News and Insights
June 30, 2026
Rice Advisory completes a three-part financing/refinancing project for the City of Troy, Alabama with a $7,650,000 direct bank placement, efficiently meeting the City’s needs without the expense of a bond issue.
This relatively small financing involved a fairly complex set of circumstances, with three separate series of bonds: two general obligation issues (one tax-exempt, the other taxable) and one subordinated utility revenue issue. Working with the Troy Bank & Trust Company, we crafted the repayment structure to fit seamlessly with the City’s other G.O. and utility debt obligations. Two looming balloon payments were converted into a very budget-friendly term repayment schedule, and the net effect of the tailor-made structural modifications only extended the average life of the City’s debt by 1.5 years, and the effective interest rate of the refunded debt was significantly reduced. New financing was secured for recreational, public safety and public works projects.
Troy has been a treasured client of Rice Advisory since the formation of the firm in 2010, and Rush Rice, a Troy native, has been tending to the City’s financing needs since 1988.
February 26, 2026
Rice Advisory completes conduit financing benefiting public education in the City of Trussville, Alabama.
The City of Trussville, a longtime Rice Advisory client, has historically served the Trussville Board of Education as a conduit issuer, thereby facilitating lower-interest borrowing for public education in this thriving Birmingham suburb. Proceeds of this issue were used primarily to refund the City’s 2015 school warrants, resulting in significant interest savings, and also provided funding for 2026 school improvements.
In addition to the City’s general obligation pledge, the obligation is secured by the pledge of a 7-mill ad valorem school tax. By virtue of the City’s full faith and credit general obligation pledge, the 2026 Warrants were issued with the City’s strong “AA” S&P rating. Revenue from the school tax covers debt service on the 2026 Warrants in excess of 2.0 times, therefore the City’s borrowing and debt retirement capacity is not impacted in any way.
January 1, 2026
Rice Advisory moves to the historic Old Cloverdale neighborhood after more than 15 years in downtown Montgomery.
Time flies. After 15 years at our Commerce Street offices in downtown Montgomery, Rice Advisory moved to a new space in Montgomery’s beautiful and historic Old Cloverdale neighborhood. As we’ve grown older, we find we enjoy an office closer to our homes, listening to church bells in the afternoon, birds chirping, and never worrying about somebody stealing our parking spaces. The shorter commute gives us more time to devote to our clients, and we can still make it to the State Capitol in five minutes if we have to. When you’re in Montgomery, feel free to drop in and say hello.
November 17, 2025
Rice Advisory delivers $20 million municipal incentive package in support of a major new shopping center in Chelsea, Alabama.
Acting on behalf of our client, Bash & Co., LLC (affiliated with longtime Birmingham-area developer Foulad Properties), Rice Advisory was successful in assisting our client secure $20 million in sales tax incentives in support of the ambitious Chelsea Plaza shopping center project. In connection with the undertaking, Rice Advisory prepared an economic impact study for the City of Chelsea, performed tax collection analysis, and negotiated the final version of the Economic Development and Sales Tax Revenue Sharing Agreement, which was approved by the Chelsea City Council on June 17, 2025 and executed on November 17, 2025. Under the terms of the agreement, the City will pay Bash & Co. $0.03 (of the $0.05 levied by the City) of the sales tax revenue collected at Chelsea Plaza for 20 years, or until the total of sales tax payments equals $20 million.
Because of the unique terrain of the project site, in the absence of a significant municipal incentive it is unlikely that the site would have ever been developed. When executed, the Chelsea Plaza project agreement created a win-win for both the City and the developer.
January 16, 2025
Credit rating upgrade of Montgomery Public Schools - successfully administered by Rice Advisory.
