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Getting the Most from Your Cash Flow Borrowing Program. Education Cash Flow (ECF) FY 2012 Program A. Piper Jaffray & Co. Des Moines Public Finance 3900 Ingersoll Avenue, Suite 110 Des Moines, IA 50312 800 333-6008. Matt Gillaspie Senior Vice President [email protected]

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getting the most from your cash flow borrowing program

Getting the Most from Your Cash Flow Borrowing Program

Education Cash Flow (ECF)

FY 2012 Program A

piper jaffray co
Piper Jaffray & Co.

Des Moines Public Finance

3900 Ingersoll Avenue, Suite 110

Des Moines, IA 50312

800 333-6008

Matt Gillaspie

Senior Vice President

[email protected]

515 247-2353

Timothy Oswald

Managing Director

[email protected]

515 247-2358

Travis Squires

Vice President

[email protected]

515 247-2354

education cash flow ecf fund
Education Cash Flow (ECF) Fund
  • Meeting your cash flow borrowing needs
  • A partnership of Piper Jaffray and Iowa School Finance Information Services (ISFIS)
so what is ecf
So, what is ECF?
  • A 28E entity to allow school districts to meet their cash flow needs.
  • Only school districts are members of the 28E.
  • Annual structure is flexible to meet changing market conditions.
who is involved
Who is Involved?
  • Piper Jaffray – Underwriter/Line of Credit Organizer
  • Kutak Rock – bond counsel
  • ISFIS – Administrator
  • Let’s look at each party’s responsibilities:
piper jaffray
Piper Jaffray
  • Piper:
    • Reviews cash flow estimates; reviews warrant sizing amount.
    • Review with schools compliance with tax laws.
    • Arranges for credit support or lender where appropriate.
    • Secures credit rating, where appropriate.
    • Sells warrants to investors when public securities offered.
kutak rock
Kutak Rock
  • Denver-based national bond counsel.
  • Extensive work in school TRANS programs around the country.
  • Experience in Iowa.
isfis
ISFIS
  • Program Administrator. Responsible for:
    • Building cash flow software interface.
    • Loading data from the Department of Management and the Department of Education.
    • Collecting documents from districts.
    • Handling day to day transactions.
    • Answering phone call, emails and questions from districts.
    • Producing monthly statements/general accounting.
other parties
Other Parties
  • Third party trustee who holds the warrants and administers day-to-day investments.
  • Lender if line of credit structure is used.
anticipated program structure
Anticipated Program Structure

Program structure will be driven by economics. We anticipate:

  • Warrants underwritten by Piper – not a line of credit.
  • School will have local flexibility to reinvest idle proceeds.
  • You can depend on ECF to provide you the information to make an informed decision regarding reinvestment.
  • Two draw dates – either July 1 or August 1.
timelines
Timelines
  • March 18: Cash flow submission begins.
  • April 1: Deadline for cash flow submission.
  • April/May: Boards approve resolution to participate.
  • June 10: Last date to drop out of July draw.
  • July 1: Closing of July draw – all warrant funds delivered to schools requesting July funds.
  • July 10: Last date to drop out of August draw.
  • August 1: Closing of August draw- all warrant funds delivered to schools requesting July funds.
timelines1
Timelines
  • Note: you may draw none, some or all of your warrant on 7/1, and then none, some or all of your remaining balance on 8/1.
  • Sinking fund timelines:
    • 11/25/11 First sinking fund payment due (25%)
    • 12/25/11 Second sinking fund payment due (50%)
    • 1/25/12 Third sinking fund payment due (75%)
    • 2/25/12 Final sinking fund payment due (100%)
am i going to have gobs of paperwork to fill out
Am I going to have gobs of paperwork to fill out?
  • Paperwork has been streamlined to maximum extent possible.
  • Cash flow submitted via Excel: pre-loaded data where possible.
  • Final cash flow signed by school and mailed to ECF.
  • No workout plans required, but we will work with schools to develop realistic long range cash flow plans if needed.
  • All resolutions have been prepared.
  • We’re here to help – if you have questions, call or email.
how do i evaluate my options
How do I evaluate my options?
  • Look at net borrowing cost. Take into consideration:
    • Up-front fees
    • Rate of return on idle funds
    • Services provided
    • Program transparency
  • Make sure comparison is apples to apples.
  • Use tools to figure net borrowing cost.
what do piper and isfis commit to
What do Piper and ISFIS commit to?
  • Evaluate the marketplace.
  • Offer a customer driven program: we’ll make sure the solution fits the market conditions.
  • Give schools the tools to make the decision that is in the school’s best interest.
  • Provide continuing customer services – when you have questions we’ll find the answers.
thanks for considering ecf
Thanks for considering ECF
  • We really appreciate the opportunity to earn your business.
  • Please do not hesitate to contact us if you have questions.

Larry Sigel

ISFIS

515-251-5970

515-490-9951 (cell)

[email protected]

Matt Gillaspie

Piper Jaffray

515-247-2353

800-333-6008

[email protected]

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