BLX

FORM ADV
BLX Post-Issuance Compliance Workshop, October 25-26, 2018 at the Vdara Hotel in Las Vegas, NV
BLX

Presenter Biographies

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BLX Group LLC

Alan Bond

Managing Director
New York

Mr. Bond serves as Managing Director of BLX’s New York office. In addition to overseeing the day-to-day activities of the BLX professionals located in New York, Mr. Bond is responsible for BLX’s Post-Issuance Tax Compliance practice. In this role Mr. Bond manages the business development and production efforts relating to Private Use and Schedule K related services. Mr. Bond has been a featured panelist at numerous conferences across the country discussing the importance of post-issuance tax compliance reporting requirements for 501(c)(3) nonprofit organizations. Mr. Bond has personally served as a project manager for many of BLX’s largest clients.

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Mr. Bond joined BLX in 1997. Prior to joining BLX, he was an Assistant Vice President with the Public Finance Department of Rauscher Pierce Refsnes, Inc. (now RBC Capital Markets) in Dallas, Texas, providing Rebate Services to many large issuers in the Southwest from 1993 to 1997.

Mr. Bond is a graduate of Southern Methodist University where he received a BA in Finance, and is a member of the Government Finance Officers Association.

Mr. Bond is an Investment Advisor representative holding the Series 65 registration.

 

Glenn Casterline

Managing Director
Los Angeles

Mr. Casterline serves as Managing Director for BLX’s Los Angeles office. With 25 years of public finance experience Mr. Casterline applies his expertise to BLX’s financial advisory, investment advisory, interest rate swap advisory, and arbitrage rebate compliance services. He has served as financial advisor in connection with debt financings for the California Science Center, Colburn School of the Performing Arts, Sanford Burnham Prebys Discovery research Institute, Coastal Academy Charter School, and Camino Nuevo Charter School. During his 20+ years of public finance experience, Glenn has reviewed and reverse engineered just about every type of public finance structure: fixed rate, variable rate, variable rate swapped to fixed, fixed rate direct purchase, and variable rate direct purchase. Mr. Casterline also serves as manager for many of BLX’s largest compliance engagements including City of Long Beach, County of Riverside, and City and County of Denver including Denver International Airport.

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Mr. Casterline is a graduate of California State University, Fullerton, where he received a BA in Business Administration with a concentration in Finance. Mr. Casterline is a registered Municipal Advisor representative and Investment Advisor representative holding the Series 50 and Series 65 registrations.

 

Jeff Higgins

Managing Director
Los Angeles

Jeff serves as Managing Director at the Los Angeles office of BLX. With more than 24 years of public finance experience, Mr. Higgins currently serves as manager for many of BLX’s most sophisticated issuers, including Energy Northwest, Piedmont Municipal Power Agency, State of South Carolina, University of California, State of Hawaii and its agencies, and the City and County of Honolulu. In addition to heading up BLX’s Municipal Continuing Disclosure practice area, Mr. Higgins also has significant experience with financial advisory services for unique and complex transactions.

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Mr. Higgins is a graduate of Arizona State University where he received a BS in Finance. He is a registered Municipal Advisor representative and Investment Advisor representative holding the Series 50 and Series 65 registrations.

 

Caleb Lansky

Associate Director
New York

Mr. Lansky joined BLX in January 2007 and serves as Associate Director of the New York office. He began his BLX career specializing in the preparation of complex arbitrage rebate analyses and providing tailored debt advisory services and calculations to state and local governments and 501(c)(3) nonprofit organizations.

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Currently, Mr. Lansky is responsible for co-managing BLX’s Post-Issuance Compliance practice group. He also serves as project manager for BLX’s largest post-issuance compliance clients, including the Art Institute of Chicago, California Institute of Technology, and Pacific Retirement Services. He has played a key role in constructing the analytical and quantitative models used by the Post-Issuance Compliance group and led the development of BLX SKAN, a web-based service from BLX designed to assist nonprofit organizations in navigating the complexities of the new Schedule K of IRS Form 990.

Mr. Lansky holds a BA from Syracuse University and an MS from New York University.

