Since 1895. Member SIPC and NYSE. Capital Markets Focus Public Finance Banking
Jan 11, 2016
Since 1895. Member SIPC and NYSE.
Capital Markets FocusPublic Finance Banking
2
Public Finance Services
A highly effective business model Expertise in specialty and regional niches Emphasis within Piper Jaffray to grow public
finance A recognized leader in the market sectors we
serve Middle market focused with a broad spectrum
of clients Strong market presence and brand Full product capabilities Consultative approach
Investment Banking Overview
3
Public Finance Banking Staffing Overview
Administration 3
Managing Directors 36
Vice President 17
Assistant Vice President 13
Associates 6
Analysts 7
Administration Staff 18
Total Staff 100
4
Public Finance Services Locations
17 Public FinanceInvestment
Banking Locations• Boston• Chicago• Denver• Des Moines• Helena• Houston• Kansas City• Los Angeles• Milwaukee• Minneapolis• New York• Phoenix• Portland• Sacramento• St. Louis• San Francisco• Seattle
Public Finance Offices
Institutional SalesTrading DesksCorporate Headquarters
Public Finance Offices
Institutional SalesTrading DesksCorporate Headquarters
Nashville
Phoenix
Denver
Seattle
Des Moines
Minneapolis
Helena
St. Louis
San FranciscoLincoln
Kansas City
PortlandSpokane
Milwaukee
Hermosa Beach
Houston
ChicagoNew York
Boston
Sacramento
Nashville
Phoenix
Denver
Seattle
Des Moines
Minneapolis
Helena
St. Louis
San FranciscoLincoln
Kansas City
PortlandSpokane
Milwaukee
Hermosa Beach
Houston
ChicagoNew York
Boston
Nashville
Phoenix
Denver
Seattle
Des Moines
Minneapolis
Helena
St. Louis
San FranciscoLincoln
Kansas City
PortlandSpokane
Milwaukee
Hermosa Beach
Houston
ChicagoNew York
Boston
Sacramento
Austin
5
Public Finance Business SegmentsOffice/Market
Minneapolis (Minnesota and Dakotas) Des Moines (Iowa) Kansas City/St. Louis (Missouri and Kansas) Milwaukee (Wisconsin) Houston (Texas and New Mexico) Denver (Colorado, Montana) Seattle/Portland (Pacific Northwest) Phoenix (Arizona) San Francisco (California Cities and RDAs) Los Angeles (California Schools) New York (New York and New Jersey)
11 Regional Market Areas for Government Business
• School Bonding
• Roads/Bridges
• Sewer/Water• Tax Financed
Development
6
Public Finance Business Segments Real Estate
A broad-based real estate business including the Multi-Family Housing/Senior Living industries as well as other real estate sectors
Single Family Housing An underwriter or advisor to 14 state Housing Finance
Agencies Health Care
A leading practice in working with non-profit hospitals and health care systems
Higher Education A significant practice in working with private and public
colleges and universities Hospitality/Project Finance
A leader in convention center hotel transactions and other hospitality and project finance areas
Five Specialty Business Areas
7
Public Finance
Negotiated Underwritings Fixed-Rate (High Grade, Bank-Qualified, and
High-Yield) Variable Rate/Auction Rate
Financial Advisory Remarketing and Dealer Services for
Variable/Auction Issues Derivative Products
SWAPs/Rate Locks Forward Bond Purchases
Loan Origination and Servicing Tender Option Bonds
A Full Range of Products and Services
8
An Industry Leader
National RankingLong Term Municipal New Issues
Full Credit to Lead Manager 2005
# ofRank Firm Issues
1 Citigroup 8962 UBS Financial Services Inc 8223 RBC Capital Markets 6924 Piper Jaffray & Co 4755 Morgan Keegan & Co Inc 4726 Bank of America Securities LLC 4377 Merrill Lynch & Co 4088 J P Morgan Securities Inc 3769 Roosevelt & Cross Inc 371
