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Home My WebLink AboutRESPONSE - RFP - P936 FINANCIAL ADVISORY INVESTMENT BANKINGProposal to Provide Financial Advisory Services to the City of Fort Collins City of Fort Collins April 28, 2004 Advisors Inc. Proposal to Provide Financial Advisory Services To THE CITY OF FORT COLLINS Requests for Information Overview of James Capital Advisors Inc. Briefly describe, in two pages or less, the nature of the firm's experience as it relates to providing financial advisory services to municipalities, particularly for tax-exempt revenue bonds and lease -purchase transactions financed through COPS. James Capital Advisors Inc. is an independent financial advisory firm which specializes in financings for Colorado municipalities and other local governments. As an independent advisor, James Capital does not underwrite bonds or cross -sell other financial products to its clients. James Capital acts in all instances as the borrower's representative in the structuring and marketing of bond and lease transactions. By concentrating its services in this manner, James Capital avoids the conflicts of interest which may arise when a financial advisor also acts as an underwriter and represents both buyers and sellers in the same transaction. Financial Advisory Services provided by James Capital include: • Debt structuring and refinancing; • Oversight of the bond rating and insurance process; • Competitively bid bond transactions; • Privately placed bond transactions; • Selection and retention of underwriters for negotiated bond transactions; • Borrower representation in negotiated bond transactions; • Interest rate, marketing, and pricing evaluations; • Review and evaluation of unsolicited bonding and refinancing proposals; • Coordinating bidding procedures for all related services. James Capital's areas of specific expertise include: • Lease/purchase COP financings; • Sales tax revenue bonds; • Utility revenue bonds; • Tax increment revenue bonds; • General obligation bonds; • Recreational facilities financings; • Special assessment bonds; • State loan and revolving fund programs; • Refunding analysis and escrow structuring. JAMES Capital Advisors Inc. James Capital's cumulative financial advisory experience is summarized as follows: Total Number of Financings 1996 to Present: 116 Issues Total Par Amount 1996 to Present: $1.74 Billion Negotiated Sales: 50 Issues $803.9 Million Competitive Sales: 41 Issues $820.8 Million Private Placements/State Loans: 25 Issues $116.4 Million Included in these totals are a number of revenue bond and COP transactions similar to those proposed by the City of Fort Collins. James Capital has acted as financial advisor on 55 revenue bond transactions totaling $821.5 million, and on 25 COP transactions totaling $235.2 million. These include 10 revenue bonds and 2 COP transactions for the City of Fort Collins. With respect to the proposed financing for the Fort Collins DDA, James Capital has had the opportunity to work on the Series 2000 Subordinate Lien Bonds and the Series 2001 First Lien Bonds. The DDA financings have picked up some complexity as they have evolved over the years, and the new financing will require a somewhat different security from the two variations on the credit which exist today. James Capital would look forward to the opportunity to meet with City and DDA staff to make sure that all parties hold realistic expectations as to the DDA's financing capacity. As further evidence of James Capital Advisors' experience as it relates to providing financial advisory services to municipalities, the following listing of financial advisory clients is presented: Town of Berthoud Adams County Arapahoe County Water City of Durango Douglas County Denver SE Suburban Water Town of Estes Park Jefferson County East Cherry Creek Water City of Lafayette La Plata County Pueblo Board of Water Works City of Longmont Mesa County City of Louisville Summit County Forest Hills Metropolitan City of Loveland Weld County Goldsmith Metropolitan City of Fort Collins Piney Creek Metropolitan Town of Parker Boulder Valley Schools Plum Creek Metropolitan City of Pueblo Cherry Creek Schools Superior Metropolitan City of Sterling Douglas County Schools South Suburban Park & Rec. Town of Windsor Eagle Valley Library Univ. of Northern Colorado City of Woodland Park Weld County Library Great Outdoors Colorado 2 JAMES Capital Advisors Inc. James Capital Advisors: Ability and Experience State in two pages or less, why your firm is well qualified to provide the services outlined in the Scope of Services section above and your experience in providing such services. In citing prior engagements, indicate the role and responsibilities your firm undertook (financial advisor, senior managing underwriter, etc.). Identify the individual from the firm who had the principal responsibility for the financing. Identify at least three individuals from different entities with phone numbers who can be contacted to serve as references. The RFP places an emphasis on Open Space financing as well as COP and revenue bond financing for both the City and the DDA. James Capital has advised on both revenue bond and COP transactions to acquire Open Space for Jefferson County ($130 million), the City of Longmont ($22 million), Douglas County ($17.8 million), and the South Suburban Park and Recreation District ($8.7 million). James Capital is also part of the financing team for Great Outdoors Colorado, the state agency which has $100 million of open space bonding authority. In addition to its background with the Fort Collins DDA, James Capital has tax increment financing experience with the Longmont DDA, the Estes Park Urban Renewal Authority, and the Westminster Economic Development Authority, the City of Westminster's urban renewal authority. James Capital continues to operate a broad -based practice in general government finance, as indicated in the exhibit below. 