Rice Advisory - Independent by Design
Rice Advisory was founded in May 2010 during one of the most challenging periods in modern financial history. Emerging from the economic turmoil of the 2008–2009 financial crisis, our firm was built on a simple principle: public and private clients deserve experienced, independent financial advice, especially when markets are uncertain.
We have deep roots in municipal and governmental finance, and also rely on our real world experiences in real estate, solid waste, telecommunications, nonprofits and community leadership.
From the beginning, Rice Advisory focused on delivering thoughtful analysis, practical solutions, and personal service rather than pursuing size for its own sake. That philosophy has allowed us to build lasting relationships with municipalities, state agencies, public authorities, other muni market participants and private-sector clients throughout Alabama and across the nation.
Over the years, our practice has grown to encompass municipal advisory services, economic development, public-private partnerships, state government consulting, and nationally recognized expertise in solid waste and environmental infrastructure finance. While our capabilities have expanded, our commitment to providing direct senior-level involvement and objective advice has remained unchanged.
The financial crisis that gave rise to Rice Advisory shaped our culture. We understand that markets fluctuate, economic cycles come and go, and every client faces unique challenges. Our responsibility is to provide steady guidance, creative thinking, and sound financial judgment regardless of the environment.
Today, Rice Advisory continues to advise clients on some of the most significant public finance and infrastructure initiatives in the region. We are proud of where we began, grateful for the confidence our clients have placed in us, and committed to serving them for generations to come.
The lessons that defined our beginning continue to guide our future: integrity, independence, responsiveness, and an unwavering commitment to helping our clients succeed.
Origins
As of June 30, 2026 Rice Advisory had completed work on 378 closed transactions totaling $9.5 billion in par amount. In terms of the number of Alabama transactions closed, the firm is ranked #1 over the 12-year period from 2014 - 2025.
CLICK TO SEE ALABAMA MUNICIPAL ADVISOR RANKINGS
Here’s a list of some of the clients Rice Advisory has represented over the years:
Body of Work
Cities
City of Madison
City of Montgomery
City of Prattville
City of Scottsboro
City of Troy
City of Trussville
City of Vestavia Hills
State of Alabama
Alabama Bond Commission
Alabama Department of Finance
Alabama Department of Corrections
Alabama State Department of Education
Alabama Economic Settlement Authority
Alabama Department of Transportation
Alabama Highway Finance Corporation
Alabama Public School & College Authority
Utility Systems
Central Elmore Water & Sewer Authority
Five Star Water Authority
Gulf Shores Utilities Board
Prattville Water Works Board
Troy Utilities
Wetumpka Water & Sewer Board
Municipal Authorities
Birmingham-Jefferson Civic Center Authority
Clanton Public Building Authority
Madison Redevelopment Authority
Prattville Historic Development Authority
Solid Waste Disposal Authority of the Cities of Muscle Shoals, Sheffield and Tuscumbia
Troy Industrial Development Board
Troy Hospital Healthcare Authority
Solid Waste Finance
Rice Advisory has specific and extensive expertise in the solid waste/environmental industry, with 62 completed transactions totaling over $988 million in 18 states since 1990. Rice Advisory solid waste clients have included everything from large and small public companies to small private companies to municipalities.*
Here are some of the highlights:
Over $988 million in solid waste projects financed.
Rush Rice has served as primary banker for 62 solid waste financings.
Experience with privatization of municipal solid waste operations.
Ability to work in connection with senior revolving credit facilities.
Financing for construction, development and/or acquisition of MSW, C&D, agricultural and special waste landfills, recycling facilities, transfer stations, waste-to-energy projects and pollution control projects.
Solid waste/environmental financings closed in Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Louisiana, Minnesota, Mississippi, Missouri, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and West Virginia.
Equal success with both rated and non-rated issues.
Equal success with both public and private companies.
Financed a number of start-up solid waste projects.
Work with lenders, bond/bankruptcy trustees, investors and other parties to resolve troubled assets and transactions.