capital markets focus public finance banking

Since 1895. Member SIPC and NYSE.

Capital Markets FocusPublic Finance Banking

2

Public Finance Services

A highly effective business model Expertise in specialty and regional niches Emphasis within Piper Jaffray to grow public

finance A recognized leader in the market sectors we

serve Middle market focused with a broad spectrum

of clients Strong market presence and brand Full product capabilities Consultative approach

Investment Banking Overview

3

Public Finance Banking Staffing Overview

Administration 3

Managing Directors 36

Vice President 17

Assistant Vice President 13

Associates 6

Analysts 7

Administration Staff 18

Total Staff 100

4

Public Finance Services Locations

17 Public FinanceInvestment

Banking Locations• Boston• Chicago• Denver• Des Moines• Helena• Houston• Kansas City• Los Angeles• Milwaukee• Minneapolis• New York• Phoenix• Portland• Sacramento• St. Louis• San Francisco• Seattle

Public Finance Offices

Institutional SalesTrading DesksCorporate Headquarters

Public Finance Offices

Institutional SalesTrading DesksCorporate Headquarters

Nashville

Phoenix

Denver

Seattle

Des Moines

Minneapolis

Helena

St. Louis

San FranciscoLincoln

Kansas City

PortlandSpokane

Milwaukee

Hermosa Beach

Houston

ChicagoNew York

Boston

Sacramento

Nashville

Phoenix

Denver

Seattle

Des Moines

Minneapolis

Helena

St. Louis


Kansas City

PortlandSpokane

Milwaukee

Hermosa Beach

Houston

ChicagoNew York

Boston

Nashville

Phoenix

Denver

Seattle

Des Moines

Minneapolis

Helena

St. Louis


Kansas City

PortlandSpokane

Milwaukee

Hermosa Beach

Houston

ChicagoNew York

Boston

Sacramento

Austin

5

Public Finance Business SegmentsOffice/Market

Minneapolis (Minnesota and Dakotas) Des Moines (Iowa) Kansas City/St. Louis (Missouri and Kansas) Milwaukee (Wisconsin) Houston (Texas and New Mexico) Denver (Colorado, Montana) Seattle/Portland (Pacific Northwest) Phoenix (Arizona) San Francisco (California Cities and RDAs) Los Angeles (California Schools) New York (New York and New Jersey)

11 Regional Market Areas for Government Business

• School Bonding

• Roads/Bridges

• Sewer/Water• Tax Financed

Development

6

Public Finance Business Segments Real Estate

A broad-based real estate business including the Multi-Family Housing/Senior Living industries as well as other real estate sectors

Single Family Housing An underwriter or advisor to 14 state Housing Finance

Agencies Health Care

A leading practice in working with non-profit hospitals and health care systems

Higher Education A significant practice in working with private and public

colleges and universities Hospitality/Project Finance

A leader in convention center hotel transactions and other hospitality and project finance areas

Five Specialty Business Areas

7

Public Finance

Negotiated Underwritings Fixed-Rate (High Grade, Bank-Qualified, and

High-Yield) Variable Rate/Auction Rate

Financial Advisory Remarketing and Dealer Services for

Variable/Auction Issues Derivative Products

SWAPs/Rate Locks Forward Bond Purchases

Loan Origination and Servicing Tender Option Bonds

A Full Range of Products and Services

8

An Industry Leader

National RankingLong Term Municipal New Issues

Full Credit to Lead Manager 2005

# ofRank Firm Issues

1 Citigroup 8962 UBS Financial Services Inc 8223 RBC Capital Markets 6924 Piper Jaffray & Co 4755 Morgan Keegan & Co Inc 4726 Bank of America Securities LLC 4377 Merrill Lynch & Co 4088 J P Morgan Securities Inc 3769 Roosevelt & Cross Inc 371

10 A G Edwards & Sons Inc 359



# ofRank Firm Issues

1 Citigroup 8962 UBS Financial Services Inc 8223 RBC Capital Markets 6924 Piper Jaffray & Co 4755 Morgan Keegan & Co Inc 4726 Bank of America Securities LLC 4377 Merrill Lynch & Co 4088 J P Morgan Securities Inc 3769 Roosevelt & Cross Inc 371

10 A G Edwards & Sons Inc 359



Par AmountRank Firm ($ Millions)

