Financial Counsel to Governments, Non-Profits & Public Private Ventures

Patrick Clancy serves as lead advisor to an extensive group of general municipal clients in the Northwest on issues of capital formation, bond issuance and overall capital financing plans.  His work with various bond funds in the region has led to several financing innovations which have since become market standards.

Mr. Clancy's experience has included pooled loan programs, special revenue bonds, tax increment financing, various types of notes, assessment bonds, master leases, general obligation bonds, certificates of participation, variable rate bonds, lines of credit and advance refundings.  This experience has involved tax-exempt, AMT and taxable issues.  He has served as lead advisor for such governments as the Washington State Department of Transportation’s Privatization Program, the State of Oregon's Department of Administrative Services, the Oregon Health, Housing, Educational and Cultural Facilities Authority, the Tri-County Metropolitan Transit District of Oregon, and the Alaska Industrial Development and Export Authority.

Mr. Clancy works with a variety of bond issuers on structuring complex issues, preparing rating strategies and managing sales to achieve the overall lowest cost borrowing.  His bond clients have included the State of Oregon Certificates of Participation program and TriMet.

Mr. Clancy's transportation work has been both on highway and on transit funding.  He served as lead consultant on an extensive study of Oregon's highway needs and funding alternatives.  He has served as advisor to the Oregon Department of Transportation for both highway and transit financing.  Mr. Clancy has worked with ODOT on the issuance of nearly $1.2 billion in new money bonds for highway improvements as well as the long term plans for the remaining authorization which is nearly $5 billion. 

Mr. Clancy served as lead advisor to TriMet, the Portland metro area transit provider for nearly two decades.  He was the primary architect of the current payroll tax bond structure and was a key figure in the development of the current 5307 bond structure.  He has assisted TriMet in underwriter selection and the efficient use of an underwriting team.  He has provided a long term link between TriMet and the credit agencies and bond insurers through his historical perspective and long term relations with both TriMet and key analysts in New York and California.

Mr. Clancy also has served as lead advisor to several other transit authorities in the Northwest.  He developed sales tax bonds for Community Transit.  He advised Pierce Transit on Certificates of Participation and on Sales Tax Bonds.  More recently, he advised Kitsap Transit on a sales tax bond which funded a portion of a multi-modal transit facility.  The Kitsap transaction involved negotiations with the City of Bremerton, a non-profit corporation and the State of Washington DOT.  He has also worked with Lane Transit related to planning for a number of special projects in the Eugene-Springfield area.

Mr. Clancy works with a number of non-profit corporations and public-private partnerships.  He has worked with Multnomah County to lead negotiations with LSI Logic and Fujitsu Microelectronics and Hillsboro regarding Intel and IDT which resulted in a tax abatement agreement and the location of over $18 billion worth of new facilities locating in Oregon.  He worked with Edgefield Children’s Center to develop a new public private venture to expand facilities to serve young children in the Portland metropolitan area.  In Washington State, Mr. Clancy has served as lead advisor for the Public Private Partnerships program wherein the State structured private partnerships for the development of new transportation facilities. 

Additionally, Mr. Clancy developed the rules governing the use of swaps in Oregon.  While there has been limited use of swaps in Oregon due to the prior legal limitations, entities using the Oregon Facilities Authority have long been able to use swaps.  Mr. Clancy has managed the process of bidding and negotiating swaps for PeaceHealth, Lewis & Clark and Western States Chiropractic College in this venue as well as a swap related to the variable rate bonds issued by OHSU’s Medical Group in relation to the Building One construction in the South Waterfront area.

Mr. Clancy, was a Managing Director with Public Financial Management from 1989 to 1995, before forming Western Financial Group.  From 1986 to 1989, Mr. Clancy was a Vice President with Government Finance Associates, another national financial advisory firm.  Prior to that, he was a long time public school administrator responsible for long range planning and use of new technology.  Mr. Clancy remains active in community affairs, serving on several local and statewide boards.  He chairs the State of Oregon Municipal Debt Advisory Committee.

Mr. Clancy holds a B.S. in Psychology from the University of Oregon, an M.S. in Educational Administration from Portland State University and an M.P.A. from Harvard University's John F. Kennedy School of Government, where he was recognized as a Littauer Fellow for his leadership and work in public finance.