10 A G Edwards & Sons Inc 359
National RankingLong Term Municipal New Issues
Full Credit to Lead Manager 2005
# ofRank Firm Issues
1 Citigroup 8962 UBS Financial Services Inc 8223 RBC Capital Markets 6924 Piper Jaffray & Co 4755 Morgan Keegan & Co Inc 4726 Bank of America Securities LLC 4377 Merrill Lynch & Co 4088 J P Morgan Securities Inc 3769 Roosevelt & Cross Inc 371
10 A G Edwards & Sons Inc 359
National RankingLong Term Municipal New Issues
Full Credit to Lead Manager 2005
Par AmountRank Firm ($ Millions)
1 Citigroup 62,645.42 UBS Financial Services Inc 46,174.13 Merrill Lynch & Co 31,486.14 Lehman Brothers 26,251.75 J P Morgan Securities Inc 24,225.56 Bear Stearns & Co 22,515.27 Morgan Stanley 20,534.38 Banc of America Securities LLC 19,827.69 Goldman Sachs & Co 19,387.9
10 RBC Capital Markets 18,007.611 Morgan Keegan & Co Inc 8,899.912 A G Edwards & Sons Inc 7,059.413 Piper Jaffray & Co 6,086.7
National RankingLong Term Municipal New Issues
Full Credit to Lead Manager 2005
Par AmountRank Firm ($ Millions)
1 Citigroup 62,645.42 UBS Financial Services Inc 46,174.13 Merrill Lynch & Co 31,486.14 Lehman Brothers 26,251.75 J P Morgan Securities Inc 24,225.56 Bear Stearns & Co 22,515.27 Morgan Stanley 20,534.38 Banc of America Securities LLC 19,827.69 Goldman Sachs & Co 19,387.9
10 RBC Capital Markets 18,007.611 Morgan Keegan & Co Inc 8,899.912 A G Edwards & Sons Inc 7,059.413 Piper Jaffray & Co 6,086.7
9
2005 Public Finance Platform
Health Care New Issues
Bank-Qualified Municipal New Issues
Long-Term Municipal New Issues Total Par Amount (millions): $6,086.7
Total Number of Issues 475
Rank by Volume 13
Rank by Number of Issues 4
Total Par Amount (millions): $746.9
Total Number of Issues 208
Rank by Volume 6
Rank by Number of Issues 3
Total Par Amount (millions): $618.4
Total Number of Issues 28
Rank by Volume 11
Rank by Number of Issues 5
Multi-Family and Senior Living New IssuesTotal Par Amount (millions): $268.4
Total Number of Issues 20
Rank by Volume 14
Rank by Number of Issues 9
Variable Rate New Issues
Total Par Amount (millions): $792.7
Total Number of Issues 33
Rank by Volume 16
Rank by Number of Issues 15
Higher Education New Issues
Total Par Amount (millions): $435.5
Total Number of Issues 22
Rank by Volume 16
Rank by Number of Issues 11
Source: Thomson Financial 2004
10
2005 Piper Jaffray Rankings
Ranked ByPar Value # of
Issues
Negotiated & Competitive Underwriting13 4
Negotiated Underwriting 14 5
Competitive Underwriting 13 6
Financial Advisory 21 7
Health Care 11 5
Multi-Family Housing 16 11
Higher Education 16 11
Midwest Region 3 1
11
Public Finance Services
Par Value # of Transactions($ Million)
Negotiated Issues
Senior and Sole Managed $4,509.4313
Co-Managed 9,089.2146
Competitive Issues
Senior and Sole Managed 1,571.9162
Co-Managed 88.08
Total Underwritings $15,260.3629
Financial Advisor $3,181.6175
Grand Total $18,441.9 804
2005 New Issuance Overview (Long and Short Term)
12
Public Finance Approach to the Business Put Client Interests First
Be ethical and think long-term Focus on Value Added From Expertise and Relationships
Create solutions through expertise and avoid business based exclusively on price
Build Primary Relationships with Clients Work with clients as a lead manager or a financial advisor
Be Strategic in Allocating our Resources Follow a well developed business plan to build long-term
clients Maximize Revenues by Providing Multiple Services
Underwriting, advisory, remarketing, reinvestment, derivatives, loans
Work Together as a Team Bring multiple specialties together as needed to serve