1 Citigroup 62,645.42 UBS Financial Services Inc 46,174.13 Merrill Lynch & Co 31,486.14 Lehman Brothers 26,251.75 J P Morgan Securities Inc 24,225.56 Bear Stearns & Co 22,515.27 Morgan Stanley 20,534.38 Banc of America Securities LLC 19,827.69 Goldman Sachs & Co 19,387.9

10 RBC Capital Markets 18,007.611 Morgan Keegan & Co Inc 8,899.912 A G Edwards & Sons Inc 7,059.413 Piper Jaffray & Co 6,086.7



Par AmountRank Firm ($ Millions)

1 Citigroup 62,645.42 UBS Financial Services Inc 46,174.13 Merrill Lynch & Co 31,486.14 Lehman Brothers 26,251.75 J P Morgan Securities Inc 24,225.56 Bear Stearns & Co 22,515.27 Morgan Stanley 20,534.38 Banc of America Securities LLC 19,827.69 Goldman Sachs & Co 19,387.9

10 RBC Capital Markets 18,007.611 Morgan Keegan & Co Inc 8,899.912 A G Edwards & Sons Inc 7,059.413 Piper Jaffray & Co 6,086.7

9

2005 Public Finance Platform

Health Care New Issues

Bank-Qualified Municipal New Issues

Long-Term Municipal New Issues Total Par Amount (millions): $6,086.7

Total Number of Issues 475

Rank by Volume 13

Rank by Number of Issues 4

Total Par Amount (millions): $746.9


Rank by Volume 6




Rank by Volume 11


Multi-Family and Senior Living New IssuesTotal Par Amount (millions): $268.4


Rank by Volume 14


Variable Rate New Issues



Rank by Volume 16


Higher Education New Issues



Rank by Volume 16


Source: Thomson Financial 2004

10

2005 Piper Jaffray Rankings

Ranked ByPar Value # of

Issues

Negotiated & Competitive Underwriting13 4

Negotiated Underwriting 14 5

Competitive Underwriting 13 6

Financial Advisory 21 7

Health Care 11 5

Multi-Family Housing 16 11

Higher Education 16 11

Midwest Region 3 1

11


Par Value # of Transactions($ Million)

Negotiated Issues

Senior and Sole Managed $4,509.4313

Co-Managed 9,089.2146

Competitive Issues

Senior and Sole Managed 1,571.9162

Co-Managed 88.08

Total Underwritings $15,260.3629

Financial Advisor $3,181.6175

Grand Total $18,441.9 804

2005 New Issuance Overview (Long and Short Term)

12

Public Finance Approach to the Business Put Client Interests First

Be ethical and think long-term Focus on Value Added From Expertise and Relationships

Create solutions through expertise and avoid business based exclusively on price

Build Primary Relationships with Clients Work with clients as a lead manager or a financial advisor

Be Strategic in Allocating our Resources Follow a well developed business plan to build long-term

clients Maximize Revenues by Providing Multiple Services

Underwriting, advisory, remarketing, reinvestment, derivatives, loans

Work Together as a Team Bring multiple specialties together as needed to serve

clients Develop Talent within our Firm

Be successful at developing junior staff

13

Preliminary Underwriting:• Determine feasibility and cost of:

– Bond insurance– Bank letter of credit– Stand alone rating

Preliminary Underwriting:• Determine feasibility and cost of:

– Bond insurance– Bank letter of credit– Stand alone rating

• Prepare analysis of investment earnings on construction fund• Determine firm estimate of all costs for issuance of bonds (attorneys,

underwriter, trustee, printing etc.)• Recommend bond structure in conjunction with borrower (term,

prepayment etc.)• Assist in selection of bond counsel and trustee

Documentation:• Work with legal counsel and trustee to prepare

necessary documents– Indenture of trust– Loan agreement– Public offering statement/private placement

memorandum• Work with issuer/borrower to schedule all

appropriate public meetings/hearings

Documentation:• Work with legal counsel and trustee to prepare

necessary documents– Indenture of trust– Loan agreement– Public offering statement/private placement

memorandum• Work with issuer/borrower to schedule all

appropriate public meetings/hearings

Marketing:• Send detailed sales bulletin on project to Piper

Jaffray’s 58 institutional sales professionals• Contact local, regional and national institutional

investors• Conduct conference calls with interested investors

to explain project

Marketing:• Send detailed sales bulletin on project to Piper

Jaffray’s 58 institutional sales professionals• Contact local, regional and national institutional

investors• Conduct conference calls with interested investors

to explain project

A DISCIPLINED PROCESS

Setting Interest Rate Determination:• Two weeks prior to bond sale - keep borrower informed of any market changes• One day prior - conduct conference call with borrower to reach final agreement on bond

structure and interest rates• Day of sale - offer bonds to investors, keep borrower apprised of investor interest (if demand

is high, interest rate may be reduced)

