For immediate release:  August 5, 2003
For more information:  Barton Potter (360) 902-9033

Lothspeich appointed to state treasurer’s LOCAL Advisory Group

OLYMPIA—Robert Lothspeich, the Whitman County Treasurer, has been named to the statewide advisory group for the Local Option Capital Asset Lending (LOCAL) program, State Treasurer Michael J. Murphy announced today.

Lothspeich was appointed to serve on the committee by the Washington Association of County Officials (WACO).

The State Finance Committee this morning awarded a bid to US Bancorp Piper Jaffray for the sale of $79 million in refunding bonds.  The refinanced bonds were originally issued in August 1994.

The 13-member LOCAL Advisory Group was formed in April 1998, with 11 members appointed by associations and two members appointed by the State Treasurer. Lothspeich’s term extends through February 2006.

“Bob brings exactly the kind of experience and perspective we want in our advisers,” Murphy said. “The LOCAL program, as the name implies, is specifically for the local governments of our state, and Bob knows the issues and challenges first hand.”

The LOCAL program, managed through the Office of the State Treasurer (OST), offers local governments a low-cost way to issue debt for equipment or real estate. The 1998 Legislature authorized local governments to participate in the lease-purchase program OST has operated for state agencies since 1991.

Financings through LOCAL are pooled into a certificate of participation (COP) and sold competitively in the national municipal bond marketplace. COPs issued through the program carry an Aa2 rating from Moody’s Investors Service, which means attractive borrowing rates for LOCAL participants

Generally, all municipalities with voter-approved bonds qualify automatically to participate in LOCAL. For financing not approved by voters, a municipality would need to complete a Credit Form to determine whether it qualifies. For more information and a copy of the Credit Form, check the LOCAL Website at http://tre.wa.gov/LOCAL/local.htm. For more information, call Kristi Wolgamot at (360) 902-9020 or Sue Melvin at (360) 902-9022.

Lothspeich lives in Colfax with his wife, a son and two daughters.

###