Public Finance

Bringing billions of dollars in financing for communities across the U.S.

D.A. Davidson specializes in financing projects for communities across the United States. From securing funding for a new elementary school building to structuring multi-million dollar project financing for professional athletic facilities, we are committed to strengthening infrastructure, expanding businesses and enriching the lives of the people in our communities. Our public finance investment bankers bring experience and expertise in conventional fixed-rate debt financing, variable-rate bonds, credit-enhanced structures and non-rated bonds.


Municipal Advisory Services

Access to most major information services allows us to update clients on market trends and development, and our tailored analytical services enable us to offer government clients the guidance they need to negotiate the maze of financial, legal, and regulatory issues posed by today’s market. D.A. Davidson is a registered Municipal Financial Advisor with the SEC and MSRB.

Placement Agent Services

Our strong relationships with a network of lenders, both local and regional banking institutions, and flexibility to negotiate some of the best terms related to loan covenants, call features, and repayment schedules offer unique opportunities for clients. Our recent experience has included general obligation and revenue financings ranging in size from $35,000 to more than $2.292 billion.

Data Source: Refinitiv/SDC January 2023

Senior Living and Structured Housing Group

Our Senior Living and Structured Housing group is made up of innovative capital markets professionals who are recognized
as industry leaders and trusted experts in delivering debt, equity and advisory solutions to senior living
and affordable housing organizations on a national scale. The team offers taxable and tax exempt financings for our diverse set of clients.


Development Finance Group

Experts at financing community development.


Decades of deep and proven experience across a variety of public finance sectors:

  • Charter Schools
  • Energy Performance/Infrastructure Construction Finance
  • Healthcare Finance
  • Higher Education
  • Lease-Purchase Financing
  • Local Governments
  • Multifamily Housing
  • Renewable Energy & Greenhouse Gas Reduction Project Finance
  • Rural Water
  • Sanitary & Improvement Districts
  • School Districts
  • Senior Living and Structured Housing
  • Special Districts
  • State Governments
  • Tax Increment Financing
  • Tribal Finance
  • Utility Finance

Charter Schools

A recognized leader in charter school financing.

Charter schools have emerged as a viable component of the public education system. Demand for charter schools is growing and many of these schools face significant financial and operational challenges. Charter school officials may not be fully equipped to confront the issues of land acquisition and building a new facility, much less the rigors of the securities markets. As a recognized leader in charter school financing, D.A. Davidson understands the legal and financial variables that allow charter schools to gain access to the tax-exempt capital market.

Our breadth of charter school experience is illustrated below.

353 Transactions | 19 States | $5.914 billion financed

Source: D.A. Davidson Offering documents on file (as of 12-31-22).

At D.A. Davidson our belief is that the best way to assess your needs is to listen. Responsibility to you is not just an aspect of our firm; it’s how we’ve done business for 85 years and counting.

Learn more about our recent charter school projects. For more information on how D.A. Davidson can help meet your financing needs, contact Eric Duran, [email protected] , or Matt DeAngelis, [email protected].

Energy Performance/Infrastructure Construction Finance

From Blueprint to Bottom Line.

Deep knowledge, critical thinking, and aligned interests to get the deal done; the Energy Performance/ Infrastructure Construction (“EPIC”) Finance Team at D.A. Davidson & Co. provides full-service finance solutions for public energy savings and infrastructure projects throughout the United States.

  • Respectful, responsive, attention to the complex needs of the project
  • Straight talk about what will and will not work in today’s market environment
  • Collaboration with you and all of your trusted advisors
  • Creative financing strategies

We understand – and share – the bigger purpose that guides your work; developing financial architecture to facilitate and promote energy projects throughout the nation. That is why we work hard to structure transactions that make sense for our clients, are marketable to investors and balance immediate needs of the client with those of long-term sustainability. We have the dedication, the expertise and the resources to get the deal done.

Healthcare Finance

Expert guidance for healthcare clients.

