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Water Utility Debt Management

September 15 - 16, 2025 Online :: Central Time

Effective debt management is critical for water utilities to finance infrastructure projects, maintain financial sustainability, and ensure regulatory compliance. This course provides a comprehensive understanding of the debt issuance process, the roles of the issuer, key financial, legal, and other ancillary advisors, and the long-term implications of debt financing on utility rates and financial planning.

Through expert-led discussions and interactive panel sessions, attendees will gain insights from a variety of industry perspectives, including the issuers of debt, their municipal advisors, bond and disclosure counsel, underwriters, and rating agencies. These discussions will provide a holistic view of the debt issuance process, helping participants understand their options and make informed financial decisions. By the end of the course, attendees will be equipped with practical tools to:

  • Develop and manage debt policies
  • Structure, issue, and manage long term and short-term municipal debt
  • Engage effectively with key financial players such as rating agencies and underwriters
  • Ensure compliance with regulatory requirements

Don't miss this opportunity to learn from industry experts and connect with peers facing similar challenges. Register today and take the next step in strengthening your utility’s financial future!

Learning Outcomes

  • Explain why water utilities issue debt, the bond issuance process, and the key players involved.
  • Analyze the impact of debt policies on financial planning, rate setting, and long-term sustainability.
  • Identify the responsibilities of municipal advisors, bond counsel, and underwriters in debt transactions.
  • Explore rating agency evaluation criteria and develop strategies for initial and ongoing engagement.
  • Assess the advantages and disadvantages of different bond sale methods and their implications for water utilities.
  • Navigate the legal and regulatory framework governing municipal debt, including SEC, MSRB, and IRS requirements.
  • Conduct scenario analyses to evaluate debt repayment strategies, debt affordability, and financial risk mitigation.

Register

This is a recorded session - no instructor interaction is available. Recordings do not qualify for continuing education credits. Recordings will expire 30 days from date of purchase and sharing, downloading or copying of the recording in any way is strictly prohibited and will result in the termination of your license.

PURCHASE THIS RECORDING:

Recording license(s)$ 1195.00 each
Day one

Monday, September 15, 2025

Day two

Tuesday, September 16, 2025

Agenda

Monday, September 15, 2025
Central Time

Online

Log In

8:45 AM

Lunch Break

12:00 - 1:00 PM

Adjourn for the day

4:30 PM

8:45 AM - 9:00 AM

Log In

9:00 - 10:00 AM

Session 1: Course Overview and Bond Process

  • Introductions and overview of agenda
  • Why issue debt? (Matching principle, pay-as-you-go vs. financing)
  • Overview of bond process
  • Key players: issuer, financial advisor, bond/disclosure counsel, rating agency, underwriter
  • Regulatory context (SEC Rule 15c2-12, MSRB, IRS)

Angela Bricmont Chief Financial Officer Denver Water

Lisa Marie Harris Director of Finance/Treasurer San Diego County Water Authority

10:00 - 10:15 AM

Morning Break

10:15 AM - 12:00 PM

Session 2: Issuer Considerations

  • Debt policies: coverage ratios, limits, permitted instruments, refunding thresholds
  • Long-range financial planning
  • Competitive vs. negotiated bond sale
  • Use of debt proceeds and general principles of issuance
  • Municipal training resources (GFOA, Bond Buyer)
  • Impact of financing decisions on rates
  • Breakout Group: Rate impacts of debt vs. cash financing (scenario analysis)

Angela Bricmont Chief Financial Officer Denver Water

Lisa Marie Harris Director of Finance/Treasurer San Diego County Water Authority

Robyn Moore Managing Director Piper Sandler Colorado

Eric Brown Managing Director PFM Financial Advisors LLC

12:00 - 1:00 PM

Lunch Break

1:00 - 3:00 PM

Session 3: Municipal Advisor Role

  • Fiduciary responsibilities
  • RFPs and advisor selection
  • Guidance on debt issuance and structuring
  • Debt refinancing and impact analysis
  • Pricing and transaction oversight
  • Investor and rating agency engagement strategies
  • Risk management and repayment strategies

Phoebe S. Selden Senior Vice President Acacia Financial Group

3:00 - 3:15 PM

Afternoon Break

3:15 - 4:30 PM

Session 4: Bond and Disclosure Counsel Roles

  • Single counsel vs. separate bond and disclosure roles
  • Legal opinion process
  • Drafting official statements and offering documents
  • RFPs and legal team selection
  • Regulatory framework and disclosure rules
  • Continuing disclosure, post-issuance compliance, tax rules, material events

