economics from Northwestern University, and has completed his graduate coursework towards an M.A. in Economics from The University of Toledo. He is active in a number of non-profit organizations, not the least of which are his two school-aged children. Jerry Krenning | HPC Solutions Jerry Krenning, HPC Solutions Vice President of Data Sales, has been an executive for over 25 years. He has developed a specialty in driving Fortune 500 companies’ operations growth and in building dynamic teams. He has created strategic initiatives, represented world-class products & services, and cultivated a strong company image. Mr. Krenning provides progressive talent toward increasing top line revenue while maximizing bottom-line results. Mr. Krenning has held multiple positions with Hewlett Packard as a member of the engineering team that produced breakthrough integrated circuit technologies, a high performance and engineering technology sales specialist and a Federal Account Specialist & Manager. He has also held two positions as Vice President of Sales in the Information Technology industry. He has worked with a long list of accounts solving some of their most difficult technical issues including Lockheed Martin, USDA, NASA, NIH, Agilent Technologies, and SAIC. Mr. Krenning resides in Denver, Colorado and spends most of his free time biking, camping and hiking. Pat Mancuso | NetApp Capital Solutions Pat Mancuso is the Public Sector Financial Solutions Manager for NetApp Capital Solutions where he supports all NetApp engagements across Federal, Municipal, and Higher Education markets. Over the last 7 years, Pat has helped originate over $370M in government IT fundings. Previously, Pat was at Oracle Financing, from 2008-2012, where he managed the Public Sector Finance team supporting multi-year payment solutions in the Federal market. Pat has over 23 years of sales, financing, and sales management experience in software, telecom, banking, and IT networking industries. He received a BA in Political Science from Middlebury College and began his career in Washington DC as a political consultant, pollster, and campaign manager working for state, congressional, and even a presidential candidate. Besides his continued interest in the political process, Pat is an avid fisherman, and fulltime Ringmaster of his family circus-- raising two exotic albino tigers who have learned to walk on their hind legs, ride bikes, play sports, do homework and speak English. He resides in Virginia with his patient, loving wife Megan, All organizations face the challenge of keeping mission-critical IT systems up to date and running at peak efficiency. But public sector organizations must also deal with fluctuating budget cycles and intricate regulatory constraints. For more than 20 years, Oracle Financing has been meeting the unique needs of government agencies—as well as healthcare and educational institutions—by offering a wide range of extended payment options that make it easier, faster, and more cost effective to get the technology needed, when it’s needed. 17 About the Speakers who also co-stars in the 3 -ring circus at home—as Head Tiger trainer. Pat enjoys coaching his two sons (they just act/eat like tigers) in basketball and serving as their designated driver/chauffer on weekends. Jim Manire | FirstSouthwest Jim Manire is a Senior Vice President in FirstSouthwest’s Public Finance Group. Jim has been a part of the Colorado Municipal Finance Community for over 25 years, and has focused primarily on providing Municipal Advisory services to local borrowers and bond issuers. He has acted as the Financial Advisor on over 280 Colorado financings for a total of approximately $5.4 billion. His clients include municipalities, counties, school districts, and special districts throughout the State. He has extensive experience in all forms of borrowing available to Colorado local governments, including Enterprise Revenue Bonds, General Obligation Bonds, Lease/Purchase financings, and Certificates of Participation. He is a past President of the Colorado Municipal Bond Dealers Association and a former director of the Colorado Water Congress. . George Mardikes | Davis Wright Tremaine LLP George M. Mardikes, a partner in the Portland, Oregon office of Davis Wright Tremaine LLP, is chair of the firm’s Governmental Finance Practice. Mr. Mardikes has extensive national experience in the area of public finance, having served as bond counsel on tax-exempt financings in the states of Washington, Oregon, California, Alaska, Nevada, Missouri and Kansas, and having originally authored and served over 25 years as project coordinator for The Fifty-State Survey, a fifty-state survey on the authority of states, state higher education, cities, counties, school districts, health districts Federal and Municipal financing from an industry leader Find us on or keyequipmentfinance.com/government 18 About the Speakers and fire districts to lease/purchase real and personal property published by the Association for Governmental Leasing & Finance. In addition, he has experience as bond counsel on a variety of issues: general and limited tax obligation bonds; tax leases to federal agencies, state governments and local governments; selling of lease streams and assignment of residuals; purchase and sale of lease portfolios; qualified zone academy bonds; qualified energy conservation bonds; special assessment bonds; tax increment financing bonds; utility, airport and hospital revenue bonds; 501(c) entity and 63-20 financings; defeased lease transaction; advance refundings; tax and revenue anticipation