Competitive, Negotiated and Private Placement Debt Issuance As an independent public financial advisor, our mission is to help you find the best financial solution at the lowest cost and the best financing terms. As a result, we are not tied to any single method of financing.

The Government Finance Officers Association’s (GFOA) “Best Practices” specifically state that issuers should have independent financial advisors, who are not underwriters or brokers working with you.

No one in the Midwest sells more competitive bonds than Ehlers. We help you structure bond issues to fit your needs, walk you through the rating agency process, produce the official statement, assist the bond attorney with the resolution for the sale, take competitive bids for the sale, and handle all of the closing details.

While we believe competitive sales are best for most bond sales, negotiated and private placements can benefit issuers in some situations. When an issue is negotiated, it is even more critical to have an independent financial advisor looking after your best interests.

Lease Purchase Financing Ehlers has assisted many local governments with competitive process for selecting the best rate and terms for a lease purchase financing for equipment and facilities financings.

Federal & State Grants & Loans We review the various loan and grant options within the context of your overall financial management plan to analyze the sources of revenue available to pay the debt services. Additionally we can solicit competitive proposals from local banks or a publicly sold bond issue to provide interim financing for the project until it is complete.

Specialized Financing Instruments How do you weigh the benefits and risks of considering instruments such as forwards, futures, options, and swaps? When carefully evaluated with a knowledgeable expert at your side, these can be another tool in your chest of financial management products.

Debt Studies / Debt Service Benchmarking A proactive approach is the most effective debt management program. Ehlers' debt management review finds opportunities and ensures compliance with the regulations and bond covenants that govern your issues. Key factors in the review include:

• Review debt service fund balances for arbitrage compliance.
• Identify upcoming refunding opportunities.
• Analyze tax levy and other revenue source adjustments for future years.
• Evaluate fiscal implications of the current capital improvements program.

Investment Services BBE Community Investment Partners, LLC, a partnership between Ehlers and Bankers' Bank of Madison, Wisconsin, offers a full menu of investment advisory services that include:

• Cash Flow Forecasting and Investments
• Bond Proceeds Investment
• Investment Policy Formation and Review
• Investment Strategy Review
• Treasury Management Consulting

Paying Agent Services Because bank mergers of the past decade resulted in the disruption of previously reliable paying agent services, Ehlers created a subsidiary corporation called Bond Trust Services Corporation (BTSC). BTSC is fully integrated with the Depository Trust & Clearing Corporation (DTCC) and serves as paying agent for the majority of our debt issues. BTSC also assists our clients with submitting rebate payment requests for Build America Bonds to assure their rebates are received in a timely manner.

Rating Review Process Facilitation Credit ratings were important before September 2008, but post-credit crunch they are even more important. One of Ehlers' distinguishing strengths is its relationship with the rating agencies; relationships built on trust and credibility.

One of our financial advisors brings unparalleled perspective on rating agencies from his eight years at Moody's as an analyst. He knows the key decision makers at each of the three major rating agencies and knows the mechanics and nuances of each firm's rating methodology, helping clients position themselves for the best possible rating.

Continuing Disclosure Reporting Ehlers tracks and provides reporting services for thousands of issues. Continuing disclosure compliance is an important and ongoing requirement in the life of most debt issues.

Arbitrage Monitoring Services With the IRS beginning to survey and audit local government issuers, arbitrage monitoring and rebate reporting require experienced attention as well as the development of a post-issuance compliance policy. Ehlers provides full arbitrage services including arbitrage calculations, arbitrage compliance review and working up front with clients when structuring an issue to seek to minimize or eliminate rebates.

When rebate is unavoidable, special expertise in this area is essential. Arbitrage rebate is more than completing reporting forms. Successful programs provide the needed reporting information and seek ways to minimize rebates.