D.A. Davidson is a national leader in municipal finance and is the # 5-ranked underwriter for tax-exempt municipal bonds. The Healthcare platform has been built around experienced bankers who combine the versatility and creativity needed to navigate the complex healthcare landscape in both the not-for-profit and for-profit sectors, as well as the full spectrum of credit ratings. The Healthcare team works closely with its industry-leading underwriting and sales desks to deliver innovative capital solutions and superior execution to healthcare clients nationwide.

Capital Solutions To Meet Your Strategic Goals
  • Tax-exempt and Taxable Financing
  • Strategic Capital Planning
  • Medical Campus Development
  • Merger & Acquisition Strategy
  • Distressed Healthcare/ Restructuring Analysis
  • Mezzanine and Subordinate Debt
  • Equity Raise
  • Advisory Services
  • Replacement Facility Analysis Fixed and Variable Rate
  • Healthcare Real Estate

Experienced Healthcare Professionals - With decades of experience advising healthcare clients and structuring bond financings, our team will develop a thorough understanding of your objectives and priorities and assist in your evaluation of strategic options. Based on our deep understanding of the healthcare industry and the market and investment forces that shape it, we take a personalized approach with each project in order to best achieve our clients’ objectives. It is always our goal to build trust and confidence that D.A. Davidson will work closely with its clients to identify the best solutions in a constantly evolving healthcare landscape.

Full Service Capabilities Backed By a History of Execution - Our ability to offer superior execution comes from our full-service capabilities. Because each of our healthcare clients has a unique set of needs and challenges, we work to address these issues and develop the capital and financing solutions to best meet them. In evaluating financing options we consider multiple factors: bond market conditions, investor perceptions of the overall healthcare sector, the credit profile of each healthcare client, and the dynamics of the local healthcare market. In combination, these factors will ultimately drive the structure, timing and pricing of a bond financing.
We have a dedicated team of 50 sales and underwriting professionals with extensive networks and distribution capabilities. By working closely with our sales and underwriting team, we have the ability to develop an understanding of investor expectations and receive real time feedback required to make necessary market adjustments and achieve the best possible results for our clients.

Learn more about our recent healthcare projects. For more information on how D.A. Davidson can help meet your financing needs, contact Howard Manning, [email protected].

Higher Education

Over $6.201 billion in higher education financings.*

D.A. Davidson offers experience with all aspects of higher education finance, including structuring, debt capacity analysis, credit analysis, credit enhancement and sales and distribution activity. We analyze historical student demand, the institution’s role in the market area, operating performance, endowment management, existing debt structure and strategic capital objectives. Through capital needs assessment, we advise higher education clients on amounts and types of debt to issue. From 2012 through December 2022, D.A. Davidson bankers have participated in 210 higher education financing deals totaling over $6.201 billion.

*Source: Refinitiv/SDC January 2022

Lease-Purchase Financing

Providing alternative financing options.

Lease-purchase agreements may take the form of both lease revenue bonds and certificates of participation and are increasingly an option for local governments and hospitals. We have successfully completed lease financings for:

  • Counties
  • Correctional facilities
  • Municipalities
  • Public safety (police and fire) equipment and facilities
  • School Districts
  • Sports facilities
  • States
  • Technology centers
  • Universities

Local Government

Our market presence helps municipalities make informed decisions.

National Scope, Local Presence
Our Public Finance team shares expertise and experience across states and sectors. Our direct and frequent market participation allows us to provide our clients with superior market information. As a broker-dealer, our understanding of credit and the investor community help us structure transactions to minimize our clients’ cost of borrowing. Local banking teams mean we know the state regulations, market trends and third parties.

More than just Market Activity
D.A. Davidson’s regular presence trading securities for both new money and secondary market transactions includes over $100 million per day. However, our work “behind the scenes” with our clients is what separates D.A. Davidson. We prepare detailed financial analyses to outline pay-go vs. bonding structures to assist with long-term capital planning, including CIP and utility rate study analysis. D.A. Davidson bankers have served as financial advisors or underwriters to numerous local governments, including:

  • Arapahoe County, CO
  • Boulder County, CO
  • City of Grand Junction, CO
  • City of Omaha, NE
  • Lincoln County, NE
  • City of Orange City, IA
  • City of Indianola, IA
  • Plymouth County, IA
  • City of Manhattan, KS
  • Cleveland County, OK
  • Tulsa County, OK
  • City of Portland, OR
  • Pierce County, WA
  • King County, WA

Multifamily Housing

Tailored financing solutions.

