GOVERNMENT CREDIT CORPORATION

Innovative Public Finance Services

WHO WE ARE

Government Credit Corporation has always been dedicated to finding lower cost, easier and more innovative means for issuers of tax-exempt securities to finance projects

CLIENTS

FEES

WHO WE AREN'T

  1. Although GCC's principals hold investment banking licenses, we are not investment bankers. GCC's main purpose is to provide advice, structure, and resources for municipalities seeking to finance improvements and projects. We feel by solely concentrating on these objectives we can give our clients an objective and unbiased point of view.

  2. Many investment bankers which act as financial advisors have often served as partners with other investment banking firms which submit proposals for evaluation. THIS RAISES THE QUESTION OF WHOSE INTERESTS ARE SERVED BEST? GOVERNMENT CREDIT CORPORATION ACTS IN AN INDEPENDENT CAPACITY.

    HISTORY

    Government Credit Corporation, (GCC), was formed in 1985 as a financial consultant service to local government and other issuers of municipal bonds. The corporation's first client was the City of Gulf Breeze, Florida. The City had issued $500,000,000 in municipal bonds, the proceeds of which were meant to be loaned to municipal issuers in the state of Florida for the purpose of financing long term capital projects. GCC acted as financial advisor for that program, with responsibilities to originate loans, manage the loans so originated, and serve as the primary focal point of the program with respect to the ongoing interaction among the program's many institutional participants. These participants include bond counsel, tax counsel, special counsel, the trustee, the credit enhancement facility, remarketing agent, liquidity provider, guaranteed investment contract (GIC) provider and others.


    Today, most of the original 1985 Gulf Breeze bonds remain outstanding. Sixty-six loans have been made for a total of $460,000,000. Parking facilities on Miami Beach's South Beach, the "American Riviera," were financed with funds borrowed from Gulf Breeze. The new Hyatt hotel at the Orlando airport was financed with a pool loan, and waterfront improvements aiding revitalization of Daytona Beach are a result of this program.

    PERHAPS MOST IMPORTANTLY, SMALL JURISDICTIONS WHICH HAVE EFFECTIVELY BEEN LOCKED OUT OF THE BOND MARKET HAVE HAD ACCESS TO LOWER COST FINANCING BECAUSE OF THE GULF BREEZE PROGRAMS.

    Government Credit Corporation has always been dedicated to finding lower cost, easier and more innovative means for issuers to finance project. For more than 14 years, this commitment has been fulfilled.

    WHAT THIS MEANS

    Government Credit Corporation brings a wealth of public service and finance experience to each transaction it undertakes. To this end we pledge to always find the most economical and advantageous solutions for our clients without compromise.

    Innovation and Integrity form the core dynamics which makes Government Credit Corporation the unique company it is.

    Our commitment to our clients takes precedence over everything. We have no relationships with investment bankers or banks which interfere with this commitment. The municipal client is first, last, and always our number one priority.

    A COMMITMENT TO INTEGRITY

    At Government Credit Corporation, there is never a question about whose interests we represent. Our principals spent most of their careers in public service. We are dedicated First, Last and Always to representing the best interests of the taxpayers and the governments that serve the taxpayers.

    In 1993, Joseph Mooney, President of Government Credit Corporation, along with Smith Barney Investment Banker, Michael Lissack, independently contacted the federal government agencies to alert them that certain investment banking firms were overcharging state and local issuers for open market treasuries sold for refunding escrows. When it became apparent that state and federal regulatory agencies were not inclined to pursue the matter, Mr. Lissack and Mr. Mooney filed suits on behalf of the U.S. Government under the False Claims Act.

    On April 11, 2000, the U.S. Justice Department agreed to join in those suits and entered into a settlement in which 17 firms agreed to pay $138 million to the federal government and municipal issuers who had suffered losses as a result of this practice. The settlement was the largest ever enforced settlement in the municipal market which will compensate issuers for losses in connection with over 3,600 advance refundings done for state and local government agencies between 1990 and 1994.

    Commenting on the enforcement action, an official of the SEC said, "I think it's a huge recovery for the government. And it's a recovery that not only puts a significant amount of money into federal coffers and back to municipal issuers, but also protects innocent bondholders and municipalities by preserving the tax-exempt status of the bonds."

    "It's high time that the industry did something to acknowledge a lack of ethical and professional standards over five years. The most important thing stemming out of this is that bankers in the industry can no longer pretend to issuers and lawyers that they are their friend." Michael Lissack-Whistleblower on Yield Burning, April 7, 2000 The Bond Buyer.

    MUNICIPAL BOND LINKS

    CLIENTS

    FOR A LIST OF CLIENTS THAT GOVERNMENT CREDIT CORPORATION HAS ASSISTED IN OBTAINING FINANCING CLICK HERE

    TO CONTACT GOVERNMENT CREDIT CORPORATION PLEASE SEND E-MAIL TO:

    Christopher Mooney
    Government Credit Corporation
    (850)-505-0636
    E-Mail: chris@govcredit.com

    For Snail Mail

    Government Credit Corporation
    4400 Bayou Blvd., Suite 49-B, Pensacola, Fl. 32503