1999-2003 Combined Colorado Financial Advisory Rankings Long Term, Fixed Rate General Government Finance (Excludes Housing, Healthcare, Student Loan, Private Placements) Volume in $ Million — Minimum 10 Transactions or $250 Million James Capital Kirkpatrick Pettis George K. Baum Piper Jaffray First Albany Public Financial Management BD Advisors RBCDain Hanifen Imhoff A.G. Edwards Negotiated Competitive Total Number $ Volume Number $ Volume Number $ Volume 31 $583.9 25 $408.50 56 $992.40 33 686.7 12 433.50 45 1,120.20 11 1,214.7 28 771.20 39 1,985.90 7 430.6 22 645.50 29 1,076.10 22 2,517.9 6 138.20 28 2,656.10 8 586.0 9 501.70 17 1,087.70 12 390.0 5 150.00 17 540.00 8 692.1 4 144.40 12 836.50 3 277.3 5 127.60 8 404.90 4 1,654.2 0 0.00 4 1,654.20 Source: Securities Data, Thomson Municipals 3 JAMES Capital Advisors Inc. References for James Capital Advisors Mr. Rich Lemke, Finance Director $15,890,000 Lease/Purchase COPS, April 8, 2003 Adams County $11.100,000 Lease/Purchase COPs, September 13, 1999 450 S, 4t' Street Brighton, CO 80601 (303) 654-6290 Ms. Karen Montgomery, Finance Director $14,230,000 Road Improvement Bonds, April 25, 2004 Douglas County $17,805,000 Open Space Bonds, October 9, 2002 100 Third Street $5,140,000 Parks Bonds, September 24, 2002 Castle Rock, CO 80104 (303) 660-7434 Ms. Terry Cole, Financial Analyst $41,750,000 Lease/Purchase COPs, September 9, 2002 Jefferson County $20,040,000 SE Local Improvement Bonds, August 28, 2002 100 Jefferson County Parkway $30,460,000 Open Space Bonds, May 17, 2001 Golden, CO 80419 $100,000,000 Open Space Bonds, May 13, 1999 (303) 271-8568 Mr. Jim Golden $4,619,388 Golf Course Lease Financing, September 15, 2003 City of Longmont $19,000,000 Water Revenue Bonds, June 3 & 10, 2003 350 Kimbark Street $9,335,000 G.O. Refunding Bonds, September 10, 2002 Longmont, CO 80501 $22,000,000 Open Space Revenue Bonds, July 24, 2001 $22,800,000 Sales Tax Revenue Bonds, March 7, 2000 $2,600,000 Tax Increment Revenue Bonds, July 28, 1998 Ms. Mary Ann Parrot, Finance Director $38,525,000 Economic Dev. Tax Increment Revenue Bonds City of Westminster $15,590,000 Sales Tax Revenue Bonds, December 4, 2002 4800 W. 92nd Avenue $7,490,000 Var. Rate Revenue Bonds, September 25, 2002 Westminster, CO 80030 $20,990,000 Utility Revenue Bonds, November 5, 2001 (303) 430-2400, x. 2042 $13,275,000 Sales Tax Revenue Bonds, August 28, 2001 $18,740,000 Lease/Purchase COP, May 22, 2001 $14,998,357 Utility Revenue Bonds, May 10, 2000 $1,600,000 Lease/Purchase COP, January 24, 2000 $2,650,000 Open Space Bonds, September 28, 1999 $19,720,000 Lease/Purchase COP, August 26, 1999 $19,495,959 Lease/Purchase COP, November 12, 1998 $6,300,000 Golf Course Revenue Bonds, July 16, 1998 $13,995,000 Lease/Purchase COP, March 17, 1998 JAMES Capital Advisors Inc. James Capital Advisors: Approach Based on your understanding of the Scope of Services, describe the general framework the firm would use to analyze the financing options available to the City and discuss the key factors to be evaluated. James Capital offers the City the flexibility to evaluate each financing independently to determine the lowest -cost approach to each project. The framework for analyzing these options is presented below. STEP ONE: The first decision to be made in selling the City of Fort Collins' bonds or COPs is the choice between a private placement and a public offering. In a private placement, the securities are sold directly to a bank. Although interest rates are typically higher than in a public offering, a private placement can still be more efficient for smaller transactions, especially those repaid in ten years or less. Compared to a public offering, the advantages of a private placement are: Fewer outside professionals (financial advisor, bond counsel, trustee bank only) • Lower costs of issuance • No requirement to produce a disclosure document (official statement) No reserve fund requirement In larger transactions, however, an issuer will save money by making a public offering of the securities. Public offerings create higher costs of issuance because of the need to retain an underwriter, the need for an official statement, and the use of rating agencies and bond insurers. However, these additional costs are more than offset by the interest rate savings on a larger issue, especially when repaid over fifteen or more years. STEP TWO: If the decision is made to sell the securities in a public offering, the City can then choose between a negotiated sale and a competitive sale. In a negotiated sale, the underwriter is selected in advance of the actual sale, usually after responding to a request for proposals. The City will know in advance what compensation the underwriter will receive, but will not know what the final interest rates will be. In a competitive sale, the City and its financial advisor develop the payment structure and arrange for ratings and insurance for the issue. The underwriter is then selected by bid process in which all final terms are locked in. The underwriting business is then awarded to the underwriter who bids the lowest -cost package, considering both the interest rates and underwriting compensation. Competitive Bond Sales Advantages: • Competitive bidding is a reliable method for selling highly -rated or insured issues at a low overall cost. 5 JAMES Capital Advisors Inc. • Underwriters are rewarded for bidding lower interest rates and fees. • Risk is typically assumed by the underwriter, not by the borrower. • The selection process for underwriters is straightforward and easily understood, and promotes fairness and objectivity in financial matters. Disadvantages: • Competitive sales can be less flexible in choosing the precise timing of . the sale. • Unusual or challenging bond issues are less likely to perform well in competitive sales. • Underwriters are less motivated to provide election support or other related services which may have value to the borrower. Neaotiated Bond Sales Advantages: • Negotiated sales can offer more opportunity to "time the market", which, if successful, can reduce borrowing costs. • Unusual or challenging bond sales benefit from pre -marketing by the underwriter's sales force. • Underwriters may be willing to provide election support or other useful services if they are allowed to purchase the bonds in a negotiated sale. Disadvantages: • In negotiated sales, there are no financial incentives or rewards for the underwriters to price the bonds at lower interest rates. • Borrowers typically assume more risk in negotiated sales. • The results of a negotiated sale are sometimes more difficult to evaluate and may be subject to "second-guessing" by other market participants. • Negotiated sales are more likely to raise concerns over favoritism or conflicts of interest in the borrower's dealings with the underwriters. To summarize, James Capital is committed to providing the City of Fort Collins with a complete range of financing options and selecting the most efficient approach to each transaction, including private placements, negotiated bond sales, or competitive bond sales. 