HomeMy WebLinkAboutRESPONSE - RFP - P936 FINANCIAL ADVISORY INVESTMENT BANKINGPresentation to
City of Fort Collins
Presented by
Georgea!!a=&. Company
IntmSince 1928
May 27, 2004
Commitment to the State of Colorado
George K. Baum & Company has 84 Colorado -based employees.
The firm and its employees are active and committed members of the Colorado business and civic
community. The firm and its employees continue to support the arts, charitable and business
organizations, and civic and social causes via financial and personal contributions (money and
time). A partial list of the groups we have supported in recent years include:
Denver Metro Chamber of Commerce
Colorado Association of School Boards
Colorado Education Network
Downtown Denver Partnership
Leadership Denver
Denver Regional Council of Governments
Colorado Counties Inc.
Colorado Municipal League
Colorado Government Finance Officers Association
Leadership Denver
Urban Peak
Denver Community Leadership Forum
Colorado Symphony
Colorado Community Revitalization Association
Colorado Association of School Executives
Season for Non -Violence
Kids Voting Denver
Habitat for Humanity
American Cancer Society
United Way
Smart Government, Inc.
Theodora House
Samaritan House
MLK Business Social Responsibility Luncheon
Anti -Defamation League
Presentation to
City of Fort Collins
George K. Baum & Company
lcnesanenc Bankers Since 1928
Proposal to
City of Fort Collins
Proposal No. P-936
Financial Advisory, Investment Banking &
Consulting Services
April 28, 2004
George K. Baum & Company
Specialists in Colorado Public Finance
Douglas Houston
+ I Senior Vice President
Public Finance
717 17th Street, Suite 2500
Denver, CO 80202-3354
Tel 303.292.1600
�l�gs 3
3-D3-2� ce
City of Fort Collins
Larimer County, Colorado
Certificates of Participation
(Police Building & Open Space Acquisition)
Series 2004
Tentative Financing Schedule
As of May 27, 2004
Target Date
Week of May 31
Action
Designate Finance Team.
Lead
Week of May 31
Hold organizational meeting of Finance Team
Week of June 14
Bond Counsel distributes first draft of documents: lease, mortgage, Indenture, and
Preliminary Official Statement.
Week of June 14
Document review meeting — all members of Finance Team.
Week of June 14
Distribute draft credit presentation materials.
SellsBemberg
Week of June 14
Title insurance request.
Week of June 21
Distribute Second Draft of all Documents to working group.
Week of June 21
Distribute Second Draft of Credit Presentation to working group.
Sells/Bemberg
Week of June 21
Final comments and changes on all Documents to Bond Counsel
ALL
Week of June 21
Final comments and changes for Credit Presentation to GYB.
ALL
Week of June 28
Distribute Third Draft of all documents to working group, rating agencies an
insurers. Distribute documents to City Council and place on July 20 Council
Agenda
Week of July 5
Presentation to rating agencies and insurers in New York.
Week of July 12
Receive insurance commitment and/or ratings.
Houston
Week of July 12
Final Project cost revisions; Finance Plan Revisions.
Week of July 12
Distribute third and final draft of all documents and finance plan.
July 20, 2004 (Tuesday)
City Council approves all documents and sale of Certificates of Participation.
Authorizes execution of Certificate Purchase Agreement upon sale of COP's.
July 22, 2004 (Thursday)
July 22, 2004 (Thursday)
Order CUSIPS.
Preliminary Official Statement delivered to printer and posted on website.
Bernberg
July 23-27
Pre -marketing with potential investors.
Houston
Week of July 26
Price and market COPS.
Houston
Week of July 26
Execute Certificate Purchase Agreement
August 2, 2004 (Monday)
Distribute final draft of Official Statement and first draft of closing documents.
August 6, 2004 (Friday)
Print and mail Final Official Statement
August 6, 2004 (Friday)
Comments due on closing documents.
August 11, 2004 (Wednesday)
Pre -closing on Certificates of Participation.
August 12, 2004 (Thursday)
Closing on Certificates of Participation.
[Meetings shaded in yellow.
Table of Contents
Section Page
Overview............................................................................................................................1
Ability& Experience.........................................................................................................2
Approach............................................................................................................................5
Staffing..............................................................................................................................11
OfficeLocation.................................................................................................................11
Disclosure.........................................................................................................................11
Appendices
Appendix 1: Issuers Served as Financial Advisor, 2000-present .............................12
Appendix 2: Services to be Performed........................................................................13
Appendix 3: About George K. Baum & Company.....................................................14
Appendix 4: Conflict of Interest....................................................................................15
Appendix 5: Underwriting Statistics............................................................................16
Appendix 6: Financing Team........................................................................................17
Appendix 7: Proposed Fees & Expenses......................................................................19
Appendix 8: Unique Qualifications..............................................................................20
Appendix 9: Financial Advisory & Underwriting Clients........................................21
Appendix 10: Required Statement and Form.............................................................22
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928
gkb
April 28, 2004
Mr. Alan Krcmarik
Executive Officer of Finance
City of Fort Collins
215 North Mason Street, 2nd Floor
Fort Collins, CO 80524
Re: Proposal Number P-936, RFP for Financial Advisory, Investment Banking & Consulting Services
Dear Mr. Krcmarik:
George K. Baum & Company is pleased to present our qualifications to serve as financial advisor and/or
investment banker to the City of Fort Collins for its financial programs. If selected for this engagement, we will
provide the City a level of expertise and personal service unmatched by our competitors. We offer a unique
package of local commitment and national resources that ensures the City convenient accessibility to our banking
professionals and the expertise they bring to this engagement. Following is a summary of our key qualifications.
Largest underwriter of tax-exempt securities in Colorado. During the past decade, no firm managed more
Colorado bond issues than George K. Baum & Company. With a staff of nearly 90 professionals, we maintain the
largest public finance office in the state and have more resources to ensure the best possible transaction.
Colorado's financial advisory specialist. Douglas Houston is one of Colorado's most active financial advisors.
He has served several Colorado issuers, including the City of Colorado Springs and the Denver Water Board.
Last year, George K. Baum & Company ranked as the third most active financial advisor to Colorado issuers.
Long-term commitment to municipal finance. Unlike other firms that are scaling back or completely eliminating
their public finance operations, George K. Baum & Company continues to aggressively recruit seasoned public
finance professionals, including bankers, quantitative analysts, credit rating specialists and municipal research
professionals. Municipal finance remains the primary focus of George K. Baum & Company's operation.
National Presence. George K. Baum & Company consistently ranks among the top underwriting firms in the
nation. Since 1990, our firm has served as senior, co -manager or financial advisor for more than 4,600 municipal
bond issues totaling approximately $154 billion.
We understand that sustaining customer loyalty requires hard work. It requires being reliable and responsive,
maintaining an unwavering commitment to our clients' long-term success, doing the right thing —every time —
and sustaining a passion for delivering the highest level of service each and every day. George K. Baum &
Company's team is truly excited about the opportunity to continue our work with the City of Fort Collins.
We look forward to your decision and welcome the opportunity to further discuss the financing options we have
presented in our proposal.
Sincerely,
GEORGE K. BAUM & COMPANY
Dou las Houston
Senior Vice President
Note: George K. Baum & Company acknowledges receipt of Addendum No. 1 to the City's RFP
George K. Baum & Company 717 Seventeenth Street, Suite 2500 Denver, Colorado 80202 800.722.1670
C
PROPOSAL TO City of Fort Collins
Overview
1. Briefly describe, in two (2) pages or less, the nature of the firm's business as it relates to providing financial advisory services to municipalities, particularly
for tax-exempt revenue bonds and lease -purchase transactions financed through COPS.
Colorado Presence
George K. Baum & Company has maintained its
municipal finance headquarters in Denver since
1990. The firm has the largest and most active public
finance, municipal bond sales and trading, and
municipal research operations in Colorado, with more
than 80 employees located in Denver. Approximately
one-half of our sales and trading professionals
are based in Denver. Our Colorado clients have
tremendous access to the professionals assigned to
their engagement(s), in addition to our large support
staff.
Our firm has traded more than $57 billion of
municipal securities in the secondary market since
1994, including more than $7 billion of Colorado
municipal securities. We are a major market maker in
Colorado municipal bonds in the secondary market.
Investors' knowledge of our willingness to provide
secondary market liquidity significantly enhances
our ability to generate demand for the new Colorado
issues we underwrite, which ultimately results in
stronger pricing.
Financial Advisory & Underwriting Experience
Since 1995, George K. Baum & Company has served as
financial advisor on 476 issues with a total par value
of approximately $6.7 billion. We have also provided
many of the same services that a financial advisor
provides in connection with the more than 1,800
negotiated issues we have senior managed during this
same time period.
Additionally, Baum has served as underwriter on
more than 1,340 tax-exempt revenue bond issues, and
130 certificate of participation (COP) issues since 1995,
together totaling more than $51.8 billion. Our hands-
on experience with the structuring, underwriting
and marketing of municipal bond issues —coupled
with our extensive advisory experience —has proven
extremely valuable to our financial advisory clients.
Approach to Services
George K. Baum & Company will rely upon an
interactive process involving the City's staff and our
team members to successfully complete those projects
to which we are assigned. In serving as financial
advisor or investment banker, George K. Baum &
Company will be involved in the following services.
Accessibility. George K. Baum & Company offers a
high degree of accessibility. Personnel representing
the City can be assured that their needs for data
analysis and information will be met quickly and
efficiently.
Identification of a primary contact. . Identification
of primary contacts establishes clear channels of
communication, avoids confusion and eliminates the
need for duplication of effort in notifying the client or
the advisor on various matters. All work provided
by George K. Baum & Company will be coordinated
through Doug Houston, who will be acting as our
team leader.
Clearly articulated responsibilities. While all financings
are unique, most involve performance of standard
and readily identifiable tasks. Preparation of debt
schedules, assembly of rating information, review of
Official Statements, publication of sale notices, bid
calculations and oversight of the closing are among
the key activities associated with a financing. At
the outset, George K. Baum & Company will review
all primary steps associated with the financing
to establish a clear understanding of primary
responsibility for completion of tasks.
Establishment of a timetable. In conjunction with the
above, a timetable for the financing, highlighted by
major steps or events, should be developed at the
very beginning and shared with all persons involved
in the financing. Establishment of a timetable imposes
discipline on both the provision of services and the
development of a financing plan.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page I
Efficiently organized and coordinated meetings. Meetings
organized for the development of a finance plan and
delivery of services should be well coordinated and
kept to a minimum. Meetings should be attended
by all parties of the transaction with each session's
purpose clearly defined and understood in advance
of the meeting. This approach will avoid delays in
developing the analysis needed to effectively plan for
the sale of bonds, and will avoid duplication of efforts.
Ability and Experience
2. State in two (2) pages or less, why your firm is well qualified to provide
the services outlined in the Scope of Services section above, and your
firm's 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 principal responsibility for the financing. Identify at least
three individuals from different entities with phone numbers who can be
contacted to serve as references.
George K. Baum & Company has extensive experience
in the financing of all types of public projects in
Colorado, both as an investment banker and as
financial advisor. In particular, Doug Houston, our
team leader for the City of Fort Collins, has significant
experience in the use of COPs and has underwritten
or served as FA on some of the most prominent recent
COP projects in Colorado.
Following is a sampling of recent case studies for
which George K. Baum & Company served as either
investment banker or financial advisor; Doug Houston
has served as primary contact on the following
financings.
City of Colorado Springs
Client Contacts: Mr. Steve Hilfers, City Finance
Director; Mr. Richard Comerford, Utilities Chief
Financial & Planning Officer
Telephone: Mr. Hilfers: (719) 385-5203; Mr. Comerford:
(719)668-3808
Role of GKB: Financial Advisor
George K. Baum & Company has served as financial
advisor to the City of Colorado Springs and its
Utilities on numerous transactions involving both
utilities, open space acquisition, public building
construction and renovation projects, airport, parking
PROPOSAL TO City of Fort Collins
and other transportation projects. Since 1991, we
have served as financial advisor for all of the City's
numerous financings totaling nearly $2 billion. Our
involvement with these financings included the
provision of a full range of financial advisory services
including structuring, assisting with the Preliminary
Official Statements, presentations to advisory boards
and city council, preparing and coordinating rating
agency presentations, promoting the issues to bidders,
assisting with all bond documents including Notice
of Sale, coordinating bid openings, analyzing bids
received and coordinating closings. The specific types
of financings with which we have been involved
include utility revenue bonds, COPs, sales tax, airport
and parking revenue bonds.
Of particular note and detailed later in this proposal was
our leadership on the issuance of $15,090,000 of open space
acquisition COPS in 2003 for the City.
George K. Baum & Company has also just competed
directing the first negotiation in Colorado of
common ISDA agreements with seven "AA" -rated
counterparties for financial and commodity (gas)
trades for the City's Utilities. This will enable the
Utilities to competitively bid financial products
such as swaps based on underlying documents
that represent the Utilities' best interests, and to act
rapidly to take advantage of market opportunities.
City and County of Denver, Colorado
(Denver Water Board)
Client Contact: Ms. Kathryn M. Kempke, CIA,
Manager of Treasury Operations
Telephone: (303) 628-6410
Role of GKB: Financial Advisor
George K. Baum & Company has served the Denver
Water Board as financial advisor for most of its
financings dating back to the 1970s. Many of its issues
have been secured by the general obligation credit
of the City, but post -TABOR, its issues have been
revenue supported or certificates of participation. All
manner of water facilities have been financed. We
have also assisted the Water Board with rating and
insurance presentations. In 2003, George K. Baum
& Company completed the structuring, rating and
public sale of Denver Waters first revenue bond
issue.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928
Page 2
Boulder, Colorado, Urban Renewal Authority
Client Contact: Paul C. Benedetti, Esq., Authority's
former legal counsel
Telephone: (303) 499-6340
Role of GKB: Investment Banker
Our work with this authority during the past 15 years
has led to a number of breakthroughs, including:
• the first tax -increment bonds issued in Colorado
• the first tax -increment bonds to receive a rating
• the first bonds of this type to be secured by a letter
of credit and insured by a bond insurance company
We issued two series of initial financing for the
Authority followed by several refundings. Project
costs were $20 million. In 1980, our personnel took
over project financing from another underwriting
firm which had failed in their efforts to sell the
Authority's bonds. In the face of multiple lawsuits,
a petition drive calling for a second vote on the
project and investors unfamiliar with TIF financing,
we immediately restructured the financing to meet
Colorado investor needs and closed a $10 million
start-up issue into escrow. Within months of the
start-up bond issue, we structured a long-term bond
issue for the Authority and successfully marketed it to
Colorado banks and institutions.
Estes Park, Colorado, Urban Renewal Authority
Client Contact: Mr. Will Smith
Telephone: (970) 577- 3704
Role of GKB: Investment Banker
We began assisting the Town of Estes Park shortly
after a flood caused by the failure of an upstream
dam, an event causing significant damage to the
downtown area. We participated on planning teams
that prepared an action plan for the redevelopment
of Estes Park and have subsequently served as
financial advisor and underwriter for four related
TIF bond issues totaling more than $25 million. Bond
proceeds were used to finance extensive streetscape
improvement projects, fund land acquisition for public
facilities and private redevelopment, and refund
J 7
PROPOSAL TO City of Fort Collins
outstanding bonds to reduce debt service costs. Our
most recent issue for Estes Park was to underwrite
a combination new money and refunding issue in
2003 to extend the riverwalk project and construct
a kayak course through downtown. A full rating
presentation was developed and a visit to the town
by Moody's was arranged. Despite the small size of
the project area, the TIFs'Baal" rating was retained.
Las Vegas, NV, Downtown Redevelopment Agency
Client Contact: Mr. David Oka, Dev. of Economic
Development
Telephone: (702) 229-6551
Role of GKB: Investment Banker
Our firm was selected by the City of Las Vegas
through a nationwide competition and served as
investment banker on a 2,400-acre redevelopment
project from 1986 to 1994, and again in 2001. Among
the services we provided the Agency were:1)
structuring and underwriting a $50 million tax -
increment financing, 2) remarketing two issues
($15 million and $35 million), 3) structuring and
underwriting two subordinate lien tax -increment
issues ($18.8 million and $3.3 million) for parking
and housing projects, and 4) helping the Agency
maintain its "BBB+" rating on its subordinate lien
bonds and an "A-" rating on its senior bonds.
