Public Finance

The Ruan Securities division's 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, the Ruan Securities division knows the issues and can help you finance your project at a competitive price.

Since 1989, the Ruan Securities Corporation and now the Ruan Securities Division has consistently underwritten more Iowa public bond issues than any other company in the country. (Thomson Financial, April 30, 2008)

Commitment to Iowa and the Midwest

We are proud to play a major role in the construction and maintenance of Iowa's infrastructure, 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 Iowa. Additional laws often apply within the different political subdivisions functioning in Iowa. The same kinds of complexities also exist in other states and districts. Ruan Securities division’s familiarity with these laws helps to optimize the acceptance of our clients’ securities in the marketplace.

The Process

When the Ruan Securities division 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. Alternate maturity schedules
2. Suggestions for interim financing
3. Market timing strategies
4. Debt service levies
5. User rate charges
6. Other marketing variables

We explain and discuss the plan and its alternatives with the decision-making authority. The Ruan Securities division generally 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

When the financing plan is agreed upon, we prepare to take the issue to market. To do so, the Ruan Securities division will generally:

1. Oversee the preparation of an official statement
2. Collect and submit data for consideration for a credit rating or qualification for insurance, if needed.
3. Prepare final material to promote the bond sale.
4. Attend the sale, determine the validity of bids, and assist with the delivery of bonds.
5. Advise on the investment of bond proceeds until needed for construction payments.
6. Provide final official statements to underwriters or investors.
7. Provide the final maturity schedule with actual interest rates for the client’s use in budgeting.
8. Provide ongoing assistance as needed to answer questions, and consult 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 Ruan Securities division 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 our financial advisory services or 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.