ADVANCE REFUNDINGS
We
are the leading CPA firm in the United States, expressed in transaction volume, that
provides independent, third-party verifications for tax-exempt bond issues. We have experience in all 50 states and all
territories and commonwealths. We have provided verification services for more than 4,000
engagements for advance refundings including more than fifty $100 million or larger transactions, with
several over $1 billion. We have been
involved in transactions that have included multi-generational transferred proceeds and
multi-purpose allocation issues, universal cap considerations, and other complex
allocation issues.
We have provided services to the public
finance industry individually since 1978 and as a firm since 1986. Our clients include all of the large Wall Street
firms, most regional firms throughout the country, as well as many of the largest issuers
of bonds and suppliers of derivative securities.
Because we are involved in a large number of
transactions each year, we see the newest types of escrow products, structuring
techniques, and the impact of revised Treasury regulations soon after they are announced. We have assisted many clients by providing
guidance in the application of new, non-proprietary techniques.
We view each engagement with multiple objectives:
- to ensure the mathematical accuracy of the calculations
- to ensure that the proposed refunding is being undertaken in a manner consistent with the Offering Documents for the issue to be refunded.
- to inform the banker of alternative structuring ideas that would improve the economic benefit to the Issuer of the proposed transaction
We are committed to providing high-quality,
quick turn-around service on each engagement. Our
verifications are performed using customized spreadsheet software and a process that
includes, both prior to pricing and on the day of pricing, initial scrutiny and analysis
by one of our managers or staff consultants and a second intensive review by one of our
principals.
Our combination of
knowledge, responsiveness, technical competency, accuracy, and reasonable fees results in
verification services that our clients consider to be the best in the industry.
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