Public Finance

St. Clair Shores, Michigan

The Michigan Public Finance team at HSE provides small and large school districts and other municipal issuers with 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 which affect your bonds and future borrowing plans.

The 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.

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.

Services

Our Services

  • Financial Advisory
  • Passing a Referendum
  • Structuring Financing
  • Preparing Bond Issuance Documents
  • Marketing the Bonds
  • Successful Closing
  • Continuing Disclosure

Financial Advisory

Our planning process starts by reviewing an issuer’s finances, existing indebtedness, previous borrowing practices, budgets and capital improvement plans. We identify policy alternatives, assist in developing operating and capital budgets, and formulate alternative debt structures and financing techniques.

Passing a Referendum

HSE helps guide local representatives, board members and community leaders through a referendum campaign. We help create an election organization and promote community understanding and support of the project.

Structuring Financing

It is important to assess project risks before structuring a financing. HSE helps you navigate financing alternatives to make informed timing, structure, and security decisions. We then help our clients project future tax rates based on their options. We direct our efforts at helping clients balance taxpayer impact, capital needs, and market conditions.

Preparing Bond Issuance Documents

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.

Marketing the Bonds

HSE aggressively markets your bond issue to achieve a favorable cost of financing for your school district or community. Our daily participation in the national bond markets ensures that you obtain 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 Michigan Public Finance Representatives.

Staff Biographies

Staff Biographies

  • William Roche
  • Michael Gormely
  • James Wencel
  • Steven DiClaudio

William Roche

William Roche, a Senior Vice President of Public Finance in the Michigan office, has 30 years of experience working directly with the State of Michigan, Michigan healthcare providers, and Michigan School Districts. Additionally, he has served as financial advisor to the State of Michigan during the Blanchard administration, Senior Manager for the Michigan Municipal Bond Authority, Financial Advisor to the Michigan Higher Education Student Loan Authority, as well as the Michigan Department of Transportation. Mr. Roche has a B.A. in Finance from Wayne State University and is a licensed registered representative, fixed income principal, and municipal principal (Series 7, 24, 53, 63). Mr. Roche is active with the Michigan Association of School Administrators, the Michigan Association of School Boards, the Michigan School Business Officials, The Michigan Leadership Institute and the Healthcare Financial Managment Association. Over the last sixteen years Mr. Roche has assisted 70 Michigan School Districts finance over $1.1 Billion of Capital Improvements. Over his 30 year career Mr. Roche has completed financings for Michigan municipalities totaling in excess of $12 billion.

Michael Gormely

Mr. Michael Gormely, a Senior Vice President of Public Finance in the Michigan office, has 25 years of experience in the Michigan public finance industry with extensive knowledge of the local government market serving Michigan counties, cities, townships and villages. His focus is local government financings and refinancings which include General Obligation, Building Authority, Capital Improvement, Tax Increment (general obligation and revenue), MTF, Special Assessment, Pension and OPEB, Water, Sewer and Electric Revenue Bonds issued either directly by the Issuer or through the Michigan Finance Authority or Federal programs as well. He has extensive experience with the bond rating agencies and has succeeded in obtaining numerous rating upgrades for Michigan municipalities and holding current bond ratings in this economic environment.

Mr. Gormely received his bachelor of arts in business administration with concentrations in finance and economics from Central Michigan University and is currently licensed under Series 52, Series 53 and Series 63.   Mr. Gormely’s professional associations include a position as a previous Associate Board Member of the Michigan Government Finance Officers Association (MGFOA), Michigan Local Government Managers Association, the Michigan Municipal League and the Bond Club of Detroit. He has also served on the MGFOA Professional Development Committee and Legislative Committee for several years and as treasurer of a nonprofit organization known as the John S. Vitale Michigan Youth Foundation.

James Wencel

Mr. James Wencel, a Vice President of Public Finance in the Michigan Office, retired as the Superintendent of Bad Axe Public Schools in 2010. Mr. Wencel was a teacher, coach, athletic director, Principal, Business Manager and Superintendent during his 34 years in education. While Mr. Wencel was in education he helped pass many bond issues from 7.1 million dollars in Bad Axe to 115 million dollars in the Anchor Bay School District. Mr. Wencel received his B.A. from Olivet College and a M.A. from Central Michigan University. He is currently a licensed general securities representative having passed the Series 7 and Series 63 exams. Mr. Wencel is active with the Michigan Association of School Administrators, the Michigan Association of School Boards, the Michigan School Business Officials, the Michigan Leadership Institute, the National Board of Directors for the Council on Standards for International Educational Travel and is a member of the Bad Axe Rotary. In the Bad Axe Rotary Mr. Wencel served as a president and is a Paul Harris Fellow. In his spare time he coaches football and wrestling.

Steven DiClaudio

Mr. Steven DiClaudio, a Public Finance Analyst in the Michigan office, joined HSE in August 2017. Prior to joining HSE, Steven completed student internships at Thomson Reuters as a Business/Technology Intern, supporting taxation software and at DTE Energy as a Sr. Clerk of billing in the Inspections and Billing department. Steven received a Bachelor in Business Administration with a major in Finance from Wayne State University in 2014 and a Master of Business Administration with concentrations in Finance and Financial Accounting in 2016.

Public Finance | Michigan

Recent Deals / Michigan

$1,665,000 — City of Lansing, Counties of Ingham and Eaton, State of Michigan

$1,896,000 — City of Whitehall, County of Muskegon, State of Michigan

$3,005,000 — Michigan Finance Authority

$9,440,000 — Elkton-Pigeon-Bay Port Laker Schools, County of Huron, State of Michigan

$9,085,000 — Ubly Community Schools, Counties of Huron and Sanilac, State of Michigan


View all

Case Studies

Contact Us

  • 100 Maple Park Blvd, Suite 142
    St. Clair Shores, MI 48081
    T 586.782.4532 / F 586.778.3548

    Public Finance Michigan
    Michael Gormely | 586.782.7059
    William Roche | 586.782.7058
    James Wencel | 989.315.1001

    Public Finance Analyst
    Steven DiClaudio | 586.859.4840

    Public Finance Support Michigan
    Barbara Ryniak | 586.782.3603