The Texas 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), school districts, and 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.
- 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.
It is important to assess foreseeable project risks before structuring financing. HSE helps develop options which permit your municipality to make informed decisions.
Housing (for non-profit and for profit entities)
- Provide alternative financing structure, i.e. Credit Enhancement, on private placements
- Coordinate tax-exempt volume cap applications
- Coordinate activities for tax-credit applications
- Coordinate activities to receive approval from the various local and state agencies
- Market Bonds
- Attend to closing details
HSE provides the same applicable services for health care as with housing.
On behalf of municipalities and developers, HSE structures infrastructure financing for water, wastewater, solid waste, streets, lighting, etc.
HSE assists schools with referendums, helps them secure bond insurance, markets bonds, and attends to closing details.
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.
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 your community 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 the most competitive rates.
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 Texas Public Finance Representatives.
- Mark Nitcholas
- Jim Niederle
- Ryan O’Hara
- Yvonne Bustamante
- Jarred Vos
Mark Nitcholas is a Managing Director and manages HSE’s Texas Public Finance office. He has worked in Texas Public Finance for more than 20 years, serving Texas issuers as both a senior managing underwriter and as a financial advisor. Throughout his career, Mark has worked with a variety of issuers: cities, school districts, toll road authorities, departments of transportation, and several major municipal and state issuers. He has experience and expertise working with both fixed and variable rate debt, and works with individual issuers to tailor each financing to their individual needs. Mark holds a bachelor degree in Business Administration from the University of Texas at Austin, and a Master in Science from the University of North Texas. Mark holds both an S7 General Securities Representative and an S53 Municipal Securities Principal license. He serves on the boards of The Project Row House, The Art League of Houston, Houston Tomorrow, and Bexar County Detention Ministries. He has been active on several committees of the Greater Houston Partnership.
Jim Niederle is a Senior Vice President of Public Finance in the Houston office. He concentrates his business efforts with large issuers that face complex financial situations. Jim has 25 years of experience in municipal finance. Jim began his public finance career at Standard & Poors in 1983 after working at the Ohio Office of Budget and Management. After obtaining a strong basis of knowledge in rating municipal credits, Mr. Niederle joined FGIC. In 1986, Jim began his investment banking career, focusing on the higher education sector including colleges, universities, and student loan authorities. In 1997, Jim led a national investment bank’s municipal finance efforts in the southwestern U.S. During his tenure, he managed a team of four investment bankers. In 2003, Jim joined a regional underwriter as a senior investment banker, heading their offices in Houston. Mr. Niederle holds a B.A. degree in Political Science from Cleveland State University and a Master of Public Administration from Ohio State University. He holds FINRA licenses Series 7, Series 53 and Series 63. Jim is an active contributor to several charities, including Camp for All, The Council for Drugs & Alcohol and the Paralyzed Veterans of America.
Mr. Ryan O’Hara is a Senior Vice President with HSE. He has worked in Texas public finance for more than 22 years, serving Texas issuers as a financial advisor and bond underwriter. He joined HSE in September of 2015. Prior to joining HSE, Mr. O’Hara opened Houston public finance offices for both Bank of Texas (BOSC, Inc.) and Frost Bank. Mr. O’Hara has overseen the sizing, structuring and marketing of more than 1,500 bond transactions totaling more than $10 billion in amount. Some of Mr. O’Hara’s higher profile financial advisory and underwriting accounts have included the following municipal issuers: Alvin ISD, the City of Beaumont, Katy ISD, Clear Creek ISD, Conroe ISD, Cypress-Fairbanks ISD, Deer Park ISD, Goose Creek CISD, Pasadena ISD, the City of Pearland, and the City of Sugar Land to name a few. Mr. O’Hara is also proud to have served on the Board of the Municipal Advisory Council of Texas (MAC) from 2012-2015. After being nominated and elected by his industry peers to serve, he chaired both the Investment Committee and the Issuer Outreach Committee for the MAC. In 1990, Ryan graduated from Texas A&M University in College Station, Texas. In 2000, he also achieved a Masters degree in Business Administration with a concentration in Finance from the University of St. Thomas in Houston, Texas. Mr. O’Hara holds both the Series 7 and a Series 63 Municipal Securities licenses. Mr. O’Hara and his wife Kelley, a school nurse for the Lamar Consolidated Independent School District, and their five children reside in Fort Bend County.
Yvonne Bustamante is an Administrative Assistant in HSE’s Houston office. She joined HSE in our Houston office in 2009. She works closely with Mark Nitcholas on handling the day to day needs of our Texas clients. She has worked in the municipal bond industry since 2005. Prior to that, Yvonne worked for the Houston Chronicle’s Finance Department.
Mr. Vos joined Hutchinson, Shockey, Erley & Co.’s Houston Public Finance office as an analyst supporting Texas analytics in April 2018. Jarred previously spent two years as an analyst at Blaylock Van, LLC. in New York, where he supported bankers across the country working on all types of issuers and credits.
Jarred has a BA in Finance from St. Bonaventure University and holds FINRA Series 7 and 52 licenses.
Recent Deals / Texas
$2,690,000 — Bee County, Texas
$2,000,000 — Montgomery County Municipal Utility District No. 139 (Montgomery County, Texas)
$1,690,000 — Harris County Municipal Utility District No. 416 (Harris County, Texas)
$1,920,000 — Brazoria County Municipal Utility District No. 32 (Brazoria County, Texas)
$263,945,000 — Cypress-Fairbanks Independent School District (Harris County, Texas)