D.A. Davidson offers multifamily housing finance solutions for affordable housing projects. Our multifamily housing team has experience with the for-profit and non-profit sectors and is able to tailor financing solutions to meet the unique goals and objectives of each organization. Using tax-exempt bonds, a qualified developer or 501(c)(3) can finance a project at a lower interest rate than a conventional financing because the interest paid to bondholders is exempt from federal income tax.

These projects may also qualify for low-income housing tax credits (LIHTC) which is a federal program for encouraging the investment of private equity in the development of affordable rental housing for low-income individuals. Projects using tax-exempt bonds qualify and are a requirement for using “4%” low income housing tax credits.

Statutorily, both for-profit and non-profit developers are required to allocate a certain percentage of units for low income individuals in order to utilize tax-exempt bonds. Please contact D.A. Davidson for a complete description of the income requirements and our financing programs for senior living and affordable housing projects.

Renewable Energy & Greenhouse Gas Reduction Project Finance

D.A. Davidson offers an expertise and thorough understanding of the renewable energy incentives associated with the InflationReduction Act (IRA) to subsidize the cost of the eligible projects, including:
  • Solar
  • EV
  • Battery Storage
  • Geothermal
  • Heat Pumps
  • Fuel Cells
  • Wind
  • Methane & CO2 Gas Capture

The IRA provides for a direct payment (rather than a tax credit) for the benefit of tax-exempt entities that own the project. Qualifying projects can now be financed on a tax-exempt basis to directly reduce project net costs.

Broader Ownership Eligibility, including:

  • States
  • Counties
  • Cities
  • School Districts
  • Public Higher Education
  • Special Districts
  • Native American Tribal Governments
  • Alaska Native Corporations
  • Municipal Utilities
  • Private Universities and Colleges
  • Not-for-Profit Hospitals
  • Charter and Independent Schools
  • Charitable Organizations
  • Electric Cooperatives
  • Other non-profit 501c3 organizations

D.A. Davidson’s Renewable Energy banking team has partnered with a national bank that will provide attractive bridge financing for ourborrowers in anticipation of them receiving the applicable IRA Direct Payment Investment Tax Credit from the US Treasury.

For more information on how D.A. Davidson can assist you with Renewable Energy & Carbon Reduction Project Finance, contact Lee White, [email protected] Alex Iseman, [email protected] .

Rural Water

Financing clean water for communities large and small.

Rural water financing programs provide an efficient, cost-effective lending source for communities nationwide. The rural water financing programs that D.A. Davidson employs gives communities access to the bond market with a reduced issuance cost. These programs provide the benefits of a stand-alone bond issue, while reducing costs in a pooled structure. From January 2012 through December 2022, we have completed 452 financings of over $3.830 billion in 25 states.

Source: Refinitiv/SDC January 2023

Sanitary & Improvement Districts

Helping to improve and expand public infrastructure.

D.A. Davidson employs a financing approach for Sanitary and Improvement Districts (SID) using construction fund warrants, a practice unique to Nebraska. Public improvements typically consist of streets, water, sewer, gas and electric service systems. As the district develops, special assessments and taxes from taxable valuation are collected and used to retire debt. Eventually, an adjoining municipality may annex the SID, providing the residents direct access to city services and increasing the city’s tax base and population.

Learn more about our recent SID projects. For more information on how D.A. Davidson can help meet your financing needs, contact John Kuehl, [email protected] , or Kurt Kitson, [email protected] .

School Districts

Helping school districts expand and improve.

We are proud to serve school districts large and small and offer a full range of services including bond issue planning, tax rate management and bond rating assistance. Many school districts face unparalleled budgetary pressures in today’s financial environment.

D.A. Davidson helps school districts navigate financial challenges and provides investment banking and advisory services to school districts spanning the following states:

  • Arizona
  • California
  • Illinois
  • Iowa
  • Montana
  • Nebraska
  • Oklahoma
  • Oregon
  • South Dakota
  • Texas
  • Utah
  • Washington

Senior Living and Structured Housing

Financing Solutions Built on Relationships, Backed by Experience.