City of Bakersfield, California Downtown
Redevelopment Program
Client Contact: Mr. Alan Tandy, City Manager
Telephone: (661) 326-3751
Role of GKB: Investment Banker
Our firm underwrote a $40.650 million Convention
Center Arena Project, Series 1997 COP issue
which involved numerous complex elements:
a design -build process which developed major
contract pricing difficulties; litigation from one
of the design -build parties; City assumption of
Downtown Redevelopment debt in order to capture
all tax -increment revenues for COP repayment and
the refinancing of earlier COP debt to eliminate
overlapping asset title problems. Key to obtaining
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 3
both an MBIA insurance policy and Debt Service
Reserve Fund Surety, was our firm's successful
strategy of first obtaining an "Aa3" general obligation
rating for the City in the face of strong downgrade
pressure. This provided the assurances needed by
MBIA to not only commit to insuring the transaction,
but also to provide a surety and very aggressive
premium bonds. Baum has also assisted the City
in the development of a finance plan for a newly -
created City Center Redevelopment Area. Projects
include parking, a minor league baseball stadium,
theaters, retail, housing and an ice rink/recreation
facility, issuance of wastewater revenue bonds and
a GO refunding. We are currently assisting the City
in the development and execution of a $55 million
wastewater treatment plant expansion financing.
City of Fort Collins, Colorado
City Contacts: Alan Krcmarik, Financial Officer
Telephone: (970) 221-6788
Role of GKB: Underwriter
George K. Baum & Company has served as senior
managing underwriter on numerous City of Fort
Collins issues since 1988. Our firm has had the
privilege of serving the Storm Drainage Utility since
its first bond issue in 1988. In 1997 and 1998, we
assisted the City in the execution of a COP financing
for a new parking garage and city office building.
Of significant note is that GKB assisted the City in
developing a rating strategy that not only led to a high
underlying rating for the COPS, but also achieved a
long awaited upgrade in the City's GO rating to "Aal".
Baum has assisted the City on several other financings
including general obligation, sales tax and utility
revenue bonds.
PROPOSAL TO City of Fort Collins
El Paso County, Colorado
Client Contact: Mr. Terry Harris, County
Administrator; Mr. Frank Barber, Director of
Economic Development & Public Finance
Telephone: Mr. Harris (719) 520-6426; Mr. Barber (719)
520-6480
Role of GKB: Underwriter
George K. Baum & Company has served as the
County's investment banker since 1995, underwriting
five COP issues used to finance the purchase or
construction of facilities totaling nearly $110 million
including an office building, jail facility, courthouse
expansion, regional building department offices,
computer services building and a county -wide
emergency services radio system. Projects financed
were almost always controversial with Douglas Bruce
often contesting the County's ability to utilize COPS.
Services to the County included the full range of
investment banking services including structuring,
rating and insurance presentations and transaction
processing.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928
Page 4
M
PROPoSALTo City/ of Fort Collins
Approach
3. 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. In addition: A) 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; B) Identify the firm's position as to (a) requesting
a rating for the bonds or 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. C) Identify the municipal bond interest rate scales that would be used as benchmarks for pricing the
transactions specifically listed in this proposal. Using the scales as of April 15, 2004, estimate the interest rates that the City would have attained, had the
transaction been completed on that day. Provide the basis for your estimates.
George K. Baum & Company has extensive experience
in developing finance programs utilizing enterprise
revenue bonds, redevelopment TIFs and COPS in
Colorado and in other states. We have been fortunate
to work with the City of Fort Collins on numerous
financings where an extensive amount of planning has
gone into developing finance plans both workable for
the City and attractive to the marketplace.
In this section, we set forth our ideas on how the
financing process for both types of the City's bond
issues might best be approached, as well as specific
rating and insurance considerations and special
concerns for each type of bond.
General Framework for Analysis
A team approach. The complexity of the City's projects,
combined with the elaborate legal and financial
structures involved, clearly suggests the need for
"project teams" These teams should be led by the
Financial Officer and should include, at a minimum:
• Key Finance Department staff
• Key Utility Enterprise personnel
• City Attorney
• Bond and Disclosure Counsel
• Financial Advisor (if not investment banker)
Others who may likely need to be involved as
appropriate for individual financings include:
• City Manager's office
• City Council committees
• Project Planners/ Architect
• Building (or Finance) Authority members
• Title Company
• Representatives of the DDA and any other
redevelopment entities which may be formed
• Representatives of involved City departments such
as open space
Establish City's goals and objectives. The first task of
the assembled teams would be to clearly identify
the City's goals and objectives for the projects and
financings. Goals of other parties should also be clearly
set forth, especially those of outside parties, if any.
Develop an acquisition, construction and cash flow schedule
for each project. It is important to have a construction
and cash flow available as a framework for evaluating
the impact of all decisions.
Key project factors to be evaluated. Once goals and
objectives are defined, the complex task of identifying
and evaluating those key factors which will ultimately
determine the structure of the project and the
financing(s) must occur. Key factors will include many
of the following:
• Project grouping and timing
• How can projects be sequenced to maximize
efficient borrowing and to maximize credit quality
• How best to develop public support for the
projects and financing methods, or, at a minimum,
how to keep the public informed so as to avoid
contention and controversy which may negatively
impact the rating process (especially with regard
to COPS)
• Sources of revenue for lease payments on COPS,
(e.g. dedicated sales taxes, payments from other
entities such as Larimer County, earmarked funds,
etc.)
• The incorporation of private users or management
contracts into any of the facilities may require
careful structuring to avoid losing tax exemption
for the financing
Derivative Financial Products and Variable Rate
Securities
George K. Baum & Company provides significant
resources pertaining to the provision of derivative
0
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 5
Recognized Leader
in Serving Colorado Issuers
George K. Baum & Company is a recognized leader in Colorado among underwriters and
financial advisors to municipalities. Our experience is unmatched by the other proposing
firms.
Colorado Underwriter Ranking
By Number of Issues, 1998 to Present
George IL Baum & Company
Newman & Associates
rAG Edwards & Sons Inc.
Lehman Brothers
welis Fargo Bank
Financial Services Inc.
0 50 100 150
Number of Issues Underwritten
I
200 250 300
Colorado Financial Advisor Rankings
By Par Amount, 1998 to Present
$0 $.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5
Total Amount in Billions
Presentation to
City of Fort Collins
George K Baum & Company
Investment Bankers Since 1928
and variable rate financial products. We have a
fully staffed and dedicated derivatives and variable
rate trading desk in our Denver headquarters.
GKB is the only regional investment banking firm
in the nation to have the ability to act as principal
on derivative transactions through its Financial
Services Corporation, a wholly owned, "AA" -rated
counterparty.
Revenue Bonds
No specific projects are specified, but the City has a
well established procedure for bringing such issues
as utility enterprise bonds to market. These are
generally straightforward and supported by investor
and rating agency confidence.
Downtown Development Authority TIF Bonds
George K. Baum & Company has provided extensive
underwriting services on tax -increment bonds in
Colorado and throughout the nation. Our firm has
successfully obtained ratings, letters of credit and
bond insurance for redevelopment financings. Our
trading desks and sales department are familiar with
tax -increment financing and the unique concerns
encountered in marketing such bonds. This expertise
is a critical asset when evaluating market reception to
determine the optimum financing structure.
We have assisted many clients in the negotiation
of development agreements with both public and
private developers. Our expertise in this important
area of economic development makes our investment
banking and financial advisory services especially
useful and relevant.
Few Colorado TITS have been issued in the 1990s due
to the passage of TABOR and litigation challenging
this method of financing. An additional challenge
has arisen to the use of TIF and redevelopment
powers in Colorado in the currently ongoing
session of the State Legislature. At the writing of
this proposal it appears likely that a bill containing
such restrictions will be adopted although the final
outcome is not clear.
Certificates of Participation
Certificates of Participation (COPS) remain one of
the most complex and controversial methods of
financing projects in Colorado. High "essentiality"
projects such as the City's police services building
PROPOSAL TO City of Fort Collins
will be well received by rating agencies, insurers
and investors. Other projects may be perceived
by outsiders as somewhat less essential and may
encounter rating and insurance difficulties and meet
investor resistance. The City's transportation de-icing
facility and SE branch library —if financed by COPs
on a stand alone basis —will require some effort to be
satisfactorily defended as essential, but we would not
anticipate any major difficulties if properly presented
and structured. The City's proposed open space COPS
are another matter entirely if they must be done on a
stand alone basis and are addressed below.
Key Factors for a COP Financing
Assuming that COPS are confirmed as the best method
for financing for certain projects, the following
additional key factors must be evaluated:
• Should a "Master Lease' structure be used that
incorporates all facilities financed under the
same lease as the parking garage and city Office
building were? This is almost always viewed
as a major credit strength for a COP issue since
failure to appropriate lease payments for one
project means that the trustee can repossess all
facilities included under the lease. If the projects
with weaker "essentiality" are financed under the
same lease projects of high essentiality, the rating
agencies and insurers will often commit to the
package of projects even though they would not
insure some of the projects on a stand alone basis.
• Does the City have clear title to the improvements
to be financed? Do some of the sites need to be
purchased with COP funds?
• Are there any title complications which may create
difficulties in establishing collateral for the COPS?
• For those sites already owned by the City, what
is the best mechanism for incorporating the land
into the project lease, e.g., sale to the leasing entity,
ground lease tied to the length of the financing?
• If serious impediments arise to the use of COPS for
the intended improvements, one or more existing
City facilities could be sold to the leasing entity
and leased back to the City. The City would utilize
the proceeds from the sale of the existing facilities
to build the new improvements. The leasing entity
would issues COPs to pay for the purchase of
the City's existing facilities. This process is called
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 6
"Asset Transfer", and while not often utilized in
Colorado, it is a technique frequently use in other
states, especially California.
Special Considerations for Open Space COPs
As the City's RFP acknowledges, open space
financings utilizing COPS represent a very specialized
type of financing. Like Fort Collins' efforts, many
open space programs have a dedicated tax to support
them but do not have authority to enter in to multi-
year debt and therefore must increasingly rely on
COPS as a financing mechanism. George K. Baum &
Company has had significant recent experience with
open space COPS that is directly related and on point
with the Fort Collins finance plan for open space.
In 2003, George K. Baum & Company successfully
orchestrated the public sale of a $15,070,000 Open
Space Acquisition COP for the City of Colorado
Springs. A number of difficulties typical to open space
financing were encountered and overcome:
• An extremely short time frame was involved as a
complex acquisition plan for the open space parcel
required the COP financing to take out temporary
financing put in place by the City of Colorado
Springs and the national Trust for Public Lands.
• A 50-acre portion of the 732-acre project had been
used as landfill. While no longer environmentally
a hazard, a plan was developed to exclude the
50-acre site from the larger site and to have it
purchased separately by City open space cash.
This eliminated environmental risk from the
project —a very important concern for the rating
agencies and investors.
• A city council composed of a majority of new
members had never been through the COP process
and were receiving negative input from Douglas
Bruce and others in the anti -tax community. A
thorough set of financing options had to be
assembled for the council to review and several
meetings were held to inform the council, some of
whom did not want to use lease financing for open
space. In the end, a strong majority of council
members voted to support the financing.
• COPS, after extensive outside credit analysis,
typically are rated one notch below an issuer's
general obligation rating and insurance is
occasionally unavailable. Accordingly an
PROPOSAL TO City of Fort Collins
extensive and elaborate credit presentation was
created by George K. Baum & Company and in
person presentations and conference calls were
held with Moody's and several bond insurers.
Despite strong support from analysts, rating
and insurance commitment committees simply
discounted the essentiality of the City's open
space program based on their own short sighted
"policies regarding open space" and rated the
COPS two notches below the GOs. Insurers
declined coverage.
The investor market for Colorado COPs had lost
some of it's confidence as a result of continued
political noise from anti -tax activists and law
suits, the most current of which was still pending
involving a group of anti prison activists suing to
stop the State of Colorado from issuing COPs to
build a prison and facilities for the CU Medical
Center. This situation, which didn t directly
apply to local government COPS, was potentially
exacerbated by the placement of disclosure of this
matter in the POS for the City's COPS. George K.
Baum & Company worked with bond counsel to
make sure the disclosure was made as "litigation"
and not as a "risk factor" as had recently been
done for other COP issues.
• Another factor impacting investor confidence in
Colorado COPS involved a controversy among
bond trading desks over the description of a
"redeem from other funds" call feature which had
historically been used in Colorado COPS. This
matter arose in a COP involving another issuer
in the market just prior to Colorado Springs.
George K. Baum & Company resolved this issue
by reluctantly deleting the controversial language.
This issue must now be dealt with as part of
every Colorado COP. Our analysis of the current
situation as well as Fort Collins' 1998 COPS is that
this matter should be able to be handled through
proper discussion of "extraordinary redemption'
features.
• The Colorado Springs COPS were offered at
public sale with the expectation that 4 or more
bids would be received. The above controversies,
all beyond the control of the City, resulted on
only two narrowly separated bids received, one
of which was from George K. Baum & Company
acting by itself; the winning bid was submitted by
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 7
a syndicate of over ten firms. Nonetheless, good
interest rates were received due to the strength
of the overall bond market in 2003 and the issue
closed in a timely manner, meeting the needs of the
City and the Trust for Public Lands.
Based on this direct and recent experience with open
space COPS in Colorado, we suggest the following
strategy for utilizing COPs to acquire open space for
the City of Fort Collins:
Fort Collins should retain George K. Baum &
Company as investment banker to oversee the
negotiated sale of its open space COPs. Despite
extraordinary efforts to effect public sales, open
space COPs have become a uniquely Colorado
product and as such they require a concentrated
effort by a Colorado underwriter to tell the
"story" to investors through an extensive pre -sale
marketing campaign. While a single investment
bank should take charge, a selling group should be
formed and a briefing meeting for their sales force
should be conducted.
An extensive credit presentation should be
assembled and presented in person to all of the
insurers and both Moody's and S&P. In addition,
consideration should be given to meeting with
Fitch Ratings.
The credit presentation should include a
description of all open space programs in
Colorado. The purpose of this is to demonstrate
the success, importance and support for open
space programs throughout the State—i.e., this
is a matter of statewide concern. We believe it's
possible to demonstrate that no Colorado open
space purchases by municipalities or counties
have been forfeited or given over to any other use.
George K. Baum & Company is prepared to devote
its extensive research capacity to this purpose. No
other firm in Colorado has more than a fraction
of the staff resources that George K. Baum &
Company can devote to assisting the Fort Collins.
Credit presentations must involve multiple
members of each entity's credit committee and
will of necessity have to be held in the offices of
each firm. It's not enough to convince individual
analysts of the viability of Colorado's open
space programs —rating agencies and insurance
PROPOSAL TO City of Fort Collins
companies must be convinced to change firm -
wide policies (e.g. Moody's rates open space COPS
two rather than one notch below other COPS and
insurers have heretofore refused to insure open
space COPs).
Rating agencies and insurers need to be convinced
that open space, unlike buildings, only grows in
value with usage and does not depreciate. Again,
statewide information must be gathered to make
this point.
Most open space programs, like Fort Collins',
have a voter approved tax dedicated solely to
the acquisition and management of open space.
Most such programs have been overwhelmingly
reauthorized by voters as robust, multi year
programs. Credit entities must be made to
appreciate the significance of this in a tax resistant
state like Colorado.
Rating and Insurance Recommendations
We recommend that the City credit enhance its
proposed COPS and potential redevelopment
financings by aggressively seeking bond insurance. To
support that effort and to minimize the insurance
premium and aid in marketing, we also recommend
that the City seek an underlying rating from Moody's
Investors Services and/or Standard & Poor's.
If the financings are insured and marketed in the
issues of $15 million or less, we would also suggest,
to save the cost of issuance, using only one of the
insurance ratings, most likely Moody's "Aaa".
Alternatively, if the COP issues are issued in close
proximity, we would recommend going to both rating
agencies with all issues and negotiating a single fee
covering all the COPS.
Rational for obtaining an underlying rating. While
an insured bond issue will carry one or more "AAA"
ratings, investors typically want to be informed of
the issues unenhanced "underlying" rating. A high
underlying rating clearly assures the investor of
the underlying credit quality and allows for more
aggressive pricing and marketing of an issue.
Additionally, a high underlying rating will create
more aggressive pricing of insurance premiums and
often will sway an indecisive insurer to commit. For
0
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 8
example, a COP credit with an underlying rating in
the "Aa " category could be charged an insurance
premium of up to 10 to 15 basis points lower than the
same COP with a single "A" level rating.
Rating Strategies
George K. Baum & Company believes in a proactive
approach to the rating process, including detailed
organization of necessary documents and facts
and the development of a specific agenda for
discussion. A strategy of this nature is particularly
important when meeting directly with rating agency
analysts. Entering a rating presentation with an
organized and thorough plan of discussion provides
an issuer opportunity to stress its strong points
while controlling discussion of potential problem
areas. Without a formalized agenda, the issuer may
be forced to spend an inordinate amount of time
defending its perceived weaknesses while struggling
to point out strengths.