Setting Interest Rate Determination:• Two weeks prior to bond sale - keep borrower informed of any market changes• One day prior - conduct conference call with borrower to reach final agreement on bond

structure and interest rates• Day of sale - offer bonds to investors, keep borrower apprised of investor interest (if demand

is high, interest rate may be reduced)

Due Diligence:• Review financial information/audits• Review construction contract• Develop construction draw schedule

Due Diligence:• Review financial information/audits• Review construction contract• Develop construction draw schedule

• Analyze historic operating data• Analyze project feasibility study - if available

14


Institutional Clients 800 Tier I Clients 6,000 Tier II & III Clients

Sales & Trading 65 Institutional Sales People Tier I Municipal Specialists (High-Yield & Money Market) Broad Based Middle Market Institutional Group

Municipal Underwriting & Trading Desks Minneapolis, Kansas City, New York, Seattle

San Francisco, Boston

Individual Investors Coverage of High Net-Worth Individuals and Managed Money Accounts Marketing Agreement with UBS to Distribute New Issues through their 7,500 Financial

Advisors Direct Access to more than 50,000 Financial Advisors through Electronic Trading Platforms

Our Bottom Line Piper Jaffray can provide the most competitive interest rates for our clients through multiple

channels of distribution on a wide variety of types of municipal issues

Individual Investors

Tier II & IIIInstitutions

Tier IInstitutions

Strong and Deep Municipal Distribution

15

Created by our Public Finance group as an additional product capability for developers and other clients

We originate and service loans through Piper Jaffray Lending LLC

To date, we have completed 31 loans totaling more than $500 MM

Project types include senior living, commercial real estate, hotels, medical office buildings and condominiums

We distribute loan participations through our fixed income salesforce to middle market banks and other lenders

This capability complements our real estate group and other areas of our Public Finance effort

Loan Participation Business

16

Municipal Interest Rate Derivative Capabilities Two derivative subsidiaries

Piper Jaffray Financial Products I & II

Multiple products offered Interest Rate Swaps (Libor & BMA Based) Interest Rate Hedges and Locks Total Return Swaps

Completed interest rate derivative transactions with more than 75 not-for -profit and governmental clients since 2003

Interest rate swap book in excess of $5 BB

Piper Jaffray Companies(Parent Company)

Piper Jaffray Financial Products II

Piper JaffrayFinancial Products I

Piper Jaffray & Co.(Broker Dealer)

17

Tender Option Bond Program Initiated Tender Option Bond Program in 2002

Tender option bond program utilizes both on-balance sheet and off-balance sheet trusts

Tender Option Bond Program is Approved for up to $500 MM

Tender Option Bond Program has created more than

$275 MM in Trusts

Municipal Bond

Piper Jaffray Funding

TOB Trust

Interest Rate Swap

Residual Interest in

Trust

Variable Rate

Certificates

PurchasedBy

DepositedTo

Piper JaffrayHolds

Sale To Investors

Hed

ged

By

18


Expand and extend our Public Finance platform Build out existing specialties and geographies Expand into new geographies Maintain our current approach and middle market

focus Continue to expand our base of clients

Build our loan business Expand our loan origination capabilities Increase our secondary trading of loans

Enhance our taxable fixed-income business Maintain a core capability in traditional products Expand our business in structured products Focus on client types where we can add value Upgrade and expand our sales force as opportunities

arise

Key Directional Strategies

19

Public Finance Growth Strategy & Landscape

Business AreaPiper’s

Competitive

Position

Pluses &

Minuses

Strategic

Direction

(1)

Non-Profit BusinessHealth CareHigher EducationCultural Non-Profits

Solid Middle Market niche

(+) Use of multiple products

Grow toward a national franchise

(2)

Real Estate BusinessMulti-Family HousingSenior LivingHospitalityCommercial Real Estate

Solid niches in several areas

(+) Attractive spreads

(+) Solid expertise

Grow to add scale &

additional capabilities

(3)