Our Senior Living and Structured Housing group is made up of innovative capital markets professionals who are recognized as industry leaders and trusted experts in delivering debt, equity and advisory solutions to senior living and affordable housing organizations on a national scale. The team offers taxable and tax exempt financings for our diverse set of clients.

Our Capabilities

Capital Solutions

  • Debt Issuance
  • Private Placements
  • Mezzanine and Subordinate Debt
  • Seed Capital
  • Bridge Capital
  • Equity

Thought Leadership

  • Strategic Advisory
  • Acquisitions
  • Affiliations
  • Mergers and Divestitures
  • Development and Expansion

Special Districts

Experts at financing community development.

Over the past ten years, the Special District Group at D.A. Davidson has underwritten more special district debt in Colorado than all of our competitors combined (Source: Refinitiv/SDC). This extensive experience in the marketplace ensures that clients benefit from comprehensive solutions that meet their needs and provide the most efficient financing available.

D.A. Davidson provides a comprehensive approach which includes:

  • Engaging in the early stages of the development process to assist in negotiating the terms of a district’s formation.
  • Providing banking advice and support prior to the issuance of debt to ensure that special districts are ultimately able to issue debt in a timely and efficient manner.
  • Working with clients after formation to determine the optimal timing and structure of the district's debt offerings.

Unmatched experience structuring over 300 special district bond transactions in the past ten years ensures that clients achieve maximized results. The combination of our group’s underwriting leadership in conjunction with our firm’s sales and trading capability allows us to deliver on our commitments even in turbulent credit markets.

Special districts can be a useful tool for funding public infrastructure across a full range of development types including:

  • Residential Development
  • Retail Development
  • Commercial/Industrial Development
  • Mixed-Use Development
  • Urban Renewal Projects
  • Water Resource Development

For more information on how D.A. Davidson’s Special District Group can help meet your financing needs, contact Laci Knowles, [email protected].

State Governments

A proven partner for governments.

D.A. Davidson works with governmental entities to help execute their budgetary needs and operational plans. State government public finance plans include general obligation bonds, pension obligation bonds, tobacco securitization and cash flow notes. Our bankers have served as financial advisors or underwriters to numerous state governments, including:

  • California Municipal Finance Authority
  • The State of Colorado
  • Commercial/Industrial Development
  • Kansas Development Finance Authority
  • Montana Department of Natural Resources and Conservation
  • The State of Montana
  • The State of Oregon

Tax Increment Financing

Structuring solutions to meet the unique challenges of municipalities and developers.

Redevelopment poses unique challenges to both municipalities and developers. Among the most basic of these is financing the significant capital costs associated with a redevelopment plan. These costs can result in a financing gap which hinders the ability to obtain conventional financing or can reduce equity returns to unacceptable levels. One solution is to use tax revenues associated with the new development to secure municipal bonds. This type of municipal financing taps the economic benefits of new development and avoids placing the burden on the general taxpayer.

Tax increment financing (TIF) uses the tax revenue generated by a development to finance certain redevelopment costs associated with the project. This is done by capturing the revenue created through the increase in the taxable valuation due to new development (the “increment”) and applying it to eligible costs. Increment can also be used for the payment of bond debt service. Typically, tax increment revenue bonds are issued through a municipality, for the benefit of the TIF district. These bonds are generally nonrated, exempt from federal income taxes, and secured by the incremental property and/or sales taxes of the development.

TIF exists in most states. While variations exist as to the particulars of structure and which level of government is responsible for TIF, the debt issuance and security features remain relatively similar. Developers should note that the laws of each state governing the eligibility of expenses, structure, and sale of these obligations will differ somewhat. The three main financing structures commonly used are general obligation bonds, TIF revenue bonds, and developer notes.

For more information on how D.A. Davidson can assist you on any of the above tax increment structures, contact Peter Raphael, [email protected].

Tribal Finance

Innovative and flexible financing alternatives for tribal leaders.

