Background

Founded in late 2001, PFA is an independent financial advisory firm headquartered in Huntsville, Alabama. PFA is owned and managed by its employees. PFA was formed to assist local governments, other public entities and non-profits with their financial planning, capital management, and debt structuring functions and to meet the needs of our clients in an independent, non-underwriting environment. PFA has experience in the planning, structuring, and managing of tax-exempt and taxable financings for public issuers of all kinds. PFA not only manages debt transactions, but develops extensive financial strategies and transaction design as well as implementation plans.

Public FA, Inc. is one of the leading regional financial advisory firms in the country and has client relationships in 34 states. According to Thomson Financial, PFA has consistently ranked among the top Financial Advisors in Alabama since its formation, including being ranked #1 in Alabama for 2007, #9 nationally for competitive issues, #11 in the Southeast for all issues and #34 in the nation for all issues. Nationally, PFA has consistently been ranked among the top Financial Advisors for housing related transactions since 2003. PFA has advised on more than 99 issues totaling over $2.9 billion.

In addition to its role in traditional public finance work, PFA has been involved in the creation and structuring of innovative financing structures. For example, PFA served as the Financial Advisor for a series of Tax Increment Financings (TIF) Districts in Huntsville, Alabama which has led to the issuance of over $75 million in TIF Revenue Bonds. Proceeds from the TIF Revenue Bonds were utilized to construct certain public infrastructure improvements within the TIF Districts, the construction of three new schools in largely undeveloped areas, and improvements to eight other schools in the Districts. The TIF financings were structured by PFA and represent the first broad utilization of TIF financings in the state.

PFA was instrumental in the formation of the Public Housing Finance Corporation of Alabama in 2002, which issued in excess of $125 million of tax-exempt debt on a “pooled” basis for 37 Alabama Public Housing Authorities in August 2003. This transaction, a first of its kind in the country, obtained HUD approval in 2003 and was named “Southeastern Deal of the Year” by the Bond Buyer for 2003.

Finally, since 2004, PFA has provided advisory services to Fannie Mae Corporation in connection with its highly successful Capital Fund securitization direct loan product, which is provided to Public Housing Authorities and local governments throughout the country. PFA helped develop the product, provides technical advisory services and marketing support, closing services, and asset management services during the term of the loans. To date, over $317 million in Capital Fund transactions have closed and over $500 million are in process.

PFA has a demonstrated track record with the competitive sale process and has facilitated competitive public sales for a number of its clients. PFA is equally comfortable working with a negotiated underwriting structure if the characteristics of the transaction indicate a negotiated transaction is more appropriate or if that is the preference of the issuer.