6 IAMES Capital Advisors Inc. In addition: Identify and discuss any services or methods of approach which the firm believes to be either unique or outstanding or is recognized as giving your firm a superior competitive advantage. Founded in 1996, James Capital has operated as an independent financial advisor longer, and has assisted more governmental clients, than any other advisory firm in Colorado. While working with many clients on negotiated bond sales, which are the still prevalent in Colorado, James Capital has introduced many clients to competitive sales, an area in which the firm has one of the strongest track records in the market. Where underwriting firms are reluctant to recommend competitive sale, James Capital has introduced competitive bidding to the following clients: Adams County Douglas County Jefferson County La Plata County Mesa County Summit County City of Durango City of Fort Collins City of Louisville City of Pueblo Boulder Valley Schools Cherry Creek Schools %/ 1AMES Capital Advisors Inc. • Identify the firm's position as to (a) requesting a rating for the bonds or the certificates, and (b) seeking insurance. Describe the key topics and strategies upon which you would focus in conducting a rating agency or insurance company presentation. This discussion assumes that the bonds or COPS will be sold in a public offering because in a private placement, ratings and insurance will not be required. In a public offering, it is recommended that an underlying rating be sought from at least one rating agency. Bond insurance is also recommended unless the underlying rating is in the "AK category. In a competitive bond sale, it is sometimes possible to take bids with or without insurance to further assure the City that the cost of insurance is justified. Ratin4 and Insurance Credit Considerations: Revenue Bonds All City of Fort Collins revenue bonds are AAA -insured with the exception of its Sales and Use Tax Revenue Bonds. The City's direct or underlying revenue bond ratings are: City of Fort Collins Revenue Bond Type Sales and Use Tax HUTF Sewer Storm Drainage Water Rating: Moody's S&P Fitch Aa2 AA Aa2 Al AA - Al A+ A2 A+ For revenue bonds generally, the rating criteria would include the following items: o Pledged Revenues and Coverage Ratios — The source of pledged revenues and their coverage of maximum annual debt service are the primary revenue bond credit factors. 2002 debt service coverage for the City's revenue bond obligations are summarized below. 2002 City of Fort Collins Debt Service Revenue Bond Type Coverage Sales and Use Tax 18.9 x HUTF 6.7 x Sewer 1.5 x Storm Drainage 2.2 x Water 2.1 x 8 JAMES Capital Advisors Inc. o Administrative Practices — Administrative practices are a factor in utility revenue bond ratings, where the frequency of rate adjustments and the ability to anticipate regulatory changes may indicate management's skill in avoiding financial pressure in the long run. o Legal Covenants — Rate maintenance covenants, additional bonds tests, and reserve requirements can be structured to add credit strength when doing so does not interfere with reaching the City's financial objectives and future flexibility. However, legal covenants can also be improved to the City's advantage. For example, when refunding the City's Sales and Use Tax Revenue Bonds in 2003, the previous requirement for a funded reserve was replaced by a "springing reserve", which saved the City the cost of a $15,000 reserve fund surety premium. Rating and Insurance Credit Considerations: COPs For lease/purchase COPs, in addition to the usual economic and financial criteria, the rating criteria would include the following items: o Sources of Recurring Revenues - Since COP payments rely on the same current tax collections which fund City operations, the City's general fund flexibility will be examined closely. o Real Estate and Collateral Issues — The currently -leased Civic Center facilities and the proposed Police Services Building would be considered "essential" to the City's operations, and therefore make attractive collateral to investors and insurors. Using Open Space property as collateral, however, can sometimes present a credit problem. In all cases, the leased property should be on a parcel with clear title, with no environmental problems or outside mineral rights, and with no limitations on alternative uses under foreclosure of the lease. James Capital would like to make the recommendation at this point that the City consider amending its 1998 Civic Center Facilities Lease Indenture to create a master property lease. If additional collateral could be pooled together with the Civic Center Facilities in a single lease, it would provide an excellent way to finance the acquisition of open space, for example. In pooled collateral leases, the credit agencies tend to weight the analysis in favor of the most essential asset in the pool as long as that asset remains subject to the full term of the lease. In a master lease, the City could leverage the Civic Center Facilities and the Police Services Building in order to substantially reduce the financing costs for the Southeast Branch Library and eligible Open Space acquisitions. When equity has been accumulated in the leased collateral, a master lease can also be used to finance other non -lease -able assets such as street improvements and streetlights. 9 1AMES Capital Advisors Inc. • Identify the municipal bond interest rate scales that would be used as benchmarks for pricing the transactions specifically listed in the proposal. Using the scales as of April 15, 2004, estimate the rates the City would have attained, had the transaction been completed that day. Provide the basis for your estimates. The Municipal Market Data "AAA" Index for April 15, 2004 is presented in the table below, along with the MMD spread analysis from the past three City of Fort Collins competitive bond sales. Performance in the past three sales allows the April 15 pricing to be projected in the right-hand column for a 20-Year insured issue. