Banco Popular de Puerto Rico

Girard Miller is one of the nation’s most widely read authorities on public finance and retirement systems. His weekly columns in Governing magazine educate and inform thousands of public finance professionals. He is a senior strategist at the PFM Group working as a retirement plan design and management consultant. In 2008 he was a voting member of the Governmental Accounting Standards Board. Previously, Girard was the president of the Janus mutual funds and was Chief Operating Officer of Janus Capital Group, Inc., a global investment company with $170 billion of assets under management. Prior to that, he was the president and chief executive officer of the ICMA Retirement Corporation for ten years after heading Fidelity Investments’ public funds group. He is a Chartered Financial Analyst (CFA) and a past fellow of the National Academy of Public Administration.

Natwar M. Gandhi is the chief financial officer (CFO) for the District of Columbia and is responsible for the city’s finances, including its approximately $7 billion in annual operating and capital funds. He was appointed to this position on June 7, 2000, and was reappointed in January 2007. As the independent CFO, Gandhi manages the District’s financial operations, which include more than 1,000 staff members in tax and revenue administration; the treasury, comptroller and budget offices; economic/fiscal analysis and revenue estimation functions; agency financial operations; and the DC Lottery. He works closely with congressional committees and the US Office of Management and Budget staff that oversee District affairs. He also regularly interacts with the Wall Street financial community, including rating agencies, regarding the District’s financial matters.Gandhi has built on the District’s financial progress by securing multiple rating upgrades (a total of 13 rating steps since FY2000) from the major rating agencies for its general obligation bonds, which are currently rated A+ by Standard and Poor’s and Fitch Ratings and A1 by Moody’s Investors Service.  These are the highest ratings ever assigned to the District of Columbia’s general obligation bonds.  In 2009, Standard & Poor’s assigned a rating of AAA to the District’s inaugural offering of income tax revenue bonds, which were rated AA by Fitch and Aa2 by Moody’s.  Savings on debt service costs from the income tax bonds are estimated to total $28 million between FY2010 and FY2013.As CFO, Gandhi sits on the boards of the Washington Convention and Sports Authority and Destination DC.Prior to this appointment, Gandhi served as deputy chief financial officer for tax and revenue, leading an organization that administers the District of Columbia’s tax laws. When Gandhi joined the Office of Tax and Revenue (OTR) in 1997, the agency was in disarray. Its revenue base was shrinking, and employee morale was sinking. Under his leadership, OTR demonstrated a remarkable turnaround. Successes included collecting substantially more in tax revenue than in previous years, turning projected city deficits into huge surpluses; issuing more than 150,000 tax refunds within 15 days during the 1999 and 2000 tax-filing seasons; and establishing a new one-stop, walk-in customer service center to improve public outreach.The momentum Gandhi established at OTR has continued under his leadership as the city’s CFO. In 2002, OTR received the Federation of Tax Administrators “Award for Outstanding Technology Applications for State Administrations” for its Electronic Taxpayer Service Center.Prior to his appointment to OTR, Gandhi served as associate director of Tax Policy and Administration for the US General Accounting Office (GAO), where he managed major research projects involving tax policy relating to large financial institutions. In that capacity he worked closely with the US House Ways and Means Committee and the US Senate Finance Committee, among others, and he testified numerous times on tax and financial issues before congressional and state legislative committees. In 1991, Gandhi served as a special assistant to New Jersey Gov. Jim Florio, where he studied the state’s pension system and advised on changes in its funding.From 1973 to 1976, Gandhi was assistant professor of accounting and then coordinator of the Department of Accounting in the University of Pittsburgh’s Graduate School of Business. From 1976 until 1998, he was an adjunct professor for the MBA programs of American University, Georgetown University, and the University of Maryland.In 2007, Gandhi was named one of Governing magazine’s 2007 Public of Officials of the Year and Washingtonian magazine’s 150 most powerful public officials. He was also named one of Washingtonian magazine’s 2006 Washingtonians of the Year and was a recipient of the Association of Government Accountants’ (AGA) 2007 Distinguished Local Government Leadership Award. His other honors include The Morris & Gwendolyn Cafritz Foundation Meritorious Leadership Award (Inaugural Recipient) and the DC Chamber of Commerce Impact Award in 2005, as well as Achievement of the Year Awards from the AGA (National chapter in 2000 and Washington, DC, chapter in 1999). He also received the President’s Award from the Greater Washington Society of CPAs in 2000, and Distinguished Service and Meritorious Service Awards from the GAO.In 2005, the National Academy of Public Administration elected Gandhi as a fellow for his “sustained exemplary contributions and continuing active commitment to the improvement of public administration.” He is also a member of the Metropolitan Club of Washington, DC.Gandhi holds a doctorate in accounting from Louisiana State University, a master’s degree in business administration from Atlanta University, and an LLB and BCom in accounting from the University of Bombay.

