Charter schools have emerged over the past decade as a viable component of the public education system. At a time when parent demand for charter schools is growing, many of these schools face significant financial and operational challenges. As an established leader in charter school financing, D.A. Davidson understands the legal and financial variables that allow charter schools to gain access to the tax-exempt capital market. As of December 31, 2005, we completed 54 transactions totaling over $480 million in Colorado, Illinois, Florida, New Mexico, Texas and Pennsylvania.