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Exhibit "A" Projected Pricing City of Fort Collins 20-Year Insured Financing April 15, 2004 April 15, 2004 AAA MMD Scale Feb. 2, 2002 City of Fort Collins Storm Drainage MMD Spread Sept. 17, 2002 City of Fort Collins G.O. Water MMD Spread April 1, 2003 City of Fort Collins Sales Tax MMD Spread Projected Pricing City of Fort Collins April 15, 2004 1.18 % 0.40% 0.02% 0.03% 1.38% 1.71 0.05 0.00 0.01 1.73 2.01 0.04 0.02 0.05 2.05 2.42 0.04 0.02 0.05 2.46 2.73 0.04 0.02 0.05 2.77 3.01 0.04 0.03 0.05 3.05 3.26 0.04 3.30 3.47 0.02 3.49 3.63 0.04 3.67 3.79 0.04 3.83 3.91 0.04 3.95 4.00 0.06 4.06 4.09 0.06 4.15 4.18 0.06 4.24 4.27 0.07 4.34 4.37 0.06 4.43 4.47 0.06 4.53 4.57 0.07 4.64 4.65 0.07 4.72 4.73 0.07 4.80 10 1AMES Capital Advisors Inc. �fs CITY OF FORTCOLLINS PROJECTED POLICE SERVICES BUILDING DING LLEASE/PURCHASE COPS Market `of=May 26, 2004 Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 12/ l/ 4 400,779.33 400,779.33 400,779.33 12/ 1/ 5 1,070,000.00 1.710000 1,202,338.00 2,272,338.00 2,272,338.00 12/ 1/ 6 1,090,000.00 2.030000 1,184,041.00 2,274,041.00 2,274,041.00 12/ 1/ 7 1,110,000.00 2.520000 1,161,914.00 2,271,914.00 2,271,914.00 12/ l/ 8 1,140,000.00 2.890000 1,133,942.00 2,273,942.00 2,273,942.00 12/ 1/ 9 1,175,000.00 3.190000 1,100,996.00 2,275,996.00 2,275,996.00 12/ 1/10 1,210,000.00 3.400000 1,063,513.50 2,273,513.50 2,273,513.50 12/ 1/11 1,250,000.00 3.570000 1,022,373.50 2,272,373.50 2,272,373.50 12/ 1/12 1,295,000.00 3.750000 977,748.50 2,272,748.50 2,272,748.50 12/ 1/13 1,345,000.00 3.900000 929,186.00 2,274,186.00 2,274,186.00 12/ 1/14 1,400,000.00 4.030000 876,131.00 2,276,731.00 2,276,731.00 12/ 1/15 1,455,000.00 4.170000 820,311.00 2,275,311.00 2,275,311.00 12/ 1/16 1,515,000.00 4.300000 759,637.50 2,274,637.50 2,274,637.50 12/ 1/17 1,580,000.00 4.390000 694,492.50 2,274,492.50 2,274,492.50 12/ 1/18 1,650,000.00 4.470000 625,130.50 2,275,130.50 2,275,130.50 12/ 1/19 1,725,000.00 4.550000 551,375.50 2,276,375.50 2,276,375.50 12/ 1/20 1,800,000.00 4.620000 472,888.00 2,272,888.00 2,272,888.00 12/ 1/21 1,885,000.00 4.690000 389,728.00 2,274,728.00 2,274,728.00 12/ 1/22 1,975,000.00 4.780000 301,321.50 2,276,321.50 2,276,321.50 12/ 1/23 2,065,000.00 4.850000 206,916.50 2,271,916.50 2,271,916.50 12/ 1/24 2,170,000.00 4.920000 106,764.00 2,276,764.00 2,276,764.00 29,905,000.00 15,982,127.83 45,807,127.83 ACCRUED 29,905,000.00 15,982,127.83 45,887,127.83 Dated 8/ 1/ 4 with Delivery of 8/ 1/ 4 Bond Years 362,18B.333 Average Coupon 4.412657 Average Life 12.111297 N I C it 4.451940 4 Using 99.5000000 Arbitrage Yield 4.482304 % Bond Insurance: 0.550000 • of (Total Debt Service Only) Prepared by JAMES CAPITAL ADVISORS INC. 252.379.20 Micro -Muni Sizing Date: 05-27-2004 0 07:56:48 Filename: FTCCOP Key: 2004POLICEPRO James Capital Advisors: Staffina Identify the specific individual(s) who would be assigned to work with the City and specify which individual would be the principal contact. Identify the nature of the work each individual would perform, together with proposed time commitments and their related professional knowledge and experience. Jim Manire, President of James Capital Advisors, will be the primary contact for the City of Fort Collins. He will be responsible for structuring and sizing the issues, coordinating applications for rating and insurance (or for bank financing in a private placement), and representing the City in selecting and negotiating with underwriters. Mr. Manire has handled over 300 tax-exempt bond transactions in Colorado, and has successfully represented his clients as a financial advisor in both competitive and negotiated bond sales. For eleven years, Mr. Manire worked as an investment banker in the Colorado public finance market, first with Boettcher & Company (1985-1990), and then with Piper Jaffray (1990-1996). In 1996, Mr. Manire formed James Capital Advisors Inc. to meet the need in the Colorado bond market for an independent financial advisor. Mr. Manire is a past president of the Colorado Municipal Bond Dealers Association (1995) and a former director of the Colorado Water Congress (1994-1996). He has been an active member of the Colorado Municipal League's TABOR Technical Review Committee since 1992. Mr. Manire holds a bachelors degree from Yale University and a masters in business administration from the University of Colorado. ' Dawn Herrington has been with James Capital since 2003, acting as a Financial Analyst on a part-time basis. She will act as a backup to Mr. Manire for the Fort Collins engagement, and will be available to produce the final debt service schedules and any related supporting financial analysis. Ms. Herrington is a Certified Public Accountant who acted as Manager of Financial Forecasting at Clifton Gunderson LLP before moving with her family from Denver to the Grand Junction area on the Western Slope of Colorado. At Clifton Gunderson, Ms. Herrington also acted as the escrow verification agent for dozens of tax-exempt bond refinancings in Colorado. Prior to her tenure at Clifton Gunderson, Ms. Herrington was the Finance Director for the Town of Castle Rock and performed numerous local government audits while employed as a Staff Accountant at Anderson, Doty & Company. Ms. Herrington holds a bachelors degree from the University of Northern Colorado. James Capital Advisors: Office Location Identify the location of the office from which the individuals identified in the staff item above will be operating. Mr. Manire operates James Capital from an office located in his residence at 17390 E. Jamison Avenue, Centennial, CO. For mailing and delivery, the mailbox address is: 4950 S. Yosemite, Suite F2-502 Greenwood Village, CO 80111 11 JAMES Capital Advisors Inc. James Capital Advisors• Disclosures Disclose any relationship which could create or appear to create a potential conflict of interest if your firm is selected. James Capital has no relationships which could create or appear to create a potential conflict of interest if selected as the City's financial advisor. James Capital has never been involved in any type of litigation or legal proceeding. James Capital carries professional liability insurance in the amount of $500,000 with a $10,000 deductible. 