 

Sandee Stallings

Chief Operating Officer/Managing Director
Dallas

With more than 28 years of arbitrage and public finance experience, Ms. Stallings is a senior member of the BLX management team, and serves as the Business Group Leader of BLX’s Compliance Services, which encompasses Arbitrage Rebate and Yield Restriction Compliance, Post-Issuance Compliance, Secondary Market Disclosure and Program Administration Services. She is responsible for all aspects of project management, client services, work quality and the overall operations of the compliance and consulting services nationwide, overseeing production in the Los Angeles, Phoenix, Dallas, Tampa, and New York offices.

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In addition to her management responsibilities, Ms. Stallings is an industry leader in monitoring compliance as it relates to tax-exempt financings for all types of issuers of municipal bonds. Her expertise, which includes the highly complicated areas of student loan and housing bond structures, is enhanced by her close working relationship with Orrick Tax Partners.

Ms. Stallings joined BLX’s predecessor organization, the Financial Services Group of Orrick in 1999 as part of the acquisition of the Arbitrage Rebate Consulting Group of Dain Rauscher Incorporated (Dain). From 1994 through 1999, as Vice President and Manager, she was responsible for the oversight of the Dain Group. For the five years between 1989 and 1994, she directed the daily functions of the Arbitrage Rebate Services Group at First Southwest Company, and was instrumental in the establishment of that practice.

From 1986 to 1989, Ms. Stallings was associated with the Federal Reserve Bank of Dallas and the Federal Reserve Board in Washington, D.C. where she performed audits of bank holding companies and Federal Reserve branches respectively.

Ms. Stallings is a graduate of Nebraska Wesleyan University where she obtained a Bachelor of Science Degree in Business administration with an emphasis in Finance.

Ms. Stallings is a registered Municipal Advisor representative and Investment Advisor representative holding the Series 50 and Series 65 registrations. She has also previously served as a registered representative holding a FINRA Series 7 license from 1990 to 2015. Ms. Stallings is an associate member of the National Association of Bond Lawyers and a member of the Government Finance Officers Association.

 

Craig Underwood

President, CEO
Los Angeles

Craig Underwood serves as the President and Chief Executive Officer of BLX Group LLC (“BLX”) and chairs BLX’s management committee. In these capacities, Mr. Underwood is responsible for the overall management of and strategic planning at BLX.

Mr. Underwood joined BLX’s predecessor organization, the Financial Services Group (FSG) of Orrick, Herrington & Sutcliffe in 1989. From 1989 through 1993, he was FSG’s senior quantitative analyst, responsible for managing FSG’s analyst staff and the production of all technical analytics.

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Mr. Underwood assumed chief executive responsibility for FSG in 1998. Since 1998, he has continued to head FSG/BLX’s expansion, highlighted by the acquisitions of Funds Services Advisors, a California based investment advisory firm and Dain Rauscher’s arbitrage practice and the openings of offices in Dallas, Tampa and Phoenix. Under Mr. Underwood’s leadership, BLX expanded its scope of services to include investment, debt and derivative advisory services, continuing disclosure services, and program administrative services for complex securitizations. In addition to his chief executive responsibilities, Mr. Underwood is the head of BLX’s advisory services practice, overseeing the firm’s debt, derivative and capital market practices.

Mr. Underwood is a frequent lecturer on debt, investment and arbitrage-related matters, having addressed various industry organizations on such matters on dozens of occasions. Mr. Underwood is a co-author of the California Debt and Investment Advisory Commission’s Debt Issuance Primer and a member of the Government Finance Officers Association, California Municipal Treasurer’s Association, California Society of Municipal Finance Officers and several other industry organizations.

Mr. Underwood is a graduate of Princeton University where he received a BA in Politics.

Mr. Underwood is a registered Municipal Advisor representative and Investment Advisor representative holding the Series 50 and Series 65 registrations.

 

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Orrick, Herrington & Sutcliffe LLP

Richard Chirls

Partner - Tax
New York

Richard Chirls, a New York tax partner, focuses his practice on the tax aspects of public finance transactions. He has served as the head of Orrick’s nationally recognized Public Finance Tax Group.

With over 30 years of experience, Richard is widely recognized as one of the nation’s foremost authorities, having broad experience with tax exempt financings and related transactions involving governmental and not-for-profit entities. His expertise and stature in the public finance community was recognized by the National Association of Bond Lawyers’ highest award for his career of distinguished service in public finance.

