Technical Assistance


Raymond Bentley

Wednesday February 16 3:15 - 4:00 PM


Ray Bentley is president and owner of American Municipal Tax-Exempt Compliance Corp. dba AMTEC, the oldest dedicated arbitrage rebate specialty firm and a provider of bond compliance services to a wide range of issuers nationwide. AMTEC is a qualified Small, Minority and Asian Business Enterprise (S/M/ABE).

During his 20-year bond compliance career, Mr. Bentley has worked in every technical function at AMTEC. He is skilled in all aspects and applications of Section 148(f) of the Internal Revenue Code of 1986, as amended, and all applicable Regulations issued thereunder. He has obtained in excess of two million dollars in the recovery of overpayments under the arbitrage rebate provisions for issuers. Mr. Bentley is one of the few professionals in the U.S. who oversees a portfolio of arbitrage rebate clients while also acting as refunding verification agent on refinancing transactions.

Mr. Bentley is registered as a tax preparer with the Internal Revenue Service. He is an associate member of the National Association of Bond Lawyers and actively participates in a number of national and state-level governmental associations. He has also developed and presented a variety of educational materials to clients and financial professionals on the topics of arbitrage rebate and post-issuance tax compliance.

Mr. Bentley is a graduate of Boston University, where he earned a B.S. in Mathematics Education.

Michael Decker

Who Buys Bonds?
Wednesday February 16 1:15 - 2:00 PM

Senior Vice President of Policy and Research
Bond Dealers of America

Called by Asia Times "the leading lobbyist for the US bond market," Michael Decker most recently served as Managing Director and co-head of municipal securities at the Securities Industry and Financial Markets Association (SIFMA). In that role Michael oversaw many of the association’s initiatives and advocacy regarding municipal bonds and related products.

Previously Michael was the co-founder and Chief Executive Officer of the Regional Bond Dealers Association (RBDA), now known as the Bond Dealers of America. In that role, Michael was responsible for representing the interests of RBDA’s members before federal legislative and regulatory bodies and managing a wide variety of RBDA functions and services.

Prior to RBDA, Michael was Senior Managing Director for Research and Public Policy for SIFMA and its predecessor organization, the Bond Market Association. Michael oversaw SIFMA’s research activities, including analyzing industry and market trends, collecting market and industry data, and publishing research reports covering all aspects of the global securities markets. He also managed public policy development and analysis. Before that, he was a financial consultant to the U.S. Agency for International Development.

Michael graduated from the University of North Carolina at Chapel Hill with a B.A. in political science, and earned a Master of Public Management degree with a concentration in public finance from the University of Maryland School of Public Policy. 

Todd Gibson

Interest Rate Swaps
Thursday February 17 3:45 - 5:00 PM

Dinsmore & Shohl LLP

Todd regularly serves as special swap counsel, bond counsel and underwriters’ counsel. He has extensive experience in negotiating International Swaps and Derivatives Association (ISDA) master agreements, credit support documentation, over-the-counter interest rate, foreign exchange, credit and commodity derivative trade confirmations and clearing agreements.

Prior to joining Squire Patton Boggs, Todd was an associate with an international law firm in New York City, where his practice focused on derivatives. Prior to joining that firm, Todd served as a vice president in global foreign exchange at Merrill Lynch & Co. where his duties included directing credit and product risk management of the New York institutional foreign exchange sales and trading desk, structuring foreign exchange prime brokerage agreements, and negotiating ISDA master agreements.

Todd has addressed numerous groups on swaps, including participating in panel discussions at the National Association of Bond Lawyers’ Bond Attorneys Workshop and the Bond Buyer’s National Municipal Derivatives Conference.

Doug Green

Negotiating Professional Fees
Thursday February 17 2:45 - 3:45 PM

Baker Tilly

Doug is a certified Municipal Advisor (MA) in the Client Development group working with municipalities throughout the country to develop creative and efficient solutions in the areas of public finance, long-range financial planning and economic development. He originally joined the firm as a Project Manager in the Operational Finance group. In that position, Doug authored a number of studies in the areas of fiscal impact analysis, utility rate analysis, financial feasibility and capital improvement planning.
Prior to joining Baker Tilly, Served as an Executive Budget Officer for the Minnesota Department of Finance where he worked on a non-partisan team to develop and implement the state’s biennial budget. Doug received a Master of Public Administration from Columbia University and a Bachelor of Arts from the University of Georgia. He served as an Officer in the United States Marine Corps from 1998 - 2001. Doug is a Certified Independent Professional Municipal Advisor and is also MSRB Municipal Advisor Series 50 Qualified.