12 JAMES Capital Advisors Inc. Proposal to Provide Financial Advisory Services To THE CITY OF FORT COLLINS Responses to Additional Questions Outline the procedures your firm would use to provide the services listed above. The City is interested in many types of innovative financing which should be established to achieve the highest possible quality ratings from Fitch's, Moody's and Standard & Poor's and the most favorable insurance quotes on each transaction. Innovations which James Capital has applied for its client's benefit include: • Electronic bidding for competitive bond sales. With James Capital acting as its advisor, the City of Fort Collins became the first Colorado issuer to offer its bonds in an electronic bid on December 1, 1998, selling $31,580,000 of Water Revenue Refunding and Improvement Bonds. • The use of "bidder's option insurance" in competitive sales, which puts the burden of proof on the market to establish whether the cost of an insurance premium is justified by the interest rate savings over an uninsured issue. • The implementation of "springing" reserve funds in eligible revenue bond issues, such as the City of Fort Collins' Series 2003A Sales and Use Tax Revenue Bonds. This technique eliminates all reserve fund costs, whether it is the cost of cash -funding a debt service reserve (and the associated arbitrage rebate compliance issues) or the cost of an insurance premium for a surety reserve. • The sale of subordinate securities to allow additional bonds to be issued in spite of unfavorable legal covenants in the first lien bonds. This approach can be very successful if the lien on the original bonds is "closed off'. This alternative is preferable to refunding the first lien bonds in cases where the issuer would lose " money in the refunding. Provide a concise history of your firm. Although the role of independent advisors had been developed to a high level in many states, the Colorado bond market in 1996 was dominated by underwriters who exclusively promoted negotiated bond sales. While working as an underwriter from 1985 to 1996, Mr. Manire had developed an appreciation for the value of independent bond advice and competitive bonds sales which was not shared by his employer or other firms on "the Street". With the support of a core group of clients who shared Mr. Manire's interest in making their bond transactions more efficient and less expensive, James Capital Advisors Inc. was established in 1996 as the first Colorado -based independent financial advisory firm. For most of its history, Mr. Manire has been the sole employee of the firm. Through the electronic media such as Bloomberg, Thomson Municipal Markets, Parity/1-deal, and 13 JAMES Capital Advisors Inc. Muni -Auction, James Capital operates with the same access to market information that any Colorado underwriter would have. Large firms carry large overhead, and are therefore under constant pressure to bring issues to the market and to cross -sell other financial products to their underwriting clients. By focusing exclusively on the advisory role, James Capital has been able to effectively keep its business focus and objectives in alignment with those of its clients. The City requires that the selected f nv(s) would be completely independent and work in an unbiased manner. Please explain any agreements that your firm would have that may conflict with the needs of the City or prevent full disclosure. ` James Capital has no agreements which would conflict with the needs of the City or prevent full disclosure. The City will also receive this assurance from the underwriting firms who respond to this proposal. It is therefore important to remember that underwriters are used to representing two clients in a single transaction, and are therefore constantly compromising between the interests of issuers and investors in an attempt to avoid risking their own capital. Furthermore, underwriting firms are routinely engaged in trading securities and forming syndicates among themselves, practices which can add unnecessary complexity to an advisory engagement. When acting as the City's advisor in an underwriting negotiation, they may find themselves in an awkward position if the underwriter has a financial influence over them in another transaction. Since James Capital has no investor clients or trading relationships with other firms, it remains free of these potential conflicts and brings a truly independent perspective to the City's bond business. List the dollar volume of your underwritings in the tax-exempt market for 2001, 2002, 2003, and 2004 to date. As a point of clarification, James Capital does not provide underwriting services, so the figures provided below are for financial advisory engagements, not underwriting engagements. Similarly, figures submitted by other proposing firms for underwriting volume will not accurately reflect their level of financial advisory activity. James Capital's volume of financial advisory transactions for the requested period is: 2001 $ 387,231,000 2002 218,684,000 2003 279,229,000 2004 to date 226,720,000 14 JAMES Capital Advisors Inc. Provide complete information, including background, overall abilities, and experience for the person who would serve in the role as described above. The City needs this information to include consulting on tax exempt debt issues with special emphasis on the various types of instruments listed above. Jim Manire, President of James Capital Advisors, will be the primary contact for the City of Fort Collins. He will be responsible for structuring and sizing the issues, coordinating applications for rating and insurance (or for bank financing in a private placement), and representing the City in selecting and negotiating with underwriters. Mr. Manire has handled over 300 tax-exempt bond transactions in Colorado, and has successfully represented his clients as a financial advisor in both competitive and negotiated bond sales. For eleven years, Mr. Manire worked as an investment banker in the Colorado public finance market, first with Boettcher & Company (1985-1990), and then with Piper Jaffray (1990-1996). In 1996, Mr. Manire formed James Capital Advisors Inc. to meet the need in the Colorado bond market for an independent financial advisor. Mr. Manire is a past president of the Colorado Municipal Bond Dealers Association (1995) and a former director of the Colorado Water Congress (1994-1996). He has been an active member of the Colorado Municipal League's TABOR Technical Review Committee since 1992. Mr. Manire holds a bachelors degree from Yale University and a masters in business administration from the University of Colorado. 