notes; small issue industrial development bonds; aircraft, including helicopters; vessel financing for governments; wind turbine financing; exempt facility bonds; pooled certificates of participation financings and securitization of leases and other tax-exempt obligations; fixed rate, variable rate and multi-modal obligations; domestic and foreign letter of credit backed obligations, insured and other guaranteed obligations; interest rate swaps; and taxable obligations. Mr. Mardikes has experience working with a variety of issuers in many states. These include federal entities, such as GSA, US Senate, FAA, Department of Defense, US Postal Service, TVA, IRS, and CIA, as well as states, Indian tribes, cities, counties, school districts, community colleges, airport and transit authorities, public building authorities, housing authorities, irrigation districts, diking districts, water and sanitary districts, people’s utility districts, port authorities, state railroad and development agencies. Mr. Mardikes is a member of the Association for Governmental Leasing & Finance, the National Association of Bond Lawyers and the Section of Urban, State and Local Government Law of the American Bar Association. While attending law school in 1983, Mr. Mardikes served as Editor-in-Chief of The Urban Lawyer, the ABA’s National Quarterly on Local Government Law. He holds an B.A. from the University of Chicago and a J.D. (with distinction) from the University of Missouri - Kansas City School of Law. Brenden Morgan | Regional Transportation District of Colorado Brenden Morgan has been the Manager of Debt & Investments for the Regional Transportation District since 2012. In this role, Mr. Morgan is responsible for investing the district’s funds, banking and debt management. He also serves as the Treasurer of the Colorado Surplus Asset Fund (CSAFE) which is a local government investment pool in Colorado and sits on the Douglas County School District’s Fiscal Oversight Committee. Before coming to the Regional Transportation District in 2012, he served as Senior Financial Analyst/Manager of Debt & Complex Payments at Jefferson County, Colorado for 8 years. He has also worked in corporate financial planning and analysis and investor relations. Mr. Morgan has over 17 years of progressive accounting and finance experience in both the public and private sector. He is a graduate of Seton Hall University. Len Rice | Dorsey & Whitney LLP Len Rice of Dorsey & Whitney LLP, Minneapolis, Minnesota, concentrates his practice in public finance law. He has extensive experience in all facets of tax exempt leasing, working with a broad variety of participants in the leasing market on a nationwide basis. He is the chair of the Dorsey & Whitney Public Finance Group, has been a member of the AGLF since 1981, has served two terms as a member of the board of directors, and is general counsel to the Association. Maryann Santos | Capital One Public Funding, LLC Maryann Santos joined Capital One Public Funding, LLC (a subsidiary of Capital One Financial Corp.) in January 2014 as Business Operations Manager. She is responsible for legal and tax matters involving tax-exempt loan, bond and lease transactions for governmental and nonprofit borrowers throughout the U.S. 19 About the Speakers Before joining Capital One Public Funding, Ms. Santos served as tax counsel in Capital One’s Global Tax Department where she supported tax-exempt and tax credit transactions. Maryann joined Capital One in 1999 in the bank regulatory compliance group where she was responsible for review of the bank’s compliance with regulations including the Fair Credit Reporting Act, Regulation W, Equal Credit Opportunity and the implementation of the Privacy Act under Gramm Leach Bliley Act. Maryann began her career in audit at Deloitte. She holds a Bachelor of Science in Accounting, CPA, Master of Business Administration (Taxation) and a JD from St. John’s University. She resides with her family in Oyster Bay, New York. Jason Simmons | FirstSouthwest Jason Simmons is a Senior Vice President for FirstSouthwest Company and has over 14 years of public finance experience working with a wide variety of local and national clients including Colorado general government, and special district issuers as well as national transportation issuers. He has experience in all types of financial structures including fixed and variable rate as well as different transaction types including negotiated and competitive sale and direct bank loans. Past and present clients include the City and County of Denver, State of Colorado, Colorado Housing and Finance Authority, Regional Transportation District, Brighton School District 27J, the City of Westminster, the Denver Water Board, Colorado Springs Utilities, City of Greeley, Denver International Airport. Jason has earned a Bachelor of Science in Business Administration from Colorado State University and a Master of Business Administration from the University of Colorado at Denver. Additionally he earned the Chartered NATIONAL LEADERS IN PUBLIC FINANCE LAW MUNICIPAL LEASING LENDER’S COUNSEL BOND COUNSEL www.gilmorebell.com 20 About the Speakers Financial analyst designation. He is past president of the Colorado Municipal Bond Dealers Association and is a Registered Representative of the Financial Industry Regulatory Authority (FINRA) holding the General Securities Representative, Series 7, and the Uniform Securities Agent, Series 63. Toni I. Stegeman | Gilmore & Bell, P.C. Toni Stegeman is a shareholder and director of Gilmore & Bell, P.C., whose law practice has been focused exclusively on