clients Develop Talent within our Firm
Be successful at developing junior staff
13
Preliminary Underwriting:• Determine feasibility and cost of:
– Bond insurance– Bank letter of credit– Stand alone rating
Preliminary Underwriting:• Determine feasibility and cost of:
– Bond insurance– Bank letter of credit– Stand alone rating
• Prepare analysis of investment earnings on construction fund• Determine firm estimate of all costs for issuance of bonds (attorneys,
underwriter, trustee, printing etc.)• Recommend bond structure in conjunction with borrower (term,
prepayment etc.)• Assist in selection of bond counsel and trustee
Documentation:• Work with legal counsel and trustee to prepare
necessary documents– Indenture of trust– Loan agreement– Public offering statement/private placement
memorandum• Work with issuer/borrower to schedule all
appropriate public meetings/hearings
Documentation:• Work with legal counsel and trustee to prepare
necessary documents– Indenture of trust– Loan agreement– Public offering statement/private placement
memorandum• Work with issuer/borrower to schedule all
appropriate public meetings/hearings
Marketing:• Send detailed sales bulletin on project to Piper
Jaffray’s 58 institutional sales professionals• Contact local, regional and national institutional
investors• Conduct conference calls with interested investors
to explain project
Marketing:• Send detailed sales bulletin on project to Piper
Jaffray’s 58 institutional sales professionals• Contact local, regional and national institutional
investors• Conduct conference calls with interested investors
to explain project
A DISCIPLINED PROCESS
Setting Interest Rate Determination:• Two weeks prior to bond sale - keep borrower informed of any market changes• One day prior - conduct conference call with borrower to reach final agreement on bond
structure and interest rates• Day of sale - offer bonds to investors, keep borrower apprised of investor interest (if demand
is high, interest rate may be reduced)
Setting Interest Rate Determination:• Two weeks prior to bond sale - keep borrower informed of any market changes• One day prior - conduct conference call with borrower to reach final agreement on bond
structure and interest rates• Day of sale - offer bonds to investors, keep borrower apprised of investor interest (if demand
is high, interest rate may be reduced)
Due Diligence:• Review financial information/audits• Review construction contract• Develop construction draw schedule
Due Diligence:• Review financial information/audits• Review construction contract• Develop construction draw schedule
• Analyze historic operating data• Analyze project feasibility study - if available
14
Public Finance Services
Institutional Clients 800 Tier I Clients 6,000 Tier II & III Clients
Sales & Trading 65 Institutional Sales People Tier I Municipal Specialists (High-Yield & Money Market) Broad Based Middle Market Institutional Group
Municipal Underwriting & Trading Desks Minneapolis, Kansas City, New York, Seattle
San Francisco, Boston
Individual Investors Coverage of High Net-Worth Individuals and Managed Money Accounts Marketing Agreement with UBS to Distribute New Issues through their 7,500 Financial
Advisors Direct Access to more than 50,000 Financial Advisors through Electronic Trading Platforms
Our Bottom Line Piper Jaffray can provide the most competitive interest rates for our clients through multiple
channels of distribution on a wide variety of types of municipal issues
Individual Investors
Tier II & IIIInstitutions
Tier IInstitutions