15 JAMES Capital Advisors Inc. Fees and Expenses: For advisory services, propose a flat dollar amount fee respective to each financing. Indicate whether any economies of scale will be obtained if more than one of the transactions is completed by your firm. Estimate and commit to a not - to -exceed dollar amount for each respective transaction not included in the flat fee quote. For transactions specifically identified in the RFP, James Capital proposes to act as the City's Financial Advisor on a fee -for -service basis, with fees to be collected only upon the successful closing of the issue. Proposed fees are as follows: Fort Collins DDA Tax Increment Revenue Bonds Financial Advisory Fee for a Private Placement: $6,000 Financial Advisory Fee for a Public Offering: 8,000 Other City Revenue Bonds and COPS Financial Advisory Fee for a Private Placement: $6,000 Financial Advisory Fees for Public Offerings will be priced proportionately on a sliding scale based on the following benchmarks: Issues of $5,000,000 or less: $ 8,000 A $10,000,000 issue: 12,500 A $15,000,000 issue 15,000 A $40,000,000 issue or greater 24,500 Examples of the resulting fees are $10,700 for an $8 million issue and $16,140 for an $18 million issue. An escrow structuring fee of $2,500 will be added to any advanced refunding issue. The maximum fee for a state loan financing will be $9,500. James Capital would submit any charges incurred for travel and lodging outside Colorado, as well as any charges incurred for hosting conference calls for more than three parties, for reimbursement to the City. 16 JAMES Capital Advisors Inc. For negotiated sales, indicate how your firm will manage transactions to minimize costs to the City. Provide specific examples of the fee levels and arrangements obtained for other clients. James Capital has obtained the best results in negotiating underwriting fees by using a request for underwriting proposals. Good results have also been achieved when James Capital has been authorized to make the initial contact with an underwriter who may be preferred for the engagement. Part of this success is due to the generally good working relationships James Capital has maintained with the underwriting community. Most underwriters know that James Capital will assume an equal share of the responsibilities in document preparation and in coordinating rating agency and insurance applications. When this is taken into account, an underwriter may be willing to bid a more aggressive fee if they know the work load will be divided with a proactive financial advisor. As requested, recent examples of negotiated sale underwriting fees achieved for James Capital's clients are provided below in $ per $1,000. Client: East Cherry Creek Valley Water & Sanitation District Issue: $19,115,000 Variable Rate Water Revenue Bonds Rating: A-1+ (Dexia Credit Local Standby Bond Purchase Agreement) Sale Date: March 10, 2004 Underwriter: Wells Fargo Brokerage Services Underwriting fee: $1.75 / $1,000 Client: Estes Park Urban Renewal Authority Issue: $4,165,000 Tax Increment Revenue Refunding and Improvement Bonds Rating: Moody's "Baal" Sale Date: October 8, 2003 Underwriter: George K. Baum & Company Underwriting fee: $11.00 / $1,000 Client: City of Lafayette Issue: $6,360,000 Sales and Use Tax Revenue Refunding Bonds Rating: Aaa/AAA (Ambac Insured); S&P's "A+" Underlying Sale Date: September 17, 2003 Underwriter: Stifel, Nicolaus and Company, Inc., Hanifen Imhoff Division Underwriting fee: $5.05 / $1,000 Fees will be billed after closing of any transaction(s). If a transaction is not consummated, the City will not be responsible to pay any fees or expenses related to that transaction. Identify all fees for other services that may be required to complete the transaction. Typical issuance costs include fees or premiums for the following services: Bond Insurance Bond Ratings Bond Counsel Disclosure Counsel Printing Services Paying Agent Financial Advisor Underwriter 17 JAMES Capital Advisors Inc. Include all other information or data that may uniquely qualify your firm in serving the City in the role outlined in this document. It is a great source of pride that James Capital Advisors has had the privilege of serving as the City of Fort Collins' financial advisor since 1998. During this period, there have been twelve transactions closed for the City. We think the City finance staff would agree that the working relationship with James Capital is excellent, and that our knowledge of the City's debt policies and programs makes for a very efficient process for all parties. We also believe the firm's availability, responsiveness, and creativity in meeting the City's needs would be hard for any other proposing firm to match, in spite of differences in size and resources. James Capital's President, Jim Manire, has worked with and for the leading investment banking firms in Colorado for nineteen years, and understands the differences between working for large and small firms. James Capital's ability to provide consistently high levels of service comes from its focus on one particular aspect of the bond business: providing financial advisory services to Colorado local governments. It is true that the larger firms employ many talented professionals. However, it is very difficult for these firms to keep their focus on any specific service when they are also attempting to be retained for virtually every type of related engagement. Many firms claim excellence in every capacity: financial advisor, underwriter, investment broker, retail sales, institutional sales, money manager, election consultant, swap provider, etc. Some of these firms also seem to spend more time searching for new clients than they do serving their existing ones. James Capital is happy to keep its business simple. Fort Collins' bond business has been a priority for James Capital for over five years now, and it will remain so if our performance justifies our continued service to the City. 18 1AMES Capital Advisors Inc. List all clients for which your firm has provided financial advisory or underwriting services over the past three years and those which will provide a reference. James Capital Advisors Inc. - Colorado Financial Advisory Experience References and transaction details are available upon request. April 9, 2004 Municipal Government Town of Berthoud: $6,325,000 General Obligation Wastewater Bonds, May 8, 2002 Town of Estes Park: $4,165,000 Estes Park Urban Renewal Authority, October 8, 2003 City of Fort Collins: $5,730,000 Sales and Use Tax Revenue Refunding Bonds, April 1, 2003 $19,255,000 General Obligation Water Refunding Bonds, September 17, 2002 $2,765,000 Storm Drainage Revenue Refunding Bonds, September 17, 2002 $12,300,000 Storm Drainage Revenue Bonds, February 5, 2002 $3,720,000 Lease/Purchase Certificates of Participation, September 7, 2001 $3,640,000 Tax Increment Revenue Refunding Bonds, April 10, 2001 $9,845,000 Storm Drainage Revenue Bonds, April 10, 2001 City of Lafayette: $6,360,000 Sales and Use Tax Revenue