MI StateMunicipal Financial Consultants Incorporated ("MFCI") is a Michigan corporation formed in 1981 to consolidate the financial consulting activities of John R. Axe, then a partner in the firm of Axe and Schwartz. Mr. Axe had served as a financial consultant for many municipal issuers between the years 1975 and 1981, including but not limited to the largest counties in the state, Wayne, Oakland, Genesee, Macomb and Washtenaw.

Mr. Axe was the first President of MFCI and continues as its Chairman and controlling shareholder. Until 1987, MFCI was a subsidiary of the law firms (Axe and Schwartz and then Dykema Gossett) in which Axe served as a general partner and head of the Public Finance Departments. In April 1987, Axe acquired three quarters of the shares of the Company from Dykema Gossett and currently owns more than 80% of the Company.