GUY S. HOBBS - Managing Partner
KATHERINE W. ONG - Partner
JAMES C. CHACHAS - Senior Consultant
PETER W. MILLER - Managing Director
JOHN H. BONOW - Managing Director

INTRODUCTION

The Hobbs, Ong and PFM Team will coordinate service to its Nevada clients through the Las Vegas office of Hobbs, Ong & Associates, Inc. Additional client support, as needed, will be provided through the San Francisco office of Public Financial Management, Inc.

The Team has dedicated four professionals to concentrate on the needs of Nevada clients. Other professional resources will be accessed as client needs dictate. The use of teams customized to meet the needs of the client provides access to the most effective mix of professional support and ensures the highest possible level of service.

The Hobbs, Ong and PFM Team is comprised of individuals experienced in local and national financial issues. The staffing for Nevada clients will include a financial advisory and financial problem solving team with unmatched expertise in municipal finance, and unmatched State and local financial experience

The Hobbs, Ong and PFM Team is comprised of many specialized advisory groups and operates through the use of teams. This approach to problem solving facilitates close working relationships among our many professionals. We provide service to our clients by organizing the most efficient and knowledgeable group of professionals to solve problems. This may mean bringing together several members of the same advisory group or it may involve organizing a team from several different groups and / or offices, depending on the tasks at hand. The cross-utilization of personnel with different expertise and experience is what enables us to provide clients with the most thorough and cost-effective support possible.

GUY S. HOBBS
Managing Partner, Hobbs, Ong & Associates, Inc 
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Guy S. Hobbs is the co-founder, President and Managing Partner of Hobbs, Ong & Associates, Inc. Mr. Hobbs’ areas of expertise include financial advisory services, tax policy and administration, budget and capital planning strategies, debt management and operations management. He also has significant experience working with the State Legislature and several units of regional and local government.

Mr. Hobbs’ municipal finance experience includes 12 years as the Comptroller and Director of Finance for Clark County, Nevada. As the chief financial officer, Mr. Hobbs was responsible for accounts payable, accounts receivable, payroll, data control, financial systems development, accounting, financial analysis, budget and control, community and economic development, grants acquisition, asset management, debt issuance and administration, and risk management. Mr. Hobbs was also responsible for the preparation, administration, and control of an annual operating budget which exceeded $1.8 billion including capital projects funds, debt service funds, enterprise funds, and a $450 million general fund. Mr. Hobbs’ other related work experience includes extensive independent consulting in association with the Center for Business and Economic Research at the University of Nevada, Las Vegas and 14 years of university level teaching as a lecturer in the Department of Management, College of Business and Economics at the University of Nevada, Las Vegas. He has also been a speaker at national, state and local conferences.

Since establishing the firm of Hobbs, Ong & Associates, Inc., in 1996, Mr. Hobbs has worked on, structured, and provided oversight on the sale of more than $7.1 billion of tax-exempt debt. These issues included General Obligation, Revenue and Special Improvement District bonds, Refundings and General Obligations with Additionally Secured Revenues. These services were provided to a wide range of governmental agencies including: cities, counties, airports, hospitals, water districts and police departments.

Mr. Hobbs served on the Legislative Commission’s Subcommittee to Study Laws Relating to Financing of Infrastructure Which Accompany Development, and the Subcommittee Studying Laws Relating to the Distribution Among Local Governments of Revenue from State and Local Taxes.  He will continue to serve on the technical committee established by Senate Bill 253 of the 1997 Legislature. In November 2001, he was appointed by the Governor to chair the Task Force on Tax Policy in Nevada.

Mr. Hobbs is a member of the Government Finance Officer’s Association, and the Nevada Taxpayer’s Association. He was named the Public Administrator of the Year in 1986 by the Las Vegas Chapter of the American Society for Public Administration, and is recognized in Who’s Who in Finance and Industry, Who’s Who in America and Distinguished Men of Southern Nevada.

Mr. Hobbs received a Bachelor of Arts in Business Economics from the University of California, Santa Barbara, and a Masters of Business Administration from the University of Nevada, Las Vegas, with an emphasis in Management/Operations and Production Management.

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KATHERINE W. ONG
Partner, Hobbs, Ong & Associates, Inc.
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Katherine W. Ong is co-founder and Partner of Hobbs, Ong & Associates, Inc., a financial consulting group specializing in municipal finance problem solving and support. Ms. Ong’s areas of expertise include the preparation and administration of governmental budgets, fiscal impact analysis, legislative strategy, private activity bond administration, feasibility studies and project management for automated financial systems. She also provides financial advisory services for municipal bond financings.

