What COVID-19 Means for Issuer Disclosure Practices
As the COVID-19 crisis continues, issuers are still required to meet their disclosure responsibilities for their outstanding debt obligations. This session will include a discussion on the issuer experience managing their disclosure programs and guidance from outside professionals on the advice they provide to their governmental clients. Attendees will also be updated on changes to GFOA best practices and advisories related to disclosure practices.
Capital Finance Director, State of Wisconsin
David Erdman has been a member of the State of Wisconsin Capital Finance Office since 1994 and Director since 2015. During that time, Mr. Erdman has been responsible for the preparation, sale, issuance, disclosure, and compliance of nearly 300 State of Wisconsin bond/notes issues in aggregate par amount of nearly $45 billion. The Capital Finance Office is responsible for all State bond/note issuances over seven different credits, development of State-level borrowing credits, Master Lease Program, Environmental Improvement Fund, and a venture capital fund of funds. Prior to working at the State of Wisconsin Capital Finance Office, Mr. Erdman worked for five years assisting Wisconsin municipalities in securing loans from the State of Wisconsin Clean Water Fund. Mr. Erdman is currently Vice-Chair of the State Debt Management Network (SDMN) and member of GFOA’s Committee on Governmental Debt Management. Mr. Erdman has a Public Administration/Political Science Degree from the University of Wisconsin-La Crosse. Mr. Erdman is also Chair of the Utilities Committee and a volunteer Advanced Emergency Medical Technician for his hometown of Stoughton, Wisconsin.
Debt Manager, Metropolitan Washington Airports Authority
Giedre Ball is a Debt Program Manager for the Metropolitan Washington Airports Authority where she manages over $7 billion debt portfolio and has issued more than $3.5 billion of Airport System and Dulles Toll Road Revenue Bonds over the past five years. She manages the Airports Authority’s fixed and variable rate bond financings, investor relations, continuing disclosure compliance, and a $500 million swap portfolio. Prior to joining the municipal debt field, Ms. Ball worked as a consultant at the Infrastructure Management Group where she advised public sector clients on project finance transactions, such as the USDOT’s TIFIA loans and P3 alternatives. Ms. Ball graduated from American University’s Kogod School of Business and received a Master’s in Finance from George Washington University. She serves on the Board of Women in Public Finance Virginia Chapter and is a member of the GFOA’s Debt Committee and the SEC’s Fixed Income Market Structure Advisory Committee.
Daniel M. Deaton
Partner, Nixon Peabody
Daniel represents governmental clients such as cities, counties and redevelopment agencies as disclosure counsel and bond counsel in lease revenue, enterprise fund, pension obligation bond, tax revenue anticipation, as well as Teeter, and tax increment financings. In addition, he has acted as bond counsel and underwriter’s counsel in 501(c)(3) and private activity bond financings, including financings supporting electric power grid, waste management and water utility operations.
He spends an increasing portion of his practice on the fast-evolving world of disclosure, where he advises clients on their compliance responsibilities as issuers of municipal debt. Nixon Peabody serves as disclosure counsel (often together as bond counsel) for some of the largest issuers of municipal debt throughout the United States. Besides writing the disclosure, he also runs training sessions and drafts internal guidelines for their clients’ staff.
Managing Director & Associate General Counsel, SIFMA
Leslie M. Norwood is Managing Director and Associate General Counsel of the Securities Industry and Financial Markets Association (SIFMA). She has served SIFMA and its predecessor organizations for over 12 years. As the Head of the Municipal Securities Division, Ms. Norwood is responsible for the legal, regulatory, and marketing practice initiatives of the Association relating to all municipal securities products.
Prior to Joining SIFMA, Ms. Norwood was an Associate in the Corporate and Securities department at Greenberg Traurig. She also spent 6 years as an Associate in the Public Finance department of Sidley Austin LLP (formerly known as Brown & Wood LLP) where she represented bond issuers, borrowers, and underwriters in fixed and variable rate transactions; general obligation, subject to appropriation and revenue bond (public power, education, health care, and cultural institutions) transactions and transactions with credit enhancement.
Ms. Norwood received a B.A. from the University of California, Berkeley and her J.D. from Boston University School of Law. She is a member of the New York, New Jersey, and California Bars.