Ted Hamlin

Regulatory Update
Wednesday February 16 4:00 - 5:00 PM

Manager, Market Structure
Municipal Securities Rulemaking Board

David C. Hodapp

Regulatory Update
Wednesday February 16 4:00 - 5:00 PM

Director, Market Regulation
Municipal Securities Rulemaking Board

David Hodapp is the Director, Market Regulation of the Municipal Securities Rulemaking Board, where he provides legal analysis regarding the rulemaking activities of the MSRB.

Kristen Kalinowski

Arbitrage, Rebate & Calculating Yield
Thursday February 17 1:45 - 2:30 PM

Senior Rebate Analyst
Ice Miller LLP

Kristen is a Vice President and Team Leader located in Charlotte, North Carolina and has over 17 years of arbitrage rebate compliance experience. She was a member of Ernst & Young’s Arbitrage Rebate Compliance Group in Memphis for more than twelve years and Pinnacle Arbitrage Compliance for three years. During her tenure with the Ernst & Young, she served as a Project Director and a Quality Advisor on over 3,000 rebate calculations. Kristen performs a detailed technical review of the rebate calculation to ensure compliance with the Regulations.

In addition to her experience in preparing and reviewing arbitrage rebate engagements, she also has experience with computing commingled fund allocations, preparing yield restriction analyses, determining transferred proceeds allocations, and preparing spending exception calculations. Kristen also has experience in the preparation and representation of issuers before the Internal Revenue Service relative to requests for the recovery of overpayments under arbitrage rebate provisions. The clients represented by Kristen include state and local governments, including states, cities, counties, water/sewer authorities and school districts; 501(c)(3)’s; and various types of healthcare facilities.

Kristen is a member of the North Carolina Association of Certified Public Accountants and the American Institute of Certified Public Accountants. She graduated from the University of Mississippi with a Bachelor of Accounting and is a Certified Public Accountant.

Robert Kaplan

Arbitrage, Rebate & Calculating Yield
Thursday February 17 1:45 - 2:30 PM

McGuireWoods LLP

Mr. Kaplan is an attorney at McGuireWoods, LLP in Washington, D.C. He practices in all areas of tax law with an emphasis on municipal bond tax law. He counsels bond issuers, borrowers, and underwriters on federal and state tax law relating to tax-exempt bond issues involving governmental facilities, qualified 501(c)(3) bonds, qualified student loans, multi-family housing, and exempt facility bonds.

Bryan Kern

Interest Rate Swaps
Thursday February 17 3:45 - 5:00 PM

KPM Financial, LLC

Mr. Kern has been involved in the derivatives industry since 1999. Since founding KPM Financial in 2012 he has advised on over $10 billion in interest rate derivatives contracts. Prior to KPM Financial, Mr. Kern spent two years with First Tryon Advisors as Senior Vice President and head of the derivatives and higher education advisory practices. While at First Tryon Mr. Kern advised on over $1 billion in custom tailored hedging solutions for municipal, non-profit, corporate, and real estate borrowers.

Before his experience as an advisor, Mr. Kern was in charge of Wachovia’s Southeast Municipal and Higher Education derivatives practices within Public Finance. Mr. Kern has over 20 years’ experience with municipal financing solutions, interest rate derivatives, and the reinvestment of bond proceeds.

Prior to Mr. Kern’s experience in Public Finance, he held positions within Wachovia’s foreign exchange and corporate interest rate derivatives desks. He was primarily responsible for providing tailored hedging solutions to the Bank’s corporate and international clients.

Mr. Kern has a BS in Mathematics from Davidson College and is a registered with the SEC and MSRB as a Municipal Advisor holding Series 50 and 54 licensure.

Katie Kramer

Welcome & Overview
Wednesday February 16 12:00 - 12:15 PM

Market Update
Wednesday February 16 12:15 - 1:15 PM

Revisiting Day 1
Thursday February 17 12:00 - 12:15 PM

Vice President
Council of Development Finance Agencies

Katie Kramer is a Vice President at the Council of Development Finance Agencies and has been with CDFA since 2005. She is an accomplished non-profit executive with expertise in fundraising, grant writing, operations, and building organizational capacity. In her role at CDFA, she leads Government & External Affairs, provides technical assistance to communities, and builds strategic partnerships with foundations, federal agencies, and other industry non-profits to grow the professional acumen of CDFA members and the development finance industry at-large.

Ms. Kramer interacts with thousands of development finance practitioners each year, guiding them through their professional development and understanding of the diversity of development finance programs. She has developed numerous courses in the CDFA Training Institute, edited several CDFA publications, and designed marketing and communications collateral for the association. Her writing has been featured in publications and reports on development finance, including those commissioned by The Kresge Foundation, W.K. Kellogg Foundation, World Bank, U.S. Economic Development Administration, U.S. Department of Energy, and U.S. Department of Agriculture. She regularly speaks about development finance at national and local conferences and is a guest lecturer at The Ohio State University.

