The Phoenix Rises: Bringing Bell Back to the Bond Market*
Following news articles on excessive salaries and other irregularities at the City of Bell, the city faced numerous challenges. Among the consequences were the withdrawal of all of its bond ratings, litigation with a private lender, and investigations by both the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS). Much has changed in the last nine years, and just recently the City was able to restore its prior bond rating and issue general obligation refunding bonds to generate taxpayer savings. The effort to restore investment grade ratings, obtain bond insurance, and attract investors challenged an experienced financing team. This panel will reunite that team to discuss these challenges and the various lessons learned. This is a story with a happy ending.
- Tineke Norrdin, Finance Director, City of Bell
- David Brodsly, Managing Director, KNN Public Finance
- Ben Geare, Associate Director, S&P Global Ratings
- Jose Vera, Managing Director, Stifel, Nicolaus & Co.