The San Francisco Airport Commission refunds $110 million in fixed-rate revenue bonds with new variable-rate bonds to lower its overall interest cost.  •  The San Dieguito Union High School District responds to the turbulent auction-rate market by converting $90 million in ARS bonds to fixed-rate securities.  •  De La Rosa & Co. generates $41 million of retail orders to reduce yields and save the L.A. County Metropolitan Transportation Authority significant interest costs on a $25-million Sales Tax Revenue Bond issue.  •  The L.A. Community Redevelopment Agency obtains a strong investment-grade rating on a $12.5-million Taxable Tax-Allocation Bond issue for the Westlake Recovery Project.  •  Despite a tough market, Beverly Hills successfully refunds $31 million in water revenue bonds and $17 million in wastewater revenue bonds for economic savings.  •  The Gridley Redevelopment Agency clears various hurdles caused by tightening credit in the municipal market to successfully execute its first tax-allocation bond financing.  •  Riverside issues unenhanced Bond Anticipation Notes to mute the effects of the collapse of auction-rate securities and prudently control interest costs.  •  The Sacramento Regional County Sanitation District restructures $50 million in auction rate securities with better performing, direct pay variable-rate bonds backed by letters of credit.  • 
 

Paul Rosenstiel
Principal
San Francisco Office
Tel: (415) 217-3386
prosenstiel@ejdelarosa.com
Paul Rosenstiel joined De La Rosa & Co. in 1995, when he opened the firm’s San Francisco office. Rosenstiel had previously worked for Wall Street firms in California for 12 years. Between 1995 and 2005 he managed the development of De La Rosa’s Northern California business. He left the firm between 2005 and 2009, then rejoined in February 2009. He is the San Francisco Branch Manager.

Rosenstiel served as Deputy State Treasurer for the State of California from 2007 to 2009. His principal responsibilities were to oversee bond issuance for the state, which is the largest issuer of municipal bonds in the country, and to assist Treasurer Bill Lockyer on infrastructure financing, ratings reform and state budgetary practices. During 2005 and 2006, Rosenstiel served as policy director for Steve Westly’s gubernatorial campaign and Lockyer’s campaign for Treasurer.

Rosenstiel is a member of the Statewide Leadership Council of the Public Policy Institute of California and the board of the Mid-Peninsula Housing Coalition. He received an MBA from Stanford in 1983.

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