Specifications include, but are not limited to: The Maryland Transportation Authority (MDTA) is issuing this Request for Proposals (RFP) to select a qualified independent financial advisory firm or firms that will provide independent financial advisory services. The MDTA defines an independent financial advisory firm as a company that does not act in an underwriting capacity in the purchase or sale of the MDTA’s debt obligations during the period of time the financial advisor is under contract with the MDTA. The independent financial advisory firm will provide financial advice and related services, including but not limited to financial forecasting and modeling, investment strategy and portfolio structuring, debt structuring and accessing the capital markets, and developing innovative financing techniques and strategies for the acquisition of or improvements to revenue-producing transportation projects in Maryland. The Contractor shall be required to professionally perform the following functions: 2.3.1.1 Perform financial modeling and cash flow analyses for MDTA to test different toll rate scenarios, revenue assumptions and spending assumptions for all of its facilities in order to formulate financial forecasts that include debt service coverage and legal rate covenant compliance ratios for existing and future debt issuances. This includes: 2.3.1.1.1 Analyze each proposed financing, including timing and funding alternatives to improve marketability and achieve the lowest borrowing costs to MDTA, and recommend the best method of marketing consistent with current economic and market conditions; 2.3.1.1.2 Advise on matters relating to the municipal bond market conditions and outlook, peer organization trends, innovations and outlook, including but not limited to, new issues, refundings, new products, market trends, investor preferences, and perform analysis related to such matters; 2.3.1.1.3 Advise on rating agency matters, including changes in rating agency criteria that could affect MDTA’s existing ratings (i.e. debt service coverage ratios); and 2.3.1.1.4 Review and advise on MDTA’s fiscal and financial policies to ensure that MDTA’s existing credit ratings are affirmed or improved. 2.3.1.1.5 Recommend the most efficient bond sale method for new debt issues, financings may be competitive, negotiated, or through a bank placement. This includes: A. Assist in the preparation and review of documents for debt issues, including the Preliminary Official Statements, Notices of Sale, Bid Forms and Final Official Statements; B. Advise on the appropriate terms and conditions of sale, including but not limited to maturity schedules and other requirements such as discount, par, premium, net increases, cost, true interest rate, parity provisions, reserve requirements, sinking fund payments, and redemption provisions; C. Conduct pre-sale market analysis using estimated costs of issuance; D. Assist in the evaluation of bids received for bonds and recommendations of the winning bidder; and E. Conduct post-sale market analysis using actual costs of issuance and compare against pre-sale estimates and report on the differences. Compare the MDTA transaction with Municipal Market Data (MMD) and other similar transactions in the market at the same time