Do you ever wonder how school and community college districts get the funding to do major facility upgrades? The State of California provides little funding for major facility projects, so districts often turn to issuing municipal debt to fund those upgrades. Buildings that are 50-100 years old often require major renovations or must be rebuilt entirely for the safety of students. In the current inflationary environment, those upgrades can cost millions that school districts often don't have. That's when Chet Wang of Keygent LLC steps in.
Chet Wang is a Managing Director of Keygent LLC, a municipal advisory firm based in El Segundo, California. Keygent provides financial advisory services solely to California school and community college districts. As a municipal advisor, Chet advises districts on the issuance of many types of debt, such as general obligation bonds, certificates of participation, lease revenue bonds, bond anticipation notes, community facilities district special tax bonds, and tax and revenue anticipation notes. Each type of debt is a little different: some are long-term, some are short-term. Some are repaid by taxpayers after voter approval, while others are paid by the district directly. Some options fund operations, while others fund large capital projects. School and community college districts rely on these types of funding to continue operations and provide high-quality services to students.
Chet Wang has worked on municipal bond issuances with issuance amounts from just under $1 million up to $300 million. Chet assists districts with the planning and execution of their municipal bond programs, from election planning to the final funding stages. He is able to leverage his expertise to come up with creative solutions for unexpected challenges districts may face during the course of their bond programs. He works closely with district officials to ensure that they can meet their funding goals for capital projects and maintain their tax rate estimates to voters.
After so many years working in municipal finance, what does Chet love most about it?
I love seeing the new buildings and renovations to schools around California and knowing that I was a small part of the process. These districts have critical funding needs to be able to provide a better, safer learning environment for the students. I love being a part of the team that finds solutions. -Chet Wang
Chet attended the University of California, Los Angeles where he double majored in Business Economics and Communications and minored in Accounting. Prior to becoming a municipal advisor in 2008, Chet worked at Piper Jaffray (now Piper Sandler) as a public finance investment banker. Serving as an underwriter provided him with a perspective on the municipal bond underwriting process which helps him navigate municipal bond pricings and advocate for lower interest rates for his clients.
Chet helped establish Keygent LLC's public finance practice in 2008 and has helped grow the public finance practice significantly over the years. Chet is dedicated to providing California school and community college districts with strategic and technical advice. He has advised on over $19 billion in municipal bonds and other debt financings for California K-14 districts.
What makes Chet different from other financial advisors? He is extremely technical and numbers-focused. It is not uncommon for Chet to be running dozens of municipal bond issuance scenarios late into the night in an attempt to save taxpayers more money. He also treats his clients like family and develops long-term relationships with many of his school and community college clients.
When Chet isn't busy with providing municipal advisory services, he is extremely active. He enjoys running, swimming, cycling and mountain biking. Chet has competed in triathlons, marathons, an Ironman, and most recently, an ultramarathon. He has competed in marathons all over the world, including the Boston, Tokyo, New York City, Chicago, Berlin, and London marathons. Chet is also a major foodie with a particular fondness for breakfast diner foods. He keeps a detailed log of where you can find the best breakfast potatoes across California, and he is always happy to share suggestions. In fact, he may share those suggestions even without prompting.
With funding for facility upgrades for school and community college districts so limited, it's imperative that districts receive quality financial advice. Municipal debt allows districts to leverage funds to complete significant projects as needed, rather than waiting decades to receive sufficient funding. Chet Wang of Keygent LLC is an experienced and knowledgeable municipal advisor that can assist districts in funding their capital and operational needs. He is always ready to step in to assist clients though, knowing Chet, he may be more likely to run.
