Enabling economies of scale through program pool management
We have helped public sector clients access public and private markets through creative debt pool programs for more than two decades. We currently represent the following organizations and their programs:
South Carolina Association of Governmental Organizations
In 2002, the Compass Municipal Advisory team, in conjunction with local officials and other financing professionals, helped create the South Carolina Association of Governmental Organizations ("SCAGO"). SCAGO is a not-for-profit corporation whose primary objective is to promote financing and investment opportunities for South Carolina municipalities. As program administrator, Compass works closely with SCAGO to develop innovative financing programs for a wide range of financial needs. Since its inception, SCAGO has issued over $4.3 Billion in bonds. SCAGO's current financing programs include:
- Consolidated Tax Anticipation Note Program
- Consolidated General Obligation Debt Program
- Annual Appropriation Leasing
- Qualified Zone Academy Bond Program
- Installment Purchase Revenue Bond Program
Kentucky Association of Counties
Compass and the Kentucky Association of Counties, Inc. ("KACo") are working together to offer comprehensive services to KACO’s members and Kentucky municipalities through its many innovative programs. This includes the KACo Leasing Trust which was formed to make tax-exempt financing available to counties and their political subdivisions in more cost-effective ways and KACo Finance Corporation which allows participants to issue debt through their innovative bond pool program. The bond pool allows many participants to access the capital markets at a much lower cost of capital through economies of scale and the program’s "AA-" bond rating from S&P Global Ratings. This unique approach allows us to combine our extensive experience and resources to deliver proven results for our clients throughout Kentucky.
Kentucky Council of Area Development Districts
Compass currently serves as Program Administrator for Kentucky Area Development Districts Financing Trust ("KADD"). Since 1996, KADD has offered more than $250,000,000 in funding programs for small to medium sized municipal projects. These programs are designed to allow borrowers to obtain similar benefits as those issuing municipal bonds including flexible financing terms, local participation, lower issuance cost and flexible security features. KADD's mission is to foster regional collaboration by advancing the concept that local governments along with business and community leaders can accomplish more by working together. As program administrator, Compass is responsible for monitoring program sufficiency, payment collections, payoff calculations, participant audit inquiries and other general activities. In 2016, our team assisted KADD in the conversion of one of their existing programs due to the resignation of the letter of credit provider. The conversion came at no cost/change to the participants, improved the program cash flows and eliminated the need for a letter of credit.