For reliable decision making, it is essential that your
financial advisor have a great deal of experience
evaluating credit quality and rating agency/bond
insurance processes. It is also important for the
financial advisor to have access to the trading and
syndication information that is so critical to making
appropriate credit decisions. George K. Baum &
Company personnel have extensive experience
working with all relevant rating agencies and
insurance providers, including Moody's, Standard
& Poor's, Fitch Ratings, MBIA, AMBAC, FGIC, ,and
FSA
Insurance Experience
George K. Baum & Company has negotiated
numerous insurance commitments that have created
valuable savings for our clients. In some instances,
we have managed to gain a commitment for issues
previously rejected by the insurance providers
such as Colorado Springs Airport. Municipal bond
insurance can prove a valuable tool even to issuers
that already possess high credit ratings on their
bonds.
Pricing Benchmarks and Considerations
The following table represents our best estimates as
to how the City's COPS might have been priced on
April 15, 2004:
PROPOSAL TO City Of Fort Collins
Municipal Bond Inter-
est Rate scales
April 15, 2004
A2a/Aa2
COP
Uninsured/
Aa3
Plus
Plus
1.18
.07
.22
1.71
.09
.24
2.01
.10
.25
2.42
.10
.25
2.73
.12
.27
3.01
.12
.27
3.26
.14
.29
3.47
.16
.31
3.63
.18
.33
3.79
.20
.35
3.91
.20
.35
4.00
.20
.35
4.09
.20
.35
4.18
.20
.35
4.27
.20
.35
4.37
.20
.35
4.47
.20
.35
4.57
.20
.35
4.65
.20
.35
4.73
.20
.35
We must emphasize the significant uncertainty in
projecting interest rates for COPS to be issued at
a point in the future. In recent months improved
economic indicators have put upward pressure on
interest rates. The economy added 308,000 jobs in
March, the biggest gain since April 2000; this caused
almost a 0.20% increase in MME1. In his remarks
0
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 9
to Congress on April 21s°, Alan Greenspan noted
deflation is no longer an issue and that interest rates
will eventually need to rise to curb inflation pressures.
The uncertainty as to when interest rates will be
raised has contributed to significant volatility in the
bond market. In the four days ending April 23rd, the
MMD scale moved 0.05% in both directions each day.
This volatility also impacts the yield curve and the
relationship of the spread between tax exempt bonds
and U.S. Treasuries and can have a dramatic effect on
the spread with which any given municipal security
may trade to MMD.
In estimating interest rate scales for the Certificate
of Participation (COP) transactions (Police Services
Building, Open Space Acquisition, Transportation De-
icing facility, Southeast Fort Collins Branch Library),
we have provided the above table showing the
Municipal Market Data (MMD) scale as a benchmark
for the municipal bond market as well as the spreads
to MMD for the different COP transactions the City is
considering.
The Police Services Building, Transportation De-icing
facility and Southeast Fort Collins Branch Library
are types of projects often financed in Colorado.
Rating agencies and bond issuers are familiar with
these types of projects and generally regard them
as having superior "essentiality"; therefore, we
assume the underlying rating for these COPS will
be at Aa2/AA , one notch below the City's Aa1
GO rating and that they will qualify for Aaa/AAA
bond insurance. The spread begins at plus 0.07% to
MMD in 2005 and continues to plus 0.20% in 2024.
Given the volatility in the current bond market, bond
insurance is very important for the marketing of the
City's COPS. Investors also regard Colorado COPS
with less confidence than they do many other types of
securities (as discussed elsewhere) and this can affect
the both the pricing and market acceptance. Firms
underwriting COPS often must inventory large unsold
balances for several days.
PROPOSALTO City Of Fort Collins
Open space projects/acquisitions are not as common
as the City's other planned projects. Rating agencies,
bond insurers and investors are not as comfortable
with these financings. Fortunately, we worked
closely with rating agencies in attaining a Moody's
A2 rating for a recent Colorado Springs open space
financing. With bond insurance, we have assumed
the same ratings and spread to MMD as the other
COP financings. However qualifying for insurance
proved difficult for the Colorado Springs open space
financing. Therefore, we have also provided a scale
with no bond insurance, an underlying rating of Aa3/
AA-, and a spread to MMD 0.15% more than the first
COP scale.
Given our experience of Downtown Development
Authority financings we would like to learn more
about the project before determining an accurate
scale. Often such bonds are sold prior to project
construction on a non -rated basis or with a private
placement. Occasionally TIF bonds may be backed by
other City monies such as in Fort Collins' current DDA
and in some of Denver s TIF projects. Structure has
a dramatic impact on rates and marketability of TIF
bonds and we simply do not have enough information
on which to base a scale.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 10
PROPOSAL TO City of Fort Collins
Staffing
4. Identify the specific individuals 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.
George K. Baum & Company has assembled a team of professionals with extensive
experience within the municipal bond industry, particularly in the field of tax-
exempt revenue bond and lease -purchase financings. Douglas Houston, senior
vice president, will serve as financial advisor and the City's primary contact. Troy
Bernberg, assistant vice president, will provide transaction management assistance.
James Cleveland, senior vice president, will manage all quantitative analysis
including the preparation of all necessary spreadsheets. Mary Katherine Sells, vice
president and credit ratings specialist, will oversee all credit ratings presentations. Ho
uston
ouston
Robert Lombardi, executive vice president, will oversee pricing of the City's bond Seniors President
issues.
For complete information about our financing team professionals, please refer to
Appendix 6.
Office Location
5. Identify the location of the office from which the individuals identified in the staff item above will be operating.
George K. Baum & Company's financing team will work from our Public Finance
Headquarters in Denver, Colorado.
Disclosure
6. Disclose any relationship which could create or appear to create a potential conflict of interest if your firm is
selected.
To the best of our knowledge, no employment engagement or relationship exists
or has existed that would create a conflict of interest if the City enters into an
agreement with George K. Baum & Company.
0
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page I I
APPENDIX 1
2000to Present
George K. Baum & Company - FIA Issues
4/20/2004
C
1.050
Granls/Cibola Co SO #1
NM
GO School Building Bonds
FA
Aa2
NR
NR
3/30/2004
C
36.340
Alabama Water Poll Control Auth
AL
Revolving Fund Loan Ref Bonds
FA
Aaa
AAA
AAA
INS
3/23/2004
C
4.705
Little Thompson Water Dt
CO
Water Revenue Ref Bonds
FA
Aaa
AAA
AAA
INS
3116/2004
C
10.000
Summit Cc (Park City) SO BOE
UT
GO School Building Bonds
FA
Aaa
NR
AAA
3/4/2004
N
15.210
Washington Co SO BOE
UT
GO Refunding Bonds
PYGAGENT
Aaa
NR
AAA
2126/2004
N
62.800
Intermountain Power Agency
UT
Revenue Refunding Bonds
FA
Aaa
AAA
AAA
INS
2125/2004
C
2.500
Chama Valley ISO #19
NM
GO School Building Bonds
FA
Aa2
NR
NR
2/24/2004
C
30.585
Salt Lake Cc (Jordan) SO BOE
UT
GO Refunding Bonds
CO-MGR
Aaa
AAA
AAA
2/10/2004
C
22.000
Washington Co SO BOE
UT
GO School Building Bonds
FA
Aaa
NR
AAA
2/9/2004
C
0.600
Bonner Springs -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
219/2004
C
1.400
Bonner Springs -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
21212004
C
1.445
Rose Hill -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
1/26/2004
C
16.425
Johnson Co(Gardner-Antioch)SD#231
KS
GO School Bonds
LEAD
Aaa
AAA
AAA
INS
1/14/2004
C
17.115
Colorado Springs City -Colorado
CO
GO Refunding Bonds
FA
Aa3
AA
NR
1/1212004
C
1.330
Sedgwick Co (Goddard) USD #265
KS
GO School Improvement Bonds
FA
11612004
C
0.475
Butter Co -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
121912003
C
0.400
Jewel Co (Mankato) USD #278
KS
GO School Building Bonds
FA
12/1/2003
C
1.750
Salina -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
11/25/2003
C
0.350
Garden City -Kansas
KS
General Obligation Bonds
FA
11120/2003
C
38.915
Alabama Drinking Water Fin Auth
AL
Revolving Fund Loan Bonds
FA
Aaa
AAA
AAA
INS
11/18/2003
C
15.070
Colorado Springs Pub Facs Auth
CO
Certificates of Participation
FA
A2
11/18/2003
C
1.500
Moriarty Municipal SD #8
NM
GO School Building Bonds
FA
Aa2
NR
NR
11114/2003
N
158.310
Colorado Springs City -Colorado
CO
Utilities Improvement Rev Bonds
FA
Aa2
AA
NR
11/13/2003
N
77.000
Murray City -Utah
UT
Hospital Revenue Bonds
RA
11/13/2003
N
231.000
Murray City -Utah
UT
Hospital Revenue Bonds
RA
AA+
11/5/2003
C
3.175
West Harris Co MUD #9
TX
Unlimited Tax Bonds
FA
Aaa
AAA
AAA
INS
11/4/2003
C
7.465
Olathe -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
10/24/2003
N
9.860
Wasatch Cc SD Board of Educ
UT
GO Refunding Bonds
PYGAGENT
A2
10124/2003
C
0.860
West Las Vegas Municipal SO #1
NM
GO School Building Bonds
FA
Aa2
NR
NR
10/21/2003
N
8.500
Murray City -Utah
UT
Water & Sewer Revenue Bonds
PYGAGENT
Aaa
AAA
AAA
INS
10/14/2003
N
128.230
Valdez City -Alaska
AK
Marine Terminal Rev Ref Bonds
RA
NR
NR
NR
GTD
10/9/2003
C
1.815
Hays City -Kansas
KS
General Improvement Bonds
FA
NR
NR
NR
9/25/2003
C
0.200
Magdalena Muni SO #12
NM
GO School Building Bonds
FA
NR
NR
NR
9/23/2003
C
20.000
Salt Lake Cc (Jordan) SO BOE
UT
GO School Building Bonds
LEAD
Aaa
AAA
911512003
C
5.060
Leawood -Kansas
KS
GO Improvement Bonds
FA
Aal
911512003
C
12.600
Leawood -Kansas
KS
GO Temporary Notes
FA
Aaa
NR
NR
9115/2003
N
0.090
Magdalena Muni SO #12
NM
Teaching Housing Revenue Bonds
FA
NR
NR
NR
9/10/2003
C
77.155
Denver City Cc Board of Water Comm
CO
Wtr Rev Ref & Imp Bond
FA
Aaa
AAA
AAA
INS
919/2003
N
3.000
Murray City -Utah
UT
Excise Tax Road Bonds
FA
Aaa
NR
AAA
INS
9/4/2003
C
0.900
Cimarron Municipal SO #3
NM
Certificates of Participation
FA
NR
NR
NR
8/28/2003
C
0.440
Santa Rosa Consol SO #8
NM
GO School Building Bonds
FA
NR
NR
NR
8/19/2003
N
375.000
Valdez City -Alaska
AK
Marine Terminal Rev Ref Bonds
RA
NR
AA+
NR
GTD
8/14/2003
C
0.475
Osawatomie-Kansas
KS
General Obligation Bonds
FA
8/12/2003
C
0.400
Tularosa Municipal SO #4
NM
GO School Building Bonds
FA
NR
NR
NR
8/5/2003
C
11.370
Alabama Water Poll Control Auth
AL
Revolving Fund Loan Ref Bonds
FA
Aaa
AAA
AAA
INS
7/1612003
N
3.000
Grants/Cibola Co SO #1
NM
GO School Building Ref Bonds
FA
Aaa
NR
AAA
INS
7/15/2003
C
0.080
Zuni Public SO
NM
GO School Building Bonds
FA
7/14/2003
C
4.952
Dickinson (Abilene) USD #435
KS
GO School Building Bonds
FA
71712003
C
1.200
Salina -Kansas
KS
GO Temporary Notes
FA
7f7/2003
C
3.800
Salina -Kansas
KS
GO Temporary Notes
FA
717/2003
C
4.350
Salina -Kansas
KS
GO General Improvement Bonds
FA
6/18/2003
C
2.000
Moriarty Municipal SD #8
NM
GO School Building Bonds
FA
6/17/2003
C
6.000
Duloe ISD #21
NM
GO School Building Bonds
FA
6/12/2003
N
1.930
Hays City -Kansas
KS
Wtr & Swr Sys Rev Ref Bonds
SOLE
6112/2003
C
1.500
Las Vegas City SD #2
NM
GO Educ Tech Lease COPS
FA
6/10/2003
C
0.850
Dora Cons SO #39
NM
GO School Building Bonds
FA
6/10/2003
C
0.685
Portales Municipal SO #1
NM
Ed Technology GO Lease Purchase
FA
6/9/2003
C
40.925
Riley Co (Blue Valley) USD #229
KS
GO Refunding & Imp Bonds
FA
6/9/2003
C
0.850
Roosevelt Cc (Dora) Consol SD # 39
NM
GO School Building Bonds
FA
6/3/2003
C
9.850
Atchison Unified SO #409
KS
GO School Building Bonds
FA
6/2/2003
C
0.900
Stanton Co -Kansas
KS
General Obligation Bonds
FA
5/21/2003
C
0.300
Mosquero Municipal SD #5
NM
GO School Building Bonds
FA
5/20/2003
C
1.500
Butler Co Fire District #3
KS
General Obligation Bonds
FA