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Richard focuses on new products, including the development of new and creative financing techniques for governments, non-profits and investment bankers. He regularly works on transactions throughout the country. However, in his home office in New York City, he leads the relationship with the Port Authority of New York and New Jersey, serving as counsel on well over 100 transactions over a period of more than 20 years and has headed the tax work in connection with every financing of a cultural facility relating to museums and performing arts in New York City over this same period. Richard has worked on the tax aspects of several of the largest and most complex public private partnership (P3) transactions in recent years. He frequently acts as special tax counsel to issuers and underwriters of municipal finance issues.

 

Barbara League

Of Counsel - Public Finance
Houston

Barbara provides tax advice in connection with tax-exempt financing transactions for cities, counties, states, school districts, charter schools, housing authorities, higher education authorities, state agencies and other tax-exempt organizations.

She also has significant experience representing nonprofit organizations. Formerly an attorney with the Chief Counsel of the Internal Revenue Service, Barbara has represented clients before the IRS in a variety of matters involving tax-exempt bonds, including audits and private letter ruling requests. She has participated in all facets of the tax analysis associated with the issuance of governmental purpose bonds, certain tax credit bonds, qualified 501(c)(3) bonds, qualified residential rental bonds and qualified small issue bonds.

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Barbara has served on the Steering Committee and has chaired the Working Capital panel and the Bond Direct Purchase - Advanced Tax Topics panel for the Bond Attorneys’ Workshop, the oldest and largest annual gathering of bond lawyers.

 

Jenna Magan

Partner - Public Finance
Sacramento

Jenna Magan is a Partner in Orrick’s Public Finance Department and is the chair of the Public Finance Department’s Higher Education and Healthcare Practice Group. Jenna has completed several hundred public finance transactions, providing her with a broad expertise in a number of public finance practice areas. Jenna has worked on virtually all structures available in public finance, including fixed and variable, tax-exempt and taxable, insured (including FHA mortgage insurance), letter of credit (including FHLB wraps) and liquidity supported bonds, conversions, restructurings and reofferings, senior/subordinate, capital appreciation and convertible capital appreciation bonds, securitizations, project finance, direct purchases, bank-qualified transactions and 144A offerings.

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Since joining Orrick in 1992, Jenna has acted as bond, disclosure, underwriter’s, bank/direct purchaser’s and issuer’s counsel for many types of transactions including: Healthcare, Senior Living and Other 501(c)(3) Financings; Local Government Lease, Enterprise (Water, Wastewater, Airport, Solid Waste), Pension Obligation and Short-Term Financings; State of California Bond Financings; Hotel Financings; Tobacco Securitization Financings; Swap Agreements; and Post-Issuance Compliance.

 

Ed Oswald

Partner - Tax
Washington D.C.

Ed Oswald, a partner in the Washington, D.C. office, is a member of the Tax Group. Mr. Oswald’s practice concentrates in the taxation of municipal finance including healthcare, public power, higher education and non-profit issues, housing financing, refinancings and arbitrage matters.

Mr. Oswald’s practice also includes advising on post-issuance tax compliance matters including working with non-profit borrowers of tax-exempt bonds on IRS Schedule K annual reporting matters.

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He served in the Office of Tax Legislative Counsel at U.S. Treasury Department, where he developed policy, legislative initiatives and regulations affecting public finance and structured finance.

 

Aviva Roth

Career Associate - Tax
Washington D.C.

Aviva Roth is a career associate in the Washington, D.C., office and a member of the Tax Group. She focuses her practice on the taxation of municipal finance.

Aviva has experience in governmental and exempt facility bonds, including general governmental facilities, 501(c)(3) bonds, tobacco asset securitizations, capital funds financing, arbitrage and post-issuance compliance relating to private use issues.

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Prior to joining Orrick, she was a docket attorney at the Internal Revenue Service Office of Chief Counsel where she drafted regulations, notices and private letter rulings.