Strong and Deep Municipal Distribution
15
Created by our Public Finance group as an additional product capability for developers and other clients
We originate and service loans through Piper Jaffray Lending LLC
To date, we have completed 31 loans totaling more than $500 MM
Project types include senior living, commercial real estate, hotels, medical office buildings and condominiums
We distribute loan participations through our fixed income salesforce to middle market banks and other lenders
This capability complements our real estate group and other areas of our Public Finance effort
Loan Participation Business
16
Municipal Interest Rate Derivative Capabilities Two derivative subsidiaries
Piper Jaffray Financial Products I & II
Multiple products offered Interest Rate Swaps (Libor & BMA Based) Interest Rate Hedges and Locks Total Return Swaps
Completed interest rate derivative transactions with more than 75 not-for -profit and governmental clients since 2003
Interest rate swap book in excess of $5 BB
Piper Jaffray Companies(Parent Company)
Piper Jaffray Financial Products II
Piper JaffrayFinancial Products I
Piper Jaffray & Co.(Broker Dealer)
17
Tender Option Bond Program Initiated Tender Option Bond Program in 2002
Tender option bond program utilizes both on-balance sheet and off-balance sheet trusts
Tender Option Bond Program is Approved for up to $500 MM
Tender Option Bond Program has created more than
$275 MM in Trusts
Municipal Bond
Piper Jaffray Funding
TOB Trust
Interest Rate Swap
Residual Interest in
Trust
Variable Rate
Certificates
PurchasedBy
DepositedTo
Piper JaffrayHolds
Sale To Investors
Hed
ged
By
18
Public Finance Services
Expand and extend our Public Finance platform Build out existing specialties and geographies Expand into new geographies Maintain our current approach and middle market
focus Continue to expand our base of clients
Build our loan business Expand our loan origination capabilities Increase our secondary trading of loans
Enhance our taxable fixed-income business Maintain a core capability in traditional products Expand our business in structured products Focus on client types where we can add value Upgrade and expand our sales force as opportunities
arise
Key Directional Strategies
19
Public Finance Growth Strategy & Landscape
Business AreaPiper’s
Competitive
Position
Pluses &
Minuses
Strategic
Direction
(1)
Non-Profit BusinessHealth CareHigher EducationCultural Non-Profits
Solid Middle Market niche
(+) Use of multiple products
Grow toward a national franchise
(2)
Real Estate BusinessMulti-Family HousingSenior LivingHospitalityCommercial Real Estate
Solid niches in several areas
(+) Attractive spreads
(+) Solid expertise
Grow to add scale &
additional capabilities
(3)
Development FinanceTax IncrementAssessment BondsSpecial Districts
Solid niches in certain states
(+) Attractive spreads
(+) Solid expertise
(-) State laws
Grow in states where
opportunities exist
20
Business AreaPiper’s
Competitive
Position
Pluses & Minuses
Strategic
Direction
(4)
Local Government FinanceCitiesSchool District
Solid in several states
(-) FA Penetration
(-) Spread compression
(+) Many Issuers
Grow but pay
attention to dynamics for each
state
(5)
Large Governmental IssuersState & State agenciesLarge citiesTransportation
Moderate Penetration with many
competitors
(-) Compete with Wall Street
(-) Spread compression
(+) High issuance volume
Grow selectively
and consider FA
vs. V/W strategy
Public Finance Growth Strategy & Landscape
21
Healthcare Representative Transactions
$51,845,000