Gavin manages the Special Accounts Group in Wells Fargo’s Corporate Trust Services Department.  The Special Accounts Group administers the portfolio of defaulted municipal and corporate bonds in which Wells Fargo serves as trustee.  Gavin joined Wells Fargo in this capacity in 1997.A quick review of the Lucite tombstones on Gavin’s desk provides a representative sample of Gavin’s experience in bond workouts, bankruptcies and (occasional) full recoveries including:Republic of Argentina City and Province of Buenos Aires Republic of Ecuador Enron Corp. Jefferson County Kmart Corporation Las Vegas Monorail Corporation NTL Corporation Sumner Regional Health Systems TWA Airlines United Airlines Waldorf CollegePrior to his work in bond workout, Gavin practiced law in St. Paul, Minnesota where he represented clients in securities fraud, antitrust and consumer fraud class actions.Gavin has degrees from the University of Minnesota and Macalester College (go Scots!).

Bill Rhodes is Chair of the Public Finance Department at Ballard Spahr LLP, and Practice Leader of the firm’s Municipal Recovery Initiative.He represents clients in the financing of public infrastructure, transportation, economic development, and other facilities for governments, nonprofits and utilities, with an emphasis on distressed municipalities and the offering of high-yield municipal securities.� Mr. Rhodes also advises clients in the evolving landscape of municipal securities regulation and enforcement, including regulatory compliance, primary and secondary market disclosure, and enforcement actions.Mr. Rhodes is a graduate of The Dickinson School of Law of The Pennsylvania State University, Swarthmore College and Phillips Exeter Academy.

Patrick J. Harvey is a partner in the Litigation Department and a member of the Labor and Employment Group and the Municipal Recovery Initiative. Mr. Harvey's practice includes the defense of claims of discrimination, harassment, and retaliation under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act (ADEA), the Americans with Disabilities Act (ADA), and the Family and Medical Leave Act (FMLA).Mr. Harvey represents employers in labor arbitration and collective bargaining in both the private and public sectors. He litigates and advises clients regarding NLRB and PLRB litigation, Heart and Lung Act litigation, police and fire disability and pension issues, and litigation involving public sector employees. He also represents municipal employers in Act 195 and Act 111 interest and grievance arbitrations. He places special focus on defending the often conflicting and confusing claims resulting when an employee simultaneously files workers' compensation, ADA, FMLA, Heart and Lung claims, and union grievances. Mr. Harvey uses his disability law background to ensure that employers are fully represented and works towards the goal of globally resolving all employment claims.Mr. Harvey also defends employers in general employment litigation matters, including claims of wrongful discharge, employment tort and contract claims, and the Fair Labor Standards Act (FLSA). He litigates and advises employers on compliance with federal and state equal employment opportunity (EEO) laws, and on laws in such areas as hiring and firing practices, discrimination, and sexual and other types of harassment investigations. Mr. Harvey defends employers in state courts against such claims as workers' compensation retaliation and Whistleblower Act claims.Mr. Harvey’s education: Villanova University School of Law (J.D. 1985) Villanova University (B.S. 1982)

Nancy Winkler is the Chair of the GFOA Debt Committee. She has just ended her five year term as Treasurer of the City of Philadelphia under Mayor Michael Nutter.��Prior to joining the City, she was a Managing Director at the PFM Group, managing the firm's New York office from 1998 until 2011.�Ms. Winkler worked for the PFM Group from 1982 - 2011. Named a Managing Director in 1990, she worked on a wide range of municipal market transactions and privatizations in over 20 states.�As City Treasurer, she oversaw the City’s $8.5 billion debt portfolio, including general obligation, service agreement, and revenue bonds, the Philadelphia Airport, City of Philadelphia Water department, and the Philadelphia Gas Works, and other City-related agencies. She oversaw the investment of $2.0 B of operating and bond funds, managed the City’s $1 billion derivatives portfolio and all depository banking and payments from the City Treasury. She managed the City’s rating agency relations. During her tenure, S&P has increased the City's bond ratings several times, from BBB to BBB+ in April 2012 and from BBB+ to A- in June 2013 and to A+ in December of 2013.Ms Winkler is one of the five members of the newly created City of Philadelphia Water, Sewer and Stormwater Rate Board. Ms. Winkler was the Finance Director's representative on the Philadelphia Gas Works (“PGW”) Pension Board managing $500 MM.�

Robert S. Dakers is the executive finance officer for the state of Connecticut's Office of Policy and Management (OPM). His previous work includes serving as director of municipal finance services with OPM, the emergency administrative and financial manager for the Waterbury state financial oversight board and the assistant director of the Bridgeport and West Haven state financial oversight boards. He also worked for the City of Phoenix, Arizona in its Management and Budget Department and the cities of Norwich and Norwalk in Connecticut.He graduated from Bryant University and earned a Master of Public Policy from the University of Michigan.

Clarence D. “Clay” Armbrister has had a nearly thirty year career in the private and public sectors that have either been directly or tangentially involved in public finance.  In his most recent stint in the public sector, Mr Armbrister served as Chief of Staff to the Honorable Michael A. Nutter, Mayor of the City of Philadelphia. Mr. Armbrister has also served in senior positions in the higher education arena, serving up until recently as Senior Vice President and Chief of Staff to the President of Johns Hopkins University--building on four years of service at Temple University where Mr. Armbrister served as Executive Vice President and Chief Operating Officer prior to joining the Nutter Administration. Mr. Armbrister began his professional career as a lawyer in the public finance department of Saul, Ewing Remick and Saul, leaving as a partner in 1994 to begin what was thought to be a short term hiatus from the practice of law to serve as City Treasurer under then Mayor Edward G. Rendell. He went on to serve as the Managing Director of the Philadelphia School District (serving simultaneously as the Chief Financial Officer and the Chief Operating Officer) and as an investment banker, joining PaineWebber--which subsequently became UBS--where he left as a Director in the Public Finance Department in 2003 to join Temple University. Mr. Armbrister received his J.D. from the University of Michigan Law School in 1982 and his B.A. degree in political science and economics from the University of Pennsylvania in 1979. Mr. Armbrister is a native of Miami, Florida.  He, his wife Denise, and their family reside in the Overbrook Farms section of Philadelphia.

Brian A. Crumbaker is a shareholder with Hopping Green & Sams, P.A., in Tallahassee.  His practice focuses on the financing, construction and management of infrastructure necessary for the development of large-scale residential, commercial and mixed-use projects, including representation of landowners/developers before the Florida Land and Water Adjudicatory Commission and local governments in relation to the establishment of community development districts.  Mr. Crumbaker also provides counsel to indenture trustees, bondholders and community development districts on matters involving land secured, tax-exempt debt including, but not limited to, landowner bankruptcies, distressed/defaulted debt and agreed upon restructurings.Mr. Crumbaker received his Bachelor of Arts degree from The Florida State University, and his Juris Doctor degree from the University of Miami School of Law.

Ms. Arnone leads Barclays� coverage of New York State and its related entities, the City of New York, major Midwest issuers and the Firm�s tax-exempt securitization initiatives. Ms. Arnone has senior managed transactions for over $20 billion of New York City and New York State debt as well as several large Midwest clients including the States of Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio and Wisconsin.Ms. Arnone has covered NYC for 20 years and assisted NYC in its creation of the TFA PIT and BARB credits. Ms. Arnone is recognized as the industry expert on tobacco securitizations and often presents before organizations such as the National Federation of Municipal Analysts and the Municipal Analysts Group of New York (MAGNY) on the status of the tobacco market. Having led 31 tobacco securitizations totaling in excess of $39.0 billion, Ms. Arnone's tobacco transactions include the $1.4 billion restructuring for New York City�s TSASC, a $3.62 billion restructuring for New Jersey which lowered the percentage of TSRs pledged and New York State�s highly successful $959.2 million appropriation/tobacco refunding through the TSFC in June 2011. She has extensive knowledge of the municipal market having led virtually every credit structure and product type.Ms. Arnone received a B.A. in finance from St. John�s University.