5/1312003
C
0.535
Buhler-Kansas
KS
General Obligation Bonds
FA
511312003
C
50.000
Denver City Co Board of Water Comm
CO
Water Revenue Bonds
FA
5113/2003
C
20.200
Salt Lake Co (Jordan) SD BOE
UT
GO School Building & Ref Bonds
FA
5/1212003
C
4.942
Barton Co -Kansas
KS
GO Sales Tax Bonds
FA
5/6/2003
C
1.475
Olathe -Kansas
KS
Taxable General Obligation Bonds
FA
5/6/2003
C
19.675
Olathe -Kansas
KS
General Obligation Bonds
FA
5/6/2003
C
39.540
Olathe -Kansas
KS
Temporary Notes
FA
5/5/2003
N
93.500
Valdez City -Alaska
AK
Marine Terminal Rev Ref Bonds
RA
4/23/2003
N
25.000
Garfield Co -Colorado
CO
Hospital Revenue Bonds
FA
4/15/2003
C
1.285
Grants/Cibola Cc SO #1
NM
GO School Building Bonds
FA
4/1/2003
C
1.500
Mosquero Municipal SD #5
NM
GO School Building Bonds
FA
3125/2003
N
0.460
Magdalena Muni SD #12
NM
GO School Building Bonds
FA
3/24/2003
C
0.140
Grady Muni SD #61
NM
GO School Building Bonds
FA
3/20/2003
C
2.710
Winfield -Kansas
KS
General Obligation Bonds
FA
3114/2003
N
15.495
Intermountain Power Agency
UT
Power Supply Revenue Bonds
FA
3/1412003
N
287.225
Intermountain Power Agency
UT
Power Supply Rev Ref Bonds
FA
3/12/2003
C
0.209
Wellsville City -Kansas
KS
General Obligation Bonds
FA
3/11/2003
C
5.995
Albany Cc SO #1
WY
GO Refunding Bonds
FA
3111/2003
C
0.200
Des Moines Muni SD #22
NM
GO School Building Bonds
FA
3/11/2003
C
21.000
Washington Co SO
UT
GO School Building Bonds
FA
3/4/2003
C
16.095
Sedgwick Co (Clearwater) USD #264
KS
GO School Building Bonds
FA
2110/2003
C
0.320
North Newton -Kansas
KS
General Obligation Bonds
FA
21412003
C
5.700
Jefferson Co Consol SD #6
MO
GO School Bldg & Refunding Bonds
FA
1129/2003
C
2.945
West Harris Co MUD #9
TX
Unlimited Tax Bonds
SOLE
1/27/2003
C
6.000
Johnson Co(Gardner-Antioch)SD#231
KS
GO School Bonds
FA
1/9/2003
C
8.000
Douglas Co (Eudora) USD #491
KS
General Obligation Bonds
FA
1/7/2003
C
0.138
St John City -Kansas
KS
General Obligation Bonds
FA
12117/2002
C
4.000
Duloe ISD #21
NM
GO School Bldg Bonds
FA
12/17/2002
C
0.205
Jemez Valley Public SO #31
NM
GO School Bldg Bonds
FA
12/12/2002
C
0.600
West Las Vegas Municipal SD #1
NM
GO School Building Bonds
SOLE
12/10/2002
N
27.055
Colorado Springs City -Colorado
CO
Taxable Var Rte Dem Utils Bonds
RA
12/5/2002
N
43.005
Colorado Springs City -Colorado
CO
Airport System Rev Ref Bonds
FA
11/20/2002
C
110.000
Colorado Springs City -Colorado
CO
Util Sys Sub Lien Imp Rev Bonds
FA
NR
Aaa
Al
NR
Aaa
A3
Baal
NR
Baal
NR
Baal
Aal
Aaa
NR
Aaa
Aaa
Aaa
Aa3
Aaa
NR
NR
NR
Baa2
NR
NR
NR
Aaa
Aaa
Aaa
NR
NR
Aaa
Aaa
NR
NR
Aaa
Aaa
Aaa
NR
Baa2
NR
Baa2
Aa2
Aaa
Aa2
NR
AAA
NR
NR
NR
NR
NR
NR
NR
NR
AA
NR
AAA INS
NR
NR
AAA INS
NR
NR
NR
NR
NR
NR
AAA INS
NR NR
AAA
AA
AAA
NR
AA+
AA
NR
NR
NR
NR
AAA
AAA
AAA
AAA
NR
AAA
NR
AA+
AAA
AAA
NR
NR
NR
NR
NR
AA
AAA
AA
AAA
AAA
AAA
NR
AAA
NR
NR
NR
NR
NR
NR
NR
AAA
AAA
AAA
INS
INS
INS
INS
INS
INS
INS
NR
NR
AAA
AAA INS
NR
AAA
AAA INS
AAA INS
AAA INS
NR
NR
NR
NR
NR
AAA INS
11/4/2002
C
5.050
Leawood -Kansas
KS
General Obligation Imp Bonds
FA
Aaa
AAA
INS
1012112002
C
1.940
El Dorado -Kansas
KS
General Obligation Bonds
FA
10/18/2002
N
3.420
Haysville-Kansas
KS
Temporary Notes
FA
10/15/2002
C
3.640
Olathe -Kansas
KS
Temporary Notes
FA
NR
NR
NR
10/10/2002
C
3.305
Little Thompson Water Dt
CO
Water Revenue Bonds
FA
Aaa
NR
AAA
INS
10/1/2002
C
19.605
Summit Cc (Park City) SD BOE
UT
GO Refunding Bonds
FA
Aaa
NR
AAA
9/24/2002
C
39.540
Salt Lake Cc (Jordan) SD BOE
UT
GO Refunding Bonds
FA
Aaa
AA+
9/23/2002
C
3.875
Haysville-Kansas
KS
General Obligation Bonds
FA
AAA
912312002
C
94.830
Sedgwick Cc (Wichita) USD #259
KS
General Obligation Bonds
FA
Aaa
AAA
AAA
INS
9/17/2002
C
11.610
Denver City Cc Board of Water Comm
CO
GO Water Refunding Bonds
FA
Aat
AA+
AA+
9/17/2002
C
0.600
Portales Municipal SD #1
NM
GO School Building Bonds
FA
Baal
NR
NR
9116/2002
N
18.765
Delta Cc Mem Hosp Dt
CO
Enterprise Revenue Bonds
FA
NR
BBB
NR
9/12/2002
C
0.185
Springer Municipal SO #24
NM
GO School Building Bonds
FA
NR
NR
NR
9/11/2002
C
0.075
Mountainair SD # 13
NM
GO School Building Bonds
FA
NR
NR
NR
9/10/2002
C
0.345
Tularosa Municipal SD #4
NM
GO School Building Bonds
SOLE
NR
NR
NR
9/5/2002
C
0.460
Santa Rosa Consol SD #8
NM
GO School Building Bonds
FA
NR
NR
NR
8121/2002
C
2.365
Salina Airport Authority
KS
GO Improvement Bonds
FA
Al
8/19/2002
C
2.080
Bonner Springs -Kansas
KS
Temporary Notes
FA
NR
NR
NR
8/19/2002
C
5.235
Bonner Springs -Kansas
KS
General Obligation Bonds
FA
Aaa
AAA
AAA
INS
8115/2002
N
74.695
Colorado Springs City -Colorado
CO
Subordinate Lien Ref Rev Bonds
FA
Aaa
AAA
AAA
INS
7/22/2002
C
0.225
Chase Cc Unified SD#284
KS
School Bonds
FA
NR
NR
NR
7/1012002
C
0.144
Sierra Kings Health Dt
CA
General Obligation Bonds
FA
Aaa
AAA
AAA
INS
7/10/2002
C
5.855
Sierra Kings Health Dt
CA
General Obligation Bonds
FA
Aaa
AAA
AAA
INS
718/2002
C
1.980
Salina -Kansas
KS
GO Internal Improvement Bonds
FA
Al
71212002
C
0.800
Olathe -Kansas
KS
General Obligation Bonds
FA
Aa3
AA
NR
7/2/2002
C
13.650
Olathe -Kansas
KS
GO Refunding Bonds
FA
Aa3
AA
NR
6/28/2002
N
1.910
Lubbock Housing Finance Corp
TX
Multi -Family Housing Rev Bonds
FA
A3
6/28/2002
N
11.090
Lubbock Housing Finance Corp
TX
Multi -Family Housing Rev Bonds
FA
A3#
6/27/2002
C
36.800
Johnson Cc (Blue Valley) USD #229
KS
GO School Bonds
FA
Aaa
AA
AAA
INS
6/18/2002
C
0.335
Jemez Valley Public SD #31
NM
GO School Building Bonds
FA
6/17/2002
C
0.685
Winfield -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
6/13/2002
C
1.000
Moriarty Municipal SD #8
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
6/1212002
N
1.955
Mission City -Kansas
KS
GO Refunding Bonds
SOLE
Aaa
NR
AAA
INS
6/12/2002
N
3.800
Mission City -Kansas
KS
GO Sales Tax Bands
SOLE
Aaa
NR
AAA
INS
6/11/2002
C
10.000
Washington Cc SD
UT
GO School Building Bonds
FA
Aaa
AAA
611112002
C
0.360
West Las Vegas Municipal SO #1
NM
GO School Building Bonds
FA
Baal
NR
NR
6110/2002
C
0.200
Dickinson Cc (Herington) SO #487
KS
GO School Bonds
FA
5/22/2002
N
151.000
Utah Co -Utah
UT
Hospital Revenue Bonds
CO-MGR
Aa2
AA+
NR
5/2112002
C
95.835
Intermountain Power Agency
UT
Power Supply Rev Ref Bonds
FA
Aaa
AAA
AAA
INS
5/16/2002
C
5.000
Dulce ISD #21
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
5/14/2002
C
7.000
Hobbs Municipal SD #16
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
5/912002
C
0.428
Conway Springs -Kansas
KS
General Obligation Bonds
FA
5/8/2002
C
9.210
Olathe -Kansas
KS
General Obligation Bonds
FA
Aa3
AA
NR
5/8/2002
C
41.785
Olathe -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
51712002
C
5.300
Espanola Public SO #45
NM
General Obligation Bonds
FA
Aaa
NR
AAA
INS
516/2002
C
1.748
Atchison -Kansas
KS
General Obligation Bonds
FA
A3
5/6/2002
C
0.800
Rose Hill -Kansas
KS
General Obligation Bonds
FA
5/l/2002
C
0.900
Questa ISD #9
NM
GO Lease Pumh Carts of Partic
FA
NR
NR
NR
5/l/2002
N
17.500
Valdez City -Alaska
AK
Marine Terminal Rev Ref Bonds
RA
NR
BBB+
NR
4/23/2002
N
3.650
Denver City and Co -Colorado
CO
Certificates of Participation
RA
Aaa
AAA
AAA
INS
4123/2002
C
13.480
Denver City and Co -Colorado
CO
Certificates of Participation
FA
Aaa
AAA
AAA
INS
4/15/2002
C
4.299
Crawford Co (Northeast) USD#246
KS
GO School Bonds
LEAD
Aaa
AAA
AAA
INS
411512002
C
2.850
Louisburg -Kansas
KS
Temporary Notes
FA
NR
NR
NR
4/11/2002
C
2.940
Hays City -Kansas
KS
GO Internal Improvement Bonds
LEAD
Aaa
AAA
AAA
INS
4/412002
C
0.850
West Las Vegas Municipal SO #1
NM
GO School Building Bonds
FA
Baa2
NR
NR
3/19/2002
C
2.200
Arkansas City -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
314/2002
C
4.865
Salina -Kansas
KS
Temporary Notes
FA
NR
NR
NR
2/1412002
C
1.000
Neodesha -Kansas
KS
Improvement Bonds
FA
111512002
C
15.000
Jefferson Co Conscl SD #6
MO
GO School Building Bonds
FA
Aaa
AAA
AAA
INS
12/18/2001
C
1.350
Johnson Co Fire Dt #2
KS
GO Improvement Bonds
FA
12118/2001
C
3.000
Moriarty Municipal SO #8
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
12/10/2001
C
0.165
Hondo Valley Public SD #20
NM
GO School Building Bonds
FA
NR
NR
NR
121412001
C
0.725
Olathe -Kansas
KS
Temporary Notes
FA
NR
NR
NR
12/4/2001
C
4.575
Olathe -Kansas
KS
General Obligation Bonds
FA
Aa3
AA
11/21/2001
C
1.400
Portales Municipal SO #1
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
11120/2001
C
0.340
Jemez Valley Public SO #31
NM
GO School Building Bonds
FA
11/13/2001
C
16.070
Denver City and Co -Colorado
CO
Certificates of Participation
FA
Aaa
AAA
AAA
INS
11113/2001
C
1.292
Garden City -Kansas
KS
General Obligation Bonds
FA
A2
11/7/2001
C
33.910
Denver City and Co -Colorado
CO
Certificates of Participation
FA
Aa2
AA
AA-
111612001
C
2.260
Junction City -Kansas
KS
GO Improvement Bonds
FA
Aaa
AAA
AAA
INS
11/5/2001
C
0.130
Lindsborg City -Kansas
KS
General Obligation Bonds
FA
10/2512001
N
0.775
Cimarron Municipal SD #3
NM
GO Certificates of Participation
FA
NR
NR
NR
10/2312001
C
0.340
Fort Scott City -Kansas
KS
General Obligation Bonds
FA
10/17/2001
C
1.385
Salina Airport Authority
KS
GO Improvement Bonds
FA
Al
10/10/2001
C
0.150
Mosquero Municipal SO #5
NM
Ed Tech GO Lease Purchase COP
FA
NR
NR
NR
10/9/2001
C
13.575
Washington Co Board of Education
AL
General Obligation Bonds
FA
Aaa
AAA
101912001
C
13.575
Washington Co SD
UT
School Building Bonds
FA
Aaa
A+
10/1/2001
C
4.040
El Dorado -Kansas
KS
General Obligation Bonds
CO-MGR
Aaa
AAA
AAA
INS
9/2612001
C
1.250
Haysville-Kansas
KS
Temporary Notes
FA
NR
NR
NR
9/25/2001
C
10.000
Salt Lake Co (Jordan) SO BOE
UT
GO School Building Bonds
FA
Aaa
AAA
AAA
9/18/2001
C
1.175
Arkansas City -Kansas
KS
General Obligation Bands
FA
9/18/2001
C
2.000
Dulce ISO #21
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
9/1112001
C
1.330
Garden City -Kansas
KS
General Obligation Bonds
FA
A2
NR
NR
9111/2001
C
0.435
Tularosa Municipal SO #4
NM
GO School Building Bonds
FA
NR
NR
NR
9/10/2001
C
4.845
Wilson Co -Kansas
KS
Unitd Tau GO Sales Tax Bonds
FA
Aaa
AAA
AAA
INS
8/9/2001
C
0.215
Springer Municipal SO #24
NM
GO School Building Bonds
FA
NR
NR
NR
816/2001
C
9.300
Leawood -Kansas
KS
GO Improvement Bands
FA
Aal
NR
NR
8/2/2001
C
42.800
Denver City Co Board of Water Comm
CO
Certificates of Participation
FA
Aa2
AA-
81112001
C
74.500
Johnson Co (Blue Valley) USD #229
KS
GO Refunding Bonds
FA
Aal
AA+
7/27/2001
N
300.790
Colorado Springs City -Colorado
CO
Subor Lien Improv & Ref Rev Bonds
FA
Aa2
AA
NR
712512001
C
11215
Denver City Co Board of Water Comm
CO
GO Water Refunding Bonds
FA
Aal
AA+
AA+
7/25/2001
C
77.990
Denver City Co Board of Water Comm
CO
GO Water Refunding Bonds
FA
Aal
AA+
AA+
7125/2001
N
9.790
Murray City Municipal Bldg Auth
UT
Lease Revenue Bonds
PYGAGENT
Aaa
NR
AAA
INS
7/1812001
C
0.711
Fort Scott City -Kansas
KS
General Obligation Bonds
FA
7/16/2001
C
3.507
Goddard -Kansas
KS
General Obligation Bonds
FA
7/9/2001
C
0.935
Salina -Kansas
KS
General Obligation Temp Notes
FA
NR
NR
NR
71912001
C
5.350
Salina -Kansas
KS
General Obligation Bonds
LEAD
At
7/212001
C
0.460
Winfield -Kansas
KS
General Obligation Bonds
FA
6125/2001
C
1.274
Marion -Kansas
KS
GO Sales Tax Bonds
FA
6/22/2001
C
2.700
Pecos ISO #21
NM
GO School Building Bonds
FA
Aaa
NR
AAA
INS
Commitment to Colorado Issuers
Colorado Presence
• George K. Baum & Company has maintained its municipal
finance headquarters in Denver since 1990.
• The firm has the largest and most active public finance,
municipal bond sales and trading, and municipal research
operations in Colorado, with more than 80 employees located
in Denver.
• Our Colorado clients have tremendous access to the
professionals assigned to their engagement(s), in addition to
our large support staff.
• Our firm has traded more than $57 billion of municipal
securities in the secondary market since 1994, including more
than $7 billion of Colorado municipal securities. We are a
major market maker in Colorado municipal bonds in the
secondary market. Investors' knowledge of our willingness to
provide secondary market liquidity significantly enhances our
ability to generate demand for the new Colorado issues we
underwrite, which ultimately results in stronger pricing.
