Lacy Herrmann (1929-2012) had been Involved in all of Aquila's and its predecessor companies' operations since their inception in 1976. He was one of the earliest pioneers in money market funds and, subsequently, single-state tax-free municipal bond funds. In fact, Hawaiian Tax-Free Trust was the 32nd such fund in the nation at the time of its founding in 1985 ( the other 31 funds in existence at that time were primarily focused on large population states like New York and California; there are currently 365 such funds).
A penchant for giving back has been ingrained in Lacy Herrmann since he was a young man. Upon his father's death, at age 13 Lacy was given a scholarship so he could stay in school. Later, Lacy attended Brown University on a NROTC Scholarship and Harvard Business School on the GI Bill. It was the Dean of the Harvard Business School, Donald David, who instilled in Lacy his conviction to the obligation to give back. David told the students, "You are at an elite school and because of that you must either give back time, effort or money." Lacy considers himself fortunate that he has been able to give all three.
This desire to give back has also flowed throughout his professional life. Part of the appeal of municipal bond funds is that they invest in projects in local communities. So, investors not only help themselves, but help their communities and quality of life as well.