Ms. Ong’s municipal finance experience includes eight years as the Budget Manager for Clark County, Nevada, where she directed the preparation, implementation, and control of Clark County’s $1.8 billion annual budget, planning and implementation of financing strategies for capital projects and debt service funds, trust funds, enterprise funds, and a $450 million general fund. Ms. Ong researched and developed new and more stable sources of revenues, prepared short and long-range revenue and expenditure projection analyses, and prepared reports which interpreted data and outlined alternatives for successful project resolution.

Since establishing the firm of Hobbs, Ong & Associates, Inc., in 1996, Ms. Ong has worked on, structured, and managed the sale of more than $7.1 billion of tax-exempt debt. The types of debt include general obligation bonds and revenue bonds. Examples of the financings managed by Ms. Ong include: the Las Vegas Convention and Visitors Authority New and Refunding Bonds, $97.4 million; the City of Las Vegas Sewer Bonds, $35 million; the Carson City Water Bonds, $1.8 million; the Clark County Regional Transportation Commission Revenue Bonds, $70 million; the Clark County Flood Control District Refunding Bonds, $29.9 million; the Clark County Transportation Refunding Bonds, $108 million; and, the Clark County McCarran International Airport Revenue and Refunding Bonds, $416 million.

Ms. Ong was instrumental in the restructuring of the State of Nevada’s municipal tax structure. She assisted in the preparation of, and successfully lobbied the legislation to redistribute inter-county revenues. Clark County gained an additional $16 million in annual revenue because of new tax revenue distribution formulas which corrected long-standing inequities in the distribution of ad valorem, sales, and motor vehicle privilege tax revenues within the State of Nevada.

Ms. Ong is a member of the Government Finance Officer’s Association and the Nevada Taxpayers Association. She was also a member of the Supreme Court of Nevada Urban Court Workload Assessment Commission. She was a member of Advisory Committee for the Southern Nevada Enterprise Community Small Business Loan Guarantee Program and was appointed to the City of Las Vegas Council Review Committee. Her budgeting staff received numerous national awards from the National Association of Counties and the Government Finance Officer’s Association under her direction. Ms. Ong received a Bachelor of Science in Business Administration from the University of Nevada, Las Vegas, with an emphasis in Finance.

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James C. Chachas
Senior Consultant, Hobbs, Ong & Associates, Inc.
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James C. Chachas, is a financial analyst whose work experience includes service in various levels of senior financial administration of local government, utilities and casinos. Mr. Chachas has an extensive background in local government finance having served as Deputy Budget Director at Clark County and as a Senior Management Analyst and Business Officer at Clark County, Department of Parks and Recreation. He also served as the Regional Representative for Congressman James Santini in Northern and Southern Nevada.

During his tenure at Clark County he was responsible at different times for the preparation and administration of department budgets including expenditure control and oversight. He prepared financial analyses regarding a variety of budget, financial and management issues and made recommendations to management regarding financial policy decisions.  In his position with a rural electric cooperative, he was responsible for all phases of the financial administration of the electric utility.  As comptroller for a neighborhood casino, Mr. Chachas was responsible for all financial aspects of the operation, including preparation of financial statements and oversight of the business office.  In addition, his duties included primary contacts with the Nevada State Gaming Control Board.

Mr. Chachas has participated in the preparation of a variety of projects relating to local governments.  These included the preparation of revenue estimates for local governments as a long term planning tool. He prepared a study of infrastructure financing in Clark County relating to streets, highways, and roads; water and waste water; mass transit; flood control; schools; and, parks.  Other specialized studies in which he participated include the preparation of a financial feasibility study relating to the construction and development of a municipal golf course; and, the preparation of Financial Impact Analyses (FIA) for several major master planned communities in Southern Nevada.  The FIA is a methodology which can be employed to assess the economic impact of a development upon public service providers.   Local governments can use these as a tool to make more informed decisions relating to development issues.  He has worked with several local governments in the State which have faced financial challenges.  He has worked with their staffs to enable them to better understand their financial environment and has made recommendations to address the particular circumstances confronting the organization.  In addition, he has conducted a series of advocacy analyses for private sector clients for presentation to various local governing boards.

Mr. Chachas received a Bachelor of Arts degree in Accounting from the University of Utah at Salt Lake City, Utah.

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Peter W. Miller
Managing Director, Public Financial Management, Inc.
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Peter W. Miller, a Managing Director, joined Public Financial Management, Inc. in 1991 and is currently the manager of the firm’s West Coast Practice.