Refunding and New Project
Revenue Bonds
Lawrence, Kansas
$96,740,000
Nation’s Largest Non-Rated Financing
Decatur, Texas
$45,485,000
Private Placement
Galena, Illinois
$64,885,000
Refunding and Improvement
Revenue Bonds
Salina, Kansas
$53,800,000
Healthcare Facilities
Revenue Bonds
Robbinsdale, Minnesota
$55,275,000
Certificates of Participation
Madison, Idaho
$88,950,000
Interest Rate Hedge and
Auction Rate Bonds
Madison, Wisconsin
$82,765,000
Action Rate and Fixed Rate Bonds
Richland, Washington
Galena StaussGalena StaussHospital and Healthcare Hospital and Healthcare
CenterCenter
22
Higher EducationRepresentative Transactions
$83,850,000
Adjustable Rate Educational
Facilities Revenue Bonds
$95,005,000
Adjustable Rate Revenue Bonds
$38,370,000
Student Fee Revenue Bonds
$58,800,000
Revenue Bonds
$72,000,000
Healthcare Facilities
Revenue Bonds
$20,035,000
Auxiliary Facilities System
Enterprise Revenue Bonds
$85,680,000
General Revenue Bonds
$42,800,000
Adjustable Rate Revenue
Refunding Bonds
23
Hospitality Representative Transactions
$244,615,000
First & Second Tier
Revenue Bonds
$65,855,000
Senior Revenue Bonds
$160,250,000
Senior & Subordinate
Revenue Bonds
$300,940,000
Revenue Bonds
$92,800,000
Senior Revenue Bonds
$45,390,000
Revenue Bonds
$102,970,000
First Tier Revenue Bonds
$354,825,000 &
$356,2155,000 (Rfdg)
Senior Revenue Bonds
Austin Convention Center Hotel
Lombard Conference Center and
Hotel
Vancouver Conference Center Hotel
Omaha Convention Center Hotel
Denver Convention Center Hotel
Erie County Convention Center
Authority Hotel
Sacramento Convention Center Hotel
Baltimore Convention Center Hotel
24
Cultural & Social Non-ProfitsRepresentative Transactions
$33,310,000
Variable Rate Demand Revenue
Bonds
$31,500,000
Variable Rate Demand Revenue
Bonds
$85,000,000
Adjustable Rate Demand Revenue
Bonds
$130,720,000
Variable Rate Demand Revenue
Bonds
$49,068,000
Community Reinvestment
Revenue Notes, Series 18
$11,425,000
Art Center Facilities
Revenue Bonds
$11,300,000
Variable Rate Demand Revenue
Bonds
$13,190,000
Variable Rate Demand Health Care Facilities
Revenue Bonds
25
Development FinanceRepresentative Transactions
$90,875,000
Special Tax Revenue Bonds
$72,430,000
Tax Allocation Refunding Bonds
$57,905,000
Special Tax Bonds
$61,160,000
Infrastructure Facilities
Revenue Bonds
$29,820,000
Revenue Bonds
$42,985,000
Tax Increment Revenue Bonds
$50,760,000
Variable Rate Subordinate Tax
Allocation Refunding Bonds
$38,030,000
Revenue Bonds
Elk Grove, CA Public
Financing Authority
City of Roseville, CA Westpark Community
Facilities District No. 1
City of Menlo Park, CA Community Development
Agency
Manteca, CA Redevelopmen
t Agency
Moorpark Highlands Community
Facilities District
St. Joseph Industrial
Development Authority, MO
Woodmen Heights Metropolitan
District No. 1 of Colorado
Missouri Development Finance Board
26
Senior LivingRepresentative Transactions
$62,500,000
Variable Rate Demand
Multifamily Housing Revenue Refunding Bonds
$29,990,000
Adjustable Demand Revenue
Bonds
$18,725,000
Senior Housing Refunding
Revenue Bonds
$9,200,000
Revenue Refunding Bonds
$21,730,000
Health Care Revenue Bonds
$9,650,000
Senior Housing Revenue
Refunding Bonds
$50,600,000
Variable Rate Demand
Nonprofit Revenue Bonds
$17,120,000
Senior Housing Revenue Bonds
St. Clarence – GEAC, LLC
EverCare Senior Living,
LLC
Epiphany Assisted Living
27
Large Governmental IssuesRepresentative Transactions
$2,805,411,792
Transportation System Bonds
$209,490,000
KS Department of Administration – Comprehensive Trans. Program
$800,000,000