 

Larry Sobel

Partner - Tax
Los Angeles/Houston

Larry Sobel, is a tax partner in the Los Angeles and Houston offices. Larry has more than 35 years of experience in federal tax laws and regulations relating to all types of tax-exempt financings, particularly public power, private activity bonds such as airport facilities, colleges and universities and hospitals and exempt organizations and advance refundings issues.

As both bond counsel and underwriter’s counsel, he has been responsible for structuring and analyzing the tax aspects of many tax-exempt financings throughout the country.

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Larry has extensive experience in handling IRS audits of bond transactions. He has represented issuers in dozens of audits all of which have ended favorably either with the IRS issuing a “no change” letter or by negotiating a reasonable settlement when needed. Larry also has handled a number of submissions under the IRS’ Voluntary Closing Agreement Program (or VCAP). The two most recent VCAP submissions represented cases of first impression for the IRS; one involving an issue of qualified energy conservation bonds relating to determining the amount of those bonds eligible for the federal subsidy; the other involved the plan to convert a “new money” bond issue into an advance refunding (which did not meet all of the requirements for a tax-exempt advance refunding). Both cases ultimately were resolved on the original terms proposed to the IRS.

Larry has also been instrumental in developing new financing techniques and structures. He first devised the tax structure and analysis for, and has served as tax counsel on, Orrick’s tax exempt tobacco revenue securitizations. He has developed the tax structure on numerous tax-exempt prepayments for natural gas for municipal utilities both within and outside of California.

 

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University of Michigan

Edward J. Jennings, JD CPA

Tax Director

Edward J. Jennings is the Tax Director at the University of Michigan in Ann Arbor, Michigan. His responsibilities include providing tax planning and compliance services in addition to resolving conflicts with the Internal Revenue Service (IRS) and other state and local taxing agencies on behalf of the University and its affiliates.

He serves on the Taxation Council of the National Association of College and University Business Officers (NACUBO) which he chaired from 2010 through 2012. He also serves as a member of the Planning Committee for the Higher Education Tax Institute (HETI) and speaks frequently at these and other conferences for nonprofit organizations. His institution hosts a tax bond forum via conference call that meets monthly during the fall and winter terms. He served as a member of the IRS Information Reporting Program Advisory Committee (IRPAC) from 2006 until 2008.

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His articles “The Taxation and Reporting of Distributions Derived from Licensing Intellectual Property” and “Managing the Tax Consequences of Alternative Investments” appeared respectively in the March/April 2004 edition and the July/August and September/October 2006 editions of Taxation of Exempts. He is the recipient of the NACUBO Tax Award for 2007.

He graduated from St. Joseph’s University in Philadelphia, Pennsylvania, with a B.S. in Accounting and from Wake Forest University School of Law in Winston-Salem, North Carolina, with a J.D. He is licensed as a CPA and holds bar licenses in the states of North Carolina and Illinois.

 

Barclays

James Kim

Director

James S. Kim (Director, Los Angeles) is a member of the Barclays Not-for-Profit Healthcare Group. He has more than 20 years of investment banking experience, specifically working with a range of 501(c)3 healthcare providers. Mr. Kim joined Barclays in October 2008 and previously worked at UBS Investment Bank. He has provided capital structure strategies and debt financing to distinguished institutions such as: Cedars-Sinai Medical Center (CA), Dignity Health (CA), Huntington Hospital (CA), PIH Health (CA), The Cleveland Clinic (OH), ProMedica Health System (OH), Northwestern Medicine (IL), The Carle Foundation (IL), Carilion Clinic (VA), and SSM Healthcare (MO). He received his BA at Boston College and an MBA at Northwestern University.

 

University of Hawaii

Susan Lin

Director of Financial Management and Controller

Susan Lin is the Director of Financial Management and Controller at University of Hawaii and is responsible for a broad range of accounting and financial services including student and general accounting, cashiering, accounts payable, travel, payroll, controls and accountability, financial systems, treasury and revenue bond financing and compliance. Prior to joining the University of Hawaii, Susan worked at University of California, San Francisco, as the Assistant Controller of Sponsored Research and managed more than $1 billion funding for billing and compliance.

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She received her BBA in Accounting from the Golden Gate University and has an Executive MBA. Susan has held senior administrative positions at the University of California, San Francisco and Golden Gate University. She works collaboratively with universities across California and the United States.

 

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