Development FinanceTax IncrementAssessment BondsSpecial Districts

Solid niches in certain states

(+) Attractive spreads

(+) Solid expertise

(-) State laws

Grow in states where

opportunities exist

20

Business AreaPiper’s

Competitive

Position

Pluses & Minuses

Strategic

Direction

(4)

Local Government FinanceCitiesSchool District

Solid in several states

(-) FA Penetration

(-) Spread compression

(+) Many Issuers

Grow but pay

attention to dynamics for each

state

(5)

Large Governmental IssuersState & State agenciesLarge citiesTransportation

Moderate Penetration with many

competitors

(-) Compete with Wall Street

(-) Spread compression

(+) High issuance volume

Grow selectively

and consider FA

vs. V/W strategy

Public Finance Growth Strategy & Landscape

21

Healthcare Representative Transactions

$51,845,000

Refunding and New Project

Revenue Bonds

Lawrence, Kansas

$96,740,000

Nation’s Largest Non-Rated Financing

Decatur, Texas

$45,485,000

Private Placement

Galena, Illinois

$64,885,000

Refunding and Improvement

Revenue Bonds

Salina, Kansas

$53,800,000

Healthcare Facilities

Revenue Bonds

Robbinsdale, Minnesota

$55,275,000

Certificates of Participation

Madison, Idaho

$88,950,000

Interest Rate Hedge and

Auction Rate Bonds

Madison, Wisconsin

$82,765,000

Action Rate and Fixed Rate Bonds

Richland, Washington

Galena StaussGalena StaussHospital and Healthcare Hospital and Healthcare

CenterCenter

22

Higher EducationRepresentative Transactions

$83,850,000

Adjustable Rate Educational

Facilities Revenue Bonds

$95,005,000

Adjustable Rate Revenue Bonds

$38,370,000

Student Fee Revenue Bonds

$58,800,000

Revenue Bonds

$72,000,000

Healthcare Facilities

Revenue Bonds

$20,035,000

Auxiliary Facilities System

Enterprise Revenue Bonds

$85,680,000

General Revenue Bonds

$42,800,000

Adjustable Rate Revenue

Refunding Bonds

23

Hospitality Representative Transactions

$244,615,000

First & Second Tier

Revenue Bonds

$65,855,000

Senior Revenue Bonds

$160,250,000

Senior & Subordinate

Revenue Bonds

$300,940,000

Revenue Bonds

$92,800,000


$45,390,000

Revenue Bonds

$102,970,000

First Tier Revenue Bonds

$354,825,000 &

$356,2155,000 (Rfdg)