Various Purpose General
Obligation Bonds
$766,550,000
Clean Water and Drinking Water Revolving Fund Revenue Bonds
$194,340,000
Federal Highway Trust Fund
$106,380,000
Detention Facility Revenue
Refunding Bonds
$600,000,000
State Highway Fund Revenue
Bonds
$319,490,000
Airport System Revenue Bonds
New Jersey Transportation
Trust Fund Authority
State of California
Kansas Development
Finance Authority
Texas Department of Transportation
City and County of Denver
Donald W. Wyatt Detention Facility,
Rhode Island
Idaho Housing and Finance Association
New York State Environmental
Facilities Corporation
28
School DistrictsRepresentative Transactions
$155,720,000
Iowa School Corporations
Warrant Certificates
$42,255,000
General Obligation
Refunding Bonds
$16,265,000
General Obligation
Refunding Bonds
$39,035,000
Revenue Bonds
$13,800,000
General Obligation Bonds
$19,850,000
General Obligation
Refunding Bonds
$29,000,000
Unlimited Tax General
Obligation Bonds
$496,925,000
California School Cash Reserve
Program Authority Pool
Bonds
California School Boards Association
Finance Corporation
Iowa School Cash Anticipation
Program
Jackson County Reorganized School
District No. 7, Missouri
Shawnee County Unified School
District No. 501, Topeka, Kansas
Eatonville School District No. 404, Pierce & Lewis Counties, WA
Belton School District No. 124 of
Cass County, Missouri
South San Francisco Unified School District,
California
Willmar Independent
School District No. 347
Minnesota
29
Cities & CountiesRepresentative Transactions
$21,675,000
Water & Sewer System Revenue Refunding Bonds
$49,100,000
Limited Tax General
Obligation Bonds
$8,280,000
Annual Appropriation
Urban Renewal Tax Increment Revenue Bonds
$21,900,000
Certificates of Participation
$50,660,000
General Obligation
Promissory Notes (Capital
Appreciation Notes)
$15,000,000
General Obligation Bond
Anticipation Notes
$25,910,000
Water and Sewerage System
Refunding and Improvement
Revenue Bonds
$34,885,000
Internal Improvement
Revenue Bonds
Snohomish County, Washington
City of Warren, Michigan
City of Coralville, Iowa
City of Lawrence, Kansas
City of Overland Park, Kansas
City of Danbury, Connecticut
City of Kenosha, Wisconsin
City of Corcoran, Kings County
California Water System
30
Single Family HousingRepresentative Transactions
$120,000,000
Single Family Mortgage
Revenue Home Ownership Bonds
$351,030,000
Homeowners Mortgage
Revenue Bonds
$112,500,000
Single Family Mortgage Bonds
$175,000,000
Housing Finance Program Bonds
$100,000,000
Housing Finance Revenue Bonds
$70,000,000
Single Family Mortgage
Revenue Bonds
$197,570,000
Single Family Housing Bonds
$192,270,000
Single Family Mortgage Bonds
State of New York Mortgage Agency
Wisconsin Housing and Economic Development
Authority
Idaho Housing and Finance Association
Vermont Housing Finance Agency
Colorado Housing and
Finance Authority
CityLiving Home Programs,
Minneapolis / St. Paul Housing
Finance Board
West Virginia Housing
Development Fund
North Dakota Housing Finance
Agency
31
Affordable HousingRepresentative Transactions
$3,200,000
Multifamily Housing
Mortgage Revenue Bonds
$4,794,527
Multifamily Housing Revenue
Bonds
$4,000,000
Multifamily Housing Revenue
Bonds
$200,000,000
Single Family Mortgage
Revenue Notes
$12,000,000
Variable Rate Demand
Multifamily Housing Revenue
Bonds
$5,650,000
Multifamily Housing
Revenue Bonds
$19,450,000
Multifamily Housing Revenue
Bonds
$9,335,000
Multifamily Housing Revenue
Bonds
The Syndicate Building, St. Louis,
Missouri
Lexington and Charter Oaks
Apartments, Shelby County, TN