Presentation to
City of Fort Collins
George K Baum & Company
Investment Bankcm Since 1928
6/1912001
C
2.600
Loving Municipal SO #10
NM
GO School Building Bonds
FA
Baa2
NR
NR
6118/2001
C
0.995
Louisburg -Kansas
KS
General Obligation Bonds
FA
6114/2001
C
0.900
West Las Vegas Municipal SO #1
NM
GO School Building Bonds
FA
Baa2
NR
NR
6111/2001
C
0.990
Logan Muni SO #32
NM
GO School Building Bonds
FA
NR
NR
NR
6/11/2001
C
94.835
Sedgwick Co (Wichita) USD #259
KS
General Obligation Bonds
FA
Aa3#
AA#
AAA
5/21/2001
C
9.965
Atchison -Kansas
KS
GO Water & Sewer Sys Bonds
CO-MGR
Aaa
NR
AAA
5/1512001
C
9.460
Park City SO
UT
GO Sch Bldg and Ref Bonds
FA
Aaa
NR
AAA
5/1412001
N
20.000
Murray City -Utah
UT
Electric Revenue Bonds
FA
Aaa
AAA
51712001
C
6.230
Clay Cc Unified SO #379
KS
GO School Bonds
FA
Aaa
AAA
AAA
5/312001
C
2.500
Las Vegas City SO #2
NM
GO Education Technology Notes
FA
Aaa
NR
AAA
5/2/2001
C
0.150
Wagon Mound Public SO #45
NM
Certificates of Participation
FA
NR
NR
NR
5/112001
C
6.825
Olathe -Kansas
KS
General Obligation Bonds
FA
Aa3
AA
5/1/2001
C
37.700
Olathe -Kansas
KS
General Obligation Temp Notes
FA
NR
NR
NR
413012001
C
2.720
Barton Co -Kansas
KS
General Obligation Bonds
FA
4/25/2001
C
19.500
Murray City SO
UT
GO School Building Bonds
FA
Aaa
AAA
AAA
4/18/2001
C
0.885
Mendocino Coastal Health Care Dt
CA
General Obligation Bonds
FA
Aaa
AAA
AAA
4/1812001
C
4.615
Mendocino Coastal Health Care Dt
CA
General Obligation Bonds
FA
Aaa
AAA
AAA
4/17/2001
C
1.800
Grant Co -Kansas
KS
GO Library Bonds
FA
NR
NR
NR
4/12/2001
C
1.965
Hays City -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
4/1212001
N
100.000
Salt Lake Co -Utah
UT
Hospital Revenue Bonds
FA
Aaa
AAA
AAA
41312001
C
8.270
Olathe -Kansas
KS
Water and Sewer Sys Revenue Bonds
FA
Aaa
AAA
AAA
4/2/2001
C
12.058
Barton Co (Hoisington) USD #431
KS
GO School Bonds
LEAD
Aaa
AAA
AAA
3/2012001
N
0.500
University of New Mexico Regents
NM
General Obligation Bonds
FA
Al
NR
NR
3113/2001
C
0.770
Elide Muni SO # 2
NM
GO School Building Bonds
FA
NR
NR
NR
3/12/2001
C
6.500
Portales Municipal SO #1
NM
GO School Building Bonds
FA
Aaa
NR
AAA
3/8/2001
C
0.742
Vaughn Municipal SO #33
NM
GO School Building Bonds
FA
NR
NR
NR
3/5/2001
C
0.250
Barton Co USD #354
KS
GO School Improvement Bonds
FA
NR
NR
NR
2128/2001
C
14.850
Denver City and Co -Colorado
CO
Certificates of Participation
FA
Aaa
AAA
AAA
2/1212001
C
1.763
Haysville-Kansas
KS
General Obligation Bonds
FA
Aaa
AAA
AAA
217/2001
N
125.000
Salt Lake Co -Utah
UT
Hospital Revenue Bonds
FA
Aaa
AAA
AAA
21712001
C
9.800
Ulysses Unified SO #214
KS
GO School Improv Bonds
FA
Aaa
AAA
AAA
2/6/2001
C
6.000
Grants/Cibola Co SO #1
NM
GO School Building Bonds
FA
Aaa
NR
AAA
12/21/2000
C
0.150
Mora ISO #1
NM
GO School Building Bonds
FA
NR
NR
NR
12/20/2000
C
0.400
Cuba ISO #20
NM
GO Education Technology Notes
FA
NR
NR
NR
12/1412000
N
14.000
ABC Unified SO
CA
General Obligation Bonds
FA
Aaa
AAA
AAA
12/14/2000
C
2.000
Santa Rosa Consol SO #8
NM
GO School Building Bonds
FA
NR
NR
NR
12113/2000
C
3.000
Moriarty Municipal SO #8
NM
GO School Building Bonds
FA
Aaa
NR
AAA
12/12/2000
C
0.310
Tularosa Municipal SO #4
NM
GO School Building Bonds
FA
NR
NR
NR
12112/2000
C
10.000
Washington Co SO BOE
UT
GO School Building Bonds
FA
Aaa
AAA
AAA
12/11/2000
C
60.000
Johnson Cc (Blue Valley) USD #229
KS
GO School Bonds
FA
Aal
AA
NR
12/4/2000
C
7.500
Olathe -Kansas
KS
Temporary Notes
FA
NR
NR
NR
11/2112000
C
8.000
Dulce ISO #21
NM
GO School Building Bonds
FA
Aaa
NR
AAA
1111512000
C
0.350
Garden City -Kansas
KS
General Obligation Bonds
FA
11/14/2000
N
110.000
Colorado Springs City -Colorado
CO
Var Rte Util Sys Sub Rev Bonds
RA
Aa2
AA
NR
11/612000
C
8.310
Leawood -Kansas
KS
GO Improvement Bonds
LEAD
Aal
NR
NR
11/1/2000
C
15.000
Colorado Springs City -Colorado
CO
Utilities System Subordinate Lien
FA
Aaa
AAA
AAA
10/18/2000
C
1.170
Concordia -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
10/1712000
C
14.500
Salt Lake Co (Jordan) SD BOE
UT
GO School Building Bonds
FA
Aaa
AAA
NR
9/14/2000
C
12.700
Denver City Co Board of Water Comm
CO
GO Water Refunding Bonds
FA
Aa2
AA+
NR
911412000
C
2.450
Hays City -Kansas
KS
GO Internal Improvement Bonds
FA
Aaa
AAA
AAA
INS#
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
INS
STBY
INS
MTG
INS
911212000
C
0.425
MountainairSO # 13
NM
GO School Building Bonds
FA
NR
NR
NR
9/11/2000
C
0.060
San Jon Municipal SO #34
NM
GO School Building Bonds
FA
NR
NR
NR
9/7/2000
C
0.508
Conway Springs -Kansas
KS
GO Internal Improvement Bonds
FA
916/2000
C
0.500
Lordsburg Muni SO #1
NM
GO School Building Bonds
FA
NR
NR
NR
915/2000
C
1.278
Goddard -Kansas
KS
General Obligation Bonds
FA
8/1512000
C
5.705
Olathe -Kansas
KS
General Obligation Bonds
FA
Aa3
AA-
NR
8/1412000
C
94.833
Sedgwick Co (Wichita) USD #259
KS
General Obligation Bonds
FA
Aa3#
AA#
NR#
8/9/2000
C
10.000
Murray City SO
UT
GO School Building Bonds
FA
Aaa
NR
AAA
7/31/2000
C
3.000
Fort Scott City -Kansas
KS
Temporary Notes
FA
NR
NR
NR
7/19/2000
C
7.265
Colorado Springs Pub Facs Auth
CO
Certificates of Participation
FA
Aaa
AAA
AAA
711812000
C
0.800
Jemez Valley Public SO #31
NM
GO School Building Bands
FA
NR
NR
NR
7/17/2000
C
2.500
Great Bend -Kansas
KS
General Obligation Bonds
FA
A2
NR
NR
7/13/2000
C
0.175
Osawatomie-Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
7/12/2000
N
200.845
Denver City and Co -Colorado
CO
Certificates of Participation
FA
Aaa
AAA
AAA
7/10/2000
C
0.800
Salina -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
7/10/2000
C
3.885
Salina -Kansas
KS
GO Internal Improvement Bonds
FA
Al
NR
NR
6/2112000
C
23.690
Denver City and Co -Colorado
CO
Certificates of Participation
FA
Aaa
AAA
AAA
6119/2000
C
0.393
Rose Hill -Kansas
KS
General Obligation Bonds
FA
6/15/2000
C
0.600
Vaughn Municipal SO #33
NM
GO School Building Bonds
FA
NR
NR
NR
61712000
C
6.188
Barton Co USD #355
KS
GO School Improvement Bonds
FA
Aaa
AAA
616/2000
C
7.000
Olathe -Kansas
KS
Certificates of Participation
FA
Aaa
AAA
AAA
6/l/2000
C
5.000
Little Thompson Water Dt
CO
Water Revenue Bonds
FA
Aaa
NR#
AAA
5/23/2000
C
0.595
Cherry Hills Village -Colorado
CO
Special Assessment Bonds
FA
NR
NR
NR
5/2312000
C
0.930
Cherry Hills Village -Colorado
CO
Special Assessment Bonds
FA
NR
NR
NR
5115/2000
C
7.860
Johnson Co(Gardner-Antioch)SD#231
KS
GO School Bonds
FA
Aaa
AAA
AAA
5/11/2000
C
1.100
West Las Vegas Municipal SO #1
NM
GO School Building Bonds
FA
Baal
NR
NR
519/2000
C
0.500
Estancia Municipal SO #7
NM
GO School Building Bonds
LEAD
NR
NR
NR
512/2000
C
0.395
Arkansas City -Kansas
KS
Temporary Notes
FA
NR
NR
NR
5/212000
C
1.790
Arkansas City -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
51212000
C
0.814
Leavenworth City -Kansas
KS
General Obligation Bonds
FA
Aa
NR
NR
5/212000
C
3.470
Olathe -Kansas
KS
General Obligation Bonds
FA
Aa3
AA-
NR
512/2000
C
5.800
Olathe -Kansas
KS
Temporary Notes
FA
NR
NR
NR
5/2/2000
C
22.250
Olathe -Kansas
KS
Temporary Notes
FA
NR
NR
NR
4125/2000
C
0.280
Des Moines Muni SO #22
NM
GO Educ Technology Notes
FA
NR
NR
NR
4/20/2000
C
2.500
Pecos ISO #21
NM
Education Technology Notes
FA
NR
NR
NR
4/19/2000
C
0.135
Hondo Valley Public SO #20
NM
GO School Building Bonds
FA
NR
NR
NR
4/6/2000
C
1.500
Espanola Public SO #45
NM
General Obligation Bonds
FA
Baal
NR
NR
4/312000
C
3.900
Salina -Kansas
KS
GO Temporary Notes
FA
NR
NR
NR
3/20/2000
C
0.925
Holton -Kansas
KS
General Obligation Bonds
FA
NR
NR
NR
3/14/2000
C
0.375
Tularosa Municipal SO #4
NM
GO School Building Bonds
FA
NR
NR
NR
31912000
N
24.999
ABC Unified SO
CA
General Obligation Bonds
FA
Aaa
AAA
AAA
3/9/2000
C
0.225
Springer Municipal SO #24
NM
GO School Building Bonds
FA
NR
NR
NR
3/6/2000
C
1.171
Lindsborg City -Kansas
KS
GO Public Building Bonds
FA
NR
NR
NR
2/28/2000
P
17.400
Southeast Texas Housing Fin Corp
TX
Txble Single Family Mtg Rev Bonds
CO-MGR
NR
AAA
NR
212212000
C
0.300
Mesa Vista Consol SO #6
NM
School Building Bonds
FA
NR
NR
NR
211812000
N
37.500
Weber Co -Utah
UT
Var Rle Dem Hospital Rev Bonds
RA
NR
AA+
NR
2/18/2000
N
87.500
Weber Co -Utah
UT
Var Rte Dem Hospital Rev Bonds
CO-MGR
NR
AA+
NR
2115/2000
C
1.000
Las Vegas City SO #2
NM
Education Technology Notes
FA
Baal
NR
NR
217/2000
C
9.750
Eureka Unified SD #389
KS
GO School Improvement Bonds
FA
Aaa
NR
AAA
217/2000
C
1.600
Prairie Village -Kansas
KS
GO Park Improvement Bonds
FA
NR
NR
NR
INS#
INS
INS
INS
INS
INS
INS
INS
INS
INS
MTG
INV
INV
INS
112412000
C
11.050
Kingman Unified SD #331
1118/2000
C
1.345
Atchison Co -Kansas
1/11/2000
C
0.165
Grady Muni SD #61
1/1112000
C
10.000
Park City SO
1/1012000
C
17.000
Johnson Co(Gardner-Antloch)SD#231
1110/2000
C
16.193
Sedgwick Co (Derby) USD #260
$ 5,195.11
Total Issues: 302
KS
GO School Improvement Bonds
LEAD
Aaa
AAA
AAA
KS
General Obligation Bonds
FA
NR
NR
NR
NM
GO Education Technology Notes
FA
NR
NR
NR
UT
GO School Building Bonds
FA
Aaa
NR
AAA
KS
GO School Bonds
FA
Aaa
AAA
AAA
KS
GO School Improvement Bonds
LEAD
Aaa
AAA
AAA
INS
INS
INS
1
Services to be Performed
Appendix 2: Outline the procedures your firm would use to provide
the services as listed above. The City is interested in many types of
innovative financings which should be established to achieve the highest
possible quality ratings from Fitch, Moodys and Standard & Pooes and
the most favorable insurance quotes on each transaction.
The tasks that will be performed by George K. Baum
& Company in connection with the City's financing
include:
• Assist in the development of a written chronolog-
ical timetable of all steps necessary to complete
the transaction.
• Structure the financing package, including matu-
rity schedules, call features, covenants, etc.
• Design and distribute a Preliminary Official State-
ment to attract broad -based interest in the securi-
ties.
• Develop with Bond Counsel and Disclosure
Counsel all necessary documents incidental to the
issuance of the bonds.
• Advise the City of the optimum timing of the
bond sale to minimize conflicts with other issues
and obtain the best available borrowing rates.
PROPOSAL TO City of Fort Collins
• Present the financial plan and the issue to be sold
to the rating agencies for their review and rating
and, in the process, coordinate the development
of all background information relevant to the rat-
ing process.
• Evaluate the cost and benefits of obtaining bond
insurance. Should insurance appear to be advan-
tageous, coordinate and develop all necessary
information and applications for bond insurance.
• Develop a marketing plan for the issue which
would consist of the appropriate notices of sale
being circulated to the prospective bidders and
further contacts to stimulate interest in bidding on
the issue.
• Help arrange for the printing, signing, and
delivery of the bonds, and assist with the steps
involved in arranging for book -entry securities.
• Close the transaction and assure the City of the
prompt receipt of bond proceeds.
George K. Baum & Company provides its clients
many services and resources that extend well beyond
the traditional investment banking scope of services.
Many are unique to the industry; all are valuable
sources of information for our clients.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 192E Page 12
PROPOSAL TO City of Fort Collins
About George K. Baum & Company
Appendix 3: Provide a concise history of the firm.
George K. Baum & Company was founded in 1928 to provide a full range
of investment banking services and products to investors, corporations and
municipalities. Over our 76-year history, the firm has developed into one
of the nations leading underwriters of municipal securities. Our public
finance professionals provide:
• Negotiated underwritings (taxable and tax-exempt)
• Competitive underwritings (taxable and tax-exempt)
• Credit enhancement
• Financial advisory services
• Refundings
• Rating agency presentations
• Service plan development
• Tailored quantitative analysis
• Contract negotiations
• Remarketings
• Investment of bond proceeds
• Derivative products
George K. Baum & Company maintains municipal division offices in 18
U.S. cities including institutional sales operations in four major U.S. cities.
city
`a>
p- An_chorSge
Offices Nationwide
PUBLIC FINANCE
Albuquerque, NM
Anchorage, AK
Atlanta, GA
Bellevue, WA
Cheyenne, WY
Chicago, IL
Dallas, TX
Denver, CO
Houston, TX
Kansas City, MO
New York, NY
Sacramento, CA
Salt Lake City, UT
Seattle, WA
Springfield, MO
Wichita, KS
INSTITUTIONAL SALES
Boston, MA
Denver, CO
Kansas City, MO
Philadelphia, PA
TRADING DESKS
Denver, CO
Kansas City, MO
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Pdge 13
71 r
PROPOSAL TO City of Fort Collins
Conflicts of Interest
Appendix 4: The City requires that the selected firm(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.
As stated in our answer to Question #11 Disclosure,
to the best of our knowledge, no employment
engagement, agreement or relationship exists or has
existed that would create a conflict of interest if the
City enters into an agreement with George K. Baum &
Company.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 14
J
PROPOSAL TO City of Fort Collins
Underwriting Statistics
Appendix S: List the dollar volume of your underwritings in the tax.
exempt market for the years 2001, 2002, 2003 and 2004 to date.
George K. Baum & Company
Underwriting Statistics
2001- $7.24 billion (274 issues)
2002 - $9.91 billion (316 issues)
2003 - $6,84 billion (277 issues)
2004 YTD - $3.04 billion (101 issues)
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page is
Financing Team
Appendix 6: Provide complete information including background, overall
abilities and experience for the person(s) 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.
Douglas Houston is a senior vice
president with George K. Baum &
Company with more than 30 years
of municipal and governmental
finance experience gained both as an
investment banker and municipal
official. Mr. Houston will serve as
lead banker and primary contact for
the City of Fort Collins. His specific
areas of expertise include financial advisory services,
certificates of participation/lease revenue financings,
municipal utilities, airports, redevelopment, mass
transit projects, credit evaluations, refundings and
derivative and swap advisory services. His clients
have included the cities of Fort Collins and Colorado
Springs; the Colorado Springs Utilities; El Paso
County,; the town of Estes Park and its Urban Renewal
Authority, Thompson and Estes Park school districts;
the cities of Billings and Great Falls, Montana; the
City of Bakersfield, California; the City of Las Vegas,
Nevada; and the Regional Transportation District
(Denver). Mr. Houston previously held a variety of
positions in local government, including serving on the
Regional Planning Commission of Champaign County,
Illinois; director of community development for the
City of Rock Island, Illinois, and executive director of
the City of Boulder's Urban Renewal Authority. When
he was with the Boulder Urban Renewal Authority,
Mr. Houston directed the first use of a tax -increment
financing in Colorado. Mr. Houston is a graduate of
the University of Illinois (Department of Urban and
Regional Planning).
PROPOSAL TO City of Fort Collins
Troy Bernberg is an assistant vice
president with George K. Baum &
Company. Mr. Bernberg joined the
firms Denver office in July 2002
and is responsible for performing
quantitative analysis including
structuring of amortization
schedules, cash flow analyses,
financial assessments, and other transaction
functions for his Colorado clients. Since joining the
firm, he has worked on a variety of new issue and
refunding transactions encompassing many types
of taxable and tax-exempt municipal securities. Mr.
Bernberg holds a B.S. in business administration
from Leeds School of Business at the University of
Colorado at Boulder.