D.A. Davidson provides private placement and financial advisory services to tribal governments that have a need to access capital market funding. We have a proven track record of delivering financings for “Essential Governmental Function” purposes such as debt consolidation, refinance, working capital, and new construction funding. The firm has also funded tribal enterprise financings at competitive rates in the taxable market. As the tribal finance market emerges, we will continue to provide innovative and flexible financing alternatives to tribal leaders.

Native American Finance Experience*:

Flandreau Santee Sioux Tribe of South Dakota

  • $29,085,000 Tribal Elder Care Revenue Bonds (Flandreau Tribe Care Center Project)
  • $17,400,000 Tribal Gaming Revenue Bonds (Taxable)
  • $6,120,000 Tribal Economic Development Bonds (Tax-Exempt)
  • $5,450,000 Tribal Revenue Bonds (Tax-Exempt)
  • $13,745,000 Tribal Health Care Revenue Bonds

Santee Sioux Nation - Santee Sioux Nation of the Santee Reservation of Nebraska

  • $18,660,000 Tribal Health Care Revenue Bonds (Indian Health Service Joint Venture Construction Program Project)

Oglala Sioux Tribe - Pine Ridge Indian Reservation, South Dakota

  • $700,000 Grant Anticipation Notes (Seven Years for Seven Generations Project)
  • $2,370,000 Essential Government Function Sales Tax Revenue Bonds (Tax-Exempt)
  • $1,185,000 Essential Government Function Sales Tax Revenue Bonds (Taxable)
  • $2,500,000 Sales Tax Revenue Bonds (Taxable)
  • $6,500,000 Tribal Healthcare Revenue Bonds (Oglala Sioux Lakota Memory Care Project)
  • $15,270,000 Tribal Healthcare Revenue & Refunding Bonds
  • $8,580,000 Essential Governmental Function & Refunding Revenue Bonds
  • $4,600,000 Essential Governmental Function Cash Management Notes (Taxable)
  • $6,015,000 Essential Governmental Function Refunding Revenue Bonds
  • $3,980,000 Essential Governmental Function Revenue Bonds
  • $6,085,000 Essential Governmental Function Revenue & Refunding Revenue Bonds
  • $8,355,000 Essential Governmental Function Revenue & Refunding Revenue Bonds

Lower Brule Sioux Tribe - Lower Brule Indian Reservation, South Dakota

  • $10,000,000 Refunding and Tribal Purpose Bonds (Tax Exempt)
  • $6,460,000 Refunding and Tribal Purpose Bonds (Taxable)
  • $5,500,000 Tribal Purpose Bond Anticipation Note (Taxable)
  • $6,505,000 Tribal Purpose Refunding Bonds (Taxable)
  • $5,345,000 Tribal Purpose Refunding Bonds (Taxable)
  • $9,700,000 Tribal Purpose Refunding Bonds (Tax Exempt)

White Mountain Apache Tribe - Fort Apache Indian Reservation, Arizona

  • $7,790,000 Essential Governmental Function Revenue Bonds
  • $12,460,000 Revenue Bonds (Taxable)

The Cherokee Nation - Northeastern Oklahoma

  • $2,925,000 Revenue Bonds

The Chickasaw Nation - South Central Oklahoma

  • $3,015,000 Taxable Certificates of Participation (IHS - Regional Supply Service Center)
  • $8,310,000 Certificates of Participation (Travel Plaza Projects)

*Project transactions listed above are merely a representative sampling of transactions and are not meant to be inclusive.

Utility Finance

Proven experts in financing critical utility systems.

The financing of basic infrastructure needs, such as utility systems, remains a core competency of the bankers at D.A. Davidson. From January 2012 through December 2022, our bankers have participated in managing, structuring or distributing over $11.125 billion of utility system financings. (Source: Refinitiv/SDC January 2023) Our major clients include the Arkansas River Power Authority, Omaha Public Power District, Iowa Public Power Agency and Missouri Public Utilities Commission.

Get in touch with us

To learn more about D.A. Davidson Public Finance, please contact us.



Marc Dispense

Fixed Income Capital Markets
(303) 764-6040
[email protected]