Estrada Hinojosa has served DART as financial advisor since 2001, serving most of that time as lead co-FA or sole FA. During this period, we have helped them complete 24 long term bond transactions for a combined par value of $9.0 billion.

Transactions have included:

• Build America Bonds
• “Cinderella” bonds
• 40-year amortization
• Insured/Uninsured
• Open market escrows
• Exchange tender
• Different call features
• Public/private sales
• Current, Advance, Forward and Taxable Refundings

Currently working on a new money sale for the Silver Line

• Possible tenders for savings

Federal Loan Programs

$105 million TIFIA Loan in 2012

• Rate of 2.91%
• Refunded in 2020 and 2021
• Included TIGER grant for credit subsidy
• Senior lien parity obligations

$908 million RRIF Loan in 2018/2021

• Initial rate of 2.98% for 2018 loan
• Renegotiated rate at 2.26% in 2021
• Senior lien parity obligations
• Funds will be drawn down over time
• Using as hedge for CP programs

Commercial Paper Programs

$125 million self-liquidity Series I

• Initially established in 2013
• No more than $35 million in 5 days
• 2X coverage on available haircut funds

$125 million JPMorgan bank-backed Series IIA-B

• Series IIA is traditional CP
• Series IIB is direct placement tranche

$125 million Morgan Stanley extendible CP Series III

• No liquidity fees
• Trades at slight spread over traditional CP