Charter School Bond Issuance
A COMPLETE HISTORY
VOLUME 4
Written by SARA SORBELLO
Lead Researchers CLARA CHAE KATHRYN OLSEN
Project Manager SYBIL ST. HILAIRE
ACKNOWLEDGEMENTS
About the Author Sara Sorbello is the former Vice President of Charter School Financing at LISC. She is the Principal of Sorbello Strategic Finance, a consultancy focused on helping Community Development Financial Institutions and other non-profit lenders deploy capital to high-impact charter school facilities projects through underwriting support, research and training.
This study would not be possible but for the trailblazing research led by Elise Balboni, Wendy Berry, Reena Abraham and Charles Wolfson, the thought leaders and authors of LISC’s first body of research on the subject. These predecessor authors and their supporting researchers created a methodology that has been widely accepted, cited, and replicated to analyze the charter school bond sector. This methodology remains relevant and grounding in our collective understanding of more than two decades of charter school bond history.
We want to acknowledge the people who contributed directly or indirectly to this study by generously giving their time to provide us with data and information during the course of our research. We thank the following individuals and their organizations for their guidance, comments, and contributions to this report:
ELISE BALBONI Enterprise Community Loan Fund (peer reviewer)
WENDY BERRY Equitable Facilities Fund (peer reviewer)
EUGENE CLARK-HERRERA Orrick, Herrington, & Sutcliffe LLP (peer reviewer)
JIM GRIFFIN Momentum Strategy & Research (peer reviewer)
GREGORY JOHNSON DC Revenue Bond Program, Government of the District of Columbia
SHEENA KADI Colorado Department of the Treasury
DENIS MCKINNON Capital Trust Agency
KIMBERLY MOOERS Rhode Island Health and Educational Building Corporation
CORY PHELPS Idaho Housing and Finance Association
LINDSAY PHILLIPS Phillips Advisory
KIRT SLAUGH Chief Deputy Treasurer, State of Utah
REBECCA SULLIVAN JAN NUZZOLO Massachusetts Development Finance Agency
KAITI WANG H.J. Sims
CHRISTOPHER WIENK First Tryon Advisors
Many LISC partners and colleagues helped bring this report to fruition. We are especially grateful to Sybil St. Hilaire for her steadfast leadership of this multi-year effort and her commitment to and excellence in ensuring this research reaches as many schools and stakeholders as possible. We also acknowledge the significant contributions of LISC Charter School Financing and the LISC Communications team:
LISC Charter School Financing: YVONNE NOLAN ESTIVEN RODRIGUEZ CHARMIAN STEWART
LISC Communications: CASEY HARRON ASTRID LEWIS-REEDY MARY TALBOT MICHAEL TANG
DISCLAIMER
Recipients of this material may use, reproduce, and distribute it without a fee solely for informational, educational or reference purposes in connection with financing for charter school facilities; no other intellectual property rights or licenses of any kind are granted hereunder. The use of the material for purposes not expressly permitted hereunder is strictly prohibited without the prior written consent of LISC. This material must be reproduced in its entirety, inclusive of all legal notices and acknowledgements, without alteration of any kind.
LEGAL DISCLAIMER: Nothing in this material should be construed as investment, financial, tax, brokerage, regulatory, or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory, and accounting characteristics and consequences, of the proposed transaction.
The data and information presented within this material are current as of December 31, 2022 unless otherwise noted and are subject to change without notice. LISC gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided within this material. LISC makes no warranties regarding the accuracy of this material.
Any forecasts, projections, or predictions of the market, the economy, economic trends, and fixed-income markets are based upon current observations as of the date of distribution and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance.