December, 2015
In this final issue of The Advisor for 2015, we reflect on the success of this past year as well as looking ahead to 2016.
We thank each of our clients and business partners for helping Ehlers celebrate our 60th anniversary this year.  

On behalf of the entire Ehlers team, we hope that you and your families enjoy the best that the season has to offer. We appreciate your relationship and interaction with us.

Happy Holidays from our team to yours!

Steve Apfelbacher, President
Steve A

A Year in Review
2015 was a busy year for the Ehlers IL Team. Here are some of the highlights.

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Moody's Launches Issuer Comment Report in 2016
Report Fills a Gap in the Market

Beginning January, 2016, Moody's will be launching a new research publication, the Issuer Comment Report. This report, to be published annually for Moody's rated issuers with general obligation or related debt, expands the firm's research coverage of cities, counties, and school districts, and provides updated credit research on those issuers' outstanding rated debt.

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Five New Year's Resolutions for Maintaining or Improving Your Bond Rating
The Role of Rating Agencies
By Adrienne Booker, Municipal Advisor, and
Nick Anhut, Municipal Advisor
The role of rating agencies is to provide investors with an assessment of the city's ability and willingness to repay bonded debt as scheduled. "Ability" and "willingness" are evaluated based on general economic conditions, tax base, debt burden, politics, and management.

Can you pass this New Year's quiz? 
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Study of Oswego Area Development Impact Fees: Findings &  Recommendations 
Creating a Simple and Reasonable Method for Calculating and Implementing DIFs
By Jennifer M Tammen, Municipal Advisor 

Our Municipal Advisor team at Ehlers is often approached by communities to review and provide actionable advice on how to make improvements. One way we provide advice is reviewing development impact fees (DIFs).

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Referendum Reminders 
Time to Adopt Ordinances Approaching

Local governments with plans to put a bond or other referendum question on the ballot need to adopt a resolution or ordinance at least 79 days before the date of the election

Ehlers All Company Meeting Review 
"It was mind-blowing!"

In November the Illinois Team traveled "up north" to Minnesota to meet with their Ehlers colleagues from Minnesota, Wisconsin and Colorado at the annual company meeting. 
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Charging Fees for Large Cash Deposit Balances 
New Capital Rules Trend
By Ken Herdeman, Ehlers Investment Partners President and
Jack Samuels, Cash Forecast/Investment Services Analyst

The season of giving is in full swing. Unfortunately for large cash depositors, the widespread generosity has failed to reach big banks. Banks continue paying out minimal interest on cash balances. In some cases, they are refusing large cash deposits altogether, or they are charging fees for large deposit balances. This trend has come as a result of new capital rules put in place by banking regulators. Under these rules, banks are required to hold high quality liquid assets to cover potential deposit withdrawals, making the deposits that fund these loans more expensive for the bank to retain.  
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 Ehlers Inc., Ehlers Investment Partners and Bond Trust Services are affiliate companies.