Our Firm


Since 2011, IBN has provided clients with the unique combination of investment and regulatory expertise in the public finance sector. With our understanding of arbitrage rebate regulations, outlined in the Tax Reform Act of 1986, our investment program strives to increase total return on our clients’ DEBT SERVICE RESERVE FUNDS & PROJECT FUNDS; while meeting the full requirements of their trust indenture. An investment program that works – with a goal of reaching a maximum efficiency for your fund on your terms.

Headquartered in Southern California, IBN remains 100% employee-owned and independent of any Bond Counsel Firms, Rebate Calculation Companies or Trustee Banks. We put our clients and their bondholders as our main priority. IBN has the resources, knowledge and experience to assist institutional clients, with varying degrees of complexity, with their investment, portfolio strategy and related post-issuance needs.

At IBN, tax-exempt issuers benefit by:

  • Increasing revenue in Bond Proceeds
  • Reducing demand on General Fund Revenues
  • Increasing Debt Service capacity
  • Reducing CFO’s workload
Financial Markets Move Quickly

Our Team

Click and Drag

David Emminger Download My VCard View My LinkedIn Profile

Managing Partner & Founder

David oversees direction of IBN. Since 2011 David has restructured proceeds of numerous tax-exempt revenue bond issues in accordance with the Tax Reform Act of 1986. He has helped recapture millions of dollars in negative arbitrage for clients nationwide. David graduated from Northern Kentucky University where he earned a Bachelor of Science in Accounting and Economics in 1979; he went on to get his MBA from the University of Dayton. He successfully completed the CPA exam in 1983.

Erik Hagge Download My VCard View My LinkedIn Profile

Senior Partner

Erik manages the internal investment committee, which helps evaluate and formulate investment recommendations for clients and manages the firm’s day-to-day operations. Prior to IBN, Erik worked at Bank of America Investments and Prudential Securities; he provided advice for large institutions in the design and implementation of customized portfolios. Erik obtained his degree from California State University of Los Angeles where he earned a Bachelor of Arts in History with an emphasis in Economics.

Bill Doherty Download My VCard View My LinkedIn Profile

VP Eastern Region

Bill works in our Thousand Oaks branch. He is responsible for business in the Eastern United States. Bill worked with Edward Jones in St. Louis prior to his career at IBN and graduated from California Lutheran University with a degree in Business Administration.

Taylor Reed Download My VCard View My LinkedIn Profile

Research & Analytics Director

Taylor has a Bachelor’s Degree in Public Administration from University of La Verne and a Master’s Degree in Business Administration from California Lutheran University. His responsibilities include reviewing and analyzing tax exempt bond documents and client trustee statements nationwide

Jeff Pope Download My VCard View My LinkedIn Profile

Director of Trading

Jeff has over 30 years of trading experience. He currently heads IBN’s national trading desk from our North Carolina office. He holds a Series 7, 24, 53, and 63.

Ryan Dowding Download My VCard View My LinkedIn Profile

VP Western Region

Ryan is responsible for business in the Western United States. He graduated from California State University Channel Islands with a degree in Business Management. He has over 10 years of corporate management experience.

We Empower Our Clients
To Meet Their Goals

Bond Investments


We know bond proceeds. Sounds simple, but for issuers of tax-exempt debt, nothing is simple when it comes to investing proceeds.

Three factors weigh critically in the formulation of any investment plan: preserving needed liquidity, earning an attractive yield and remaining IRS compliant.

With this in mind, our long-standing philosophy regarding investment of Debt Service Reserve and Project Funds, is that issuers should seek to realize maximum income potential. These increased earnings may translate into enhanced after-market efficiencies in the clients' capital structure.

Investment Strategies

When investing Bond Proceeds, no two bond issues are the same. There are many different variables that factor into the design of each portfolio. We take into account the bond indenture requirements of cash flow needs, permitted investments and time horizon. Our strategies analyze current market conditions, duration, yield curves and available marketable securities.

Project requirements often change before the project is completed and the ability to exchange marketable securities within the investment portfolio is a significant benefit.

IBN utilizes proprietary software and modeling analytics, combined with professional experience, to create a portfolio with a goal to optimize returns and meet your expected requirements.


  • Consult with CFO about cash flow needs and requirements for proceeds
  • Analyze the trust indenture, official statement, draw down schedule and IRS form 8038 along with client’s most recent statement from Trustee Bank
  • Define investment strategy and build a portfolio aiming to maximize the proceeds while maintaining compliance to the indenture
  • Propose investment ideas to CFO, Investment Committee and/or Board
  • Implement portfolio, working with trust bank and officer
  • Monitor the portfolio ongoing looking for opportunity to improve yields
  • IBN does the work to minimize CFO and staff time requirements

Management Fees vs. Transaction Fees

IBN's philosophy of low turnover and intelligent allocation keeps transactional fees reasonable.

Municipalities Have
High Expectations

Other Funds Invested

IBN’s specialty is designing investment strategies for fixed income portfolios. Along with bond proceeds, we are often given the opportunity to design investment strategies for a client’s non-restricted accounts. These funds range from depreciation funds at hospitals, to general funds at a municipality and many others.

IBN approaches these funds with the same thoughtful planning as bond proceeds: a separate and distinct account, designing each portfolio with its own set of cash flow needs, permitted investments (internal investment policy) and time horizon. This individualized approach may include varying maturities in anticipation of yield curve and interest rate changes, shifting sector allocations as relative value changes and swapping from one security to another as the market presents opportunities.

Our overall goal is to help enhance client portfolios through conservative investment strategies designed to optimize investment returns in compliance with investment objectives.

Arbitrage Calculations

Most issuers of tax-free bonds—from the smallest school district to the largest state—know something about arbitrage rebate. That is, they must repay the federal government for any earnings above the average yield paid to investors.

Sounds relatively simple. Unfortunately, the rules that govern the process are highly complex and can be challenging. IBN offers issuers the resources—and the experience—to secure a beneficial arbitrage rebate result.

We Hold Steady
In Times Of Turbulence

Our Advantage

At IBN our business is geared toward working with tax-exempt issuers and their funds. We have gotten feedback from numerous CFO’s on how to fine-tune our investment practices - and we listened. Our process for assisting our clients to invest their proceeds is based on transparency and on the ease of doing business. We do not require hours and hours of our client’s time. Our goal is to become part of our client’s team where they can access our resources and expertise. Our advantage of doing business is:

Our business model is time tested and unique, because the funds we work with are specialized. Every account is different due to bond document constraints and we weigh these variables accordingly.

Clients Take Comfort
In Our Intelligent
Investment Approach

Industries We Serve

  • Healthcare
  • Cities
  • Counties
  • Water Districts
  • School Districts
  • Universities
  • Airports
  • Retirement Community Developers
  • Transportation
  • Public Power
We Focus On Safety,
Liquidity, and Yield

Contact Information


Institutional Bond Network, LLC
463 Pennsfield Place
Suite 201
Thousand Oaks, CA 91360


Toll Free1.866.MUNI.007
Fax 805.277.4932



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