public finance for the past 20 years. She has represented state and local government entities, banks and other financial institutions in transactions involving tax-exempt leases, including direct lease structures, certificates of participation and leasehold revenue bonds. Her practice includes governmental purpose lease and bond financings, 501(c)(3) financings and industrial revenue bonds. Toni has been a member of AGLF since 1996, and previously served two terms on the Association’s board of directors. She has been a frequent panelist and speaker on tax-exempt leasing and other public finance topics, and is currently chair of the leasing topic panels presented by the National Association of Bond Lawyers at the annual Bond Attorneys’ Workshop. Shelley Stein | Capital One Public Funding, LLC Shelley Stein is Vice President–Underwriting Manager at Capital One Public Funding, LLC. She jointed Capital One in August 2011 and manages the underwriting team responsible for the credit analysis of a wide range of municipal and not-for-profit entities in connection with leases, notes, and privately placed bond issues. Prior to joining Capital One, Shelley spent 10 years as a Director in the public finance underwriting group at ACA Financial Guaranty Corporation, a financial guaranty company specializing in low investment grade credits. At ACA she was a senior member of the underwriting group, responsible for underwriting and structuring municipal and not-for-profit bonds and low income housing tax credit financings, and was a member of the credit approval committee. Prior to joining ACA, Shelley spent 16 years at Ambac Financial Group where she was a Managing Director in the public finance underwriting group and a member of the senior credit committee. Shelley initially joined Ambac as the public power analyst, specializing in revenue bonds issued by municipally owned electric utilities. She later assumed various management roles and had sole credit approval authority within established parameters. Her management responsibilities included the underwriting group responsible for the credit evaluation of municipal utilities, transportation, education, and not-for-profit organization; and the Southeast regional group responsible for developing business and underwriting all municipal credits located in the southeastern states. Shelley received a Bachelor of Arts degree from Hofstra University. 21 About the Speakers Matthew Westphal | NetApp Mr. Matthew Westphal currently serves in the capacity of Manager District Sales for NetApp, with a focus on the United States Air Force and Secretary of Defense customers. Mr. Westphal is a 20 year veteran of the IT Industry holding various sales and sales management positions. In this capacity he has supported organizations and missions across the Department of Defense, Federal System Integrators, State and Local Government, Healthcare and MSB commercial market. His experience has versed him in CONUS and OCONUS account bases having traveled through the United States as well as Internationally. Mr. Westphal’s career has spanned fortune 500 companies to include Xerox, Lucent Technologies, Sun Microsystems and NetApp. Mr. Westphal is a graduate of Arizona State University holding a degree in Communications and Public Programs, with emphasis areas in Organizational and Interpersonal Communication. He currently resides in Denver, Colorado Dee Wisor | Butler Snow LLP Dee Wisor is a partner in the Denver office of Butler Snow LLP. He is a member of the firm’s Public Finance, Tax Incentives and Credit Markets Group. Dee has represented Colorado governments since being admitted to the bar in 1976. He has worked as bond or disclosure counsel on virtually all types of Colorado public finance transactions. He received his Juris Doctor from the University of Denver Sturm College of Law in 1976 and his Bachelor of Arts from Dickinson College in 1973. Dee was named “2005 Best of the Bar” for Work in Public Finance by the Denver Business Journal. He has been listed in the Best Lawyers in America since 2007. Dee is currently a board member of the National Association of Bond Lawyers, the Denver Public Schools Foundation, and the Colorado Lawyers Committee. 22 AGLF Board of Directors Chair Mark Skochodopole KS State Bank/Baystone Government Finance President Chris Jones U.S. Bancorp Government Leasing & Finance Vice President Thad Kemp Jacobs Technology, Inc. Treasurer Linda Terrizzi MicroTech Assistant Treasurer Beth Gilbert Dell, Inc. Secretary David Roeder Sterling National Bank General Counsel Leonard Rice Dorsey & Whitney LLP Chair Emeritus Joseph O’Brien Municipal Capital Corp. Directors Directors Tasha Barreau U.S. Bancorp Government Leasing & Finance Glenn Cackovic Banc of America Public Capital Corp. - Global Angie Deming Republic First National Corporation Maneesh Jhunjhunwala De Lage Landen Public Finance, LLC Nancy Midden Gilmore & Bell, PC Renee Piche Municipal Leasing Consultants Mike Weber Deutsche Bank National Trust Company Barb Winkler Hutchinson, Shockey, Erley & Co. 23 Sponsors Thank you to our Sponsors! Chairman’s Club Sponsor Keynote Sponsor President’s Club Sponsors Executive Club Sponsors Conference Bag Sponsor ALL AMERICAN INVESTMENT GROUP Private Investment Banking Coffee Break Sponsor Notepad Sponsor Pen Sponsor Media Sponsors Government Capital The Bond Buyer Leasing News 24 Thank you for attending the AGLF/ELFA Public Sector Finance Forum! Save-the-Date 35th Annual AGLF Fall Conference NOVEMBER 4-6, 2015 Loews Don CeSar Hotel St. Pete Beach, Florida
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