Refunding Bonds, September 17, 2003 $2,830,000 General Obligation Water Bonds, August 27, 2003 $15,645,000 Water Revenue Bonds, April 3, 2003 $7,861,138 Sewer Revenue Bonds, April 8, 2001 City of Longmont: $4,619,388 Golf Course Lease Financing, September 15, 2003 $19,000,000 Water Revenue Bonds, June 3 & 10, 2003 $9,335,000 General Obligation Civic Center Refunding Bonds, September 10, 2002 $22,000,000 Open Space Sales and Use Tax Revenue Bonds, July 24, 2001 City of Louisville: $7,405,000 Limited Tax Library General Obligation Bonds, January 21, 2004 $3,830,000 Sales Tax Revenue Refunding Bonds, September 29, 2003 $2,215,000 General Obligation Refunding Bonds, November 18, 2002 Town of Parker: $7,715,000 Lease/Purchase Certificates of Participation, May 23, 2001 City of Pueblo: $8,402,620 Sewer Revenue Bonds, May 6, 2003 $2,500,000 Lease/Purchase Certificates of Participation, July 13, 2001 City of Westminster: $38,525,000 Westminster Economic Development Authority Tax Increment Revenue Bonds $15,590,000 Sales and Use Tax Revenue Bonds, December 4, 2002 19 JAMES Capital Advisors Inc. $7,490,000 Water and Wastewater Revenue Bonds, September 25, 2002 $20,990,000 Water and Wastewater Revenue Refunding Bonds, November 5, 2001 $13,275,000 Sales and Use Tax Revenue Refunding and Improvement Bonds, August 28, 2001 $18,740,000 Lease/Purchase Certificates of Participation, May 22, 2001 Town of Windsor: $5,000,000 Sales and Use Tax Revenue Bonds, July 25, 2002 City of Woodland Park: $2,107,000 General Obligation Water Refunding Bonds, February 21, 2002 County Government Adams County: $15,890,000 Lease/Purchase Certificates of Participation, April 8, 2003 Douglas County: $14,230,000 Road Improvement Sales and Use tax Revenue Bonds, March 25, 2004 $1,548,000 Certificates of Participation, March 26, 2003 $1,555,000 Special Assessment Bonds, November 19, 2002 $17,805,000 Open Space Sales and Use Tax Subordinate Revenue Bonds, October 9, 2002 $5,140,000 Parks Sales and Use Tax Revenue Bonds, September 24, 2002 $1,100,000 Special Assessment Bonds, May 8, 2002 Jefferson County: $41,750,000 Certificates of Participation, September 9, 2002 $20,040,000 SE Local Improvement District Sales Tax Refunding Bonds, August 28, 2002 $30,460,000 Open Space Sales Tax Revenue Bonds, May 17, 2001 Summit County: $1,117,000 Special Assessment Bonds, May 6, 2002 $8,175,000 Certificates of Participation, October 23, 2001 Special Districts Denver Southeast Suburban Water and Sanitation District (The Pinery): $7,045,000 Wastewater Revenue Bonds, October 8, 2002 East Cherry Creek Valley Water & Sanitation District: $19,115,000 Variable Rate Water Revenue Bonds, March 10, 2004 $5,000,000 Water Revenue Notes, December 17, 2003 $20,520,000 Water Revenue Bonds, June 5, 2002 Goldsmith Metropolitan District: $11,730,000 General Obligation Refunding Bonds, August 21, 2002 Parker Jordan Metropolitan District $13,395,000 General Obligation Refunding Bonds, June 5, 2003 Piney Creek Metropolitan District: $3,490,000 General Obligation Refunding Bonds, August 21, 2003 20 JAMES Capital Advisors Inc. CITY OF FORT COLLINS PROJECTED POLICE SERVICES BUILDING LEASE/PURCHASE COPS Market of May 26, 2004 Sources and Uses of Funds Delivery Date: L 8/ 1/ 45 Sources of Funds Par Amount of Bonds ................... $29,905,000.00 +Premium /-Discount ................... $0.00 Bond Proceeds ........................................... 29,905,000.00 ------------------- $29,905,000.00 Uses of Funds Police Facilities ....................................... 28,000,000.00 Cost of Issuance ........................................ 130,000.00 Bond Insurance ..........................( 0.550000%)... 252,379.20 Underwriters Discount ...................( 0.500000%)... 149,525.00 Capitalized Interest .................................... 1,302,532.84 Surety Bond ............................................. 68,302.92 Contingency ............................................. 2,260.04 $29,905,000.00 Prepared by JAMES CAPITAL ADVISORS INC. Micro -Muni Sizing Date: 05-27-2004 ® 07:56:43 Filename: FTCCOP Key: 2004POLICEPRO Plum Creek Metropolitan District: $3,590,000 General Obligation Refunding Bonds, September 9, 2003 Superior Metropolitan District Nos. 1, 2 & 3 $3,570,000 General Obligation Refunding Bonds, November 13, 2002 $7,490,000 General Obligation Refunding Bonds, November 13, 2003 $9,000,000 Variable Rate Water and Sewer Revenue Bonds, November 13, 2002 Superior McCaslin Interchange District $6,220,000 General Obligation Variable Rate Bonds, April 13, 2004 South Suburban Park and Recreation District: $7,920,000 Lease/Purchase Certificates of Participation, December 5, 2001 $8,730,000 Lease/Purchase Certificates of Participation, January 17, 2001 Public Schools Boulder Valley School District: $7,275,000 Certificates of Participation, November 6, 2003 $20,000,000 Tax Anticipation Notes, October 22, 2003 $70,000,000 Tax Anticipation Notes, August 19, 2003 $24,230,000 General Obligation Refunding Bonds, September 25, 2001 Cherry Creek School District: $179,750,000 General Obligation Refunding and Improvement Bonds, January 15, 2004 $19,015,000 General Obligation Refunding Bonds, September 4, 2003 Douglas County School District: $135,500,000 General Obligation Bonds, January 16, 2001 Additional Clients Eagle Valley Library District: $3,565,000 Limited Tax General Obligation Refunding Bonds, January 27, 2003 University of Northern Colorado: $50,000,000 Auxiliary Facilities Revenue Refunding and Improvement Bonds, July 24, 2001 Weld Library District: $11,930,000 Lease/Purchase Certificates of Participation, March 21, 2001 21 JAMES Capital Advisors Inc. US TREASURY N/B T 4 02/15/14 Mid Lin ae. ; ..a Govt G Y 95-10+ / 95-12+ ( 4.60 /59) BGN @ 9:28 ily d Line Movi Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 920410 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2004 Bloomberg L.P. G453-605-0 27-May-04 9:28:59- l INW lietus 1-Ij In ODATA-IP4 MENU 11 *RETURN TO CURRENT PAG�]I 46HISTORICAL PAGE _--■ AS OF 05/26/2004 [ Municipal Yield Curves as of 05/26/2004 ] [ General Obligations ] [ "AAA" Coupon Range ] "AAA" PRE RE INSURED "AA" IRA" "BAA" "LOW" "HIGH" 1 2005 1.51 1.51 1.57 1.56 1.66 2.06 4.50 5.00 2 2006 2.01 2.04 2.09 2.07 2.21 2.66 4.50 5.00 3 2007 2.48 2.52 2.57 2.55 2.72 3.17 4.50 5.00 4 2008 2.85 2.89 2.94 2.92 3.11 3.53 4.75 5.25 5 2009 3.15 3.20 3.25 3.23 3.44 3.85 4.75 5.35 6 2010 3.36 3.43 3.47 3.45 3.69 4.08 5.00 5.35 7 2011 3.53 3.60 3.65 3.62 3.87 4.25 5.00 5.35 8 2012 3.71 3.78 