The Montgomery County Board of Education, a new client of Rice Advisory, has been upgraded to “A+ (stable outlook)” by S&P Global Ratings (S&P). The Board has made calculated investments and improvements over the past four years, including the successful passage of two school tax referendums. The system has shown steady improvement in every analysis metric over the last four years. The upgrade replaces S&P’s last rating of “BBB+”, which was assigned in 2021 when MCBOE emerged from more than four years of oversight by the Alabama State Board of Education. In assigning the A+ rating, S&P noted the school system’s “vastly improved and sustained financial position” and its “careful expenditure control, conservative budgeting and regular monitoring.” As a result of the leadership and vision of the Board and its senior administrative staff (as communicated effectively by Rice Advisory), S&P upgraded its rating, thereby enabling the Montgomery Public Schools to borrow at lower rates in the future.
December 5, 2024
Rice Advisory completes its 62nd solid waste financing in fast-growing Walton County, Florida
On December 5, 2024 Rice Advisory completed its 62nd solid waste financing with the closing of a $47,050,000 debt package for its client, MVM Landfill, LLC of Freeport, Florida. The successful financing provided funds for MVM’s acquisition of landfill and surface mining assets in rapidly growing Walton County, Florida. The deal structure consists of $28 million in tax-exempt bonds and $9.05 million in taxable bonds, both series of which were issued by the Capital Trust Authority (CTA), a public agency of the State of Florida. The remaining $10 million of the debt financing was completed in the form of a subordinated seller note. The non-rated bonds were sold to a group of institutional investors at fixed rates, with a 20-year term structure. After payment of all financing costs, MVM’s all-in total interest cost is 7.23%. No personal guarantees were required on any element of the financing and MVM was only required to provide $3.5 million in equity to its initial capitalization, therefore the debt package equates to approximately 93% financing of the project. In addition to the acquisition of the landfill and mining assets, the financing provided funds for the construction of two new waste cells, equipment and six months of capitalized interest.
May 7, 2024
Rice Advisory economic study leads to largest-ever incentive package in the history of the City of Tuscaloosa, Alabama
On May 7, 2024, the Tuscaloosa City Council approved a $65 million incentive package for the redevelopment and revitalization of the old McFarland Mall property owned by Rice Advisory’s client, a prominent developer. The package is the largest ever approved by the City of Tuscaloosa and will assist the developer with a project that likely never would have happened in the absence of municipal government incentives. The project presently consists of a virtually empty 30 acres sitting at the “Gateway to Tuscaloosa” and bordered by I59/20, McFarland Boulevard/US 82 and Skyland Boulevard. The area surrounding the Project has economically lagged other areas of the community, but the redevelopment ahead will create hundreds of new jobs, immediate tax revenue for the City and new shopping, dining and hotel options for Tuscaloosa’s citizens and the hundreds of thousands of visitors to the city. Rice Advisory’s Economic and Municipal Impact Study ended up being the tool used by the Mayor, City Council, and their professional advisors to assess the potential tax revenues from the project. A portion of the new revenues will be abated in support of the project, but the majority of the taxes will flow to the City and other stakeholders in the Tuscaloosa community such as schools, hospitals and economic development initiatives.
October 12, 2023
Rice Advisory completes $33.3 million critical landfill acquisition financing for Shoals-area municipalities
Rice Advisory served as the financial advisor to the Solid Waste Disposal Authority of the Cities of Muscle Shoals, Sheffield and Tuscumbia, Alabama (referred to as the “Tri-Cities SWDA”) on a critical 2023 financing. Earlier in 2023, the operator of the only landfill in Colbert County encountered severe difficulties in managing leachate at the landfill site where the Tri-Cities SWDA had served as conduit issuer on a 2020 financing. Without the financial resources to adequately remedy the leachate problem, State of Alabama environmental regulators ordered the landfill closed. As a conduit issuer, the Tri-Cities SWDA did not have any financial liability for the existing financing, however the closure left the area without an industrial landfill. Stepping up to the plate, the three cities banded together as guarantors of a refunding issue and now operate the fully remediated site. Rice Advisory’s experience in the solid waste sector was instrumental in assisting the SWDA to obtain bond insurance and refinance the landfill at extremely attractive interest rates.
