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Stephen Broden 

Vice President

Mr. Stephen Broden’s experience includes 4 years of management at a Colorado Special District, 6 years of management at First Bank of Colorado and Wachovia Bank as well as 8 years of arbitrage rebate management at ACS.  Before transitioning into his current role, Mr. Broden was responsible for growing his client base from three states to over 15 states while managing 400 issuers with over $20 Billion of outstanding debt.  As a former banker to tax-exempt debt issuers, Mr. Broden’s knowledge of banking regulations, investment structure and strategies provide invaluable insight when analyzing issuer debt portfolios for compliance with IRS arbitrage rebate regulations.   

While at ACS, Mr. Broden has specialized in the intricacies of all types of tax credit bonds and regularly instructs on these complicated debt structures and related bond compliance requirements to organizations across the country.  Mr. Broden also has extensive experience with continuing disclosure and compliance concerning private business use.

Mr. Broden is an active member at the National Government Finance Officials Association (“GFOA”), National Association of Bond Lawyers, as well as an active member/speaker at over a dozen other government associations. He conducts post-issuance bond compliance training for these associations multiple times each year and can be found marketing around the nation at applicable conferences.


Bachelor of Science Degree: Financial Management 

Relevant Experience:

8 Years of Arbitrage Rebate Experience, 6 Years of Banking Experience, 4 Years of Municipal Experience

Areas of Expertise:

Compliance Training | Private Business Use | Continuing Disclosure | Pre/Post Issuance Compliance | Client Relation Management | Investment Structures | Municipal Industry Analysis | Debt Portfolio Analysis | Tax Credit Bonds | Large or Conduit Debt Portfolios | Pooled Financing Issues | Variable Rate Financings