James Cleveland is a senior vice
president and manager of the
firms Quantitative Finance Group.
He has more than 28 years of
quantitative finance experience
and has been with George K.
Baum & Company since 1970. Mr.
Cleveland specializes in refunding
bond issues, structured financings,
and other technically -driven bond issues. He has
performed quantitative analysis for more than
$12 billion of tax-exempt and taxable financings
involving more than 400 issuers during his career,..
Mr. Cleveland holds an M.B.A. and B.A. from the
University of Colorado. He is a member of the
National Association of Securities Dealers, Society
of Security Analysts, Association for Investment
Management and Research and the Municipal Bond
Dealers Association.
0 GEORGE K BAUM & COMPANY I Investment Bankers Since 1928
Page 16
Mary -Katherine Sells is a first
vice president and senior research
analyst with George K. Baum and
Company. Ms. Sells researches
and develops credit analyses for
general governmental, health care
and higher education issuers, with
final products successfully used
in credit rating and enhancement
presentation meetings. She is considered an
expert in evaluating COP credits. Ms. Sells also
compiles and prepares Financial Profile, Credit and
Debt Capacity Analysis reports, which are used
extensively by a variety of issuers in the course of
their strategic planning. Ms. Sells joined the firm
in 1990, and holds an M.B.A. from the University
of Denver and B.S. from Boston College. She is a
member of the National Federation of Municipal
Analysts (NFMA) and the Health care Financial
Management Association (HFMA).
PROPOSAL TO City Of Fort Collins
Robert Lombardi is an executive
vice president and George
K. Baum & Company's most
senior underwriting/syndicate
specialist. Mr. Lombardi
has more than 30 years of
underwriting and trading
experience. His primary
responsibility includes managing
the syndication and underwriting of negotiated
bond issues sold by the firm. Mr. Lombardi has
personally supervised the firm's underwriting/
syndication efforts on transactions totaling in
excess of $15 billion. He has priced almost all the
Colorado financings underwritten by our firm
over the past 20 years, including all of the COP
financings underwritten by Baum in recent years.
Prior to joining George K. Baum & Company in
1974, Mr. Lombardi was employed with Merrill
Lynch. He is a graduate of the University of
Colorado.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928
Page 17
Proposed Fees & Expenses
Appendix 7- A) 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 of
each respective transaction not included in the flat fee quoted. B) 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. C) 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 expense related to that
transaction. Identify all fees for other services that may be required to
complete the transaction.
George K. Baum & Company is a full service
investment banking firm which utilizes the talent and
expertise of its many experienced team members on
any assignment, financial advisory or underwriting,
that it undertakes for a client. In our opinion, all
of the fees proposed below are reasonable and
competitive except where competing firms are unable
to provide the same level of resources and expertise
as George K. Baum & Company. We are however
open to negotiation with the City on any aspect of the
fees proposed based on the City's final requirements.
Financial Advisory Services Fee
If our firm is selected to serve as financial advisor we
recommend that the fees for the COPS be divided
into two tranches: for the general City supported
COP's for the police services building, transportation
de-icing facility and the Southeast branch library we
propose a flat fee of $25,000 if all are done as a single
issue. If done separately (but services provided by
George K. Baum & Company for all three projects)
we propose a fee of $18,000 for the police facility
and $6,000 each for the transportation and library
facilities.
Because of the very different nature and difficulty of
the open space COP's we have suggested that George
K. Baum & Company act as investment banker for a
negotiated sale; however were the City to choose that
we serve as financial advisor we would do so at a fee
of $25,000 which would include the extensive and
elaborate program described in "Approach".
With regard to redevelopment financings we propose
an advisory fee of $15,000 for each insured issue up
to $10.0 million in par amount. If redevelopment
financings are to be done on a non -rated basis our
PROPOSAL TO City of Fort Collins
base fee would be $20,000. Because of the extensive
time involved from conception of a redevelopment
project to the actual issuance of a financing, we propose
an additional $5,000 be added to our compensation
for each additional year it takes to bring a financing to
market.
These fees would prevail whether we served as advisor
for public or negotiated sales. As financial advisor
for negotiated sales, George K. Baum & Company
have prepared RFPs for underwriters and has been
successful at obtaining competitive fee structures for
bankers. Our emphasis however has always been at
selecting the best proposals which may or may not be
the lowest prices. Our experience is that it is important
to assure that bankers are appropriately compensated
to provide an incentive for aggressive interest rate
pricing which is much more important to interest
cost reductions and to the best marketing of difficult
financings such as TIFs and COP s.
Negotiated Sales
George K. Baum & Company proposes that the
City retain its services as an investment banker to
underwrite the City's proposed COPS, which are
resistant to effective public sale especially its open
space COP's. For the difficult task of structuring,
obtaining ratings and credit enhancement and
underwriting the open space COP's we would seek
compensation of $7.00/$1000 of par amount. For
underwriting the police services building COP s a fee
of $5.00/$1000 is proposed as it is for the transportation
and library COPS.
For redevelopment TIF bonds, we would underwrite
at a fee of $9.00/$1000 for insured bonds and $12.50 for
non-insured and or non -rated bonds.
Additional Fees for Other Services
George K. Baum & Company will pay all its normal
and customary out -of -pocket expenses from the above
fees. Out-of-pocket expenses for out of state travel for
rating and insurance presentations would be charged
at our cost and only with the prior approval of the City.
On any issue we will commit that such direct expenses
would not exceed $1,500 without the City's consent.
We do not anticipate that George K. Baum & Company
0
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Pdge 18
Experience
Financial Advisory & Underwriting Experience
• Since 1995, George K. Baum & Company has served as financial advisor
on 476 issues with a total par value of approximately $6.7 billion.
• We have also provided many of the same services that a financial advisor
provides in connection with the more than 1,800 negotiated issues we
have senior managed during this same time period.
• Additionally, Baum has served as underwriter on more than 1,340 tax-
exempt revenue bond issues, and 130 certificate of participation (COP)
issues since 1995, together totaling more than $51.8 billion.
• Our hands-on experience in structuring, underwriting and marketing
municipal bond issues —coupled with our extensive advisory experience —
has proven extremely valuable to our financial advisory clients.
Presentation to
City of Fort Collins
George K Baum & Company
In%esmx-nr Bankers Since 1928
PROPOSALTO City/ of Fort Collins
will incur reimbursable expenses for other of our
services that will occur in the course of completing
individual issues for the City. Normal cost of issuance
such as bond and disclosure counsel, insurance, rating
fees, title insurance, POS/OS printing and distribution,
including electronic posting, paying agent, fees of the
City's auditor, CUSIP, DTC, etc., will vary with each
issue's size and complexity and are considered the Cit),Is
normal expenses to be paid from issue proceeds. Fees
for such services as opinion surveys and special studies
and research provided by George K. Baum & Company
would be determined at the time such services were
requested and at a level mutually agreed.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 19
Unique Qualifications
Appends & Include all other information or data which may uniquely
qualify your firm in serving the City in the role outlined in this document.
George K. Baum & Company offers the best staffed,
most fundamentally experienced investment bank-
ing and financial advisory services in Colorado. We
are clearly unique in the aggressive investments we
have made in recent years in both our personnel and
our resources to better serve our clients.
Certain of our services, methods of approach, and ex-
perience, our firm is uniquely well -suited to meeting
the City's needs on the proposed projects.
Knowledge of Fort Collins. The professionals
assigned to this project have extensive experience
working with the City of Fort Collins on many types
of financings. Baum has completed many of the
City's Storm Drainage bonds; worked on utility,
general obligation, and sales tax bonds and the City's
prior issue of COPs for the mason Street parking
garage and City office building
Rating Presentations. We believe the rating presenta-
tions we prepare for our clients are unique in their
comprehensiveness and professional appearance.
In fact, our credit rating presentation packages have
been described as "industry leading' by major rating
agencies. Our firm has prepared such presentations
for the City in the past, and in 1998 assisted the City
in a rating strategy which resulted in an upgrade of
the City's general obligation rating to Aal.
PROPOSAL TO City of Fort Collins
Strategies for Ratings and Insurance. We feel that
our recent and directly -on -point experience in gain-
ing favorable ratings and insurance terms for our
revenue bond and COP clients is due in large part to
the unique extra effort we place on developing careful
strategies for the timing and sequencing of personal
contacts and organization of information. Mary Kay
Sells of George K. Baum & Company's research staff
has worked on many of Fort Collins rating presenta-
tions and will continue to serve the City as one of our
team members on this assignment.
Competitive and Negotiated Sale of Issues. George
K. Baum & Company, and specifically the profession-
als assigned to the City, have extensive experience
acting as financial advisor for the competitive sale of
bond issues and COPS. Unique among investment
banking firms in Colorado is the significant advisory
services we provide to a wide variety of clients, in-
cluding the City of Colorado Springs and the Denver
Water Board. Our's is one of only two fully Denver
based trading desks and as such continues to have a
vastly superior grasp on the intricacies of Colorado
municipal bonds, especially COP's.
Public Opinion Surveys. George K. Baum & Compa-
ny has completed numerous public opinion surveys
for the City of Fort Collins, some very applicable to
the projects and methods of the proposed financings.
This knowledge is unique and will be helpful in ad-
vising the City and others, such as rating analysts and
insurers, about public perceptions.
0
GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 20
PROPOSAL TO City of Fort Collins
Financial Advisory & Underwriting Clients
Appendix 9: List all Colorado clients and those clients for similar
transactions for which your firm has provided financial advisory or
underwriting services over the past three years and those which will
provide a reference.
George K. Baum & Company
Colorado Clients Served
April 2001- April 2004
Following is a list of our Colorado COP issues
followed by a list of all underwriting and financial
advisory issues during the past three years.
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928 Page 21
APPENDIX 9
George K. Baum & Company
Colorado Issues Served as Underwriter or Financial Advisor
April 2001- April 2004
Certificates of Participation Issues
4/712004 N
4.485 Thompson SD #R2J
Certificates of Participation
SOLE
Aaa
AAA
INS
11/1812003 C
15.07 Colorado Springs Pub Facs Auth
Certificates of Participation
FA
A2
11/6/2003 C
7.275 Boulder Valley SO #RE-2
Certificates of Participation
CO-MGR
AA-
5115/2003 C
60.78 Denver City and Co -Colorado
Certificates of Participation
CO-MGR
Aaa
AAA
AAA
INS
4/16/2003 N
17.245 El Paso Co -Colorado
Certificates of Participation
SOLE
Aaa
AAA
AAA
INS
12/6I2002 N
44.865 El Paso Co -Colorado
Certificates of Participation
SOLE
Aaa
AAA
AAA
INS
12/5/2002 N
40.11 El Paso Co -Colorado
Certificates of Participation
SOLE
Aaa
AAA
AAA
INS
5/2812002 N
15.76 Arapahoe Co -Colorado
Certificates of Participation
SOLE
Aaa
AAA
INS
5/2112002 N
2.5 Frisco Finance Authority
Certificates of Participation
SOLE
Aaa
NR
AAA
INS
4/24/2002 N
4.075 Mesa Co (Valley) SO #51
Certificates of Participation
SOLE
Baal
NR
NR
4123/2002 N
3.65 Denver City and Co -Colorado
Certificates of Participation
RA
Aaa
AAA
AAA
INS
4/23/2002 C
13.48 Denver City and Co -Colorado
Certificates of Participation
FA
Aaa
AAA
AAA
INS
3/21/2002 N
4.92 Adams Co Communication Ctr Inc
Certificates of Participation
SOLE
Baal
NR
NR
3114/2002 N
5.26 Chaffee Co -Colorado
Certificates of Participation
SOLE
Aaa
AAA
AAA
INS
11/13/2001 C
16.07 Denver City and Co -Colorado
Certificates of Participation
FA
Aaa
AAA
AAA
INS
11f712001 C
33.91 Denver City and Co -Colorado
Certificates of Participation
FA
Aa2
AA
AA-
10/1912001 N
9.46 Garfield Co Finance Auth
Certificates of Participation
SOLE
Aaa
AAA
AAA
INS
10/5/2001 N
20.195 Logan Co Justice Ctr Fin Corp
Certificates of Participation
LEAD
Aaa
AAA
AAA
INS
8/6/2001 N
6.75 Steamboat Springs -Colorado
Certificates of Participation
LEAD
Aaa
AAA
AAA
INS
81212001 C
42.8 Denver City Co Board of Water Comm
Certificates of Participation
FA
Aa2
AA-
6128/2001 N
6.75 Steamboat Springs -Colorado
Certificates of Participation
LEAD
Aaa
AAA
AAA
INS
5/24/2001 N
7.715 Packer -Colorado
Certificates of Participation
SOLE
A3
NR
NR
All Other Colorado Issues
4/15/2004 N
2.24 Brush Creek Metropolitan Dt
GO Refunding Bonds
SOLE
4/l/2004 N
414,86 Colorado Dept of Transportation
Transportation Revenue Notes
LEAD
Aaa
AAA
AAA
INS
411/2004 N
9.885 Left Hand Canyon -Colorado
Water Revenue Bonds
SOLE
Aaa
AAA
INS
3/2312004 C
4,705 Little Thompson Water Dt
Water Revenue Ref Bonds
FA
Aaa
AAA
AAA
INS
3/15/2004 N
1.35 Milliken -Colorado
Sales & Use Tax Revenue Bonds
SOLE
3/11/2004 N
1.375 Black Hawk -Colorado
Device Tax Revenue Ref Bonds
SOLE
NR
NR
NR
3/11/2004 N
8.43 Adams Co (Westminister) SO #50
GO Refunding Bonds
SOLE
Aaa
AAA
AAA
INS
3/11/2004 N