December 28, 2022
City of Madison, Alabama completes landmark economic development financing project with major transportation project
The City of Madison, consistently the fastest-growing city in Alabama, engaged Rice Advisory in February 2021 to serve as the City’s Financial Advisor. By far, the highest-profile element of the engagement was assisting the City on the Town Madison development. This 563-acre development contains single-family homes, apartments, hotels, restaurants, retail, commercial office space, recreational facilities and is also home to Toyota Field, the home stadium of the Rocket City Trash Pandas AA baseball team. The City’s support of this project involved the creation of a cooperative district to finance infrastructure within the Town Madison footprint. In addition, the City financed construction of a major interchange connecting I-565 directly into and out of Town Madison (project completed in 2025). This $78 million financing capped off more than eight years of cooperative work and negotiations between the City and Town Madison’s developers. Toyota Field, which opened in 2021, plus the hotels, restaurants, apartments, single-family homes and retail establishments that are already open at Town Madison have caused explosive growth in the City’s sales, ad valorem, lodging and liquor taxes. Because Madison is completely encircled by Huntsville (now Alabama’s largest city by population) the tax growth from Town Madison has occurred without discernable cannibalization of existing businesses.
April 13, 2021
Rice Advisory completes $18,785,000 financing for major manufacturing plant expansion in Troy
Since 2010, Troy, Alabama has been home to Golden Boy Nut Corporation, a subsidiary of Post Holdings, Inc. (NYSE: POST). Golden Boy manufactures peanut butter and associated products at the Troy facility, which lies within 150 miles of 70% of the peanuts grown in the United States, according to trade groups. In December 2020, Post announced the acquisition of the Peter Pan brand of nut butters, and subsequently announced that the line of products would be manufactured at the Troy facility, which Golden Boy leases from the Troy Industrial Development Board. To accommodate the increased production, Golden Boy required a major plant expansion from the existing 140,000 square foot facility to a nearly 300,000 square foot manufacturing and warehousing complex.
Because of some unique characteristics of the lease, Rice Advisory was tasked not only with structuring the financing, but also with negotiating financial elements of the overall project agreement. The 2021 bonds also refinanced the existing debt on the plant and removed a significant debt burden from the balance sheet of the City of Troy, also a Rice Advisory client.
January 2021
Rice Advisory represents seller in $24 million landfill acquisition by the City of Laredo, Texas, providing a generational environmental solution for the City and its citizens
The City of Laredo, Texas had owned and operated a municipal solid waste landfill for decades. The only other permitted landfill in the region is the Ponderosa Regional Landfill, owned by Rice Advisory client Regional Land Management Services, Ltd. The Ponderosa Landfill enjoyed the competitive advantage as the "disposal site of the future" for the City and surrounding areas, and the City, whose landfill was nearing capacity, showed foresight in considering the acquisition of the Ponderosa Landfill. At the time of Rice Advisory's engagement, engineering reports estimated the Ponderosa Landfill's remaining airspace at approximately 88 million cubic yards, or likely over 100 years. Rice Advisory was engaged by the owners of Ponderosa Landfill to develop a forecast model and estimate of value, and to aid the client in its negotiations with the City of Laredo for the purchase of the site. Rice Advisory provided data in support of the narrative that the City's best course of action for controlling its own destiny in waste disposal would be to acquire the Ponderosa Landfill at a price that represented a fair deal for both Ponderosa's owners and the City. In a process that spanned in excess of four years, the parties came together and closed the transaction in January 2021. The sellers, which also own and operate the Laredo area's leading waste hauling business, received a fair price for the landfill, and the City achieved a generational solution for the waste disposal needs of its citizens.
