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.  • 
 

Ralph Holmes
Principal
San Francisco Office
Tel: (415) 217-3390
rholmes@ejdelarosa.com

Ralph Holmes joined the San Francisco banking staff of De La Rosa & Co. in 2006, bringing 10 years of public-finance experience to the firm’s San Francisco office. Holmes has a proven record of providing creative solutions to cities across California. His innovative financing structures, prudent use of financial products, and comprehensive services have served clients well in a broad variety of land-secured, water and sewer, and lease financings.

Before coming to De La Rosa, Holmes worked for eight years as a Managing Director at the Piper Jaffray underwriting firm, where he worked on more than 150 financings, including more than 60 for redevelopment agencies for a par amount exceeding $1 billion. He also led the firm’s synthetic fixed-rate effort, structuring several interest-rate swaps to maximize funding sources and cash-flow savings for issuers. Earlier in his career he was a credit analyst in National Westminster Bank’s public finance department.

Holmes received an MBA from the Garvin School of International Management (Thunderbird) in 1996, and a Bachelor’s degree in Latin American Studies from UCLA in 1994.

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