34.5 Colorado Ed and Culture Auth
Student Housing Rev Bonds
SOLE
Al
NR
NR
3/9/2004 C
4.215 Boulder Co -Colorado
Offender Mgmt Cap Imp Trust Bonds
LEAD
Aaa
AAA
AAA
INS
315/2004 N
2.74 El Paso Co SO #22
GO Refunding Bonds
SOLE
Aaa
AAA
AAA
INS
2/26/2004 N
5.68 Montezuma Co -Colorado
Sales & Use Tax Rev Ref Bonds
SOLE
Aaa
AAA
AAA
INS
2/24/2004 N
57.075 Grand Junction City -Colorado
General Fund Rev Bonds
CO-MGR
Aaa
AAA
AAA
INS
2/24/2004 N
30.92 Arapahoe Co (Littleton) SD #6
GO Refunding Bonds
LEAD
Aaa
AAA
AAA
INS
2/11/2004 N
15.48 Adams Co (Commerce City) SO #14
GO Refunding Bonds
SOLE
Aaa
NR
AAA
INS
2/11120D4 N
13.38 Summit Co (Summit) SD #RE-1
GO Refunding Bonds
SOLE
Aaa
AAA
INS
2/612004 N
11.575 Adams St College Board of Trustees
Refunding and Improvement Bonds
SOLE
Aaa
AAA
AAA
INS
215/2004 N
28,76 Mesa Co (Valley) SD #51
GO Refunding Bonds
SOLE
Aaa
AAA
INS
1/29/2004 N
9.785 Weld Co (Weld) SO #RE-4
GO Refunding Bonds
SOLE
Aaa
AAA
INS
1/14/2004 C
17.115 Colorado Springs City -Colorado
GO Refunding Bonds
FA
Aaa
AA
NR
1/912004 N
9.5 Fremont SD #RE-1
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
1/8/2004 N
310.8 Denver City and Co SO #1
General Obligation Bonds
CO-MGR
Aaa
AAA
1/8/2004 N
9.5 Weld Co SO # RE5J
General Obligation Bonds
SOLE
Aaa
AAA
INS
12/18/2003 N
2.935 Englewood -Colorado
Golf Course Rev Ref Bonds
SOLE
NR
NR
NR
12117/2003 N
1.5 Milliken Fire Protection Dt
General Obligation Bonds
SOLE
1215/2003 N
6.4 Weld Co SD # RE5J
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
1215/2003 N
8.255 Weld Co SO # RE5J
GO Refunding Bonds
SOLE
Aaa
AAA
AAA
INS
1214/2003 N
16.5 Fremont SO #RE-1
General Obligation Bonds
SOLE
Aaa
AAA
INS#
12/3/2003 N
9.995 Castle Rock -Colorado
Water and Sewer Revenue Bonds
SOLE
Aaa
AAA
INS
11/25/2003 N
9.615 Castle Pines North Metro Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
11/25/2003 N
1.48 Las Animas Cc (Hoehne) Reorg SD #3
GO Refunding Bonds
SOLE
NR
AA-
NR
11/24/2003 N
9.565 Castle Pines North Metro Dt
GO Refunding Bonds
SOLE
Aaa
AAA
INS
11/14/2003 N
158.31 Colorado Springs City -Colorado
Utilities Improvement Rev Bonds
FA
Aa2
AA
NR
11/14/2003 N
9.955 Castle Rock -Colorado
Water and Sewer Revenue Bonds
SOLE
Aaa
AAA
INS
11/6/2003 N
53 Colorado Housing and Finance Auth
Single Family Mortgage Bonds
RA
Al
A+
11/6/2003 N
70 Colorado Housing and Finance Auth
Single Family Mortgage Bonds
RA
Al
A+
10/30/2003 N
1.8 Bennett Park & Recreation Dt
General Obligation Bonds
SOLE
AA
INS
10/17/2003 N
4.165 Estes Park Urban Renewal Auth
Urban Renewal Tax Increment Bonds
SOLE
Baal
101212003 N
7.93 Aspen -Colorado
GO Refunding Bonds
SOLE
Aa3
9/2412003 N
48.78 Colorado Housing and Finance Auth
Multi -Family Housing Rev Bonds
CO-MGR
AAA
9/10/2003 C
77.155 Denver City Co Board of Water Comm
WV Rev Ref & Imp Bond
FA
Aaa
AAA
AAA
INS
8/21/2003 N
12.645 Delta Cc Joint SD #50
General Obligation Bonds
SOLE
Aaa
AAA
INS
8/1212003 N
60 La Plata Co (Durango) SD #9-R
General Obligation Bonds
SOLE
Aaa
AAA
INS
817/2003 N
100 Colorado Dept of Transportation
Revenue Anticipation Notes
LEAD
Aaa
AAA
AAA
INS
7/18/2003 N
2.805 Fremont Cc Finance Corp
Refunding & Imp Certs of Partic
SOLE
Aaa
AAA
AAA
INS
7/18/2003 N
19.22 Fremont Cc Finance Corp
Refunding & Imp Carts of Partic
SOLE
Aaa
AAA
AAA
INS
7/16/2003 N
19.025 Timber Ridge Affordable Hsg Corp
Adj Rte Housing Fac Rev Bonds
SOLE
Aa2
NR
NR
LC:D
7/11/2003 N
22.215 Thompson SD #R2J
GO Refunding Bonds
SOLE
Aaa
AAA
INS
7/11/2003 N
3.57 Woodmoor Wtr & Sanitation Dt #1
GO Refunding Bonds
SOLE
Aaa
AAA
INS
7/10/2003 N
25.66 Thompson SD #R2J
GO Refunding Bonds
SOLE
Aaa
AAA
INS
6/27/2003 N
0.57 Grand Lake Metro Recreation Dt
Revenue Refunding & Imp Bonds
SOLE
NR
NR
NR
6/20/2003 N
354.825 Denver Convention Ctr Hotel Auth
Senior Revenue Bonds
CO-MGR
Aaa
AAA
AAA
INS
6/1812003 N
1.42 Steamboat Springs -Colorado
GO Various Purpose Ref Bonds
SOLE
A2
6116/2003 P
2.505 Stetson Ridge Metro Dt #2
GO Ltd Tax Bonds
SOLE
NR
NR
NR
6/11/2003 N
80 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
CO-MGR
Aaa
AAA
AAA
INS
6/11/2003 N
120 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
CO-MGR
Aaa
AAA
AAA
INS
6/10/2003 C
3.92 Colorado Wtr Res and Pwr Dev Auth
Water Resources Rev Bonds
CO-MGR
Aaa
AAA
AAA
INS
6/5/2003 N
1.5 Heritage Greens Metro Dt
General Obligation Bonds
SOLE
5/29/2003 N
50.546 Jefferson Co SD #R-1
GO Refunding Bonds
CO-MGR
Aaa
AAA
AAA
INS
5/13/2003 C
50 Denver City Co Board of Water Comm
Water Revenue Bonds
FA
Aaa
AAA
AAA
INS
5/6/2003 N
20 Colorado Ed and Culture Auth
Education Rev Bonds
SOLE
Al
LC:D
4/24/2003 N
125 Denver City and Co -Colorado
Airport System Revenue Bonds
CO-MGR
Aaa#
AAA#
AAA#
INS#
4/24/2003 N
161.965 Denver City and Co -Colorado
Airport System Revenue Bonds
CO-MGR
Aaa
AAA
AAA
INS
4/23/2003 N
25 Garfield Co -Colorado
Hospital Revenue Bands
FA
NR
AA
NR
INS
4/16/2003 C
20.535 Colorado St University
Enterprise System Revenue Bonds
CO-MGR
Aaa
AAA
AAA
INS
4/11/2003 N
5.13 Crown Mountain Park & Recr Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
4/9/2003 N
92 St Vrain Valley SD #RE-lJ
General Obligation Bonds
CO-MGR
Aaa
AAA
AAA
INS
4/8/2003 N
10 Central Colorado Wtr Consent Dt
Ltd Tax GO Water Consery Bonds
SOLE
Aaa
AAA
AAA
INS
4/4/2003 N
1.425 Arabian Acres Metro Dt
Ltd Tax GO Bonds
SOLE
4/3/2003 N
15.645 Lafayette -Colorado
Water Revenue Bonds
CO-MGR
Aaa
AAA
AAA
INS
4/1/2003 C
5.73 Fort Collins -Colorado
Sales and Use Tax Rev Ref Bonds
CO-MGR
Aa2
NR
AA
3/18/2003 N
3.605 Aurora City -Colorado
Ltd Tax GO Bonds
SOLE
3/4/2003 N
0.895 Mount Crested Butte -Colorado
GO Refunding Bonds
SOLE
NR
NR
NR
2/25/2003 N
20 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
NR
STBY
2/25/2003 N
42 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
NR
STBY
2/20/2003 N
0.48 Ridgway Public Library Dt
GO Library Bonds
SOLE
216/2003 N
16 Colorado Housing and Finance Auth
Single Family Mortgage Bonds
CO-MGR
Al#
A+#
NR
1/31/2003 N
0.38 Swink SO #33
GO Refunding Bonds
SOLE
NR
NR
NR
112012003 N
3.2 Delta Cc Joint SO #50
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
1/1512003 N
5.68 Pagosa Area Water and Sanit Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
1/15/2003 N
3 Foxfield-Colorado
General Obligation Bonds
SOLE
NR
BBB+
NR
1/13/2003 N
1.5 Montrose Co SD #RE-lJ
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
1/10/2003 N
0.35 Elbert Co Local Improvement Dt
Special Assessment Bonds
SOLE
12/19/2002 N
2 Grand Elk Ranch Gen Imp Dt
Ltd Tax General Obligation Bonds
SOLE
12/16/2002 N
6.7 Fort Lupton -Colorado
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
12/12/2002 N
85.44 Arapahoe Co (Littleton) SD #6
General Obligation Bonds
CO-MGR
Aaa
AAA
AAA
INS
12/10/2002 N
9.7 Delta Cc Joint SD #50
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
12/10/2002 N
9.5 Montrose Co SO #RE-1J
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
12/10/2002 N
4.675 Pagosa Area Water and Sanit Dt
GO Water Bonds
SOLE
Aaa
AAA
AAA
INS
12/10/2002 N
27.055 Colorado Springs City -Colorado
Taxable Var Rte Dem Utils Bonds
RA
Aa2
AA
NR
12/5/2002 N
43.005 Colorado Springs City -Colorado
Airport System Rev Ref Bonds
FA
Aaa
AAA
AAA
INS
12/4/2002 N
21.14 Garfield Co (Garfield) SO #RE-2
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
1214/2002 N
5.755 Huerfano SD #RE-1
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
12/4/2002 N
39.09 St Vrain Valley SO #RE-1J
GO Refunding Bonds
CO-MGR Aaa
AAA
AAA
INS
12/3/2002 N
1.05 La Veta SO #RE-2
GO Capital Appreciation Bonds
SOLE
Aa3
NR
NR
11/20/2002 N
24.5 La Plata Co (Durango) SO #9-R
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
11/20/2002 C
110 Colorado Springs City -Colorado
Util Sys Sub Lien Imp Rev Bonds
FA
Aa2
AA
11/19/2002 N
3.1 West Point Metropolitan Dt
GO Ltd Tax Bonds
SOLE
NR
NR
NR
11/14/2002 N
6.045 Colorado St Dept of Human Svc
Enterprise Sys Rev Antic Warrants
SOLE
NR
A
NR
INS
11/612002 N
5.13 St Charles Mesa Water Dt
Water Rev Ref & Improv Bonds
SOLE
Aaa
AAA
AAA
INS
10131/2002 N
7.575 Colorado Housing and Finance Auth
Multi -Family Housing Rev Bonds
CO-MGR Aaa
AAA
NR
10131/2002 N
10.92 Colorado Housing and Finance Auth
Multi -Family Housing Rev Bonds
RA
Aaa
AAA
NR
10/31/2002 N
16.55 Colorado Housing and Finance Auth
Multi -Family Housing Rev Bonds
CO-MGR Aaa
AAA
NR
10/31/2002 N
31.96 Colorado Housing and Finance Auth
Multi -Family Housing Rev Bonds
RA
Aaa
AAA
NR
10/31/2002 N
70.715 Colorado Housing and Finance Auth
Multi -Family Housing Rev Bonds
RA
Aaa
AAA
NR
10/22/2002 N
4.085 Mid Valley Metropolitan Dt
GO Refunding & Improv Bonds
SOLE
Aaa
AAA
AAA
INS
10/10/2002 C
3.305 Little Thompson Water Dt
Water Revenue Bonds
FA
Aaa
NR
AAA
INS
10/3/2002 N
203.565 Denver City and Co -Colorado
Airport System Revenue Ref Bonds
LEAD
Aaa
AAA
AAA
INS
9/26/2002 N
17.435 Foothills Park & Rec Dt
Ref & Improv Certs of Part
SOLE
Aaa
AAA
AAA
INS
9/26/2002 N
67 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
NR#
INS
9/26/2002 N
105 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
AAA
INS
9/17/2002 C
11.61 Denver City Co Board of Water Comm
GO Water Refunding Bonds
FA
Aal
AA+
AA+
9/16/2002 N
18.765 Delta Co Mem Hosp Dt
Enterprise Revenue Bonds
FA
NR
BBB
NR
9/11/2002 N
4.42 La Plata Co (Durango) SO #9-R
GO Refunding Bonds
SOLE
Aaa
NR
AAA
INS
8/19/2002 N
6.99 Englewood -Colorado
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
8/19/2002 N
10.58 Summit Co (Summit) SO #RE-1
TANs
SOLE
NR
NR
NR
8/15/2002 N
74.695 Colorado Springs City -Colorado
Subordinate Lien Ref Rev Bonds
FA
Aaa
AAA
AAA
INS
8/14/2002 C
2.5 Las Animas SD #1
General Obligation Bonds
SOLE
AA-
8/12/2002 N
11.35 Summit Co (Summit) SD #RE-1
TANs
SOLE
NR
NR
NR
8/7/2002 N
400.16 Colorado Dept of Transportation
Refunding Transportation RANs
CO-MGR Aaa
AAA
AAA
INS
7/26/2002 N
3.205 Vail -Colorado
GO Refunding Bonds
SOLE
Aa3
NR
NR
7126/2002 N
5 Windsor -Colorado
Sales & Use Tax Rev Bonds
SOLE
Aaa
AAA
AAA
INS
7/2612002 N
9.43 Colorado Regional Trans Dt
Sales Tax Rev Refunding Bonds
LEAD
Aaa
AAA
AAA
INS
7/26/2002 N
5.57 Vail -Colorado
Sales Tax Revenue Refunding Bonds
SOLE
Aaa
NR
AAA
INS
7/22/2002 N
7 Carbon Valley Park and Rec Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
7/22/2002 N
3.11 Sedgwick Co -Colorado
Sales & Use Tax Revenue Bonds
AA
INS
7/18/2002 N
14.625 Colorado Housing and Finance Auth
Taxable Multi-Faimily Proj Bonds
CO-MGR Aaa
AAA
NR
7/18/2002 N
49.975 Colorado Housing and Finance Auth
Taxable Multi-Faimily Proj Bonds
CO-MGR Aaa
AAA
NR
STBY
6/27/2002 N
1.36 Foothills Park & Rao Dt
General Obligation Bonds
SOLE
NR
NR
NR
6126/2002 N
75.72 Colorado Housing and Finance Auth
Adj Rte Multi -Family Ins Bonds
CO-MGR Aaa
AAA
AAA
INS
6/26/2002 N
4.995 Pagosa Area Water and Sank Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
6/26/2002 N
2.8 Pagosa Fire Protect Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
6126/2002 N
2.72 Bayfield SO #10 Jt-R
GO Refunding Bonds
SOLE
Aa3
NR
NR
6/26/2002 N
20 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
CO-MGR Aa2
AA
NR
6/26/2002 N
40 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AA
NR
INV
6/26/2002 N
75 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AA
NR
INV
6/12/2002 N
2.865 Crested Butte Fire Protection Dt
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
6/11/2002 N
208.3 Colorado Dept of Transportation
Transportation RANs
CO-MGR Aa3
AA
AA
6/5/2002 C
20.52 E Cherry Creek Vlly Wtr Sank Dt
Water Revenue Bonds
LEAD
Aaa
AAA
AAA
INS
5/20/2002 N
0.44 Fraser -Colorado
Sales & Use Tax Rev Ref Bonds
SOLE
NR
NR
NR
5/7/2002 N
35.3 Traer Creek Metropolitan District
Var Rte Revenue Bonds
SOLE
NR
AA-
NR
LC:D
4/24/2002 N
153.23 Colorado Regional Trans Dt
Sales Tax Revenue Bonds
CO-MGR Aaa
AAA
AAA
INS
4/1212002 N
3.59 Colorado Housing and Finance Auth
Multi -Family Proj Bonds
CO-MGR Aaa
AAA
NR
4/1212002 N
5.735 Colorado Housing and Finance Auth
Multi -Family Proj Bonds
CO-MGR Aa2
AA
NR
4/12/2002 N
9.41 Colorado Housing and Finance Auth
Multi -Family Proj Bonds
CO-MGR Aaa
AAA
NR
4/12/2002 N
9.82 Colorado Housing and Finance Auth
Multi -Family Proj Bonds
CO-MGR Aaa
AAA
NR
4/1212002 N
19.45 Colorado Housing and Finance Auth
Multi -Family Proj Bonds
CO-MGR Aaa
AAA
NR
3/28/2002 N
23.075 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
AAA
3/28/2002 N
29.99 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
AAA
3/28/2002 N
41 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
AAA
312712002 N
5.69 Colorado Ed and Culture Auth
Revenue Bonds
SOLE
NR
BBB+
BBB+
3/26/2002 N
6.785 Grand River Hospital Dt
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
3/26/2002 N
2.41 Costilla (Sierra Grande) SD #R-30
GO Refunding Bonds
SOLE
NR
AA
NR
3/2112002 N
2.295 Omnipark Metropolitan Dt
General Obli aflon Bonds
SOLE
NR
NR
NR
3/21/2002 N
30.895 Arapahoe Co Water & Wstwtr Auth
GO Acquisition Bonds
CO-MGR
Aaa
AAA
AAA
INS
3/21/2002 N
32.975 Arapahoe Co Water & Wstwtr Auth
GO Project Bonds
CO-MGR
Aaa
AAA
AAA
INS
3/19/2002 N
0.605 Haxtun SD #RE-2J
GO Refunding Bonds
SOLE
NR
NR
AA-
3/1/2002 N
1.875 Foothills Park & Rec Dt
Golf Course Rev Ref Bonds
SOLE
Baa2
NR
NR
2/14/2002 N
1.4 Wray -Colorado
Sales & Use Tax Rev Bonds
SOLE
NR
NR
NR
2/13/2002 N
8.915 Cortez -Colorado
Sales Tax Rev Recreation Bonds
SOLE
Aaa
NR
AAA
INS
1/28/2002 N
8.96 Garfield Cc (Garfield) SD #RE-2
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
1/25/2002 N
2.1 Fowler SD#R4J
General Obligation Bonds
SOLE
NR
AA
NR
1/24/2002 P
0.198 South Fork -Colorado
Special Assessment Bonds
SOLE
1/17/2002 N
1.331 North Routt Fire Protection Dt
General Obligation Bonds
SOLE
Aaa
AAA
INS
1/17/2002 N
9.43 Colorado Regional Trans Dt
Sales Tax Rev Ref Bonds
LEAD
Aaa
AAA
AAA
INS
1/16/2002 N
1 Cheyenne Co SO #RE-5
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
1/16/2002 N
6.33 Colorado Ed and Culture Auth
Revenue Bonds
SOLE
Baa2
BBB
BBB+
1/11/2002 N
17.835 Weld Cc SD #RE4
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
11912002 N
5 Rampart Regional Library Dt
GO Library Bonds
SOLE
Aaa
AAA
AAA
INS
12/17/2001 N
9.765 Weld Co SD #RE-4
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
12/14/2001 N
44.1 Denver City and Cc SO #1
General Obligation Bonds
CO-MGR
Aaa
AAA
AAA
INS
12/14/2001 N
1.1 Hinsdale Cc SO #RE-1
General Obligation Bonds
SOLE
NR
AA-
NR
12/13/2001 N
9 Cheyenne Cc SD #RE-5
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
12/13/2001 N
5.81 Englewood -Colorado
General Obligation Bonds
SOLE
Aaa
AAA
AAA
INS
12/7/2001 N
0.66 Limon -Colorado
GO Water Ref Bonds
SOLE
1216/2001 N
8.9 Garfield Cc (Garfield) SD #RE-2
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
12/5/2001 N
3 Basalt -Colorado
General Obligation Bonds
SOLE
Aaa
NR
AAA
INS
11/13/2001 C
28.83 Boulder -Colorado
Water and Sewer Revenue Bonds
CO-MGR
Aa2
AAA
1102001 N
51.62 Colorado Wtr Res and Pwr Dev Auth
Wstwtr Revolv Fund Ref Rev Bonds
CO-MGR
Aal
AA
AAA
10/26/2001 N
4.5 Silt -Colorado
Water & Wastewater Rev Bonds
SOLE
NR
NR
NR
10/25/2001 N