August 25, 2020
Vestavia Hills issues $24,060,000 in refunding bonds; maintains "AAA" Moody's rating despite pandemic
Longtime Rice Advisory client Vestavia Hills completed a combined tax-exempt/taxable refunding that resulted in a net present value benefit of $2.7 million. The process administered by Rice Advisory resulted in the affirmation of the City's Aaa Moody's credit rating, the highest awarded, with Fitch Ratings assigning a rating of AA+. Rating agencies cited the strength of Vestavia's professional leadership, financial management and quality of municipal services as significant contributors to the high ratings. In addition, the strong local economy, growth of property values, expanding tax base and overall quality of life were emphasized as factors contributing to the very strong financial strength of Vestavia Hills. The City's ability to maintain and grow its municipal revenues and control costs during the COVID-19 pandemic were decisive in maintaining the ratings, which are among the strongest in the United States.
August 7, 2018
Rice Advisory manages complex $301,055,000 financing package for Birmingham-Jefferson Civic Center Authority's construction of Protective Life Stadium and Legacy Arena renovation.
Rice Advisory served as Financial Advisor on BJCC's aggregate $301,055,000 financing, the proceeds of which financed the construction of Protective Life Stadium, a 55,000-seat multi-purpose outdoor venue, plus a floor-to-ceiling renovation of 19,000-seat Legacy Arena, both on BJCC’s campus in downtown Birmingham. This landmark financing, completed with six separate series of bonds, required the effort, cooperation and coordination of efforts by BJCC’s Board of Directors, senior staff and transaction team, working closely with the City of Birmingham, Jefferson County, the Alabama Legislature, the University of Alabama System, UAB and the most prominent players in the Birmingham area business community. Luxury suites, entertainment venues and other amenities not eligible for tax-exempt funding were financed via a direct placement with Regions Bank, which remains a significant corporate partner of BJCC. The transaction team included an underwriting syndicate consisting of Raymond James, Stifel Nicolaus, Loop Capital and Securities Capital Corporation, which completed the simultaneous sale of five of the six series of bonds, each with its own unique structural, security, tax, rating and legal characteristics. Maynard Cooper & Gale (now Maynard Nexsen) served as bond counsel, Waldrep Stewart & Kendrick served as counsel to BJCC and Porter, White & Co. served as co-Financial Advisor with Rice Advisory.
June 28, 2018
Famed firearms maker Kimber Manufacturing, Inc. moved its headquarters and manufacturing to Troy, Alabama; Rice Advisory administered the $22.9 million incentive financing that made it happen
Rice Advisory served as Financial Advisor to the City of Troy to complete a tailor-made financing that provided funds to fulfill the City’s obligations with respect to this major industrial recruitment victory. After a vigorous and highly competitive site selection process, Kimber, one of the world’s largest manufacturers of premium firearms, moved its operations (including its corporate headquarters) from Yonkers, New York and other locations to facilities in Troy, Alabama. A unique project agreement between Kimber and the City makes it possible for Kimber to fulfill its facility lease obligations with local jobs and payroll expenditures, rather than traditional rent payments. The City, which funded $22,900,000 of the project costs, secured a significant number of new jobs at the Kimber facility (certain minimums are required in the project agreement). In addition to the employment gains, the City has experienced increases in population, ad valorem taxes, sales taxes, public school enrollment and utility sales (the City owns its electric, water and sewer utilities, and has an ownership interest in the natural gas utility that serves the City). Rice Advisory administered a competitive bid process through which the uniquely-structured taxable debt was directly placed with Synovus Bank, which produced the lowest cost borrowing among numerous aggressive bids received.
December 20, 2017
$30,565,000 financing for a start-up business opening a newly-permitted landfill? Rice Advisory delivers.