Mr. Miller has structured, and managed the sale of over $10 billion of tax-exempt debt. The types of debt included in this list are general obligation bonds, special assessment bonds, sewer revenue bonds, installment purchase certificates of participation, lease revenue bonds, tax increment bonds, general airport revenue bonds, (AMT and non-AMT) passenger facility charge revenue bonds, sales tax revenue bonds, current and advanced refunding bonds, and tax revenue anticipation.

A sample of Mr. Millers clients include: Clark County, NV, Clark County Regional Transportation Commission, The State of Nevada, McCarran International Airport (Las Vegas, NV), the City and County of San Francisco, San Francisco International Airport, Solano County, the cities of Las Vegas, Modesto, Folsom, Roseville, Lincoln, among others.

Mr. Miller has also served as Financial Officer, Special Projects, in the Office of the Chief Administrative Officer for the City and County of San Francisco from 1987 to 1991. As Financial Officer, Mr. Miller was responsible for all debt issued by the City, maintaining the City’s debt rating, managing the cash investments of certain City accounts, and analyzing capital projects on an on-going basis. As part of this position, Mr. Miller was also the financial officer for the City’s Solid Waste Program.

Some of the major financings and accomplishments during Mr. Miller’s tenure as Financial Officer to the City of San Francisco include: $137 Million Lease Revenue Bonds for the expansion of the Moscone Convention Center, $60.5 million Lease Revenue Bonds refunding the 1979 Moscone Lease Revenue bonds, $145 million sewer revenue bonds used to builds secondary treatment facilities, $316 million in general obligation bonds issued in six series, the creation of San Francisco’s land-based financial plan (a series of special assessment districts) to pay for the construction of the public infrastructure in the 300-acre Mission Bay multi-purpose development project, the development of San Francisco’s first equipment lease-purchase program using tax exempt bonds, assisting the San Francisco Redevelopment Agency issue its first series of Mello-Roos bonds and several series of tax increment bonds totaling approximately $70 million, and developing the first strategic plan for the purchase and construction of City office buildings.

Mr. Miller received his Bachelor of Arts degree in American Studies from Syracuse University, his Master’s Degree in Economics from Tufts University and his Masters Degree in City and Regional Planning from Harvard University, John F. Kennedy School of Government.

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John H. Bonow
Managing Director, Public Financial Management, Inc.
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Mr. Bonow joined PFM in 1991 and has served as the firm's project manager in several engagements for health care, environmental utility, higher education and general municipal clients. Mr. Bonow's experience intersects all major areas of PFM's services: financial planning, transaction management, investment management, and arbitrage rebate and compliance.

As part of the capital funding process, Mr. Bonow has assisted municipal issuers in obtaining more than $5.0 billion in tax-exempt financing through a variety of security instruments, including: revenue bonds, general obligation bonds, lease revenue bonds, certificates of participation (both lease and installment purchase), tax allocation bonds, Marks-Roos (bond pool) revenue bonds, Mello-Roos (special tax) bonds, assessment district bonds, forward delivery bonds, and forward swaps, among others.

The structures on which Mr. Bonow has worked include fixed rate, zero-coupon, variable rate bonds (both demand bonds and auction rate notes), and tax-exempt commercial paper. Mr. Bonow also assists many clients with the investment of bond proceeds and operating funds to best match an entity's assets and liabilities.

Mr. Bonow's expertise extends into the financial modeling requirements of most utilities and enterprise fund credits. He has developed computer models for various water, wastewater and waste disposal utilities throughout California. In addition, Mr. Bonow has assisted several health care providers with a quantification of their debt capacity and assessment of credit rating potential.

Mr. Bonow advises several PFM clients, a representative list of which follows.

Environmental Utilities:
     Clark County Sanitation District
     Clark County Regional Flood Control District
     Las Vegas Valley Water District / Southern Nevada Water Authority
     South Placer Wastewater Authority
     Truckee Meadows Water Authority
     Contra Costa Water District

General Municipal/Miscellaneous:
     Washoe County (Nevada)
     Las Vegas Convention and Visitors Authority (Nevada)
     County of San Luis Obispo
     City of Roseville
     Clark County (Nevada)
     Golden Gate Bridge, Highway and Transportation District

Health Care/Higher Education:
     Washington Health Care Facilities Authority
     California Health Facilities Financing Authority
     California Educational Facilities Authority

Mr. Bonow has a B.A. Degree in Economics from Yale University.

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