Austin Convention Center Hotel

Lombard Conference Center and

Hotel

Vancouver Conference Center Hotel

Omaha Convention Center Hotel

Denver Convention Center Hotel

Erie County Convention Center

Authority Hotel

Sacramento Convention Center Hotel

Baltimore Convention Center Hotel

24

Cultural & Social Non-ProfitsRepresentative Transactions

$33,310,000

Variable Rate Demand Revenue

Bonds

$31,500,000


Bonds

$85,000,000

Adjustable Rate Demand Revenue

Bonds

$130,720,000


Bonds

$49,068,000

Community Reinvestment

Revenue Notes, Series 18

$11,425,000

Art Center Facilities

Revenue Bonds

$11,300,000


Bonds

$13,190,000

Variable Rate Demand Health Care Facilities

Revenue Bonds

25

Development FinanceRepresentative Transactions

$90,875,000

Special Tax Revenue Bonds

$72,430,000

Tax Allocation Refunding Bonds

$57,905,000

Special Tax Bonds

$61,160,000

Infrastructure Facilities

Revenue Bonds

$29,820,000

Revenue Bonds

$42,985,000

Tax Increment Revenue Bonds

$50,760,000

Variable Rate Subordinate Tax

Allocation Refunding Bonds

$38,030,000

Revenue Bonds

Elk Grove, CA Public

Financing Authority

City of Roseville, CA Westpark Community

Facilities District No. 1

City of Menlo Park, CA Community Development

Agency

Manteca, CA Redevelopmen

t Agency

Moorpark Highlands Community

Facilities District

St. Joseph Industrial

Development Authority, MO

Woodmen Heights Metropolitan

District No. 1 of Colorado

Missouri Development Finance Board

26

Senior LivingRepresentative Transactions

$62,500,000

Variable Rate Demand

Multifamily Housing Revenue Refunding Bonds

$29,990,000

Adjustable Demand Revenue

Bonds

$18,725,000

Senior Housing Refunding

Revenue Bonds

$9,200,000

Revenue Refunding Bonds

$21,730,000

Health Care Revenue Bonds

$9,650,000

Senior Housing Revenue

Refunding Bonds

$50,600,000


Nonprofit Revenue Bonds

$17,120,000

Senior Housing Revenue Bonds

St. Clarence – GEAC, LLC

EverCare Senior Living,

LLC

Epiphany Assisted Living

27

Large Governmental IssuesRepresentative Transactions

$2,805,411,792

Transportation System Bonds

$209,490,000

KS Department of Administration – Comprehensive Trans. Program

$800,000,000

Various Purpose General

Obligation Bonds

$766,550,000

Clean Water and Drinking Water Revolving Fund Revenue Bonds

$194,340,000

Federal Highway Trust Fund

$106,380,000

Detention Facility Revenue

Refunding Bonds

$600,000,000

State Highway Fund Revenue

Bonds

$319,490,000

Airport System Revenue Bonds

New Jersey Transportation

Trust Fund Authority

State of California

Kansas Development

Finance Authority

Texas Department of Transportation

City and County of Denver

Donald W. Wyatt Detention Facility,

Rhode Island

Idaho Housing and Finance Association

New York State Environmental

Facilities Corporation

28

School DistrictsRepresentative Transactions

$155,720,000

Iowa School Corporations

Warrant Certificates

$42,255,000

General Obligation

Refunding Bonds

$16,265,000

General Obligation

Refunding Bonds

$39,035,000

Revenue Bonds

$13,800,000

General Obligation Bonds

$19,850,000

General Obligation

Refunding Bonds

$29,000,000

Unlimited Tax General

Obligation Bonds

$496,925,000

California School Cash Reserve

Program Authority Pool

Bonds

California School Boards Association

Finance Corporation

Iowa School Cash Anticipation

Program

Jackson County Reorganized School

District No. 7, Missouri

Shawnee County Unified School

District No. 501, Topeka, Kansas

Eatonville School District No. 404, Pierce & Lewis Counties, WA

Belton School District No. 124 of

Cass County, Missouri

South San Francisco Unified School District,

California

Willmar Independent

School District No. 347

Minnesota

29

Cities & CountiesRepresentative Transactions

$21,675,000

Water & Sewer System Revenue Refunding Bonds

$49,100,000

Limited Tax General

Obligation Bonds

$8,280,000

Annual Appropriation

Urban Renewal Tax Increment Revenue Bonds

$21,900,000


$50,660,000

General Obligation

Promissory Notes (Capital

Appreciation Notes)

