1. finance

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
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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
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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 | jeffrey.sharp@capitalone.com | (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.
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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.
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U.S. Bancorp
Government Leasing
and Finance is a
proud sponsor
of the AGLF
To learn more, contact:
Chris Jones
chris.jones2@usbank.com
303.585.4343
usbank.com/govleasing
Member FDIC. ©2015 U.S. Bank MMWR 64635 SF1297 (3/15)
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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!
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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.
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See what counts.
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We specialize in providing leasing and financing solutions for our
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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.
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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
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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.
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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.
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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
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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.
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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