October 2, 2014
For Immediate Release
Contact: Tim Schram

Ehlers Acquires Public Finance Associates, LLC.

 Acquisition Expands Ehlers in Colorado


ROSEVILLE, MN, October 2, 2014 - Ehlers Companies, Leaders in Public Finance, announced today that it is expanding its presence in the Colorado market by acquiring Public Finance Associates, LLC.


Ehlers Companies provides independent municipal financial advisory services to more than 800 hundred local, regional and state government units throughout the upper Midwest region with offices in Roseville, Minnesota, Waukesha, WI, and Lisle, Illinois.  Owned by an employee stock ownership plan (ESOP), Ehlers Companies provides municipal advisor services through Ehlers & Associates (Ehlers); municipal investment advisory services through Ehlers Investment Partners (EIP); and municipal paying agent services through Bond Trust Services Corporation (BTSC). 

Public Finance Associates is an independent finance advisory firm based out of Centennial, CO, providing public finance and economic consulting services throughout Colorado since 2002. James S. Harrington, President of Public Finance Associates, has been involved in municipal bond advising and underwriting for over 30 years. Harrington states, "The timing was right to align with another strong public finance firm given the new Security and Exchange Commission's (SEC) Municipal Advisor Rule. Ehlers Companies shares the same core values that we regard as important and offers a wider scope of services for our clients."


Chairman of the Board for Ehlers, Mike Harrigan, reflects, "The acquisition of Public Finance Associates represents an important strategic opportunity to offer independent public finance options in Colorado." Harrigan continues, "Our founder, Robert Ehlers, Sr. and I were born and raised in the West, so in a way, we're going back to our roots. This partnership adds to our capacity and offers our services to even more communities in the Midwest and beyond."


The Colorado office will offer this wider scope of services to all municipal clients including school districts. The new SEC Municipal Advisor rule makes it clear that since municipal advisors have a fiduciary duty to their municipal debt issuer, a municipal advisor is the only party in a municipal debt issue that represent the interests of the municipality. Harrington, commenting on this new rule states that "For too long, municipal debt issuers relied solely on the debt purchaser for advice. It is clear now that issuers can only rely on a municipal advisor to represent their interests from planning to the closing of a municipal debt issue. The SEC makes it clear that a Municipal Advisor is an important participant in any debt issue." He expects many municipal debt issuers to now use a municipal advisor.

About Ehlers 

Ehlers, an independent public finance advisory firm for over 50 years, is ranked second nationally for the number of outstanding bond issues listed.  (Source: Bloomberg, 212-318-2000. Calendar year, 2013.) Our goal is to help public sector clients' achieve practical financial solutions at the lowest cost to taxpayers. Our only allegiance is to the communities to which we serve. Our success is the result of established long-term relationships, hard work, and years of experience. Ehlers works with counties, municipalities, townships, school districts, and other governmental units to build better communities through the products and services we offer: Debt Issuance Services, Economic Development and Redevelopment, Financial Planning, and Strategic Communications. Visit for more information.



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The information contained herein reflects, as of the date hereof, the view of Ehlers & Associates, Inc. (or its applicable affiliate providing this publication) ("Ehlers") and sources believed by Ehlers to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. Past performance is neither indicative of, nor a guarantee of, future results. The views expressed herein may change at any time subsequent to the date of publication hereof. These materials are provided for informational purposes only, and under no circumstances may any information contained herein be construed as "advice" within the meaning of Section 15B of the Securities and Exchange Act of 1934, or otherwise relied upon by you in determining a course of action in connection with any current or prospective undertakings relative to any municipal financial product or issuance of municipal securities. Ehlers does not provide tax, legal or accounting advice. You should, in considering these materials, discuss your financial circumstances and needs with professionals in those areas before making any decisions. Any information contained herein may not be construed as any sales or marketing materials in respect of, or an offer or solicitation of municipal advisory service provided by Ehlers, or any affiliate or agent thereof. References to specific issuances of municipal securities or municipal financial products are presented solely in the context of industry analysis and are not to be considered recommendations by Ehlers.