$15,000,000

General Obligation Bond

Anticipation Notes

$25,910,000

Water and Sewerage System

Refunding and Improvement

Revenue Bonds

$34,885,000

Internal Improvement

Revenue Bonds

Snohomish County, Washington

City of Warren, Michigan

City of Coralville, Iowa

City of Lawrence, Kansas

City of Overland Park, Kansas

City of Danbury, Connecticut

City of Kenosha, Wisconsin

City of Corcoran, Kings County

California Water System

30

Single Family HousingRepresentative Transactions

$120,000,000

Single Family Mortgage

Revenue Home Ownership Bonds

$351,030,000

Homeowners Mortgage

Revenue Bonds

$112,500,000

Single Family Mortgage Bonds

$175,000,000

Housing Finance Program Bonds

$100,000,000

Housing Finance Revenue Bonds

$70,000,000


Revenue Bonds

$197,570,000

Single Family Housing Bonds

$192,270,000

Single Family Mortgage Bonds

State of New York Mortgage Agency

Wisconsin Housing and Economic Development

Authority

Idaho Housing and Finance Association

Vermont Housing Finance Agency

Colorado Housing and

Finance Authority

CityLiving Home Programs,

Minneapolis / St. Paul Housing

Finance Board

West Virginia Housing

Development Fund

North Dakota Housing Finance

Agency

31

Affordable HousingRepresentative Transactions

$3,200,000

Multifamily Housing

Mortgage Revenue Bonds

$4,794,527

Multifamily Housing Revenue

Bonds

$4,000,000


Bonds

$200,000,000


Revenue Notes

$12,000,000



Bonds

$5,650,000

Multifamily Housing

Revenue Bonds

$19,450,000


Bonds

$9,335,000


Bonds

The Syndicate Building, St. Louis,

Missouri

Lexington and Charter Oaks

Apartments, Shelby County, TN

City of Minneapolis, Minnesota, Cecil

Newman Apartments

Missouri Independence Industrial

Development Authority

The Mansion Project

Manor House and Woodland Homes

City of Eveleth, MN

St. Paul, MN Housing and

Redevelopment Authority,

Phalen Senior Lofts

Illinois Finance Authority

Villagebrook Apartments

Minneapolis/St. Paul Housing

Finance Board

32

Financial Advisory Representative Transactions

$145,000,000

General Obligation Bonds

$279,160,000

Homeowner Mortgage

Revenue Bonds

$70,000,000


Nonprofit Revenue Bonds

$110,687,723

Senior Revenue Bonds (Capital Appreciation &

Current Interest Bonds

$70,145,000


14,485,000

General Obligation School

Bonds

$23,000,000

Sales Tax Revenue Bonds

$328,310,000

Single Family Housing Bonds

State of New York Mortgage Agency

City of Scottsdale, Arizona

Seattle Art Museum

Chesterfield Valley, Missouri

Transportation Development

District

Vermont Housing Finance Agency

Clear Creek Amana

Community School District, Iowa

City of Tucson, Arizona

E-470 Public Highway Authority

33

Variable & Auction Rate Representative Transactions

$100,000,000

Variable Rate Revenue Bonds

$70,635,000

Taxable Variable Rate Refunding Revenue Bonds

$88,950,000

Hospital Revenue Bonds, Auction Rate Securities

$33,310,000


Bonds

$83,850,0000

Adjustable Rate Educational

Facilities Revenue Bonds

$41,405,000

Adjustable Rate Revenue

Refunding Bonds

$36,000,000

Tax Allocation Bonds

$41,100,000

Auction Rate Bonds

Adelanto Public Utility Authority,

California

WI Health & Educational

Facilities Authority Aurora Health Care,

Inc.

Wisconsin Health and Educational

Facilities AuthorityMeriter Health

Services

Tenth Township Redevelopment

City of San Pablo, CA

Illinois Finance Authority

Beloit Memorial Hospital

Nebraska Educational

Finance AuthorityCreighton University

DePauw University, Indiana

Amherst H, Wilder FoundationSt. Paul, MN

34

Loan Placement Representative Transactions

$115,000,000

First Mortgage Loan

Participation

$23,100,000

Tax-Exempt Loan Participation

$10,400,000

Loan Participation

Revenue Notes

$17,880,000

Tax Exempt Loan Participation

$17,200,000

Taxable Mortgage Loan

Participation

$16,000,000

Taxable First Mortgage Loan Participation

$53,875,195

Taxable Loan Participation

$20,815,000

Tax Exempt Loan Participation

City of Brooklyn Park, MN, Saint

Therese at Oxbow Lake

Atlanta Tech Center South, LLC.

City of St. Peter, Minnesota

St. Peter Care Center

Coralville Marriott Hotel & Conference

Center

Presbyterian Homes and Volunteers of

America The Homestead of

Rochester, Minnesota

Turfland Mall, Lexington, Kentucky

Oakdale Medical Center, LLCMinnesota

Lakeshore Senior Living Campus

Minnesota

35

Bank Qualified Representative Transactions

$5,800,000

Water Utility System Revenue

Bonds

$9,995,000

General Obligation

Refunding Bonds

$6,800,000

School Infrastructure Local Option

Sales & Services Tax Revenue

Bonds Anticipation

Notes

$9,800,000

Parcel Tax Revenue Bonds

$9,700,000

Lease Purchase Agreement Refunding


$8,520,000

Senior Housing Revenue Bonds

$10,000,000

General Obligation

Refunding Bonds

$1,140,000

General Fund Bonds

McFarland School District, Dane

County, Wisconsin

Eldorado Area Water & Sanitation

District, New Mexico

Spirit Lake Community School

District, Iowa

Downey Unified School District, Los

Angeles County, California

City of Helena, Montana

Shepherd of GraceCity of Becker,

Minnesota

Eagle County, Colorado Joint Maintenance

Service Center

Palm Drive Health Care District

California

36

Questions

capital markets focus public finance banking

Documents

total number of issues475rank

total number of issues208rank

total number of issues28rank

total number of issues20rank

total number of issues22rank

total number of issues33rank

number of issues11source

number of issues5multi