December, 2016
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.

Steve Apfelbacher, President

Steve A













SEC Charges 71 Municipal Issuers with MCDC Violations  
The Security and Exchange Commission (SEC) charged 71 municipal issuers and other obligated
persons for violations with municipal bond offerings, related to the Municipalities Continuing Disclosure Cooperation (MCDC).  

jodie zesbaugh

What is a Negotiated Sale?
Requirements by the SEC and MSRB 
By Jodie Zesbaugh, Senior Municipal Advisor    

A negotiated sale occurs when you select an underwriter to buy your Bonds. These disclosures are significant and should be heeded. They may have already been provided to you, and if not, they will be provided prior to the sale of your bonds.

Why do you need to read this? 


2017 Election Dates  
Available Dates for School District Special Elections
By Shelby McQuay, Municipal Advisor
 

What are the available dates for school districts to schedule an election in 2017? The answer depends on whether there are townships or cities located within school district boundaries that will hold elections in 2017, as well as whether the school district will have board member elections.

Continue Reading

Jeff Seeley
How "Splitting" a Bond Authorization into Multiple Bond Issues Can Work in Your Favor
Why Would You Consider This? 
By Jeff Seeley, Senior Municipal Advisor 

After a school district passes a bond referendum, a decision to issue all the bonds at once or split the bonds into multiple issues must be made. Why would you consider doing this? Ultimately, there are situations in which splitting a bond authorization will result in a net reduction in total interest payments over the life of the bond. There are three considerations that can come into play: the size of the issue, when you need funds, and the interest rate market.


Welcome Tami!

Ehlers is pleased to announce the addition of Tami Olszewski to our Wisconsin Education Team.

Tami recently joined Ehlers as a Financial Specialist to help Wisconsin school districts design and implement financial solutions.  Prior to joining Ehlers, she worked in the financial services industry in the Milwaukee area for over 12 years, most recently in broker-dealer compliance.  Tami is currently working to complete her Master of Jurisprudence through Loyola University Chicago School of Law and completed her Bachelor's degree in organizational administration from the University of Wisconsin-Milwaukee.
 
In her free time, Tami along with her husband Mike and their dog, a mini-schnauzer named Mac, enjoy outdoor activities, particularly camping and riding bikes.  She and Mike support local charitable efforts including the United Way of Greater Milwaukee and Waukesha Counties, the CJ Lomas Recovery Foundation, META House, the Wisconsin Humane Society, and the Juvenile Diabetes foundation.  They both enjoy music, and are sustaining members for 88.9 FM Radio Milwaukee.  Tami is an active member of the Women for MACC Fund and co-chairs the hospitality committee for the annual Couture for a Cure Fashion Show fundraiser.
 
We extend a warm welcome to Tami as part of the Ehlers' Wisconsin Education Team, and hope you will do the same when you meet her.

Save the Date! Ehlers 2017 School Finance Seminar 
Ehlers Craft Finance:
Locally Brewed Solutions
 

Whether you still use a paper calendar or have transitioned to electronic, be sure to reserve Friday, April 21, 2017, for the Ehlers School Finance Seminar. This year we're at the Double Tree by Hilton - Park Place, Minneapolis (across from the Shops at West End).

The Ehlers Annual School Finance Seminar focuses on timely school finance information for Minnesota superintendents, business managers and school board members.

Look for more information about sessions, registration and hotel location in late January, or visit the Ehlers website for details. For now, just mark your calendar! We hope to see you there.
 Ehlers Inc., Ehlers Investment Partners and Bond Trust Services are affiliate companies.
IMPORTANT INFORMATION: PLEASE READ
 
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.
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