Previously, Ms. Kramer served as CDFA’s Director of Education & Programs and Development Director. Before joining CDFA, Ms. Kramer worked in the Assessment Division at Ballard & Tighe, Publishers as Project Coordinator where she managed projects involved with the development of standardized language tests. Prior to Ballard & Tighe, Ms. Kramer was employed by Scripps College as Assistant Director of the Annual Fund where she organized fundraising campaigns for alumnae, parents, and students.

She studied art history at Scripps College and holds a BA in English with honors from Cleveland State University. Ms. Kramer is President of the Board for the Ohio Statewide Development Corporation and serves on the advisory board for Eldon & Elsie Ward Family YMCA.

Nicole Riggs

Credit Enhancement
Wednesday February 16 2:15 - 3:15 PM

Vice President

Nicole Riggs is a Vice President in the Public Finance Group at Mitsubishi UFJ Financial Group (MUFG), responsible for managing relationships with government and not-for-profit clients and prospects. MUFG provides a comprehensive suite of corporate banking services, such as credit, treasury management, trust and custody, and credit cards.

Prior to joining MUFG in 2014, Nicole spent 7 years with the Port Authority of New York and New Jersey. As the Manager of Aviation Capital Financial Services, she oversaw the financial aspects of the Aviation Department’s multi-billion dollar capital plan and Passenger Facility Charge (PFC) program. Nicole also managed the annual strategic business planning process, analyzed and consolidated unit and facility operating budgets, and supported procurement and Board approval processes.

Nicole actively participates in the Municipal Forum’s Urban Leadership Fellows internship program and Northeast Women in Public Finance, and volunteers on the young leader’s Board of Sponsors for Educational Opportunity and with the Volunteer Income Tax Assistance (VITA) program in New York City. She earned Master’s Degrees in Public Affairs and Urban and Regional Planning from the Woodrow Wilson School at Princeton University, and a B.A. in Communications, with minors in Political Science and Spanish, from the University of California Los Angeles (UCLA). She holds Series 52, 63, and 79 securities licenses.

Rich Rodriguez

Leveraging Resources
Thursday February 17 12:15 - 1:45 PM

Finance Officer
Business Oregon

Rich Rodriguez is a Public Finance Officer and coordinator of the Oregon Bond Bank.  Prior to entering public finance in 2005 as a Government Banking Portfolio Manager at U.S. Bank, Rich worked as a communications systems engineer.  Since 2005 Rich has underwritten over $1 billion in municipal credit for state, county, city, and special districts such as fire, water and wastewater, airport, and hospitals.  Rich graduated from Henry Cogswell College and earned an MBA from the University of Portland. When not monitoring economic, market, and credit conditions, Rich can be found feeding the Koi Fish at his home in Keizer, Oregon that he enjoys with his wife.

Michael Stanton

Credit Enhancement
Wednesday February 16 2:15 - 3:15 PM

Head of Strategy and Communications
Build America Mutual

Michael Stanton is the publisher of The Bond Buyer, the daily newspaper of the $2.8 trillion municipal finance market. In this position, he is responsible for all business operations of the paper, its web site, and an active conferences division that produces more than 10 events on hot topics in municipal finance each year. He also serves as Senior Vice President of parent company SourceMedia’s Capital Markets Group, which publishes Investment Dealers’ Digest, Asset Securitization Report, Mergers & Acquisitions magazine, and several other news and data services. Prior to being named publisher in late 2005, he was the program manager for The Bond Buyer Conferences, and earlier served in several positions in the newsroom, including Editor-in-Chief from 1999 through 2000. He is a graduate of Columbia University and received an MBA from Harvard Business School.

Kevin A White

Wednesday February 16 3:15 - 4:00 PM

Butler Snow LLP

Kevin represents financial institutions, healthcare organizations, educational institutions, governmental entities, water/sewer and transportation infrastructure providers, and private businesses in transactions involving tax-exempt bonds, tax credits and other incentives. He also provides advice to businesses on purchases and sales, leasing, distribution and licensing.

Christopher C. Woodin

Regulatory Update
Wednesday February 16 4:00 - 5:00 PM

Lead Tax Law Specialist, Tax-Exempt Bonds
Internal Revenue Service

Christopher C. Woodin joined the IRS in 2005.  He is a Lead Tax Law Specialist with the Tax Exempt Bonds office where he focuses on technical support, review and outreach for the voluntary compliance and enforcement programs related to tax advantaged financings.  He is especially involved in matters concerning arbitrage compliance including yield restriction, rebate and recoveries of overpayments.  Prior to joining the IRS, Chris started working with tax exempt bonds in 1994 when he joined the public finance department of Piper & Marbury.

CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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