Angela Bricmont Chief Financial Officer Denver Water

Kim Crawford Partner Bulter Snow

Alix Joseph Attorney Denver Water

Kendra Leghart Special Counsel Sheppard Mullin Richter & Hampton LLP

Tim Reimers Partner Sheppard Mullin Richter & Hampton LLP

Agenda

Tuesday, September 16, 2025
Central Time

Online

Log In

8:45 AM

Adjourn for the day

12:00 PM

8:45 AM - 9:00 AM

Log In

9:00 - 10:00 AM

Session 5: Underwriter Considerations

  • Introduction & Roles
  • Day-of Pricing
  • Underwriter roles and selection strategies
  • Pools and long-term relationships
  • Competitive vs. negotiated sale dynamics
  • Professional engagement and legal boundaries

Angela Bricmont Chief Financial Officer Denver Water

Lisa Marie Harris Director of Finance/Treasurer San Diego County Water Authority

Kaumudi Atapattu Executive Director Morgan Stanley

Rachel Barkley Managing Director Loop Capital

Anthony Kinsey Senior Vice President Samuel A. Ramirez & Co, Inc.

10:00 - 10:15 AM

Morning Break

10:15 - 11:00 AM

Session 6: Rating Agency Engagement

  • Choosing rating agencies and understanding their criteria
  • Financial goals and strategic positioning
  • Initial vs. ongoing ratings
  • Downgrade implications and upgrade strategies

Lisa Marie Harris Director of Finance/Treasurer San Diego County Water Authority

Helen Cregger Vice President – Senior Credit Officer Moody's Investors Service

Shannon Groff Director – Public Finance Fitch Ratings

11:00 AM - 12:00 PM

Session 7: Issuance

  • Q&A with guided questions
  • Participant interaction and insights from real-world issuers

Angela Bricmont Chief Financial Officer Denver Water

Lisa Marie Harris Director of Finance/Treasurer San Diego County Water Authority

Samuel L. Smalls Manager of Treasury & Debt Management Metropolitan Water District of Southern California

Speakers

Lead Instructor: Angela Bricmont

Chief Financial Officer
Denver Water

Lead Instructor: Lisa Marie Harris

Director of Finance/Treasurer
San Diego County Water Authority

Kaumudi Atapattu

Executive Director
Morgan Stanley

Margaret Backstrom

Managing Director – Public Finance
Morgan Stanley

Rachel Barkley

Managing Director
Loop Capital

Eric Brown

Managing Director
PFM Financial Advisors LLC

Helen Cregger

Vice President – Senior Credit Officer
Moody's Investors Service

Kim Crawford

Partner
Bulter Snow

Shannon Groff

Director – Public Finance
Fitch Ratings

Alix Joseph

Attorney
Denver Water

Anthony Kinsey

Senior Vice President
Samuel A. Ramirez & Co, Inc.

Kendra Leghart

Special Counsel
Sheppard Mullin Richter & Hampton LLP

Robyn Moore

Managing Director
Piper Sandler Colorado

Tim Reimers

Partner
Sheppard Mullin Richter & Hampton LLP

Samuel L. Smalls

Manager of Treasury & Debt Management
Metropolitan Water District of Southern California

Continuing Education Credits

IACET

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EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 0.9 CEUs for this event

Verify our IACET accreditation

 

Who recognizes IACET Credits?

 

CPE

Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

Course CPE Credits: 10.5
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Method: Group Internet Based
Advanced Preparation: None

CpeEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

CLE

Only registered attendees can request CLE credits for an EUCI course/event. Please email [email protected] prior to the course start date and list the state where you are licensed and your bar# as well as the name and date of your course/event in your request, and someone will be in contact.

Who Should Attend

This course is designed for professionals at all levels within water utilities and municipalities who are involved in debt management, financial planning, or capital project funding related to drinking water. Whether you are new to the field or a seasoned executive, this comprehensive program will provide valuable insights into the debt issuance process, regulatory requirements, and strategic financial decision-making.

  • Utility finance directors and CFOs
  • City and municipal finance staff
  • Water utility general managers and executives
  • Treasury and accounting professionals
  • Public works and infrastructure planners
  • Legal counsel involved in municipal finance
  • New hires looking to build a strong foundation in utility debt management