City of Minneapolis, Minnesota, Cecil
Newman Apartments
Missouri Independence Industrial
Development Authority
The Mansion Project
Manor House and Woodland Homes
City of Eveleth, MN
St. Paul, MN Housing and
Redevelopment Authority,
Phalen Senior Lofts
Illinois Finance Authority
Villagebrook Apartments
Minneapolis/St. Paul Housing
Finance Board
32
Financial Advisory Representative Transactions
$145,000,000
General Obligation Bonds
$279,160,000
Homeowner Mortgage
Revenue Bonds
$70,000,000
Variable Rate Demand
Nonprofit Revenue Bonds
$110,687,723
Senior Revenue Bonds (Capital Appreciation &
Current Interest Bonds
$70,145,000
Certificates of Participation
14,485,000
General Obligation School
Bonds
$23,000,000
Sales Tax Revenue Bonds
$328,310,000
Single Family Housing Bonds
State of New York Mortgage Agency
City of Scottsdale, Arizona
Seattle Art Museum
Chesterfield Valley, Missouri
Transportation Development
District
Vermont Housing Finance Agency
Clear Creek Amana
Community School District, Iowa
City of Tucson, Arizona
E-470 Public Highway Authority
33
Variable & Auction Rate Representative Transactions
$100,000,000
Variable Rate Revenue Bonds
$70,635,000
Taxable Variable Rate Refunding Revenue Bonds
$88,950,000
Hospital Revenue Bonds, Auction Rate Securities
$33,310,000
Variable Rate Demand Revenue
Bonds
$83,850,0000
Adjustable Rate Educational
Facilities Revenue Bonds
$41,405,000
Adjustable Rate Revenue
Refunding Bonds
$36,000,000
Tax Allocation Bonds
$41,100,000
Auction Rate Bonds
Adelanto Public Utility Authority,
California
WI Health & Educational
Facilities Authority Aurora Health Care,
Inc.
Wisconsin Health and Educational
Facilities AuthorityMeriter Health
Services
Tenth Township Redevelopment
City of San Pablo, CA
Illinois Finance Authority
Beloit Memorial Hospital
Nebraska Educational
Finance AuthorityCreighton University
DePauw University, Indiana
Amherst H, Wilder FoundationSt. Paul, MN
34
Loan Placement Representative Transactions
$115,000,000
First Mortgage Loan
Participation
$23,100,000
Tax-Exempt Loan Participation
$10,400,000
Loan Participation
Revenue Notes
$17,880,000
Tax Exempt Loan Participation
$17,200,000
Taxable Mortgage Loan
Participation
$16,000,000
Taxable First Mortgage Loan Participation
$53,875,195
Taxable Loan Participation
$20,815,000
Tax Exempt Loan Participation
City of Brooklyn Park, MN, Saint
Therese at Oxbow Lake
Atlanta Tech Center South, LLC.
City of St. Peter, Minnesota
St. Peter Care Center
Coralville Marriott Hotel & Conference
Center
Presbyterian Homes and Volunteers of
America The Homestead of
Rochester, Minnesota
Turfland Mall, Lexington, Kentucky
Oakdale Medical Center, LLCMinnesota
Lakeshore Senior Living Campus
Minnesota
35
Bank Qualified Representative Transactions
$5,800,000
Water Utility System Revenue
Bonds
$9,995,000
General Obligation
Refunding Bonds
$6,800,000
School Infrastructure Local Option
Sales & Services Tax Revenue
Bonds Anticipation
Notes
$9,800,000
Parcel Tax Revenue Bonds
$9,700,000
Lease Purchase Agreement Refunding
Certificates of Participation
$8,520,000
Senior Housing Revenue Bonds
$10,000,000
General Obligation
Refunding Bonds
$1,140,000
General Fund Bonds
McFarland School District, Dane
County, Wisconsin
Eldorado Area Water & Sanitation
District, New Mexico
Spirit Lake Community School
District, Iowa
Downey Unified School District, Los
Angeles County, California
City of Helena, Montana
Shepherd of GraceCity of Becker,
Minnesota
Eagle County, Colorado Joint Maintenance
Service Center
Palm Drive Health Care District
California
36
Questions