Public Finance

Ruan Securities‘ Public Finance Group provides a broad range of advisory and financing services. So, whether you are issuing General Obligation or Revenue debt, Special Assessment or interim notes, Ruan Securities Corporation knows the issues and can help you finance your project at a competitive price.

Since 1989, Ruan Securities Corporation has consistently underwritten more Iowa public bond issues than any other company in the country. (Thomson Financial, April 30, 2007)

Commitment to Iowa and the Midwest

We are proud to be an Iowa company and to play a major role in the construction and maintenance of Iowa's infrastructure. Iowa is our home, and we have a strong commitment to helping Iowa grow, and helping its citizens lead safer, more productive lives.

Iowa municipal securities are issued under the authority of the laws of our State. While many states have similar bond statutes, there are also many differences between the states and an additional layer of laws pertains to the different political subdivisions functioning in Iowa. Each type of municipal security offered will have its own acceptance in the market place and Ruan Securities understands that.

For the last few years we have started to work with and bring to market, issues for a limited number of contiguous states.

The Process

When Ruan Securities is chosen to finance a project, we work in partnership with the governing authority to find the best bonding plan for that situation.

We carefully examine the client's financial condition and estimate the project's cost. We consult with the client's staff, engineer, architect, attorney, and CPA, so our advice can be based on a full understanding of the project.

Based on our findings, we develop financial plans for the bond issue which may include:

1. Election plans
2. Alternate maturity schedules
3. Suggestions for interim financing
4. Market timing strategies
5. Debt service levies
6. User rate charges
7. Other marketing variables

We explain and discuss the plan and its alternatives with the decision-making authority. Ruan Securities will:

1. Advise the client of the long-term financial implications of any resolution necessary for the bonding.
2. Choose, with client approval, the appropriate marketing method (negotiated or public sale)
3. Advise the client about market timing of bonds and the alternate options available
4. Explain user rate charges, if applicable
5. Provide flexible interim construction financing, if needed

When the financing plan is agreed upon, we prepare to take the issue to market. Ruan Public Finance:

1. Prepares an official statement
2. Collects and submits data for consideration for a credit rating or qualification for insurance, if needed.
3. Prepares final materials to promote the bond sale
4. Attends the sale, determines the validity of bids, and assists with the delivery of bonds.
5. Advises on the investment of bond proceeds until needed for construction payments.
6. Provides final official statements to underwriters or investors.
7. Provides the final maturity schedule with actual interest rates for the client's use in budgeting.
8. Provides ongoing assistance as needed to answer questions, and consults on alternative refinancing opportunities throughout the term of the bond.

Capital Improvement Planning

Many communities need to schedule their capital improvement projects several years in advance. The Public Finance Group of Ruan Securities works with communities to prepare a multi-year capital improvement plan that will identify projects; develop timelines; estimate costs, debt levies, cash flows and other expense data. The capital improvement plans are provided to regular clients and can be updated periodically as needed.

Fees and Compensation

The complexity, size and marketability of a bond issue determine its cost to the issuer. We contract with clients for both our financial consulting services and underwriting services. All expenses for services are in the contract agreement; there are no add-on fees. Fees for bond issues are paid at the completion of the financing and can be paid from bond proceeds. The responsibility for paying auxiliary bonding costs such as printing, registration and credit rating fees is clearly stated in each contract.