2.17 Steamboat Springs -Colorado
Sales Tax Refunding Rev Bonds
SOLE
Aaa
AAA
AAA
INS
10/24/2001 N
4.495 Cherokee Metropolitan Dt
Wtr & Wstwtr Rev Refunding Bonds
SOLE
Aaa
AAA
AAA
INS
10/10/2001 N
1.915 Mesa Co -Colorado
Residential Care Facs Mtg Bonds
CO-MGR
NR
AA
NR
INS
10/10/2001 N
23.2 Mesa Co -Colorado
Residential Care Fars Mtg Bonds
CO-MGR
NR
AA
NR
INS
9/25/2001 N
1.675 Englewood -Colorado
Storm Water Enterprise Rev Bonds
SOLE
NR
NR
NR
9/19/2001 N
10 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
CO-MGR
Aa2
AA
NR
9/19/2001 N
25 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
NR
9/19/2001 N
46.84 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
NR
911912001 N
50 Colorado Housing and Finance Auth
Single Family Mortgage Rev Bonds
RA
Aaa
AAA
NR
8/24/2001 N
20.755 Colorado Health Facilities Auth
Revenue Bonds
SOLE
NR
BBB
NR
8/16/2001 N
10.67 Summit Cc (Summit) SO #RE-1
TANs
SOLE
NR
NR
NR
8/10/2001 N
12.74 Aspen -Colorado
GO Housing Bonds
SOLE
Aa3
NR
NR
8/9/2001 N
10.78 Aspen -Colorado
Parks & Open Space Sale Tax Bonds
SOLE
Aaa
NR
AAA
INS
7/31/2001 N
70.54 Denver City and Co -Colorado
Airport System Rev Ref Bonds
CO-MGR
Aaa
AAA
AAA
INS
7/27/2001 N
300.79 Colorado Springs City -Colorado
Subor Lien Improv & Ref Rev Bonds
FA
Aa2
AA
NR
7/25/2001 C
11.215 Denver City Cc Board of Water Comm
GO Water Refunding Bonds
FA
Aal
AA+
AA+
7/25/2001 C
77.99 Denver City Cc Board of Water Comm
GO Water Refunding Bonds
FA
Aal
AA+
AA+
7/18/2001 N
4.8 Golden -Colorado
Sales & Use Tax Improv Rev Bonds
SOLE
Aaa
AAA
AAA
INS
7/11/2001 N
6.025 Colorado Housing and Finance Auth
Single Family Mtg Prog Sr Bonds
LEAD
Aa2
AA
NR
7/11/2001 N
20 Colorado Housing and Finance Auth
Single Family Mtg Frog Sr Bonds
LEAD
Aa2
AA
NR
7/11/2001 N
33.005 Colorado Housing and Finance Auth
Single Family Mtg Prog Sr Bonds
LEAD
Aa2
AA
NR
7/11/2001 N
2.335 Colorado Housing and Finance Auth
Single Family Prog Subor Bonds
LEAD
Al
A+
NR
6/27/2001 N
16.61 Lincoln Park Metropolitan Dt
GO Ltd Tax Ref & Improv Bonds
SOLE
NR
NR
NR
6/27/2001 N
13.77 Colorado Ed and Culture Auth
Revenue Bonds
SOLE
A3
A
NR
612212001 N
16.675 Denver City and Co -Colorado
Airport System Rev Ref Bonds
CO-MGR
Aaa
AAA
AAA
INS
6/22/2001 N
395.635 Denver City and Co -Colorado
Airport System Rev Ref Bonds
CO-MGR Aaa#
AAA#
AAA# INS#
6/22/2001 N
11.94 Colorado Health Facilities Auth
Revenue Refunding Bonds
SOLE
Baal
NR
NR
6/14/2001 N
52.465 Northwest Parkway Pub Hwy Auth
First Tier Subordinate Rev Bonds
LEAD
Bat
BB+
NR
6/14/2001 N
108.371 Northwest Parkway Pub Hwy Auth
Senior Convertible Bonds
LEAD
Aaa
AAA
AAA
INS
6/14/2001 N
79.866 Northwest Parkway Pub Hwy Auth
Senior Revenue Bonds
LEAD
Aaa
AAA
AAA
INS
6/14/2001 N
175.72 Northwest Parkway Pub Hwy Auth
Senior Revenue Bonds
LEAD
Aaa
AAA
AAA
INS
6/6/2001 N
5.1 Omnipark Metropolitan Dt
GO Refunding Bonds
SOLE
NR
NR
NR
6l6/2001 N
11.725 Summit Co (Summit) SO #RE-1
GO Refunding Bonds
SOLE
Aaa
NR
AAA
INS
5/23/2001 N
49.3 E-470 Public Highway Auth
Vehicle Registration Fee Bonds
RA
Aaa
AAA
AAA
INS
5/17/2001 N
18 Colorado Housing and Finance Auth
Single Family Porg Senior Bonds
LEAD
Aa2
AA
NR
5/17/2001 N
14.815 Colorado Housing and Finance Auth
Single Family Prog Senior Bonds
LEAD
Aa2
AA
NR
5/17/2001 N
20.55 Colorado Housing and Finance Auth
Single Family Prog Senior Bonds
LEAD
Aa2
AA
NR
5/17/2001 N
2.475 Colorado Housing and Finance Auth
Single Family Prog Subor Bonds
LEAD
Al
A+
NR
5115/2001 N
1 Starwood Metropolitan Dt
General Obligation Bonds
SOLE
NR
NR
NR
5/11/2001 N
21.62 Golden -Colorado
Sales & Use Tax Improv Rev Bonds
SOLE
Aaa
AAA
AAA
INS
5/11/2001 N
1.87 Golden -Colorado
Sales & Use Tax Ref Rev Bonds
SOLE
Aaa
AAA
AAA
INS
5/212001 N
34.84 University of Colorado Regents
Enterprise Sys Rev Ref Bonds
SOLE
Aa3
AA-
AA
4/2012001 N
69.71 Colorado Wtr Res and Pwr Dev Auth
Clean Water Revenue Bonds
CO-MGR Aaa
AAA
AAA
4/20/2001 N
6.21 Aspen Valley Hospital Dt
Revenue Bonds
SOLE
NR
NR
BBB
4/17/2001 N
1.175 Callan SD #RJ-1
Refunding Bonds
SOLE
NR
AA-
NR
4/4/2001 N
506.37 Colorado Dept of Transportation
Transportation RANs
CO-MGR Aaa#
AAA#
AAA#
INS#
8456.647 Total Amount of Issues
PROPOSAL TO City of Fort Collins
Required Statement & Form
Appendix 10: The proposal should include the following statement and signature form.
V. 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
George K. Baum & Company
Business Address Telephone Number
717 Seventeenth Street, Suite 2500 Denver, Colorado 80202 800.722.1670
RFP No. P-936 Date of Proposal: 4/28/04
By
Douglas Houston, Senior Vice President
(Please print or type name and title)
0 GEORGE K. BAUM & COMPANY I Investment Bankers Since 1928
Page 22
Our Team
Douglas Houston, SVP......................................................... Lead Banker
Troy Bernberg, AVP..........................Transaction Management Assistance
James Cleveland, SVP............................................. Quantitative Analysis
Mary Katherine Sells, FVP................................ Research/Credit Analyses
Bob Lombardi, EVP.......................................... Underwriting/Syndication
Douglas Houston
Team Leader
• More than 30 years of municipal and governmental finance
experience
• Specialist in financial advisory services, certificates of
participation/lease revenue financings, municipal utilities,
airports, redevelopment, mass transit projects, credit evaluations,
refundings and derivative and swap advisory services
• Worked on Fort Collins financings since 1987
Troy Bernberg
Transaction Management Assistance
• Performs quantitative analysis including structuring of
amortization schedules, cash flow analyses, financial assessments,
and other transaction functions
• Works on new issue and refunding transactions encompassing
many types of taxable and tax-exempt municipal securities
James Cleveland
Manager, Quantitative Finance Group
• More than 28 years of quantitative finance experience
• Specializes in refunding bond issues, structured financings, and oth
technically -driven bond issues
• Performed quantitative analysis for more than $12 billion of tax-exE
taxable financings involving more than 400 issuers during his caree
• Worked on Fort Collins financings since 1987
Mary -Katherine Sells
Research/Credit Analyses
• Develops credit analyses for governmental and higher education iss
credit rating and enhancement presentations
• Considered an expert in evaluating COP credits
• Developed key ratings presentations for Fort Collins in 1998 which
rating upgrades
Robert Lombardi
Sales, Trading & Underwriting/Syndication
• 30 years underwriting and trading experience
• Priced over $15 billion in tax-exempt and taxable bonds
• Priced nearly all Colorado financings underwritten by our firm durir
last 20 years, including all COP and Fort Collins financings
Our Team Approach
The professionals serving the City of Fort Collins on a day-to-day basis a
in Denver, providing local access to technical resources. We have a ve!
interest in our home state and local Colorado communities.
Presentation to
City of Fort Collins
George K. Baum & Company
Invesunenc Bankers Since 1928
Key Considerations for COP Financing
COP Financings in General
• CON remain one of the most complex and often controversial
financing methods.
• Projects perceived as highly essential will be well received by
rating agencies, insurers and investors.
• CON are regarded as a state -by -state specialty product. Investors
look to in -state firms for confidence to invest in a COP issue.
• Community and political support is essential to COP projects.
• Projects perceived by outsiders as somewhat less essential, may
encounter rating and insurance difficulties, and could meet
investor resistance.
• Redemption provisions are an overlooked key for investors.
• Disclosure regarding litigation and risk factors must be carefully
considered.
• COPS are often more successfully marketed via negotiated sale
rather than through a competitive bid process.
• Pricing a COP issue effectively requires experience, muscle and
timing.
Presentation to
City of Fort Collins
Key Questions
• Should a "Master Lease" structure be used
that incorporates all facilities financed under
the same lease as the parking garage and city
office building were?
• Does the City have clear title to the
improvements to be financed? Do some of
the sites need to be purchased with COP
funds?
• Are there any title complications which may
create difficulties in establishing collateral for
the COPS?
• For those sites already owned by the City,
what is the best mechanism for incorporating
the land into the project lease, e.g., sale to
the leasing entity, ground lease tied to the
length of the financing?
Page 5
George K Baum & Company
Investment Bankers Since 1928
COPs for Open Space Acquisition
Special Considerations for Open Space COPS
• Utilizing COPS to acquire open space is the most specialized type of COP
financing.
• There is often widespread misunderstanding of "essentiality" of an open space
project.
• Strong credit features are often discounted.
• Environmental issues often need to be addressed and finessed.
• The real estate deal often must be closed quickly to capitalize on a special
opportunity.
Presentation to
City of Fort Collins
Case Study
In 2003, George K. Baum & Company publicly sold more than $15
million Open Space Acquisition COPS for the City of Colorado
Springs. A number of difficulties typical to open space financing
were encountered and overcome:
• The COP financing, which involved a complex acquisition of
open space, was executed in a short amount of time.
• A 50-acre portion of the 732-acre project had been used as
landfill, and a plan was developed for the City to purchase the
50-acre site separately with open space cash. This eliminated
environmental risk from the project —a very important concern for
the rating agencies and investors.
• A city council composed of a majority of new members had never
been through the COP process and were receiving negative input
from the anti -tax community. Because of this negative input,
some members did not want to use COPS for open space.
Through meetings and education, a strong majority of council
members voted to support the financing.
• An extensive credit presentation was created by George K. Baum
& Company and in person presentations and conference calls
were held with Moody's and several bond insurers. Despite
strong support from analysts, rating and insurance committees
discounted the essentiality of the City's open space program and
rated the COPS two notches below the GOs. Insurers declined
coverage.
• George K. Baum & Company worked with bond counsel to make
sure the disclosure was made as "litigation" and not as a "risk
factor" as had recently been done for other COP issues.
• The above controversies, all beyond the control of the City,
resulted in only two narrowly separated bids received, one of
which was from George K. Baum & Company acting by itself.
The winning bid was submitted by a syndicate of over ten firms.
Good interest rates were received due to the strength of the
overall bond market in 2003 and the issue closed in a timely
manner, meeting the needs of the City and the Trust for Public
Lands.
Page 6
George K Baum & Company
Investment Bankers Since 1928
Strategies for Fort Collins
Based on direct and recent experience with open space and facility COPS in Colorado, George K. Baum & Company suggests the
following strategies for utilizing COPS to acquire open space and the Police Services Building for the City of Fort Collins:
• Retain George K. Baum & Company as Investment Banker. Our financing professionals have extensive experience structuring COP
financings for facilities and open space acquisition in Colorado. Open space COPS have become product unique to Colorado, and
require a concentrated effort by a proven Colorado underwriter to tell the "story" to investors through an extensive pre -sale
marketing campaign.
• Negotiated Sale. Structuring the COPS through a negotiated sale will provide the City with the most dependable access to the
market, and greater flexibility in structuring to create greater demand from investors.
• Market the COPS Quickly. The earlier the City completes the financing process, the less propaganda will come into play from
Douglas Bruce and anti -tax activists as the November election approaches.
• Include Open Space in Master lease. Every effort should be made to include open space in a master lease with the Police Services
Building.
• Extensive Credit Presentations. Thorough credit presentations should be developed for in -person meetings with Moody's, S&P and
bond insurers in New York. These presentations should include a description of all open space programs in Colorado to
demonstrate success, importance and support for these programs in our state.
• Involve Multiple Members of Credit Committees. Credit presentations must involve multiple members of each entity's credit
committee and will be held in the offices of each firm. It is not enough to convince individual analysts of the viability of Colorado's
open space programs —rating agencies and insurance companies must be convinced to change firm -wide policies.
• Go for "One Notch". Moody's rates open space COPS two rather than one notch below general obligation bonds.
• Develop Convincing Argument. The argument that open space appreciates in value and essentiality should be developed. Rating
agencies and insurers must be convinced that open space appreciates in value.
• Bond Insurance. The City should aggressively seek bond insurance.
• Capitalize on the City's Key Advantage. Fort Collins has both city and county taxes that are voter approved and earmarked, an
advantage over other open space acquisition financing programs. Credit entities must be helped to appreciate the significance of
this in a tax -resistant state like Colorado.
• Prepare "Salient Features" Marketing Memorandum and Distribute Widely to Educate Investors.
Presentation to
City of Fort Collins
George K Baum & Company
Investment Bankers Since 1928
Conclusion
George K. Baum & Company is uniquely positioned to
successfully complete the City's COP program. Our
advantages include:
• Experience on point
• Knowledge
• Resources to get the job done
• Strength in pricing and marketing COPS
• Liquidity in secondary market = investor confidence
• We can complete the financing with great speed
Presentation to
City of Fort Collins
Key Facts
Baum has served as underwriter on more than
1,340 tax-exempt revenue bond issues, and 130
certificate of participation (COP) issues since
1995, together totaling more than $51.8 billion.
George K. Baum & Company is also active in the
secondary market, trading approximately $400
million of housing bond annually. Since 1994,
our firm has traded $7.1 billion of Colorado
bonds.
Page 8
George K Baum & Company
Invesvncnt Bankers Since 1928