Public Finance

Denver, Colorado

The Colorado public finance operation provides services to states, cities, towns, counties, special districts (non-profits such as hospitals, nursing homes, housing, adult care facilities and special facilities), Indian tribes, school districts, housing and infrastructure developers, among others.

We provide financial expertise in capital planning, budgeting and debt management. Our industry expertise and long term relationships bridge the lines of communication between issuers and the investment community. We promptly respond to and help clients understand current interest rates, bond market conditions and trends, and changes in federal and state laws and regulations that affect your bonds and future borrowing plans.

The public finance office also works closely with private, Federal and State organizations in accessing credit enhancement, tax credit funding, grants and low interest rate financing.


Our Services

  • Planning
  • Underwriting Services
  • Preparing Bond Issuance Documents
  • Marketing the Bonds
  • Successful Closing


HSE provides a full range of services as financial advisors or underwriters. The planning process begins with a review of a municipality’s finances, existing indebtedness, previous borrowing practices, budgets, and capital improvement plans. HSE identifies policy alternatives, assists in developing operating and capital budgets, and formulates alternative debt structures and financing techniques.

Underwriting Services

It is important to assess foreseeable project risks before structuring a financing. HSE helps develop options which permit your municipality to make informed decisions.

HSE has expertise with the following financings:

  • Lease / Purchase
  • Certificates of Participation
  • Pooled Financing
  • General Obligation Bonds
  • Revenue Bonds

Targeted Attention
HSE has intimate knowledge of multiple issuers, including but not limited to:

  • Indian Tribe Financings
  • Hospital Financings
  • Solid Waste, Water, and Wastewater Treatment Financings
  • 501 (c)(3) Not-For Profit Financings

State and Federal Programs
HSE will assist issuers and other eligible entities obtain funding through various state and federal programs. Programs may provide lower interest rates, grants, matching funds or other assistance.

Ongoing Service
HSE will monitor issuers’ outstanding debt to provide information or advice on refunding (refinancing) opportunities.

Preparing Bond Issuance Documents

HSE will help prepare and distribute your official statements and other documentation needed to ensure that the sale of bonds complies with industry practices, laws and regulations. We work with bond counsel, construction professionals and auditors to safeguard your investment. HSE’s experience in financing public development projects lends significant value in problem solving, recognizing inconsistencies, and negotiating better pricing, thereby saving issuers’ time and money.

Marketing the Bonds

HSE aggressively markets your bond issue to achieve the lowest cost of financing. Our daily participation in the national bond markets assures you competitive rates.

Successful Closing

Document preparation for bonds involves many parties and takes time to develop and coordinate. We prepare the necessary documents for all of our clients’ transactions. We add value during this phase by liaising with our clients and their counsel to ensure that bond documents are accurate, sufficient, and filed in a timely manner.

For more information about any of our services please contact one of our Colorado Public Finance Representatives.

Staff Biographies

Staff Biographies

  • Michael O. Hark
  • Barbara Winkler

Michael O. Hark

Michael O. Hark joined Hutchinson, Shockey, Erley & Co. as Senior Vice President and Manager of the Denver Public Finance office in July 2009. He has over 25 years of experience in the national public finance market.

Most recently Mr. Hark was Senior Vice President of Stifel Nicolaus & Co., Inc. Prior to Stifel Nicolaus, Michael worked for several national investment banking firms including Everen Securities, Principal Securities, as well as Sutro & Company a subsidiary of John Hancock Freedom Securities. Michael has experience in the areas of tax-exempt lease/purchase financing, certificates of participation, pooled financing, as well as traditional general obligation and revenue bond financing. Areas of expertise include: Indian Tribe financing; hospital financing; solid waste, water and wastewater treatment facilities; and as well as 501(c)(3) not-for-profit financings.

Michael received his B.S.C. degree from DePaul University and is registered with the Financial Industry Regulatory Authority as a Municipal Securities Representative and Principal. He is a member of the Sault Ste. Marie Tribe of Chippewa Indians. He is also a member of the Association for Governmental Leasing and Finance and presided on the Board of Directors from 1991 to 1997.

Barbara Winkler

Barbara Winkler joined Hutchinson, Shockey, Erley & Co. as Senior Vice President in July of 2009. Prior to HSE & Co., she worked for various firms including Stifel Nicolaus, Principal Financial Services, EVEREN Securities and Sutro & Co specializing in lease/purchase tax-exempt financing as well as general obligation and revenue bond financing. In addition to the investment firms, Barbara worked for several bank leasing companies including HTLF Capital Corp, a subsidiary of Heartland Financial USA, North Country Financial Group and Banc One Leasing Corporation. She has over 20 years of experience in municipal finance as well as Indian Tribe financing, working directly with municipalities across the United States to create financial packages that best suit the needs of the municipality.

Ms. Winkler is registered with FINRA as a Municipal Securities Representative.

Public Finance | Colorado

Recent Deals / Colorado

$16,160,000 — North Weld County Water District, Larimer and Weld Counties, Colorado

$326,490,000 — Jefferson County School District No. R-1, Jefferson and Broomfield Counties, Colorado

$1,800,000 — Sun Country Meadows Public Improvement District, Elbert County, Colorado

$2,458,364.58 — City of Monte Vista, Rio Grande County, Colorado

$100,000,000 — Cherry Creek School District No. 5 (Arapahoe County, Colorado)

View all

Case Studies

Contact Us

  • 5690 DTC Boulevard Suite 315W
    Greenwood Village, CO 80111

    Public Finance Denver
    Michael Hark | 303.568.7048
    Barbara Winkler | 303.568.7042