10/24/2014

Utah Shareholder Meetings in October

by

Aquila Tax-Free Fund For Utah invites you to your Fund’s meeting of shareholders.

The 2014 Annual Shareholder Meeting will be held in Salt Lake City, UT on Tuesday, October 28 at 8:30 a.m. at the Little America Hotel, Ballroom C, located at 500 South Main Street, Salt Lake City, UT.  A buffet breakfast will be served prior to the meeting.

There will also be a Shareholder Outreach Meeting in St. George, UT on Wednesday, October 29 at 2:00 p.m. at the Dixie Center, Entrada Room, located at 1835 Convention Center Drive, St. George, UT.  Light refreshments will be...

Read more ›

10/24/2014

Rhode Island Receives Credit Ratings Affirmations

by

Good news for Rhode Island – earlier this month, Moody’s affirmed the state’s $2.2 billion in general obligation debt at Aa2 and improved the outlook to Stable, ahead of a $208 million capital development bond issuance, of which, $162 million refunded existing debt. Moody’s also assigned an Aa3 credit rating with an outlook of stable to Rhode Island’s $47.7 million in lease participation certificates expected to be issued later in the month. The rating was notched below the state’s GO rating because the bonds will be secured by lease rental payments that are open to legislative appropriation.

Rhode Island continues...

Read more ›

10/14/2014

The Intern Who Stayed

by

Employees define the firm—and throughout our history, Aquila has been privileged to have employees of great commitment and integrity. As part of our ongoing celebration of Aquila’s 30th anniversary, we talk with our longest-serving team member, Sandy Antonucci, Senior Vice President and Chief Technology Officer at Aquila Investment Management LLC (sponsor of the Aquila Group of Funds).

You started at Aquila in 1982 as an intern. How were you hired?

Funny story. [Founder] Lacy Herrmann’s right-hand person Rose Marotta posted a help wanted ad at Baruch College, where I was in school. I wasn’t interested—it was in midtown Manhattan and...

Read more ›

10/13/2014

Capital Gain Distribution Estimates – 2014

by

In the event that 2014 capital gain distributions are declared, the funds are anticipated to have a record date of December 30, 2014, an ex-date of December 31, 2014, a payable date of December 31, 2014, and a reinvestment date of December 31, 2014.

Estimates are subject to change depending on market conditions, board approvals, and other circumstances. This report is the result of estimates and is based on information available as of September 15, 2014. The amount and character of distributions cannot be determined until the anticipated record dates.

Shares of the Funds may only be...

Read more ›

09/11/2014

Colorado School Bonds on Ballots

by

This November, Colorado voters in 14 school districts will see a collective $1.4 billion in school bonds on their election ballots. If approved, Boulder Valley School District will lead the new issuance with $576.4 million, which will become the largest school district bond issue in Colorado’s history. Other notable bond proposals include Adams County School District 12 with $220 million, Brighton County School District 27J with $148 million, El Paso School District 49 with $107.4 million and Adams County School District 14 with $95.7 million.

The proposed issuance comes at a time when municipal bond supply has been limited. Through...

Read more ›

09/03/2014

For Equity Growth, Rufenacht Seeks the Fiscally Responsible

by

If the equity markets have had a nice run since 2009, it’s been even better for Aquila Three Peaks Opportunity Growth Fund. For the five-year period ending on June 30, the S&P 500 Index returned a cumulative 120% while Aquila Three Peaks Opportunity Growth Fund had a cumulative total return of 148% based on the public offering price. The annualized total return over the period placed the Fund in the top 21% of its Lipper Mid-Cap Core category. We recently spoke with the fund’s co-portfolio manager Sandy Rufenacht about fiscally responsible companies, how long the equity bull market...

Read more ›

09/02/2014

Rhode Island ends Fiscal Year with a Surplus

by

Governor Lincoln Chafee announced Friday, August 29 that Rhode Island ended fiscal year 2014 in June with a $68 million general fund surplus which was $8.7 million more than the General Assembly expected. According to a report from Rhode Island’s Department of Administration’s Office of Accounts and Control, general fund revenue expenditures were $16.1 million less than budgeted. The state also saw expenditures fall below budget by $18 million in 2011, $29 million in 2012 and $17.8 million in 2013.

The fiscal year 2014 preliminary closing statement showed that the state’s budget reserve and cash stabilization account is fully funded...

Read more ›

08/04/2014

I’ve Loved This Work from the Start

by

For our 30th anniversary series, Aquila Tax-Free Fund of Colorado and Aquila Tax-Free Trust of Oregon portfolio manager Chris Johns talks about persistence, the value of knowing your investors, and why he still finds the municipal bond market so fascinating.

 

You’ve been involved with Aquila Tax-Free Fund of Colorado since its inception, correct?

Yes. In 1985 the United Bank of Denver—the initial sub-adviser for the Fund—was approached by Aquila founder Lacy Herrmann about starting a state-specific municipal bond fund for Colorado. As the bank’s bond expert, I was assigned to the project. The proposal got as far as senior...

Read more ›

07/15/2014

Island Hopping

by

Continuing our 30th anniversary series, Aquila Regional Sales Manager Sherri Foster recalls the beginnings of Aquila, reveals what fund salespeople do, and explains why working in Hawaii isn’t what you think.

Your career with Aquila started with a chance meeting. What happened?

It was the summer of 1984 and I was a realtor in Lahaina, Maui. Lacy Herrmann (Aquila founder) and his wife Betsey wandered into my office. They were on a cruise and were walking through town. I showed them a condo, we talked, and they returned to their ship.

That winter I followed up with a phone call....

Read more ›

07/11/2014

Municipal Bonds for America coalition – educating Congressional policy makers

by

The Municipal Bonds for America (MBFA) coalition conducted a “Municipal Bonds 101” seminar on July 2, 2014 for an overflow crowd of US Congressional policy makers and staff.  The seminar is the second such event hosted by MBFA with the purpose of educating policy makers on the benefits provided by the municipal bond market and the problems associated with reducing or eliminating the tax exemption applicable to municipal bond income.  Panelists speaking during the seminar included Ron Bernardi, Principal, President and CEO, Bernardi Securities, Mayor Steve Benjamin, Columbia, South Carolina, and Kevin Burke, President and CEO, Airports Council International,...

Read more ›