Re-establishing its position as a leading financier of solid waste projects, Rice Advisory managed the $30,565,000 Tax-Exempt Solid Waste Revenue Bonds, Series 2017 issued by the Solid Waste Authority of Blythe Township, PA. Leading the top-tier working group that included Morgan Stanley as underwriter, Ballard Spahr as Bond Counsel, Norton Rose Fulbright as underwriter’s counsel and others, Rice Advisory crafted an ideal public/private partnership that allowed the Township’s development partner, Schuylkill C&D, LLC (“Schuylkill”), to finance the cost of developing, acquiring, constructing and equipping an approximately 400-acre landfill just west of Philadelphia. After an arduous 14-year permitting process, Schuylkill and its predecessor faced a difficult financing environment before turning to Rice Advisory. When completed, the 20-year non-rated bonds provided close to 100% fixed rate project financing, with no guarantor liability to either the Township or Schuylkill. Morgan Stanley’s vigorous marketing effort resulted in several of the largest U.S. institutional investors participating in the issue. The landfill resulted in needed municipal revenue for the Township and significant profit potential for Schuylkill. Rice Advisory served the Authority, the Township Schuylkill and its predecessor as financial advisor. ADDENDUM - the landfill was subsequently sold to Waste Connections (NYSE: WCN) and Schuylkill realized a substantial profit.
June 29, 2017
Rice Advisory serves as financial advisor on $556,620,000 financing for more Interstate highway improvements in Birmingham.
Rice Advisory served as Financial Advisor on the Alabama Federal Aid Highway Finance Authority’s aggregate $556,620,000 Special Obligation Revenue Bonds, Series 2017-A and 2017-B, which closed on June 29, 2017. Proceeds of this issue, rated AAA and Aa1 by S&P and Moody’s, respectively, were used to fund construction of major improvements to the bridge, viaduct and ramp structures on the northern side of downtown Birmingham. Using the credit structure developed with the assistance of Rice Advisory in 2015 for Phase II of the State’s ATRIP highway improvement initiative, the Authority was the first State of Alabama issuer with a stand-alone AAA rating from S&P. An underwriting syndicate led by Citi executed the very successful sale, completing a major financing that was partially delayed due to post-election 2016 market turmoil within the parameters required by the Alabama Department of Transportation.
April 1, 2017
Rice Advisory completes unique “town and gown” financing for the City of Troy, Alabama and Troy University.
Rice Advisory served as Financial Advisor to the City of Troy to complete a unique financing that provided funds for a number of projects benefitting both the City and the University community. Building on a structure originally developed by the principals of Rice Advisory to finance the stadium expansion allowing Troy University to join the ranks of the NCAA’s Division I football programs, the 2017 financing was used to finance certain educational, cultural and recreation facilities located on the University’s campus, but available for the use and benefit of the City’s residents pursuant to a joint use agreement between the City and the University. Debt service is paid from the proceeds of an annually renewable $500,000 appropriation from the City. Because of the annual appropriation, only the current year’s payment obligation counts against the City’s statutory debt limits. Because of the involvement of the University’s Foundation, the financing represents off-balance-sheet debt for the University and does not affect its ratings. Meanwhile, both the City and the University enjoy the benefits of the facilities that were built from the proceeds.
December 15, 2016
Rice Advisory completes $628,715,000 first-of-its-kind financing to monetize the State of Alabama’s BP/Deepwater Horizon oil spill settlement.
In December 2016 Alabama became the first state to successfully monetize its future settlement payments from BP resulting from the disastrous 2010 BP/Deepwater Horizon oil spill in the Gulf of Mexico. Upon creation of the Alabama Economic Settlement Authority by the Alabama Legislature (with input and technical assistance from Rice Advisory) the State set about to monetize annual payments due from BP in fiscal years 2018 through 2033. Proceeds of this issue were used to repay prior borrowings from the Alabama Trust Fund and Alabama Rainy Day Account and to provide funding for the Alabama Medicaid Agency. Additional proceeds were used for ALDOT highway projects in Mobile and Baldwin Counties. The Authority’s BP Settlement Revenue Bonds, Series 2016-A and Series 2016-B are payable solely from BP settlement funds and the State has no liability whatsoever for repayment of the bonds. By monetizing the stream of settlement payments, Alabama received its funds in up-front cash and completely eliminated any exposure to future BP credit risk. Morgan Stanley led the underwriting syndicate, with Rice Advisory serving the State and the Authority as Financial Advisor.