3.83 3.80 4.06 4.43 5.00 5.35 9 2013 3.86 3.98 3.95 4.21 4.58 5.00 5.35 10 2014 3.99 4.11 4.08 4.33 4.70 5.00 5.35 11 2015 4.13 4.25 4.22 4.47 4.83 5.10 5.35 12 2016 4.24 4.36 4.33 4.57 4.94 5.10 5.30 13 2017 4.33 4.45 4.42 4.67 5.03 5.10 5.20 14 2018 4.41 4.53 4.51 4.76 5.11 5.10 5.20 15 2019 4.49 4.61 4.59 4.82 5.18 5.10 5.20 [ Municipal Yield Curves as of 05/26/2004 ] page 14903 [ General Obligations ] [ "AAA" Coupon Range ] wJLUA" PRE RE INSURED "AA" "A" "BAA" "LOW" "HIGH" 16 2020 4.56 4.69 4.66 4.88 5.24 5.10 5.20 17 2021 4.63 4.74 4.73 4.94 5.31 5.10 5.20 18 2022 4.71 4.82 4.81 5.01 5.37 5.10 5.20 19 2023 4.78 4.89 4.88 5.07 5.40 5.10 5.20 20 2024 4.85 4.96 4.95 5.11 5.43 5.05 5.15 21 2025 4.92 5.03 5.02 5.18 5.48 5.00 5.15 22 2026 4.96 5.07 5.06 5.21 5.52 5.00 5.15 23 2027 4.98 5.09 5.08 5.23 5.54 5.00 5.15 24 2028 4.99 5.10 5.09 5.24 5.55 5.00 5.15 25 2029 5.00 5.11 5.10 5.25 5.56 5.00 5.15 26 2030 5.00 5.11 5.10 5.25 5.56 5.00 5.15 27 2031 5.01 5.12 5.11 5.26 5.56 5.00 5.15 28 2032 5.01 5.12 5.11 5.26 5.56 5.00 5.15 29 2033 5.02 5.13 5.12 5.27 5.57 5.00 5.15 30 2034 5.02 5.13 5.12 5.27 5.57 5.00 5.15 Your MMD Whars Feedback PSA MMD Free Trial New as Glossary Mo1P ■ Copyright2004 by Municipal Market Data - 617.856.2900 ALL RIGHTS RESERVED https://www.tin3.com/mmd/mmdpage jsp?date=05%2F26%2F2004&action=page&showC... 5/26/2004 tustoncat -t_P�a - v.v. iteius ODATA-LINE) MENU �MSTORICALPAGEloe L18"AAA"MunicipalYields Analysis NEXT PAGE, Historical "AAA" G.O. Yields Data -Line page 6 Municipal Market Data -Line [ AAA General obligation Yields ] 1-yr 3-yr 5-yr 7-yr 10-yr 12-yr 15-yr 20-yr 25-yr 30-yr Slope 05/26/04 1.51 2.48 3.15 3.53 3.99 4.24 4.49 4.85 5.00 5.02 351 05/25/04 1.52 2.51 3.19 3.58 4.04 4.28 4.53 4.89 5.03 5.05 353 05/24/04 1.52 2.54 3.23 3.64 4.09 4.32 4.56 4.92 5.06 5.08 356 05/21/04 1.52 2.54 3.25 3.66 4.11 4.33 4.57 4.93 5.07 5.09 357 05/20/04 1.52 2.54 3.25 3.66 4.11 4.33 4.57 4.93 5.07 5.09 357 04/30/04 1.25 2.22 2.94 3.44 3.96 4.15 4.37 4.77 4.89 4.93 368 03/31/04 1.02 1.70 2.35 2.90 3.43 3.68 4.02 4.40 4.49 4.53 351 02/27/04 1.00 1.56 2.22 2.69 3.31 3.56 3.88 4.30 4.41 4.44 344 01/30/04 1.10 1.79 2.45 2.95 3.54 3.79 4.10 4.49 4.57 4.60 350 12/31/03 1.11 1.74 2.36 2.86 3.40 3.66 3.99 4.41 4.59 4.63 352 11/28/03 1.11 1.72 2.39 2.94 3.55 3.79 4.12 4.52 4.68 4.72 361 10/31/03 1.05 1.65 2.40 3.02 3.68 3.91 4.22 4.63 4.76 4.82 377 09/30/03 1.00 1.37 2.15 2.86 3.47 3.70 4.03 4.52 4.60 4.73 373 08/29/03 1.05 1.87 2.69 3.39 3.95 4.15 4.46 4.86 4.99 5.02 397 Your MMD VIkO s Feedback PaA MMD Free Trial Now Glos wy Help Copyright 2004 by Municipal Market Data - 617.85C2900 ALL RIGHTS RESERVED Last Update: Wed May 26 18:1S: 43 EDT 2004 https://www.tfn3.com/mmd/g_14906.htmi 5/27/2004 Advisors Inc. ndent Financial Advisor Mr. Alan Krcmarik, Finance Director Mr. James O'Neill, Director of Purchasing City of Fort Collins 215 N. Mason 80524 Fort Collins, CO 80522 Dear Alan and Jim: April 28, 2004 Thank you for inviting James Capital Advisors Inc. to submit this proposal to provide financial advisory services to the City of Fort Collins. James Capital's working relationship with Fort Collins has been one of the truly satisfying aspects of my business. I'm very proud of assisting the City in breaking away from the traditional mind -set of the Colorado market in which negotiated bond sales are often a foregone conclusion. Fort Collins has successfully brought private bond sales and competitive bidding into its marketing strategy, while still using negotiated sale when it offers the best advantage. The opportunity to help my clients fairly evaluate all their options and choose for themselves the most efficient bonding approach is basically what attracted me to opening an independent advisory practice in the first place. The early opportunity given to me to work with the City played an important part in supporting a business which is now thriving in its eighth year. I hope you still see a benefit to the City in James Capital's approach to the bond advisory business, and I sincerely hope to continue this very positive relationship into the future. Respectfully submitted, JAMES CAPITAL ADaiISORS INC. w y , es Manire iident 4950 S. Yosemite Suite F2-502 Greenwood Village, CO 80111 (303) 699-4464 Fox (303) 699-4888 SIGNATURE FORM We propose to furnish a consultant in accordance with the terms, conditions, and specifications detailed in the City's Request for Proposal and in our accompanying written response without exception, deletion, or qualification. Company Name James Capital Advisors Inc Business Address Telephone Number 4950 S. Yosemite Suite F2-502 Greenwood Village CO 80111 (303) 699-4464 RPF No. P-936 Date of Proposal: April 28, 2004 Sign d by: James Manire, President JAMES Capital Advisors Inc. Proposal to Provide Financial Advisory Services to THE CITY OF FORT COLLINS Presented by JAMES CAPITAL ADVISORS INC. TABLE OF CONTENTS TAB A — Requests for Information Overview of James Capital Advisors..........................................1 Ability and Experience.............................................................3 Approach to Services Evaluation Framework.....................................................5 Competitive Advantage...................................................7 Ratings and Insurance.....................................................8 Projected Pricing of April 15, 2004..................................10 Staffing.............................................................................. . ..11 OfficeLocation.......................................................................11 Disclosures...........................................................................12 TAB B — Responses to Additional Questions Innovative Procedures.............................................................13 Historyof the Firm..................................................................13 Dollar Volume of Financings.....................................................14 Biographical Information..........................................................15 Feesand Expenses.................................................................16 Managing Negotiated Sale Costs..............................................17 Other Fees and Services..........................................................17 Other Information...................................................................18 ClientListings........................................................................19 JAMES Capital Advisors Inc.